- Q1 FY27 Total Income stood at INR 5,587 Mn; increase of 12% on Y-o-Y basis
- Q1 FY27 EBITDA (incl. other income) stood at INR 579 Mn; growth of 6% on Y-o-Y basis with margins at 10.4%
- Q1 FY27 PAT stood at INR 314 Mn; growth of 8% on Y-o-Y basis with margins at 5.6%
Pune : 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 30th June 2026.
Financial Highlights:
| Particulars (INR Mn) | Q1 FY27 | Q1 FY26 | Y-o-Y |
| Total Income | 5,587 | 4,999 | 12% |
| EBITDA (incl. Other Income) | 579 | 548 | 6% |
| EBITDA Margin (%) | 10.40% | 11.00% | |
| PAT | 314 | 291 | 8% |
Operational Highlights:
| Particulars (INR Mn) | Q1 FY27 | Q1 FY26 | Y-o-Y |
| Agricultural Equipment | 2,559 | 2,219 | 15% |
| Construction Equipment | 2,264 | 2,178 | 4% |
| Others | 624 | 532 | 17% |
| Total | 5,447 | 4,929 | 10% |
| Particulars (INR Mn) | Q1 FY27 | Q1 FY26 | Y-o-Y |
| Domestic | 3,795 | 3,016 | 26% |
| Export | 1,652 | 1,913 | -14% |
| Total | 5,447 | 4,929 | 10% |
Commenting on the results Dr. Balaji Gopalan, Managing Director, Carraro India Limited said,
Q1FY27 Performance Overview
“Carraro India reported a resilient start to the financial year. Q1 FY27 Revenue from operations increased by 10% year-on-year to INR 5,447 million, supported by sustained momentum in the domestic business. Domestic revenue grew by ~26% year-on-year, driven by robust demand for 4WD axles in the agricultural vehicle segment, despite uncertainty surrounding the monsoon outlook. Export revenue declined by ~14% year-on-year due to geopolitical disruptions and uneven demand across global markets.
Profitability improved in absolute terms, with EBITDA rising by ~6% and PAT by ~8% year-on-year. EBITDA Margins were affected by higher energy and raw-material costs arising from geopolitical disruption, along with labour availability constraints. However, disciplined cost management and execution efficiencies helped contain the impact and sustain earnings growth.
The domestic agriculture business continues to benefit from the GST reforms, accelerating the shift towards 4WD tractors, with demand for our axles growing in line with expectations. We are accordingly expanding capacity to support anticipated demand.
In the construction-equipment segment, the export programme for TBH axles continue to progress as planned. We are also expanding our domestic TBH presence through new projects with Indian OEMs and the Indian operations of global OEMs. Carraro’s BHL sales to Indian OEMs continued to outperform the broader market.
Our engineering-services business gained further momentum during the quarter. The Montra Electric project is progressing well, while assignments worth ~INR 33 million that were under discussion at quarter-end have since been received. These developments reflect growing customer confidence in our engineering capabilities and technology solutions. Discussions with another prospective customer are also progressing, supporting further growth in this business.
Our higher-HP transmission programmes reached an important milestone, with series production for a Turkish customer beginning in Q1 FY27. The programme for an Indian customer is advancing as scheduled, with start of production targeted by FY28.
The gears business remained subdued during the quarter. However, focused initiatives are underway to strengthen the portfolio and support a gradual recovery over the coming quarters.
We also made progress on our manufacturing and capacity-enhancement roadmap. Construction of the new paint-shop building commenced during the quarter, while a side-drive sub-assembly line and a backlash machine were commissioned to enhance Portal axle capacity and expand differential-support components used in 4WD axle production.
Global market conditions remain uncertain due to geopolitical developments and mixed demand trends. Nevertheless, strong domestic momentum, recovering supply chains, the ramp-up of new programmes and ongoing capacity additions position us well for the year ahead. We remain focused on delivering positive growth in FY27. Better cost absorption, improved operating efficiencies, higher utilisation levels and continued cost discipline are expected to support margin improvement as we work towards our medium-term revenue and profitability objectives.”
Leave a Reply