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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹607 Cr
verified against source
Revenue YoY
25%
reported change
EBITDA
₹247.5 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 FY26 with revenue up 25% YoY to ₹2,255 crore, EBITDA up 33% YoY to ₹247.5 crore, and PAT up 48% YoY to ₹136 crore. EBITDA margin expanded 60 bps to 10.8%, driven by operating leverage, localization, and cost discipline. Domestic agri growth was fueled by the structural shift to 4WD axles (now ~24% of the >40 HP market), while exports grew 37% YoY led by construction equipment. Management guided for FY30 revenue of ₹3,500-4,000 crore and expects gradual margin improvement, though near-term volatility from geopolitical risks and energy prices could slow progress. Key risk: prolonged disruption in West Asia impacting H1 FY27 production and supply chains.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for revenue of ₹3,500-4,000 crore by FY30, exceeding earlier FY27 target, supported by 4WD shift and export growth.
- Under normal conditions, management expects 8-12% revenue growth in FY27, but near-term volatility could reduce it to 4-8%.
- Management targets gradual EBITDA margin expansion in FY27, supported by localization, operating efficiencies, and cost management, but refrained from giving a specific number due to uncertainty.
- Capex for FY27 is planned in the range of ₹130-140 crore, primarily for capacity expansion and new programs.
Risks flagged
- Sustained rise in energy prices or supply chain volatility from West Asia could impact production and supply, especially in H1 FY27.
- Uncertainty around US tariffs and a potential downturn in Turkey could dampen agricultural export growth, though construction exports remain positive.
- Migrant labor shortages and rising labor costs are putting pressure on margins, though management is managing through operational adjustments.
- The domestic CE market declined ~2% in FY26, and government infrastructure spending may be constrained by subsidy outlays, limiting near-term recovery.
Key quotes
- We remain confident of achieving revenues of around 3,500 to 4,000 crore INR by FY30 exceeding our earlier target for FY27.
- We are not looking at shrinking our revenues or going down the current levels that we have reached. It will be positive. How much? 4% 6% 8% that time will tell.
- We will not go back in the margins that we have reached till now.
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