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Carraro India Ltd (CARRARO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544320 NSE: CARRARO Auto Ancillary | Small Cap | Carraro India Share Price
₹524.95 9.95 (1.93%)
As on 18-Sep'26 16:59
Carraro India Ltd (CARRARO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544320 NSE: CARRARO Auto Ancillary | Small Cap | Carraro India Share Price
₹524.95 9.95 (1.93%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹2,984 Cr.
Current Price
₹525
52-Week Low / High
₹417 / 667
TTM EPS
₹23.4
TTM Sales
₹2,307 Cr.
Book Value per Share
₹104.8
P/E Ratio
22.47
Lower than its 5-year historical median
Industry PE
49.2
Price to Book (P/B)
5.01
In line with its 5-year historical median
Price to Sales (P/S)
1.29
Lower than its 5-year historical median
EV/EBITDA
12.12
Lower than its 5-year historical median
Dividend Yield
1.29%
Profitability Efficiency
Return on Equity (ROE)
25.54%
Return on Capital Employed (ROCE)
28.71%
Return on Assets (ROA)
9.04%
Operating Profit Margin
9.9%
Net Profit Margin
5.79%
Gross Profit Margin
10.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
24.93%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
28.32%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
48.15%
Asset Quality
Promoter Holding
68.77%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹539 Cr.
Equity
₹56.9 Cr.
Face Value
₹10
All Time Low / High
₹253.00 / 691.30
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Carraro India Ltd a good quality company?
Carraro India Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Carraro India Ltd performance compare with that of its Peers?
Revenue growth of Carraro India Ltd vs industry peers?
Carraro India Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.79%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Carraro India Ltd?
Promoters hold 68.77% of the Carraro India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Carraro India Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 15.31% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Carraro India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 10.5% | 10.7% | 7.4% | 7.1% | 5.3% | 9.7% | 16.3% | 18.4% | 22.2% | 27.7% | - |
| Value Creation Index ⓘ | -0.3 | -0.2 | -0.5 | -0.5 | -0.6 | -0.3 | 0.2 | 0.3 | 0.6 | 1.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 917 | 1,067 | 1,247 | 993 | 1,062 | 1,482 | 1,695 | 1,770 | 1,792 | 2,239 | 2,290 |
| Sales YoY Gr. | - | 16.4% | 16.8% | -20.4% | 7% | 39.5% | 14.4% | 4.4% | 1.2% | 24.9% | - |
| Adj EPS ⓘ | 4 | 3.5 | 1.8 | 2.3 | 0.8 | 3.7 | 8.5 | 10.9 | 15.5 | 24.2 | 22.9 |
| YoY Gr. | - | -11.3% | -48.3% | 25.3% | -65.8% | 370.5% | 130.8% | 29.2% | 41.3% | 56.7% | - |
| BVPS (₹) ⓘ | 44.6 | 48.3 | 47.5 | 49 | 49.8 | 53.3 | 60.8 | 67.8 | 82.9 | 101.2 | 106.6 |
| Adj Net Profit ⓘ | 22.6 | 20 | 10.3 | 13 | 4.4 | 20.9 | 48.2 | 62.2 | 87.9 | 138 | 130 |
| Cash Flow from Ops. ⓘ | 45.4 | -43.3 | 96.2 | 68.1 | 68.5 | 88.9 | 72.4 | 107 | 94.5 | 131 | - |
| Debt/CF from Ops. ⓘ | 1.9 | -3.7 | 1.7 | 3.4 | 2.2 | 2 | 2.6 | 2 | 1.9 | 1.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.4% | 16.1% | 9.7% | 24.9% | ||||
| Adj EPS ⓘ | 22.3% | 98.8% | 41.9% | 56.7% | ||||
| BVPSⓘ | 9.5% | 15.2% | 18.5% | 22.1% | ||||
| Share Price | - | - | - | 15.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9 | 7.6 | 3.8 | 4.7 | 1.6 | 7.1 | 14.9 | 17 | 20.5 | 26.3 | 22 |
| Op. Profit Mgn % ⓘ | 7.3 | 6.4 | 4.7 | 5.6 | 5.2 | 3.9 | 6.1 | 7.4 | 9.4 | 9.8 | 9.1 |
| Net Profit Mgn % ⓘ | 2.5 | 1.9 | 0.8 | 1.3 | 0.4 | 1.4 | 2.8 | 3.5 | 4.9 | 6.2 | 5.7 |
| Debt to Equity ⓘ | 0.3 | 0.6 | 0.6 | 0.8 | 0.5 | 0.6 | 0.5 | 0.6 | 0.4 | 0.3 | - |
| Working Cap Days ⓘ | 180 | 202 | 195 | 233 | 206 | 164 | 171 | 168 | 172 | 158 | 60 |
| Cash Conv. Cycle ⓘ | 7 | 14 | 17 | 17 | 17 | 12 | 15 | 24 | 32 | 33 | 21 |
Valuation of Carraro India - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Sales | 1,498 | 1,713 | 1,789 | 1,808 | 2,255 |
| Operating Expenses ⓘ + | 1,437 | 1,608 | 1,657 | 1,637 | 2,037 |
| Operating Profit ⓘ | 60 | 105 | 132 | 171 | 219 |
| Operating Profit Margin (%) | 4.0% | 6.1% | 7.4% | 9.4% | 9.7% |
| Other Income ⓘ + | 23 | 20 | 18 | 16 | 29 |
| Interest ⓘ | 16 | 20 | 22 | 23 | 19 |
| Depreciation ⓘ | 36 | 39 | 43 | 45 | 46 |
| Profit Before Tax ⓘ | 31 | 66 | 84 | 119 | 173 |
| Tax ⓘ | 8 | 17 | 22 | 31 | 42 |
| Profit After Tax | 22 | 48 | 63 | 88 | 131 |
| PAT Margin (%) | 1.5% | 2.8% | 3.5% | 4.9% | 5.8% |
| Adjusted EPS (₹) | 3.9 | 8.5 | 11.0 | 15.5 | 23.0 |
| Dividend Payout Ratio (%) | 0% | 10.30% | 35.20% | 29.40% | 29.40% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 292 | 337 | 370 | 458 | 565 | ||||||
| Debt + | 131 | 146 | 171 | 131 | 108 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | ||||||
| Trade Payables | 429 | 428 | 365 | 350 | 420 | ||||||
| Others Liabilities ⓘ | 321 | 339 | 373 | 402 | 454 | ||||||
| Total Liabilities ⓘ | 1,174 | 1,250 | 1,279 | 1,342 | 1,546 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 281 | 307 | 354 | 380 | 376 | ||||||
| CWIP ⓘ | 10 | 9 | 0 | 0 | 0 | ||||||
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | ||||||
| Inventories | 237 | 255 | 286 | 299 | 317 | ||||||
| Trade Receivables | 257 | 303 | 243 | 291 | 375 | ||||||
| Cash Equivalents | 104 | 105 | 104 | 68 | 90 | ||||||
| Others Assets ⓘ | 285 | 271 | 291 | 304 | 388 | ||||||
| Total Assets ⓘ | 1,174 | 1,250 | 1,279 | 1,342 | 1,546 | ||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 96 | 80 | 112 | 76 | 135 |
| Cash Flow From Investing Activity ⓘ + | -59 | -62 | -85 | -51 | -30 |
| Cash Flow From Financing Activity ⓘ + | 9 | -15 | -30 | -60 | -89 |
| Net Cash Flow ⓘ | 45 | 3 | -3 | -34 | 15 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.67 | 15.39 | 17.69 | 21.29 | 25.54 | |||||
| ROCE (%) | 9.98 | 17.14 | 19.27 | 23.22 | 28.71 | |||||
| Asset Turnover Ratio | 1.28 | 1.41 | 1.42 | 1.38 | 1.57 | |||||
| PAT to CFO Conversion(x) | 4.36 | 1.67 | 1.78 | 0.86 | 1.03 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 62.70 | 59.70 | 55.60 | 53.80 | 53.70 | |||||
| Inventory Days | 57.70 | 52.40 | 55.20 | 58.90 | 49.70 | |||||
| Payable Days | 139.40 | 122.60 | 110.20 | 99.30 | 84.90 | |||||
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Carraro India Ltd FAQs
The current trading price of Carraro India on 18-Sep-2026 16:59 is ₹525.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Carraro India stood at ₹2,984.4 Cr
The latest P/E ratio of Carraro India as of 17-Sep-2026 is 22.93.
The latest P/B ratio of Carraro India as of 17-Sep-2026 is 4.92.
The 52-week high of Carraro India is ₹667.2 and the 52-week low is ₹416.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Carraro India is ₹2,290 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Carraro India Ltd is a average quality company.
The key valuation ratios of Carraro India Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Carraro India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Carraro India Ltd
Carraro India Limited was incorporated as ‘Carraro India Private Limited’ on April 11, 1997, as a private limited company under the Companies Act, 1956, at New Delhi, India, pursuant to a certificate of incorporation issued by the Registrar of Companies, NCT of Delhi and Haryana (RoC Delhi). Pursuant to allotment of Equity Shares by the company and in accordance with the provisions of Section 43A(1) of the Companies Act, 1956, its Board passed a resolution on September 30, 1997, wherein its Board noted that the company had become a deemed public company, and the name of the company was changed to ‘Carraro India Limited’ with effect from September 3, 1997, pursuant to a certificate of incorporation endorsed by the RoC Delhi to that effect. Further, pursuant to a resolution passed by its Board dated September 28, 2007 and a special resolution passed by its Shareholders dated September 29, 2007 which was confirmed by an order of the Company Law Board, Northern Region Bench, New Delhi dated July 25, 2008, the registered office of the company was shifted from the state of Delhi to the state of Maharashtra with effect from July 25, 2008 and a certificate of registration of the order of the Company Law Board for change of state of its registered office was issued by the Registrar of Companies, Maharashtra at Pune (RoC) on August 14, 2008.
Subsequently, pursuant to a resolution passed by its Board dated August 28, 2008 and a special resolution passed by its Shareholders dated September 22, 2008, the company was re-converted into a private limited company and the name of the company was changed to ‘Carraro India Private Limited’, and a fresh certificate of incorporation dated March 16, 2009 was issued by the RoC. Subsequently, on the conversion of the company to a public limited company, pursuant to a resolution passed by its Board on July 3, 2024 and a special resolution passed by its Shareholders on July 4, 2024, the name of the company was changed to ‘Carraro India Limited’ and a fresh certificate of incorporation dated August 12, 2024 was issued by the RoC.
The company is a technology driven integrated supplier that develops complex engineering products and solutions for its original equipment manufacturer (OEM) customers. It is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India. It supports the full value chain of services as a solution provider for axles, transmission systems, gears and other related components with in-house product design manufacturing capabilities.
Its Promoter, Carraro S.p.A., is the parent company of the Carraro Group which designs, manufactures and sells transmission systems (axles, transmissions and drives) mainly for agricultural and construction equipment for off-highway vehicles, in addition to marketing a wide range of gears for diverse sectors, from automotive to trucks to agricultural and construction vehicles. The Carraro brand is owned by Carraro S.p.A. and licensed to it pursuant to a licensing agreement with Carraro S.p.A.
The company primarily manufactures axles and transmission systems for agricultural tractors and construction vehicles such as backhoe loaders, soil compactors, cranes, self-loading concrete mixers and small motor graders. Its products are mission critical for its customers, as its products constitute important components of its customers’ final products. It provides a diverse range of products including axles and transmission systems of different HP ranges for off-highway vehicles in the agricultural tractor and construction vehicle sectors, as well as gears, shafts and ring gears for industrial and automotive vehicles. It also supplies gears mainly used in industrial and automotive markets, spare parts which are primarily loose components of agricultural tractors and construction vehicles and other products which are non-core parts of agricultural tractors and construction vehicles.
Business area of the company
The company is engaged in the manufacture of mechanical transmissions, clutches, hydraulic lifts and planetary drives, axles for agricultural tractors and construction equipment including components, parts and spares thereof.
Products of the company
Agricultural Tractors
- T40 transmission system
- T50 transmission system
- T75 transmission system
- T100 CVT (Continuously Variable Transmission)
- T100 Evo HD
- T135 transmission system
- eT50/eT75
Construction Vehicles
- TCB80-2WD & 4WD- Torque convertor-based transmission system
- TCB80SPS 2wd & 4wd- SPS (Servo Power Synchro)
- TCB90 PS
- Hydrostatic (Infinitely Variable)
- THE Solution transmission system
Axles- agricultural tractors
- Agricultural Tractors
- Portal Axles - Dry & Wetland
- Paddy Application 50-75 HP
- Planetary Axles - Utility Tractors 49 -135 HP
Axles- construction vehicles
- Steering Axle 1-9.5 T UVW
- Rigid Axle 1-9.5 T UVW
- Rigid Hypoid Axle 5-17 T UVW
Gears
- Ring Gears
- Gears & Shafts
Spare Parts and Others
Awards, accreditations and recognitions
- 2021: Received certificate of compliance with the requirements of UNI EN ISO 9001:2015 from TUV Italia S.r.l.
- 2022: ‘Pune Best Employer Brand Awards, 2022’ at the 17th Employer Branding Awards 2022-23.
- 2022: ‘Annual Commodity Award (Forging - Farm Division)’ in recognition of superior performance at Mahindra Supplier Excellence Awards.
- 2023: ‘National Best Employer Brand Awards, 2022’ at the 18th Employer Branding Awards 2023-24.
- 2023: ‘Decade of Dedication Award 2023’ from Dynapac.
- 2023: ‘Business Partner of the Year’ at Mahindra Supplier Meet, 2023.
- 2023: ‘Best SPD Performance - Farm Division’ at Mahindra Supplier Awards.
- 2024: ‘CSR Corporate Social Responsibility Award’ from Manitou Equipment India.
- 2024: ‘Maharashtra State Best Employer Brand Awards, 2024’ at the 19th Employer Branding Awards.
History and milestones
- 2014: Amalgamation of Turbo Gears India Private Limited with the company.
- 2016: Launch of steering axle applicable for 4-WD vehicle.
- 2022: Launch of steering portal axle.
- 2023: Launch of T135 transmission system.
- 2024: Acquisition of 99.00% shareholding of Carraro Technologies India Private Limited.
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