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Revenue
₹586.36 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
₹59.3 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Carraro India delivered a strong Q2 FY26 with revenue from operations growing 33% YoY to ₹586.4 crore, driven by robust export growth of 31% in H1, led by telehandler axle ramp-up for a global OEM. EBITDA grew 25% YoY to ₹59.3 crore, but margin contracted ~70bps YoY to 10.1% due to adverse product mix from higher share of lower-margin 4WD axles. PAT surged 44% YoY to ₹31.7 crore. Management raised full-year revenue guidance to exceed €220 million (from €215-220M), citing strong order visibility. EBITDA margin guidance for FY26 was trimmed to ~10.9% (from 12%) due to mix headwinds, but medium-term 12% target remains. Key risk: margin recovery depends on timely localization benefits and mix normalization, which could be delayed by customer validation cycles.
Colored figures show movement against the previous available record.
Guidance to track
- Management now expects full-year revenue to surpass the earlier guidance of €215-220 million, driven by strong export ramp-up and domestic demand.
- Due to product mix headwinds from higher 4WD axle sales, EBITDA margin for FY26 is expected around 10.9% (down from earlier 12% guidance).
- Management reiterated confidence in achieving 12% EBITDA margin in the medium term, supported by localization and cost efficiencies.
- Capex in H1 was ₹21.1 crore (maintenance). Larger expansion capex for Plant 3 will be staggered over 30 months starting next year, targeting €350 million revenue.
Risks flagged
- Higher share of lower-margin 4WD axles is compressing EBITDA margins; recovery depends on localization and mix normalization.
- Domestic CE market declined 9% in H1 due to prolonged monsoon and BS5 cost impact; recovery uncertain.
- Validation cycles at OEMs can delay localization benefits, deferring margin improvement by 3-4 months.
- Rapid ramp-up may strain supplier capacities; management is assessing supplier sustainability but risk remains.
Key quotes
- We are very confident that we will surely touch 220 and probably something more could be an added sugar to the entire revenue that we have.
- We want to be realistic, we want to be reliable, that is more important.
- The bell weather for our future revenue is the prototypes that we give because we build protos only when there is a serious contract for the project.
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