Carraro India Ltd - Stock Valuation and Financial Performance

BSE: 544320 | NSE: CARRARO | Auto Ancillary | Small Cap

Carraro India Share Price

371.60 14.15 3.96%
as on 11-Feb'25 16:59

DeciZen - make an informed investing decision on Carraro India

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Carraro India stock performance -

mw4me loader
P/E Ratio (SA):
33.54
Market Cap:
2,032.2 Cr.
52-wk low:
352
52-wk high:
691.3

Is Carraro India Ltd an attractive stock to invest in?

1. Is Carraro India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Carraro India Ltd is a average quality company.

2. Is Carraro India Ltd undervalued or overvalued?

The key valuation ratios of Carraro India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Carraro India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Carraro India Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Carraro India:

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 35.5%14.5%10.5%10.7%7.4%7.1%5.3%9.7%16.3%18.4%-
Value Creation
Index
1.50.0-0.3-0.2-0.5-0.5-0.6-0.30.20.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,1198479171,0671,2479931,0621,4821,6951,7701,770
Sales YoY Gr.--24.3%8.3%16.4%16.8%-20.4%7%39.5%14.4%4.4%-
Adj EPS 9.53.943.51.82.30.83.78.510.910.7
YoY Gr.--58.9%1.3%-11.3%-48.3%25.3%-65.8%370.5%130.8%29.2%-
BVPS (₹) 37.342.444.648.347.54949.853.360.867.8287
Adj Net
Profit
55.92322.62010.3134.420.948.262.261
Cash Flow from Ops. 12115445.4-43.396.268.168.588.972.4107-
Debt/CF from Ops. 1.80.81.9-3.71.73.42.222.62-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 5.2%7.3%18.6%4.4%
Adj EPS 1.5%43.2%141.2%29.2%
BVPS6.9%7.4%10.8%11.4%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
25.29.897.63.84.71.67.114.9176
Op. Profit
Mgn %
13.37.47.36.44.75.65.23.96.17.47.8
Net Profit
Mgn %
52.72.51.90.81.30.41.42.83.53.4
Debt to
Equity
10.50.30.60.60.80.50.60.50.6-
Working Cap
Days
1441861802021952332061641711680
Cash Conv.
Cycle
13197141717171215240

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 18.57%

Net Profit is growing at healthy rate in last 3 years 141.16%

Debt to equity has declined versus last 3 years average to 0.55

Return on Equity has declined versus last 3 years average to 6.00%

Sales growth is not so good in last 4 quarters at 1.65%

Latest Financials - Carraro India Ltd.

Standalone Consolidated
TTM EPS (₹) 10.7 -
TTM Sales (₹ Cr.) 1,770 -
BVPS (₹.) 287 -
Reserves (₹ Cr.) 1,575 -
P/BV 1.25 -
PE 33.54 -
From the Market
52 Week Low / High (₹) 352.00 / 691.30
All Time Low / High (₹) 433.80 / 691.30
Market Cap (₹ Cr.) 2,032
Equity (₹ Cr.) 56.9
Face Value (₹) 10
Industry PE 45.1

Management X-Ray of Carraro India:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

No data found!

Key Ratios of Carraro India

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales1,1198479171,0671,2479931,0621,4821,6951,770
Operating Expenses 9707848539991,1889381,0071,4251,5941,642
Manufacturing Costs91687366868486130144133
Material Costs7465876537709257097781,1221,2761,313
Employee Cost 64666776869590108120132
Other Costs 69646086915054665465
Operating Profit 14863646858555557101128
Operating Profit Margin (%) 13.3%7.4%7.0%6.4%4.7%5.5%5.2%3.8%5.9%7.2%
Other Income 5323654103222017
Interest 1514108151819162022
Depreciation 46283232303233343841
Exceptional Items 0000000000
Profit Before Tax 14144283416157296382
Tax 491471361281721
Profit After Tax 9230212110134214761
PAT Margin (%) 8.2%3.5%2.3%1.9%0.8%1.4%0.4%1.4%2.8%3.4%
Adjusted EPS (₹)15.75.13.73.61.82.40.83.78.210.7
Dividend Payout Ratio (%)56%0%0%0%116%30%0%0%11%36%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 219249254274270279283303346385
Share Capital 59595757575757575757
Reserves 160190197217213222226246289328
Minority Interest0000000000
Debt1778669148143206120131146171
Long Term Debt6938396880758486131122
Short Term Debt1084830806313037461549
Trade Payables238223224322278291380428425366
Others Liabilities 9519420920922723898291307336
Total Liabilities 7287527569539181,0138811,1531,2241,259

Fixed Assets

Gross Block474507535558600648679311341431
Accumulated Depreciation246274306333364392424364081
Net Fixed Assets228233229224236257255275302351
CWIP 102012031090
Investments 0000000000
Inventories136107108165180171185237255286
Trade Receivables207167169258163193268250296237
Cash Equivalents 3971232251120589995100
Others Assets108173227283285273112282267284
Total Assets 7287527569539181,0138811,1531,2241,259

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 12115445-439668688972107
PBT 14144283416157296382
Adjustment 60294237405155505756
Changes in Working Capital -2395-14-944714919-30-5
Tax Paid -57-14-10-21-7-12-2-9-19-26
Cash Flow From Investing Activity -31-20-28-26-38-48-35-58-62-85
Capex -32-21-28-28-39-48-36-59-63-85
Net Investments 00000-11010
Others 1111001000
Cash Flow From Financing Activity -119-101-6469-3048-9711-12-18
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -65-35-2000001640-9
Interest Paid -15-13-9-8-15-18-19-15-18-20
Dividend Paid -53000-12-400-5-22
Others 14-53-3477-370-779-3034
Net Cash Flow -2932-46-12868-6341-24
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)41.4712.88.437.793.84.911.587.0914.4316.57
ROCE (%)35.514.4810.4910.677.377.055.339.6916.3318.37
Asset Turnover Ratio1.541.191.281.281.331.031.121.461.431.43
PAT to CFO Conversion(x)1.325.132.14-2.059.65.23174.241.531.75
Working Capital Days
Receivable Days65776471626579645955
Inventory Days43504146516561525356
Payable Days123143125129118146157131122110

Carraro India Ltd Stock News

Carraro India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Carraro India on 11-Feb-2025 16:59 is ₹371.6.
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 11-Feb-2025 16:59 the market cap of Carraro India stood at ₹2,032.2.
The latest P/E ratio of Carraro India as of 11-Feb-2025 16:59 is 33.54.
The latest P/B ratio of Carraro India as of 11-Feb-2025 16:59 is 1.25.
The 52-week high of Carraro India is ₹691.3 and the 52-week low is ₹352.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Carraro India is ₹1,770 ( Cr.) .

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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