Carraro India Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good profit growth of 95.9% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 22.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.4%
- Company has delivered good sales growth of 16.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.21x)
CONS
- Promoter holding has decreased over last 2 years: -31.2pp
- Growth is decelerating - 3Y profit CAGR (39.8%) trails the 5Y trend (95.9%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 164.30 | 39.59 | 173409.49 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48388.75 | 60.40 | 142727.94 | 0.56 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1202.40 | 57.75 | 69434.66 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2607.25 | 83.21 | 50469.14 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 788.95 | 70.76 | 49240.61 | 0.43 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2696.75 | 39.11 | 37933.25 | 0.43 | 244.52 | 8.03 | 4314.89 | 30.01 | 18.33 | 12.42 |
| CRAFTSMAN | 11663.75 | 65.61 | 30505.88 | 0.10 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2548.90 | 58.10 | 29007.88 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4130.20 | 73.97 | 25773.92 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.30 | 38.37 | 24072.93 | 1.60 | 1453.20 | 915.51 | 34072.60 | 1273.43 | 43.72 | 7.58 |
| GABRIEL | 1345.45 | 80.11 | 23845.41 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| CARRARO | 538.30 | 23.04 | 3060.32 | 1.25 | 31.39 | 7.81 | 544.68 | 10.50 | 28.71 | 8.07 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 431 | 389 | 470 | 437 | 445 | 441 | 489 | 582 | 565 | 603 | 540 | |
| 393 | 352 | 421 | 395 | 414 | 397 | 443 | 531 | 511 | 541 | 513 | |
| Operating Profit | 37 | 37 | 49 | 42 | 31 | 44 | 47 | 51 | 54 | 62 | 27 |
| OPM % | 8.69% | 9.53% | 10.43% | 9.60% | 7.00% | 10.00% | 9.52% | 8.69% | 9.55% | 10.31% | 5.00% |
| 5 | 2 | 4 | 5 | 4 | 4 | 7 | 7 | -2 | 8 | 14 | |
| Interest | 6 | 6 | 5 | 7 | 5 | 5 | 5 | 5 | 4 | 5 | 4 |
| Depreciation | 11 | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Profit before Tax | 26 | 24 | 37 | 29 | 19 | 31 | 38 | 41 | 37 | 54 | 41 |
| Tax % | 24.91% | 25.86% | 25.87% | 25.41% | 25.46% | 25.95% | 24.22% | 25.44% | 23.98% | 23.99% | 25.32% |
| Net Profit | 19 | 18 | 27 | 22 | 14 | 23 | 29 | 31 | 28 | 41 | 31 |
| 3.39 | 3.09 | 4.81 | 3.80 | 2.49 | 4.06 | 5.01 | 5.38 | 4.90 | 7.22 | 5.39 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 917 | 1,067 | 1,247 | 993 | 1,062 | 1,482 | 1,695 | 1,770 | 1,792 | 2,239 | 2,290 | |
| 853 | 999 | 1,188 | 938 | 1,007 | 1,425 | 1,594 | 1,642 | 1,626 | 2,026 | 2,096 | |
| Operating Profit | 64 | 68 | 58 | 55 | 55 | 57 | 101 | 128 | 166 | 213 | 194 |
| OPM % | 7.00% | 6.38% | 4.68% | 5.55% | 5.16% | 3.83% | 5.94% | 7.24% | 9.27% | 9.52% | 8.46% |
| 6 | 5 | 4 | 10 | 3 | 22 | 20 | 17 | 16 | 20 | 27 | |
| Interest | 10 | 8 | 15 | 18 | 19 | 16 | 20 | 22 | 22 | 19 | 19 |
| Depreciation | 32 | 32 | 30 | 32 | 33 | 34 | 38 | 41 | 43 | 44 | 44 |
| Profit before Tax | 28 | 34 | 16 | 15 | 7 | 29 | 63 | 82 | 116 | 169 | 173 |
| Tax % | 23.59% | 38.97% | 37.20% | 9.89% | 32.16% | 27.15% | 26.16% | 25.87% | 25.71% | 24.39% | 24.65% |
| Net Profit | 21 | 21 | 10 | 13 | 4 | 21 | 47 | 61 | 86 | 128 | 130 |
| EPS | 3.71 | 3.62 | 1.82 | 2.37 | 0.78 | 3.65 | 8.23 | 10.66 | 15.16 | 22.51 | — |
| Dividend Payout % | 0.00% | 0.00% | 116.14% | 29.53% | 0.00% | 0.00% | 10.68% | 36.32% | 30.01% | 29.98% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 16%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 96%
- 3 Years:
- 40%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 20%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 17%
- 3 Years:
- 20%
- Last Year:
- 24%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 |
| 197 | 217 | 213 | 222 | 226 | 246 | 289 | 328 | 415 | 519 | |
| 85 | 160 | 161 | 231 | 152 | 178 | 188 | 172 | 145 | 120 | |
| Trade Payables | 224 | 322 | 278 | 291 | 380 | 428 | 425 | 365 | 350 | 420 |
| 193 | 197 | 209 | 212 | 66 | 244 | 264 | 337 | 378 | 431 | |
| Total Liabilities | 756 | 953 | 918 | 1,013 | 881 | 1,153 | 1,224 | 1,259 | 1,345 | 1,547 |
| 229 | 224 | 236 | 257 | 255 | 275 | 302 | 351 | 377 | 374 | |
| Capital Work in Progress | 0 | 1 | 2 | 0 | 3 | 10 | 9 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 24 | |
| 108 | 165 | 180 | 171 | 185 | 237 | 255 | 286 | 299 | 317 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 237 | 287 | 370 | |
| Cash & Bank | 23 | 22 | 51 | 120 | 58 | 99 | 95 | 100 | 61 | 80 |
| 396 | 541 | 448 | 466 | 380 | 532 | 563 | 284 | 297 | 381 | |
| Total Assets | 756 | 953 | 918 | 1,013 | 881 | 1,153 | 1,224 | 1,259 | 1,345 | 1,547 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 55 | -23 | 103 | 80 | 71 | 98 | 91 | 107 | 95 | 131 | |
| Cash from Investing | -28 | -26 | -38 | -48 | -35 | -58 | -62 | -85 | -74 | -31 |
| Cash from Financing | -64 | 69 | -30 | 48 | -97 | 11 | -12 | -18 | -59 | -88 |
| -46 | -1 | 28 | 68 | -63 | 41 | -2 | 4 | -38 | 13 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Carraro India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 10, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-10 - Carraro India Limited has informed the Exchange regarding Proceedings of the 29th Annual General Meeting held on September 10, 2026
2026-09-04 - Carraro India Limited has informed the Exchange about receipt of Order-in-original from the Office of the Commissioner of Customs.
2026-08-19 - Carraro India Limited has informed the Exchange about Copy of Newspaper Publications regarding Notice of the Twenty Ninth ( 29th) Annual General Meeting ( AGM ) of the Company.
2026-08-18 - Carraro India Limited has informed the Exchange regarding Notice of the 29th Annual General Meeting to be held on September 10, 2026 through VC/OAVM
2026-08-13 - Carraro India Limited has informed the Exchange about Schedule of meet
2026-08-12 - Carraro India Limited has informed the Exchange about transcript of the Earnings Conference Call held on Friday, 07th August, 2026 in respect of the Company s Unaudited Financial Results for the quarter ended 30th June, 2026.
2026-08-07 - Carraro India Limited has informed the Exchange about Link of audio recording of the Earnings Conference call with analysts / investors held today i.e. Friday, 07th August, 2026, at 8.30 am (IST), pertaining to Company s Unaudited Financial Results for the quarter ended 30th June, 2026
2026-08-07 - Carraro India Limited has informed the Exchange about Copy of Newspaper Publication of the of unaudited financial results for the quarter ended 30th June, 2026.
News
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