Carraro India Limited disclosed its audited financial results for the quarter and financial year ended 31st March 2026 through a press release filed under Regulation 30 of SEBI Listing Regulations.

Financial Performance Highlights

Consolidated Results (INR Mn):

  • FY26 Total Income: ₹22,840 Mn (25% YoY growth from FY25's ₹18,234 Mn)
  • FY26 EBITDA (including other income): ₹2,475 Mn (33% YoY growth from FY25's ₹1,864 Mn)
  • FY26 EBITDA Margin: 10.8% (vs. 10.2% in FY25)
  • FY26 PAT: ₹1,306 Mn (48% YoY growth from FY25's ₹881 Mn)
  • FY26 PAT Margin: 5.7% (vs. 4.8% in FY25)
  • PAT includes impact of New Labor Code: ₹95 Million

Q4 FY26 Performance (INR Mn):

  • Q4 Total Income: ₹6,142 Mn (37% YoY growth from Q4 FY25's ₹4,479 Mn)
  • Q4 EBITDA: ₹710 Mn (45% YoY growth from Q4 FY25's ₹489 Mn)
  • Q4 EBITDA Margin: 11.6% (vs. 10.9% in Q4 FY25)
  • Q4 PAT: ₹417 Mn (76% YoY growth from Q4 FY25's ₹237 Mn)
  • Q4 PAT Margin: 6.8% (vs. 5.3% in Q4 FY25)

Operational Performance Breakdown

Segment-wise Revenue (INR Mn):

  • Agricultural Equipment: FY26: ₹10,192 Mn (19% YoY growth); Q4 FY26: ₹2,784 Mn (37% YoY growth)
  • Construction Equipment: FY26: ₹9,837 Mn (31% YoY growth); Q4 FY26: ₹2,613 Mn (36% YoY growth)
  • Others: FY26: ₹2,526 Mn (25% YoY growth); Q4 FY26: ₹670 Mn (40% YoY growth)
  • Total Operational Revenue: FY26: ₹22,555 Mn (25% YoY growth); Q4 FY26: ₹6,067 Mn (37% YoY growth)

Geography-wise Revenue (INR Mn):

  • Domestic: FY26: ₹14,430 Mn (19% YoY growth); Q4 FY26: ₹3,968 Mn (24% YoY growth)
  • Export: FY26: ₹8,125 Mn (37% YoY growth); Q4 FY26: ₹2,099 Mn (68% YoY growth)

Business Highlights and Updates

Tele-boom Handler (TBH) - Construction Equipment:

  • Ramp-up of new range of TBH axles for a major international OEM continued with healthy traction
  • New projects with domestic customers (Global and Indian) for TBH family of axles progressing well

Backhoe Loader (BHL) transmission & axles:

  • Sales of drivelines to CE Indian customers increased by approximately 9% during FY26 against market decline of 2%
  • Sales to BHL customers in domestic market recorded positive growth against broader market drop of ~10%
  • Export growth supported overall performance despite domestic market decline

Engineering Services Business:

  • FY26 revenue: ₹100 Mn
  • Received several enquiries for higher HP and technology configurations
  • Signed engineering services agreement worth ₹17.5 crore with Montra Electric (TICMPL) for industrialization and supply of e-transmissions
  • Project progressing well with prototype order received for field validation
  • Discussions with another customer for engineering services progressing positively
  • Efforts to acquire additional engineering services business in progress

Domestic AG 4WD Axle & Gears Business:

  • Accelerated shift from 2WD to 4WD tractors following GST reduction
  • Domestic 4WD axle market witnessed strong revenue growth in FY26
  • CIL ramping up capacity to sustain anticipated demand increase
  • Secured business nomination from major OEM for bull gears valued at approximately ₹15 crore p.a. effective FY28
  • Working with two new customers/projects
  • Gears business remained subdued in FY26 but expected to improve gradually

Agri higher HP Transmission:

  • Export market gradually recovering
  • Leading tractor OEM showcased tractor with Carraro's higher HP driveline at Agritechnica in Hanover, Germany in Nov 2025
  • Higher HP tractor transmission projects with Carraro Tractors (Turkey) and Indian customers progressing well
  • SOP for Turkey customer expected in FY27
  • SOP for Indian customer expected by FY28

Export Business Update (Both direct & indirect):

  • Exports grew 37% year-on-year
  • Led by sustained momentum in construction equipment, particularly TBH & BHL exports
  • Construction equipment exports by Indian OEMs continued healthy traction
  • Indirect exports of agricultural drivelines remained soft
  • Resilient domestic demand helped maintain overall volume trajectory

Capital Expenditure and Dividend

Capex:

  • FY26 capex: ₹417 Mn deployed
  • Supported new telescopic handler's axle production, high-performance new transmission range for agricultural applications, and incremental capacity for FY26 sales

Dividend:

  • Board recommended final dividend of ₹6.75 per equity share for FY26
  • Payout approximately 30%
  • Subject to shareholders' approval at ensuing Annual General Meeting

Management Commentary

Dr. Balaji Gopalan, Managing Director, commented:

  • FY26 was a strong year with healthy growth across domestic and export markets
  • EBITDA profitability in line with guidance shared during the year
  • Revenue growth supported by sustained domestic demand and strong export traction
  • Profitability improvement driven by operating leverage, disciplined cost management and execution efficiencies
  • Domestic agriculture business momentum supported by accelerated transition from 2WD to 4WD tractors
  • Exports remained key growth driver with sustained momentum in construction equipment
  • Engineering services business gaining traction with increasing customer enquiries
  • Capacity expansion aligned with strong demand outlook
  • Company enters next phase of growth with stronger business foundation