CarTrade Q2 FY27: owners' PAT flat YoY at ₹59 Cr as tax, NCI offset 10% revenue growth

Consolidated revenue came in at ₹213.09 Cr, up 10.2% YoY and 5.9% QoQ, with Group PAT (including non-controlling interest) of ₹65.95 Cr, up 2.9% YoY and 16.2% QoQ. The headline PAT growth masks a softer per-share outcome: profit attributable to owners was ₹59.49 Cr, essentially flat versus ₹59.66 Cr a year ago (-0.3%), and Basic EPS fell to ₹12.30 from ₹12.56 YoY.

Classifieds (OLX India) and Remarketing (Shriram Automall) led the topline, growing 12.1% and 26.6% YoY respectively, while the core Consumer business (CarWale/BikeWale/CarTrade, largely the standalone entity) grew a slower 4.3% YoY. Segment operating margins expanded across all three businesses YoY — Classifieds +8.1pp to 38.2%, Consumer +1.7pp to 43.3%, Remarketing +0.6pp to 30.2% — consistent with management's prior guidance that margins would expand across all business segments; OLX's September 14 launch adding 5,000+ new buyers daily and the September 24 Landmark Cars "phygital" pre-owned platform tie-up both sit behind this segment strength. That operating-level expansion didn't fully flow to the bottom line: the effective tax rate rose to 22.8% from 19.8% YoY, and the NCI's share of profit grew 46.6% YoY to ₹6.47 Cr, together pulling consolidated net margin down to 27.9% from 28.8% YoY even as pre-tax operating profitability improved.

The stock went into the print at ₹2,369.2, down 21.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

No exceptional items this quarter or year-ago quarter (clean YoY base) — Q1 FY27 had carried a ₹3.08 Cr one-off labour-code restructuring charge

No analyst consensus figure for this specific quarter surfaced in search, so street positioning is unknown. The print is, however, consistent with management's own June-quarter commentary that Q2, Q3 and Q4 would each surpass Q1 — met here on both total income (+2.8% QoQ to ₹236.23 Cr) and PAT (+16.2% QoQ). Full-year analyst PAT-growth expectations near 15-20% still require a stronger second half: H1 FY27 Group PAT of ₹122.71 Cr is up only 10.4% YoY over H1 FY26's ₹111.14 Cr. Standalone PAT was ₹32.33 Cr on revenue of ₹79.49 Cr; consolidated remains the primary read since OLX and Shriram Automall together drive the bulk of group revenue growth. No management press release was available for this result to cross-check company framing.