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Revenue
₹570 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹176.5 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 Q3 FY26 with revenue growing 27% YoY to ₹569.6 crore and EBITDA surging 71% YoY to ₹62.4 crore, driven by robust domestic demand for four-wheel drive axles and export growth in telehandler axles. For the 9-month period, revenue rose 21% YoY to ₹1,648.8 crore, with EBITDA up 28% YoY to ₹176.5 crore. Management upgraded FY26 revenue guidance to ~₹3,500 crore (from ₹3,200 crore), citing strong order visibility and capacity expansion. EBITDA margin improved 60 bps YoY to 10.6%, with a target of ~100 bps annual improvement. Key risks include export volatility in China/Latin America beyond two quarters and potential margin pressure from dynamic product mix during ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management raised full-year revenue guidance from ₹3,200 crore to approximately ₹3,500 crore, driven by strong demand and execution.
- Management reiterated target of ~100 bps annual EBITDA margin improvement, with possible variation of 10-15%.
- Total capex for next fiscal year expected to be significantly higher than the ₹60 crore expansion capex, estimated at ₹130-140 crore.
- Current localization at 78%, targeting 86-88% over the next 2-3 years to improve margins and supply chain resilience.
Risks flagged
- Visibility for export demand in China and Latin America is limited to the next two quarters; beyond that, demand may fluctuate.
- Management noted that product mix remains dynamic during ramp-up, which could delay margin improvement targets.
- Significant volume spikes require 1-1.5 months lead time due to engineered product nature and supplier constraints, limiting near-term upside.
- While recent duty reduction to 18% is positive, any change in US policy stance could impact indirect exports to the US market.
Key quotes
- We are confident of possibly reaching but also exceeding the earlier guidance of 3,200 cr and we would be moving close to 3,500 cr.
- We are in a growth phase... when any ramp up happens there is not going to be a very dramatic profitability change that will happen because the product mix is still very dynamic.
- Our northstar remain 3,500 crores revenues in FY30. Those capex are simply instrumental to that.
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