| Metric | Value (₹ Cr) |
|---|---|
| Revenue | 492.93 |
| Total Income | 499.92 |
| Expenditure | 461.48 |
| PBT | 38.44 |
| Net Profit | 29.12 |
| OPM | 9.71% |
| NPM | 5.82% |
| EPS | 5.12 |
Carraro India Q1 FY26 Results: 5% Y-o-Y Total Income Growth, 2% EBITDA Margin Increase
05 Aug 2025 · 5 Aug 2025, 06:44 pm
Summary
Carraro India Limited, an independent Tier-I solution provider for axles, transmission systems, gears and other related components, has reported its unaudited financial results for the quarter ended 30 June 2025. The company saw a 5% year-on-year growth in total income and a 2% increase in EBITDA margin. The domestic business grew 3% year on year, led by sustained momentum in 4WD axle sales, while exports rose 5% year on year. The company maintained an EBITDA margin of 11%, reflecting cost discipline and operational efficiency.
Key Highlights
- 1
5% Y-o-Y Total Income Growth
- 2
2% EBITDA Margin Increase
- 3
PAT growth of 5% Y-o-Y basis with margins at 5.8%
- 4
Ramp-up of new TBH (Tele Boom Handler) axles introduced in Q4 FY25 for a major international OEM is proceeding as planned, driving export sales
- 5
Backhoe Loader (BHL) domestic market witnessed a softening trend in Q1 FY26 as compared to Q1 FY25
- 6
Engineering services segment gained traction with rising enquiries and a concluded commercial agreement to design an e-tractor
- 7
Export growth supported by new TBH axles and higher HP transmissions despite weak agri demand
- 8
Domestic business for Agricultural 4WD axles has been continuing its growth momentum on the back of faster adoption
- 9
Gears business recorded a slight decline in sales
- 10
Agri high HP transmission prototype completed with an export customer; series production to commence from Q2 FY26
- 11
Acquired projects with two customers (one export and another local) tractor manufacturer to supply higher HP (+105 HP) transmission
- 12
INR 101 Mn deployed to support new telescopic handlers axle production, high-performance new transmission range for agricultural applications, and to grant incremental capacity for FY26 sales
- 13
Pilot batch of CVT (Continuously Variable Transmission) units was successfully completed
- 14
New 800-pallet MAZAK machining centre commissioned in June
- 15
Secured new orders from key OEMs in the construction and agriculture segments
Management Comments
Dr. Balaji Gopalan
Managing Director, Carraro India Limited
Q1 FY26 Performance Overview FY26 has commenced on a positive note, with O1 revenue from operations growing 4% year-on-year, driven primarily by volume growth across domestic and export markets. The domestic business grew 3% year on year, led by sustained momentum in 4WD axle sales, while exports rose 5% year on year, showing early signs of recovery after two subdued quarters. Despite continued weakness in indirect exports of agricultural drivelines, overall volumes were supported by strong domestic demand. We maintained an EBITDA margin of 11%, reflecting cost discipline and operational efficiency. Segmental Growth Drivers Growth in agriculture equipment and construction vehicles segments remained steady during the quarter. The construction vehicle segment saw healthy traction, particularly in the domestic market, while the agriculture equipment segment continued to benefit from the accelerated adoption of 4WD axles. Together, these factors contributed to a new high in 4WD axles production in May 2025 nearing around 4,000 units. The Gears & Spares business was broadly flat. However, indirect exports, especially those linked to the construction segment, remained under pressure, slightly weighing on overall segment performance. Operational Enhancements On the manufacturing front, the pilot batch of CVT (Continuously Variable Transmission) units was successfully completed, a key milestone toward potential future commercialisation. In line with our capacity expansion plans, we also commissioned a new 800-pallet MAZAK machining centre in June, which will significantly improve throughput and machining flexibility. During the quarter, we secured new orders from key OEMs in the construction and agriculture segments, strengthening our forward pipeline. Outlook for FY26 We remain optimistic about the year ahead. With the Indian economy expected to sustain its growth momentum, we anticipate increased infrastructure activity and capital spending, which should benefit both our construction and agriculture-linked portfolios. Backed by our continued investments in technology, automation, and customer alignment, we are confident of achieving topline growth in the range of 8—12% for FY26.
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