Carraro India Ltd
CARRAROCarraro India Ltd is coiled. The quarters are improving, yet the P/E sits at the 4th percentile of its own 2-year range — the business is moving before the market.
The sharpest disagreement: annual EPS moved +48.2% against a +18.4% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 4th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +6.9% year on year, and 115% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Carraro India Ltd trades at ₹538, in a confirmed uptrend and 19 weeks into that stage. That is +2.0% against its own 200-day average. It sits at 63% of a 52-week range of ₹442 to ₹595. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹538 it trades +2.0% versus its 200-day average and sits at 63% of its 52-week range (₹442–₹595).
Against the market, two honest reads. Cumulative: over the last 1.7 years the stock moved −19% while the NIFTY 500 moved +3% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-08-28) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Carraro India Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: EARNINGS_DRIVEN_COMPRESSION. Marker count: 4 not due yet. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. Carraro combines domestic driveline demand with an earnings-led valuation compression, but the latest quarter shows that cost recovery and exports must improve before the margin case can resume.
From the numbers. The multiple is near the available-history low while the earnings curve has expanded. The normalized multiple is effectively the same as the trailing multiple because current operating margin is below, rather than…
From the price. Price stage 2, week 19 — above its 200-day line, relative strength falling.
From the research. Carraro combines domestic driveline demand with an earnings-led valuation compression, but the latest quarter shows that cost recovery and exports must improve before the margin case can resume.
🚨 Where they disagree. STRONG_OPPORTUNITY.
What is proven. Carraro combines domestic driveline demand with an earnings-led valuation compression, but the latest quarter shows that cost recovery and exports must improve before the margin case can resume.
What is not proven yet. Two consecutive quarters of revenue growth below the latest quarter’s year-on-year pace together with operating margin remaining below the normalized level would show that domestic demand and price recovery are not offsetting export and cost disruption.
🚨 What would change our mind. Two consecutive quarters of revenue growth below the latest quarter’s year-on-year pace together with operating margin remaining below the normalized level would show that domestic demand and price recovery are not offsetting export and cost disruption.
Layer 1 read, 22 August 2026 — KEEP. Sales rose 10.5% but factory profit FELL 8% — the growth came from a one-time customs refund, and we own this. Reported profit rose 6.9%, which looks like a soft-but-fine quarter until you separate the two things inside it. The money the business earns from making and selling drivelines went DOWN, from 48 to 44 crore, and the profit margin slipped from 10% to 8%; what pushed the headline positive was other income doubling from 7 to 14 crore, which management disclosed on the 7 August call as an Rs 88 million one-time customs write-back — and the same call summary records that the clean figures were never given. Take the one-off out and profit fell roughly 28%. This is not the calendar: last year profit rose 7% between the March and June quarters, this year it fell 30%. The cause management gives is…
What would change Layer 1’s mind. Sharpening both the Timeline's own kill-switch and the driver I lean on: operating margin coming in at or below 8% again in the September 2026 quarter WITHOUT a one-off in other income. That single observation would convert 'a pass-through lag' into a structural margin reset and flip P2 to DROP, because the entire remaining case rests on price recovery closing the cost gap. The mirror observation would restore conviction: operating margin back at 9% or better with revenue growth still…
Layer 2 read, 22 August 2026 — ADVANCE. Demand is holding, but Carraro must now prove clean margin recovery. External evidence supports Carraro's explanation that the squeeze is a sector-wide recovery lag rather than a demand collapse, and domestic agriculture revenue rose 32%. The counterweight is serious: sector margin fell to 10.03%, seven of ten managements moved a promise, and Carraro's profit included a one-time customs write-back.
What would change Layer 2’s mind. Flip ADVANCE to DROP if Q2 FY27 shows operating margin still below 9% and operating profit again down year on year despite at least 10% revenue growth, while customer settlements do not land.
Layer 3 read, 22 August 2026 — BENCH. Cheap shares cannot offset a weaker clean margin and moving guidance. The Timeline's margin warning is aligned, not cleared: operating profit fell while a customs write-back helped reported profit, and external evidence still flags freight and export disruption. Management did beat FY26 revenue guidance, but the FY27 range moved and the margin promise was reduced. The modelled valuation is attractive, but it is soft evidence built on only seven listed quarters.
What would change Layer 3’s mind. A clean September 2026 operating margin above 8% without another unusual other-income item would support DEPLOY; margin at or below 8% would confirm that price recovery has failed.
CIO read, 22 August 2026 — RETAIN. HELD (defended slot) · forward-asymmetry 66/100 · CONTESTED. CONTESTED — supportable EPS growth of 12% is just below the 12.8% implied rate, a −0.8-point sustain gap. The rating is depressed at the 0th listed-history percentile, but operating profit fell 8.3% and a one-time customs write-back supported reported profit.
The test written in advance. Two consecutive quarters of revenue growth below the latest quarter’s year-on-year pace together with operating margin remaining below the normalized level would show that domestic demand and price recovery are not offsetting export and cost disruption. — the thesis as written as stated by the next result.
The test written in advance. Margin recovery is delayed — Margin recovery is delayed Operating margin at or below the latest-quarter level for two consecutive quarters. by the next result.
The test written in advance. Export and logistics disruption — Export and logistics disruption Export volumes do not improve in the next reported quarter despite management’s stated recovery path. by the next result.
What the company does. The latest quarter delivered revenue growth while reported profit grew more slowly and operating margin fell below the normalized level; a customs-related item also lifted reported profit. Domestic agriculture and construction demand remained supportive, while export logistics, supplier disruption and delayed price recovery constrained the near-term read. The valuation sits near the bottom of the available history, and normalized earnings are close to reported earnings; the opportunity depends on recovery being operational rather than merely a low multiple.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Domestic agriculture and four-wheel-drive… | HIGH | — | Domestic agriculture revenue expanded in the latest quarter, and management attributes demand to mechanization and new programmes. | Domestic agriculture revenue declines year-on-year for two consecutive quarters or four-wheel-drive capacity remains constrained despite customer… |
| Price recovery and operating leverage | HIGH | — | Management targets recovery of commodity and conversion costs, with volume leverage intended to restore profitability. | Operating margin remains below the normalized margin reference for two more quarters despite revenue growth. |
| Capacity expansion and localization | MEDIUM_HIGH | — | Paint-shop construction, portal-axle investments and localization are intended to support future customer requirements and… | Localization does not improve and capacity commissioning slips while imports remain necessary for routine supply. |
| Higher-horsepower and engineering programmes | MEDIUM | — | Higher-horsepower customer programmes and engineering assignments create a later-stage revenue option beyond the current… | The Turkish programme misses its expected start and the Indian programme does not advance toward production. |
🚨 What the surface reading misses. The surface reading is: Positive revenue and profit growth suggests uninterrupted earnings acceleration. The research reads it further: Operating profit margin fell while reported profit included a flagged non-operating contribution, so the profit growth does not establish a clean margin recovery.
🚨 What the surface reading misses. The surface reading is: A low percentile multiple suggests the stock is cheap. The research reads it further: Normalized PE is effectively unchanged because normalized earnings are close to trailing earnings; the low valuation is not explained by a visibly peak operating margin.
Lever 2 · Value-added mix — BUILDING. Domestic agriculture revenue expanded in the latest quarter, and management attributes demand to mechanization and new programmes. What proves it keeps working: Domestic agriculture and four-wheel-drive demand. It stops working if Domestic agriculture revenue declines year-on-year for two consecutive quarters or four-wheel-drive capacity remains constrained despite customer demand.
Lever 1 · Operating leverage — BUILDING. Management targets recovery of commodity and conversion costs, with volume leverage intended to restore profitability. What proves it keeps working: Price recovery and operating leverage. It stops working if Operating margin remains below the normalized margin reference for two more quarters despite revenue growth.
Lever 6 · Order-book wins — BUILDING. Paint-shop construction, portal-axle investments and localization are intended to support future customer requirements and reduce import dependence. What proves it keeps working: Capacity expansion and localization. It stops working if Localization does not improve and capacity commissioning slips while imports remain necessary for routine supply.
Lever 10 · New geographies — BUILDING. Higher-horsepower customer programmes and engineering assignments create a later-stage revenue option beyond the current domestic cycle. What proves it keeps working: Higher-horsepower and engineering programmes. It stops working if The Turkish programme misses its expected start and the Indian programme does not advance toward production.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Carraro India Ltd reported ₹545 Cr of revenue in the Jun 26 quarter, +10.5% year on year. That is the 7th straight quarter of year-on-year growth. Over 4 years it has compounded at 10.8% a year. The last full year, FY26, came in at ₹2,255 Cr. The last four reported quarters add to ₹2,308 Cr.
Why this happened. Capacity additions and local sourcing provide the operating infrastructure for domestic demand and future programmes. Localization is currently below the stated destination, so execution must be demonstrated through supplier consistency rather than assumed margin uplift.
FY26 revenue came in at ₹2,255 Cr (+24.7% on the year), capping 4 years at 10.8% compound. The latest quarter (Jun 26) printed ₹545 Cr, +10.5% year on year — the 7th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +26.8% growth against the decade's 10.8% — the current year is running faster than its own long-run rate.
FY26-Q4. revenue ₹607 Cr and profit ₹42 Cr as reported.
FY27-Q1. revenue ₹545 Cr and profit ₹31 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Carraro India Ltd's operating margin is 8.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 4.0% to 10.0%. The current quarter sits inside that band.
Why this happened. Domestic agriculture demand is the principal offset to export disruption. Management says four-wheel-drive acceptance has moved beyond initial adoption, while supply-chain capacity is the constraint on ramping output. This follows the Expansion Phase Twin Engines model: domestic volume and new programmes can compound together, but the driver requires capacity and customer demand to continue matching.
The latest quarter's operating margin is 8.0%, −2.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 4.0%–10.0%, and FY26's 10.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −1.6 pp year on year while gross margin went −1.5 pp — the loss came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹607 Cr and profit ₹42 Cr as reported.
FY27-Q1. revenue ₹545 Cr and profit ₹31 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Carraro India Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, +6.9% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹131 Cr. The 4-year compound rate is 56.2%. That is 5.7% of the quarter's revenue. The same quarter a year earlier earned ₹29.0 Cr.
Jun 26 profit was ₹31.0 Cr, +6.9% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹131 Cr (+48.9%), and the 4-year compound rate is 56.2%.
Why profit moved: revenue contributed +10.5% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +53.5% vs revenue +26.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹607 Cr and profit ₹42 Cr as reported.
FY27-Q1. revenue ₹545 Cr and profit ₹31 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 115% of Carraro India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹135 Cr of operating cash against ₹131 Cr of profit. After ₹42.0 Cr of capital spending, ₹93.0 Cr was left as free cash.
FY26: operating cash of ₹135 Cr against reported profit of ₹131 Cr, leaving free cash of ₹93.0 Cr after ₹42.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 115% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 115%: the cash cycle stretched 38 days between FY22 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Carraro India Ltd's cash conversion cycle runs 38 days in FY26, up from 0 days in FY22. Capital spending ran ₹194 Cr over the last 3 years. At FY26 sales of ₹2,255 Cr each day of that cycle holds about ₹6.2 Cr, so roughly ₹235 Cr sits inside the business at any moment.
FY26: debtors at 61 days, inventory at 70 days — roughly 2.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 38 days, looser than FY22's 0.
The full loop: cash goes out to suppliers and production on day 0; stock waits 70 days to sell; customers pay about 61 days after that; and suppliers themselves are paid at 93 days — netting out to the 38-day cycle.
In money terms: at FY26 sales of ₹2,255 Cr, each day of the cycle holds about ₹6.2 Cr — so the 38-day loop keeps roughly ₹235 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹194 Cr over the last 3 fiscal years against ₹134 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Carraro India Ltd earns a ROCE of 29% in FY26. That is up from a trough of 17% in FY23. Return on invested capital clears the cost of that capital by +8.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.8% net margin on 1.78× asset turns.
FY26 ROCE is 29%, recovered from a FY23 trough of 17% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 5.8% net margin × 1.78× asset turns × 2.25× balance-sheet leverage ≈ 23.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 20.2% − 12.0% = a +8.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Carraro India Ltd carries total debt of ₹155 Cr against shareholder equity of ₹565 Cr as of Mar 26, a debt-to-equity of 0.27 — effectively unlevered. On the annual view that ratio went from 0.58 in FY24 to 0.27 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹155 Cr against shareholder equity of ₹565 Cr — a debt-to-equity of 0.27. On the annual view, debt-to-equity went from 0.58 (FY24) to 0.27 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 1.4 points of Carraro India Ltd over 6 quarters, the biggest move on the register. That takes domestic institutions to 16.1% of the company. Foreign institutions moved −0.6 points over the same window, to 2.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −1.4 points over 6 quarters to 16.1%; Foreign institutions: −0.6 points over 6 quarters to 2.9%; Promoters: +0.0 points over 6 quarters to 68.8%.
🚨 Why the register moved: domestic institutions drove it (−1.4 points), alongside foreign institutions (−0.6 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Carraro India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Carraro India Ltd trades at 21.9× P/E, near the bottom of its own range — cheaper only 4% of the time. Its long-run median P/E is 29.6×, measured across 1.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 21.9× is near the bottom of its own range — cheaper only 4% of the time, against a long-run median of 29.6× measured over 1.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +48.2% against a +18.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 24 August 2026 price, Carraro India Ltd was paying for profit growth of about 12.8% a year. Profit itself has compounded 56.2% a year over the past 4 years. Today the market pays 21.9× P/E, the 4th percentile of its own 2-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 24 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Carraro India Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 7 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +24.7% | +9.6% | — | — |
| Profit | +48.9% | +39.7% | — | — |
| EPS | +48.2% | +39.2% | — | — |
| Share price | +18.4% | — | — | — |
4-Factor Sector Score
59.7/100 — rank 5 of 20 in Auto Ancillaries - Diversified · 93% evidence confidence
Carraro India Ltd scores 59.7 out of 100 against the 20 companies it is compared with in Auto Ancillaries - Diversified, ranking 5. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.1% and the one-year return is 24.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 23.7 + 15.8 + 15.9 + 4.3 = 59.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Quarterly scorecard
4 markers came out of our Carraro India Ltd research file of 22 August 2026, and each results season scores every one of them. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed.
| Marker | The bar | Where it stands | Score |
|---|---|---|---|
| M1 | Four-wheel-drive penetration keeps rising past 26% of the tractor market (four-wheel-drive share of the tractor market > 26%) | Not checked yet. | PENDING |
| M2 | Telehandler axle volumes for Caterpillar stay at or above 1,200 units a quarter (telehandler axle volumes >= 1200 units a quarter) | Not checked yet. | PENDING |
| M3 | Plant use stays above 75% while the FY27 spending is mid-deployment (capacity use > 75%) | Not checked yet. | PENDING |
| M4 | The Turkish customer programme starts production by the first half of FY28 (Turkey start of production by the first half of FY28) | Not checked yet. | PENDING |
Said versus delivered
What Carraro India Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
FY27 Revenue Outlook Rebounded Without Reconciliation · 7 August 2026. In May 2026, management indicated that FY27 revenue growth could fall to 4%-8% under the then-current conditions and said the eventual outcome was uncertain. In Aug 2026, management moved to at least 10%-12% growth, conditional on stabilization, despite continuing to describe geopolitical and export headwinds. The conditional recovery explanation does not fully reconcile this material reset from the prior downside scenario.
FY27 EBITDA Improvement Expectation Reduced · 7 August 2026. In February 2026, management stood by a 100-basis-point year-on-year EBITDA margin improvement commitment, while the latest call described only a half-percentage-point improvement versus the prior year as realistic. Management cited price recovery, inflation, and other moving parts as risks, but did not explicitly reconcile the lower quantified expectation with its earlier commitment.
China Export Exposure Is Materially Unreconciled · 7 August 2026. In May 2026, management estimated China at approximately 8%-10% of export turnover, whereas in Aug 2026 it characterized China as less than 1% of Carraro India revenue with no significant regular orders. The differing denominators and management's prior warning that shipment geography can be misleading may explain part of the gap, but management did not reconcile the materially different descriptions of China exposure.
Growth Guidance Diluted · 27 May 2026. In the Feb 2026 call, management projected strong FY27 growth, confidently narrowing their 8% to 12% guidance range to a targeted 10% to 12%. However, in the May 2026 call, they walked back this projection, cautioning that a volatile macroeconomic environment could reduce FY27 growth to a range of 4% to 8%.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Lumax Auto Technologies LtdLUMAXTECH | 77.7/100Favorable setup100% evidence | BREAKING OUT | 31.2/35 Revenue 33.3% · PAT 58.3% · OPM change 2 pp 100% evidence | 17.9/25 ROCE 21.2% · OPM 14% 100% evidence | 11.6/20 P/E 41× · PEG 0.75 100% evidence | 17.0/20 RS sector 7.7% · RS bench 29.4% · 1Y 86.6%5 of 12 weeks ahead 100% evidence |
| Exact sum: 31.2 + 17.9 + 11.6 + 17 = 77.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2S J S Enterprises LtdSJS | 72.1/100Favorable setup100% evidence | LEADER | 29.6/35 Revenue 28.6% · PAT 67.5% · OPM change 2 pp 100% evidence | 20.4/25 ROCE 28.6% · OPM 29% 100% evidence | 10.1/20 P/E 39.8× · PEG 0.89 100% evidence | 12.0/20 RS sector 6.9% · RS bench 27.6% · 1Y 67.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29.6 + 20.4 + 10.1 + 12 = 72.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3OBSC Perfection LtdOBSCP | 66.2/100Favorable setup80% evidence | LEADER | 21.9/35 Revenue 37.8% · PAT 46.2% · OPM change 0 pp 95% evidence | 15.6/25 ROCE 19.5% · OPM 17.9% 95% evidence | 8.7/20 P/E 78.8× · PEG — 15% evidence | 20.0/20 RS sector 93.6% · RS bench 126% · 1Y 185.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 21.9 + 15.6 + 8.7 + 20 = 66.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Sansera Engineering LtdSANSERA | 64.4/100Mixed-positive evidence100% evidence | LEADER | 26.6/35 Revenue 23.5% · PAT 52.2% · OPM change 2 pp 100% evidence | 12.0/25 ROCE 14.5% · OPM 19% 100% evidence | 7.2/20 P/E 69.2× · PEG 1.28 100% evidence | 18.6/20 RS sector 49% · RS bench 75.4% · 1Y 202.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.6 + 12 + 7.2 + 18.6 = 64.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Carraro India Ltdthis pageCARRARO | 59.7/100Mixed-positive evidence93% evidence | TURNING | 23.7/35 Revenue 26.3% · PAT 47.8% · OPM change -2 pp 100% evidence | 15.8/25 ROCE 29.3% · OPM 8% 100% evidence | 15.9/20 P/E 21.9× · PEG 0.42 65% evidence | 4.3/20 RS sector -14.1% · RS bench 3.7% · 1Y 24.4%3 of 12 weeks ahead 100% evidence |
| Exact sum: 23.7 + 15.8 + 15.9 + 4.3 = 59.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.1% and the one-year return is 24.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 6Automobile Corporation Of Goa LtdACGL | 57.1/100Mixed-positive evidence76% evidence | 20.6/35 Revenue 29.7% · PAT 11.5% · OPM change -6 pp 95% evidence | 16.6/25 ROCE 29.6% · OPM 5% 76% evidence | 13.0/20 P/E 18× · PEG — 50% evidence | 6.9/20 RS sector -8.3% · RS bench -3.6% · 1Y -15.3%0 of 12 weeks ahead 70% evidence | |
| Exact sum: 20.6 + 16.6 + 13 + 6.9 = 57.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Bosch LtdBOSCHLTD | 56.8/100Mixed-positive evidence82% evidence | LEADER | 15.9/35 Revenue 13.6% · PAT -11.4% · OPM change 1 pp 95% evidence | 17.6/25 ROCE 21.5% · OPM 14% 76% evidence | 6.3/20 P/E 60.4× · PEG — 50% evidence | 17.0/20 RS sector 6.7% · RS bench 28.1% · 1Y 18.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 17.6 + 6.3 + 17 = 56.8 · Decision use: Price leads the evidence: RS versus the benchmark is 28.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 8Jay Bharat Maruti LtdJAYBARMARU | 56.6/100Mixed-positive evidence87% evidence | FADING | 23.1/35 Revenue 13.3% · PAT 100% · OPM change -2 pp 95% evidence | 13.1/25 ROCE 16.6% · OPM 10% 95% evidence | 14.8/20 P/E 9.1× · PEG — 50% evidence | 5.6/20 RS sector -9.2% · RS bench 7.8% · 1Y 19.5%9 of 12 weeks ahead 100% evidence |
| Exact sum: 23.1 + 13.1 + 14.8 + 5.6 = 56.6 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -9.2% and the one-year return is 19.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 9Minda Corporation LtdMINDACORP | 56.5/100Mixed-positive evidence94% evidence | BREAKING OUT | 26.3/35 Revenue 26.6% · PAT 94.9% · OPM change 0 pp 100% evidence | 8.8/25 ROCE 12.7% · OPM 11% 100% evidence | 8.7/20 P/E 41.8× · PEG 1.58 100% evidence | 12.7/20 RS sector 1.7% · RS bench 19.5% · 1Y 40%11 of 11 weeks ahead 70% evidence |
| Exact sum: 26.3 + 8.8 + 8.7 + 12.7 = 56.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Suprajit Engineering LtdSUPRAJIT | 51.3/100Mixed-positive evidence94% evidence | TURNING | 25.0/35 Revenue 18.4% · PAT 73.2% · OPM change 3 pp 100% evidence | 10.0/25 ROCE 15.5% · OPM 12% 100% evidence | 5.8/20 P/E 35.7× · PEG 5.51 100% evidence | 10.5/20 RS sector -2.5% · RS bench 8.3% · 1Y 6.1%9 of 11 weeks ahead 70% evidence |
| Exact sum: 25 + 10 + 5.8 + 10.5 = 51.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Varroc Engineering LtdVARROC | 50.5/100Mixed-positive evidence87% evidence | BREAKING OUT | 16.6/35 Revenue 14.7% · PAT 39.9% · OPM change -2 pp 100% evidence | 9.6/25 ROCE 19% · OPM 8% 100% evidence | 13.9/20 P/E 46.7× · PEG 0.63 65% evidence | 10.4/20 RS sector -8.5% · RS bench 43.4% · 1Y 44.8%11 of 11 weeks ahead 70% evidence |
| Exact sum: 16.6 + 9.6 + 13.9 + 10.4 = 50.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Samvardhana Motherson International LtdMOTHERSON | 49.0/100Mixed-negative evidence100% evidence | LEADER | 20.3/35 Revenue 14% · PAT 24.7% · OPM change 1 pp 100% evidence | 8.7/25 ROCE 13.4% · OPM 9% 100% evidence | 4.8/20 P/E 38× · PEG 5.68 100% evidence | 15.2/20 RS sector 8.7% · RS bench 29.9% · 1Y 73.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20.3 + 8.7 + 4.8 + 15.2 = 49 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Endurance Technologies LtdENDURANCE | 46.4/100Mixed-negative evidence100% evidence | BREAKING OUT | 17.1/35 Revenue 29.4% · PAT 13.1% · OPM change -1 pp 100% evidence | 12.8/25 ROCE 17.8% · OPM 12% 100% evidence | 9.0/20 P/E 38.5× · PEG 2.33 100% evidence | 7.5/20 RS sector -14% · RS bench 3.7% · 1Y -9.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 17.1 + 12.8 + 9 + 7.5 = 46.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Sharda Motor Industries LtdSHARDAMOTR | 46.3/100Mixed-negative evidence100% evidence | TURNING | 9.0/35 Revenue 25.6% · PAT -1.8% · OPM change -3 pp 100% evidence | 17.4/25 ROCE 34.5% · OPM 10% 100% evidence | 9.6/20 P/E 16.2× · PEG 2.75 100% evidence | 10.3/20 RS sector -13% · RS bench 5.4% · 1Y -10.8%3 of 12 weeks ahead 100% evidence |
| Exact sum: 9 + 17.4 + 9.6 + 10.3 = 46.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15NDR Auto Components LtdNDRAUTO | 44.7/100Mixed-negative evidence87% evidence | ASLEEP | 17.1/35 Revenue 18.2% · PAT 16.4% · OPM change 0 pp 95% evidence | 16.0/25 ROCE 22.2% · OPM 11% 95% evidence | 9.9/20 P/E 25.2× · PEG — 50% evidence | 1.7/20 RS sector -28.4% · RS bench -13.4% · 1Y -38.2%5 of 12 weeks ahead 100% evidence |
| Exact sum: 17.1 + 16 + 9.9 + 1.7 = 44.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Munjal Auto Industries LtdMUNJALAU | 42.1/100Mixed-negative evidence87% evidence | LEADER | 15.0/35 Revenue 22.3% · PAT 19.1% · OPM change 0 pp 95% evidence | 6.6/25 ROCE 9.8% · OPM 6% 95% evidence | 9.1/20 P/E 20.8× · PEG — 50% evidence | 11.4/20 RS sector 1% · RS bench 20.9% · 1Y 20.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 15 + 6.6 + 9.1 + 11.4 = 42.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17ZF Commercial Vehicle Control System India LtdZFCVINDIA | 39.4/100Mixed-negative evidence100% evidence | BREAKING OUT | 10.8/35 Revenue 9% · PAT 3.1% · OPM change 0 pp 100% evidence | 14.4/25 ROCE 19.4% · OPM 13% 100% evidence | 7.5/20 P/E 57.4× · PEG 4.2 100% evidence | 6.7/20 RS sector -10.7% · RS bench 7.8% · 1Y 13%2 of 12 weeks ahead 100% evidence |
| Exact sum: 10.8 + 14.4 + 7.5 + 6.7 = 39.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Motherson Sumi Wiring India LtdMSUMI | 38.3/100Mixed-negative evidence100% evidence | BASING | 11.3/35 Revenue 28.7% · PAT 4.3% · OPM change -2 pp 100% evidence | 17.1/25 ROCE 38.9% · OPM 8% 100% evidence | 7.7/20 P/E 38.4× · PEG 6.28 100% evidence | 2.2/20 RS sector -28.5% · RS bench -13.1% · 1Y -19.6%1 of 12 weeks ahead 100% evidence |
| Exact sum: 11.3 + 17.1 + 7.7 + 2.2 = 38.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Mercury EV-Tech LtdMERCURYEV | 28.2/100Adverse evidence74% evidence | BREAKING OUT | 8.4/35 Revenue 4.2% · PAT -47.6% · OPM change 0.4 pp 95% evidence | 4.8/25 ROCE 2.6% · OPM 9.8% 95% evidence | 8.5/20 P/E 174× · PEG — 15% evidence | 6.5/20 RS sector -39% · RS bench 15.8% · 1Y -18.9%7 of 9 weeks ahead 70% evidence |
| Exact sum: 8.4 + 4.8 + 8.5 + 6.5 = 28.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Precision Camshafts LtdPRECAM | 26.6/100Adverse evidence81% evidence | ASLEEP | 5.9/35 Revenue -4.9% · PAT -33.3% · OPM change -3.6 pp 95% evidence | 6.5/25 ROCE 7.3% · OPM 3.8% 95% evidence | 10.9/20 P/E 35.2× · PEG — 50% evidence | 3.3/20 RS sector -32% · RS bench -23.2% · 1Y -36.2%1 of 10 weeks ahead 70% evidence |
| Exact sum: 5.9 + 6.5 + 10.9 + 3.3 = 26.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Carraro India Ltd's share price today?
Carraro India Ltd trades at ₹538, +18.4% over the past year. The company is valued at ₹3,061 Cr. The stock sits at 63% of its 52-week range of ₹442–₹595, +2.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were Carraro India Ltd's latest quarterly results?
Carraro India Ltd reported revenue of ₹545 Cr and net profit of ₹31.0 Cr for the Jun 26 quarter. Revenue rose 10.5% and profit rose 6.9% year on year. Earnings per share were ₹5.52. The operating margin was 8.0%, 2.0 pp lower than a year earlier. — as of 11 September 2026.
What is Carraro India Ltd's revenue?
Carraro India Ltd reported revenue of ₹545 Cr in the Jun 26 quarter, +10.5% year on year. For the full FY26 fiscal year, revenue was ₹2,255 Cr (+24.7%). Over the last 4 years revenue compounded at 10.8% a year. — as of 11 September 2026.
What is Carraro India Ltd's profit?
Carraro India Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, +6.9% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹131 Cr. The operating margin ran 8.0% in the latest quarter. — as of 11 September 2026.
What is Carraro India Ltd's market cap?
Carraro India Ltd's market capitalisation is ₹3,061 Cr at a share price of ₹538. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Carraro India Ltd's P/E ratio?
Carraro India Ltd trades at a P/E of 21.9×, at the 4th percentile of its own 2-year range, against a long-run median of 29.6×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Carraro India Ltd pay a dividend?
Yes — Carraro India Ltd's dividend payout was 29% of profit in FY26, and it recorded a payout in 4 of its last 5 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Carraro India Ltd overvalued?
On its own history, Carraro India Ltd looks cheap: its P/E of 21.9× has been cheaper only 4% of the time in 2 years (long-run median 29.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is Carraro India Ltd growing?
Yes — Carraro India Ltd is growing: latest-quarter revenue +10.5% year on year, profit +6.9%, and the margin −2.0 pp at 8.0%. The 4-year compound rates are 10.8% (revenue) and 56.2% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Carraro India Ltd performing?
Carraro India Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 10.5% and profit rose 6.9% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
Is Carraro India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +2.0% versus its 200-day average and at 63% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Carraro India Ltd beating the market?
Not lately — on a trailing-13-week view Carraro India Ltd is currently behind the NIFTY 500 (2 weeks and counting; last ahead the week of 2026-08-28), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.7 years the stock moved −19% against the NIFTY 500's +3% — behind the index over the full window. — as of 11 September 2026.
Will Carraro India Ltd's share price go up?
This page publishes no price forecast for Carraro India Ltd. What it measures instead: the share price is ₹538, the price is in a confirmed uptrend 19 weeks in. Its P/E of 21.9× sits at the 4th percentile of its own 2-year range. — as of 11 September 2026.
Who owns Carraro India Ltd?
Promoters hold 68.8% of Carraro India Ltd, foreign institutions 2.9%, domestic institutions 16.1% and the public 12.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 1.4 points over 6 quarters. — as of 11 September 2026.
Does Carraro India Ltd have too much debt?
No — Carraro India Ltd's debt-to-equity is 0.27, and operating profit covers the interest bill 12×. FY26 borrowings were ₹155 Cr against equity of ₹565 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Carraro India Ltd's capex?
Carraro India Ltd spent ₹194 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹42.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Carraro India Ltd's cash flow?
Carraro India Ltd generated ₹135 Cr of operating cash flow in FY26 and ₹93.0 Cr of free cash flow after ₹42.0 Cr of capital spending. Reported profit that year was ₹131 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Carraro India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 115% of Carraro India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹135 Cr against reported profit of ₹131 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Carraro India Ltd in its business cycle?
Carraro India Ltd's FY26 operating margin was 10.0%, against a 5-year band of 4.0%–10.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 8.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Carraro India Ltd's price assume?
At its price on 24 August 2026, Carraro India Ltd was priced for profit growth of about 12.8% a year. Profit itself has compounded 56.2% a year over the past 4 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Carraro India Ltd story?
The sharpest disagreement: annual EPS moved +48.2% against a +18.4% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Carraro India Ltd a stock worth studying right now?
This is not investment advice. The machine read: Carraro India Ltd is coiled. The quarters are improving, yet the P/E sits at the 4th percentile of its own 2-year range — the business is moving before the market. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!