Carraro India Ltd
Incorporated in 1997, Carraro India Ltd manufactures axles and transmission systems for agricultural tractors and construction vehicles[1]
- Market Cap ₹ 2,499 Cr.
- Current Price ₹ 440
- High / Low ₹ 614 / 253
- Stock P/E 21.0
- Book Value ₹ 86.6
- Dividend Yield 1.02 %
- ROCE 22.7 %
- ROE 21.1 %
- Face Value ₹ 10.0
Pros
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 1,498 | 1,713 | 1,789 | 1,808 | 2,093 | |
| 1,437 | 1,608 | 1,657 | 1,637 | 1,892 | |
| Operating Profit | 60 | 105 | 132 | 171 | 201 |
| OPM % | 4% | 6% | 7% | 9% | 10% |
| 23 | 20 | 18 | 16 | 15 | |
| Interest | 16 | 20 | 22 | 23 | 20 |
| Depreciation | 36 | 39 | 43 | 45 | 46 |
| Profit before tax | 31 | 66 | 84 | 119 | 150 |
| Tax % | 27% | 26% | 26% | 26% | |
| 22 | 48 | 63 | 88 | 113 | |
| EPS in Rs | 3.94 | 8.52 | 11.00 | 15.50 | 19.81 |
| Dividend Payout % | 22% | 45% | 0% | 29% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 6% |
| TTM: | 19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 58% |
| TTM: | 45% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 43% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 18% |
| Last Year: | 21% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 57 | 57 | 57 | 57 | 57 |
| Reserves | 236 | 281 | 313 | 401 | 436 |
| 182 | 192 | 216 | 191 | 183 | |
| 537 | 543 | 487 | 459 | 505 | |
| Total Liabilities | 1,012 | 1,072 | 1,073 | 1,107 | 1,181 |
| 281 | 307 | 354 | 380 | 378 | |
| CWIP | 10 | 9 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| 720 | 757 | 718 | 728 | 803 | |
| Total Assets | 1,012 | 1,072 | 1,073 | 1,107 | 1,181 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 96 | 80 | 112 | 76 | |
| -60 | -64 | -83 | -52 | |
| 9 | -15 | -30 | -60 | |
| Net Cash Flow | 44 | 1 | -1 | -35 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 63 | 65 | 50 | 59 |
| Inventory Days | 77 | 73 | 80 | 83 |
| Days Payable | 139 | 122 | 101 | 97 |
| Cash Conversion Cycle | 0 | 15 | 28 | 45 |
| Working Capital Days | -5 | 12 | 7 | 33 |
| ROCE % | 17% | 19% | 23% |
Insights
In beta| Mar 2020 | Mar 2021 | Mar 2022 | Dec 2023 | Mar 2025 | |
|---|---|---|---|---|---|
| Raw Material Localisation Level % |
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| Capacity Utilisation - Drivelines Plant % |
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| Market Share - Non-Captive Agriculture Tractor 4WD Axles (>40HP) % |
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| Market Share - Non-Captive Construction Vehicle Transmission % |
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| Axle Production Volume Units |
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| Capacity Utilisation - Gears Plant % |
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| Gears Production Volume Million Units |
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| Revenue Contribution - Agriculture Segment % |
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| Revenue Contribution - Construction Segment % |
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| Transmission Systems Production Volume Units |
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Documents
Announcements
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Intimation Of Favorable Order From Office Of The Commissioner Of Customs, Pune.
23h - Customs order dated 13 Mar 2026 drops IGST demand of Rs.7,92,36,269; relief received 14 Mar 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Mar - Carraro India Limited has informed about schedule of meeting with Analyst/Investors.
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Intimation Of Draft Assessment Order From Income Tax Department.
10 Mar - Draft Assessment Order (03 Mar 2026; received 09 Mar) proposes downward tax additions Rs.61.73 crore and Rs.0.53 crore.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
28 Feb - Carraro India Limited has informed about the copy of newspaper advertisement- notice of postal ballot
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
27 Feb - Officials to attend Arihant Capital Bharat Connect 'Rising Stars' investor conference on 9 March 2026, virtual, 12:00 noon.
Concalls
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Feb 2026Transcript PPT
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Feb 2026TranscriptAI SummaryPPT
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT
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Jun 2025Transcript PPT
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Feb 2025Transcript PPT
Business Profile[1]
Carraro India Limited (CIL) is a part of the Italy-headquartered Carraro Group (90+ years legacy) and operates as an independent Tier-1 supplier of axles, transmission systems, gears, and driveline solutions for off-highway vehicles. The company primarily caters to agricultural equipment and construction equipment OEMs.