Carraro India Ltd reported a 76% year-on-year growth in consolidated net profit in the quarter ended March 31, helped by strong domestic demand, export growth and better operating performance.
The Pune-based Tier-I supplier of axles, transmission systems, gears and related components reported a PAT of ₹41.7 crore in Q4, compared to ₹23.7 crore in the year-ago period.
The company’s total income rose 37% year-on-year to ₹614.2 crore from ₹447.9 crore in Q4FY25. Its revenue growth was broad-based across both domestic and export markets. Domestic revenue rose 24% year-on-year to ₹396.8 crore in the quarter, while export revenue grew 68% to ₹209.9 crore.
By segment, agricultural equipment revenue increased 37% year-on-year to ₹278.4 crore. Construction equipment revenue rose 36% to ₹261.3 crore, while revenue from other businesses increased 40% to ₹67 crore.
In Jan-Mar, the company’s EBITDA, including other income, increased 45% to ₹71 crore from ₹48.9 crore a year earlier. EBITDA margin improved to 11.6% in Q4FY26 from 10.9% in Q4FY25. PAT margin also improved to 6.8% from 5.3% a year ago.
For the full year FY26, Carraro India reported total income of ₹2,284 crore, up 25% from ₹1,823.4 crore in FY25. Its domestic revenue grew 19% year-on-year in FY26 to ₹1,443 crore, while exports increased 37% to ₹812.5 crore.
The company’s EBITDA, including other income, rose 33% to ₹247.5 crore, while EBITDA margin improved to 10.8% from 10.2%. Profit after tax for FY26 rose 48% to ₹130.6 crore from ₹88.1 crore a year earlier. PAT margin improved to 5.7% from 4.8%.
“FY26 was a strong and encouraging year for Carraro India, with the company delivering healthy growth across both domestic and export markets, along with EBITDA profitability in line with the guidance shared during the year,” Dr. Balaji Gopalan, Managing Director of Carraro India, said.
He said revenue growth was supported by sustained demand in the domestic market, especially in agricultural vehicles, and strong export traction led by the construction equipment segment.
The company said the domestic agriculture business benefited from a faster shift from 2WD to 4WD tractors after GST-led narrowing of the price gap between the two categories. This helped the domestic 4WD axle market grow faster than the overall tractor market.
It also said that it is ramping up capacity to meet the expected rise in demand over the coming years.
Carraro India also expanded its engineering services business during the year. The company signed an engineering services agreement worth around ₹17.5 crore with Montra Electric for industrialisation and supply of e-transmissions. A prototype order has also been received for field validation.
On the manufacturing side, Carraro India deployed capex of ₹41.7 crore in FY26 to support new telescopic handler axle production, high-performance transmission programmes for agricultural applications and incremental capacity expansion.
The board has recommended a final dividend of ₹6.75 per share for FY26, subject to shareholder approval.