: Carraro India Limited reported total income of INR 16,698 million for the nine months ended December 31, 2025, marking a 21% year-on-year increase compared to INR 13,755 million in the corresponding period last year.
EBITDA (including other income) stood at INR 1,765 million, up 28% year-on-year from INR 1,375 million, with margins improving to 10.6% compared to 10.0% in 9M FY25. Profit after tax stood at INR 889 million, reflecting a 38% year-on-year growth from INR 644 million, with PAT margins improving to 5.3% from 4.7%. The PAT figure includes the impact of the New Labor Code amounting to INR 95 million.
For the quarter ended December 31, 2025, total income stood at INR 5,768 million, up 27% year-on-year from INR 4,528 million. EBITDA rose 71% to INR 624 million from INR 365 million, with margins expanding to 10.8% from 8.1%. PAT increased 91% to INR 281 million compared to INR 147 million in Q3 FY25, with PAT margins at 4.9% versus 3.2%.
Operationally, agricultural equipment revenue in 9M FY26 stood at INR 7,408 million, up 13% year-on-year, while construction equipment revenue rose 30% to INR 7,224 million. The ‘Others’ segment reported revenue of INR 1,856 million, up 21%. Domestic revenue for 9M FY26 stood at INR 10,461 million, reflecting 17% growth, while export revenue increased 29% year-on-year to INR 6,027 million.
During the period under review, ramp-up of the new range of Tele Boom Handlers (TBH) axles for a major international OEM continued with healthy traction and strong visibility of sustained growth. New projects with a domestic customer for the TBH family of axles are progressing well and remain on track.
Sales of drivelines to construction equipment Indian customers increased by approximately 4% during the first nine months, while the overall CE market declined by about 5%. Sales of drivelines to backhoe loader customers in the domestic market increased by approximately 5%, significantly better than the broader market decline of around 12%.
The engineering services business received several enquiries for higher HP and technology configurations and signed an engineering services agreement worth INR 17.5 crore with Montra (TICMPL) for industrialization and supply of e-transmissions. Efforts to acquire additional engineering services business are underway, with the company expecting revenue contribution from this segment to grow year on year.
In the domestic agricultural 4WD axle and gears business, the shift from 2WD to 4WD tractors accelerated following GST reduction. The domestic 4WD axle market showed strong revenue growth in the first nine months, and the company is ramping up capacity to meet anticipated demand. The gears business remained subdued during 9M FY26, though efforts are underway to strengthen performance.
The export market for higher HP transmissions is gradually recovering. A leading tractor OEM showcased a tractor equipped with Carraro’s higher HP driveline at Agritechnica in Hanover, Germany in November 2025. Exports delivered 29% year-on-year growth, led by construction equipment, particularly TBH and export of BHL. Indirect exports of agricultural drivelines remained soft, though resilient domestic demand supported overall volumes.
Capex of INR 304 million was deployed during 9M FY26 to support new telescopic handler axle production, a new transmission range for agricultural applications and incremental capacity for FY26 sales. The Board has approved a capex outlay of INR 623 million to expand axle capacity from 1,15,000 to up to 1,54,160 units over the next 18 months, funded through internal accruals and debt. The plant is currently operating at over 90% utilization.
The company also inaugurated its first Authorized Service Centre in Faridabad and remains on track to establish four centres across India in 2026.
Commenting on the results, Dr. Balaji Gopalan, Managing Director, Carraro India Limited, said,
“For nine months FY26, Carraro India delivered a strong and encouraging performance. Revenue from operations grew 21% YoY, supported by healthy momentum across both domestic and export markets. Domestic revenues increased 17% Year on Year, led by robust demand for 4WD axles in the agriculture segment, while exports grew 29% Year on Year, driven by higher offtake of Tele Boom Handler (TBH) axles. Profitability improved meaningfully, with EBITDA up 28% YoY, supported by operating leverage, disciplined cost management and execution efficiencies.”
