# Carraro India share price today (Carraro India Ltd, NSE: CARRARO)

> Carraro India share price today: ₹486.45 at the NSE close on 3 November 2026, down 7.1% in a year. Carraro India (NSE: CARRARO) is worth ₹2,763 crore, trades at a P/E of 19.8 and has closed between ₹441.95 and ₹594.95 over the past 52 weeks. > Carraro India Ltd's earnings have grown faster than its share price. Earnings per share grew +48.2% in a year while the price moved −7.1%. CARRARO · Auto Ancillaries - Diversified · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/carraro-india-ltd

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## Key numbers

- Price: ₹486.45 (−7.1% in a year)
- P/E: 19.8× (lower than 99% of the last 1 year)
- Revenue (Jun 2026): ₹545 Cr (+10.5% on a year ago)
- Profit (Jun 2026): ₹31.0 Cr (+6.9% on a year ago)
- Operating margin: 8.0% (−2.0 points on a year ago)
- ROCE: 29%, FY26
- ROIC: 20.2%, against a 12.0% cost of capital: +8.2 points
- Profit that came in as cash: 115%, last 3 years

The main question: yearly earnings per share moved +48.2% while the share price moved −7.1%. ## What is the Carraro India share price today? Carraro India Ltd's share price was ₹486.45 at the close on 3 November 2026. It has been falling for 1 week. That is 7.0% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹442 and ₹595, and at that close it sat 29% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row. Over the last 1 year the share price moved −27% while the NIFTY 500 moved −2%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Carraro India this quarter? Two changes stood out: revenue up on a year earlier for 7 quarters in a row (every quarter we can compare) and profit up on a year earlier for 6 quarters in a row. 1. Revenue up on a year earlier for 7 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹545 crore, +10.5% on a year earlier. Why: Revenue rose because domestic sales to farm and construction equipment makers grew and made up for weaker exports. Next results: check whether export shipments recover and whether farm and construction demand holds. From the earnings call on 7 Aug 2026. 2. Profit up on a year earlier for 6 quarters in a row In the June 2026 quarter profit was ₹31 crore, +6.9% on a year earlier. Why: Profit rose with help from a one-time customs refund, while higher energy and material costs and supplier labor shortages held back a bigger gain. Next results: check whether price increases close the gap with supplier costs and whether the margin recovers. From the earnings call on 7 Aug 2026. ## What are Carraro India's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Carraro India reported revenue of ₹545 crore, up 10.5% from ₹493 crore a year earlier, and a profit of ₹31.0 crore, up 6.9% from ₹29.0 crore. ### Carraro India results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹545 crore | ₹493 crore | +10.5% |
| Profit | ₹31.0 crore | ₹29.0 crore | +6.9% |
| Earnings per share | ₹5.52 | ₹5.12 | +7.8% |
| Operating margin | 8.0% | 10.0% | −2.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Carraro India's management discussed these results on a call held on 7 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Carraro India share price history? Carraro India closed at ₹486.45 on 3 November 2026, down 7.1% from ₹523.45 a year earlier (31 October 2025). Its highest weekly close since January 2025 was ₹662.10 on 3 January 2025. ### Carraro India share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹470.85 | +3.3% |
| 1 month ago · 1 Oct 2026 | ₹518.10 | −6.1% |
| 6 months ago · 30 Apr 2026 | ₹560.05 | −13.1% |
| 1 year ago · 31 Oct 2025 | ₹523.45 | −7.1% |
| Earliest and highest weekly close in our records · 3 Jan 2025 | ₹662.10 | −26.5% |
| Lowest weekly close since January 2025 · 11 Apr 2025 | ₹276.60 | +75.9% |
| 52-week high (weekly close) · 22 May 2026 | ₹594.95 | −18.2% |
| 52-week low (weekly close) · 20 Mar 2026 | ₹441.95 | +10.1% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (103 weekly closes from 3 January 2025 to 3 November 2026.)

## What is the latest news on Carraro India? 3 Nov 2026: Carraro India closed at ₹486.45, up 3.3% on the week and down 6.1% on the month. 3 Sep 2026: ex-date for a dividend of ₹6.75 a share. ### Earlier

- 7 Aug 2026: Carraro India held its results call for April to June 2026. Management guided: FY30 revenue aspiration of ₹3,500-4,000 crore. - Results for April to June 2026: Revenue up 10.5% and profit up 6.9% on a year earlier. ## What dividend does Carraro India pay? Carraro India paid ₹6.75 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 1.39% at the ₹486.45 close on 3 November 2026. The last was a dividend of ₹6.75 a share, ex-date 3 September 2026. ### Carraro India dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 3 Sep 2026 | ₹6.75 | Dividend |
| 3 Sep 2025 | ₹4.55 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Carraro India Ltd paid out 29% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 5 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Carraro India management say on the latest results call? On the call for April to June 2026, held on 7 August 2026, Carraro India's management guided: FY30 revenue aspiration of ₹3,500-4,000 crore. > “If we achieve that, we will certainly be able to increase our overall EBITDA versus last year, probably by half a percentage point. I would say that is realistic, but we will certainly try to do more than that.”
> Davide Grossi, CFO, on the call for April to June 2026

### What management guided

- FY27 top-line growth of 10-12% if external conditions stabilize. - FY27 operating profit improvement of approximately 0.5 percentage point versus last year if pricing gaps close. - All commodity and conversion-cost increases planned for full recovery over the financial year; temporary quarterly margin gaps may persist. - Export volumes expected to return toward FY25-FY26 levels from Q2. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/58301/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 7 August 2026.)

## What is the future of Carraro India? What is changing in the business? One change in Carraro India's own numbers looks lasting: a bigger market to serve. Also showing up, but too early to call lasting: debt falling. A bigger market to serve looks lasting

Indian farmers are switching from two-wheel-drive to four-wheel-drive tractors after a GST cut narrowed the price gap. Management says four-wheel-drive tractors rose to about 24-25% of the market from about 20%, and it expects 40-45% within 3-5 years. Why it may last: The GST change permanently narrowed the price gap, and four-wheel drive is an adoption shift moving one way, from about 20% toward the 40-45% management goals. Carraro supplies most of the outsourced axles. Tractor volumes themselves still swing with the monsoon, which affects the pace but not the direction. What could be flattering it: This could be a booming tractor market that lifts everyone while Carraro loses share. It could also be a one-time jump caused by the GST cut that fades once the backlog of switchers is served. Next check: Domestic farm revenue keeps growing above 20% from a year earlier while operating margin climbs back above 9.5% (it was 8.07% in June 2026). Quarter by quarter, 4 quarters

July to September 2025

Four-wheel-drive share jumped faster than management expected. Revenue rose to ₹586 crore from ₹441 crore a year earlier, but first-half domestic farm revenue grew only 6%. ✓ fact

From our notes of the call for July to September 2025: Four-wheel drive market penetration jumped to 24-25% (vs 17-18% management previously anticipated) following GST reduction. October to December 2025

Nine-month domestic farm revenue was up 17%, driven by four-wheel-drive axles. Quarterly revenue was ₹570 crore against ₹449 crore a year earlier. ✓ fact

From our notes of the call for October to December 2025: GST reduction (September 2024) narrowed 2WD-4WD price gap, accelerating market shift; 4WD share reached ~25% from historical 22-23%. January to March 2026

Full-year domestic farm revenue grew 19%, and four-wheel-drive axles grew 30-35%. Quarterly revenue was ₹607 crore against ₹444 crore. ✓ fact

From our notes of the call for January to March 2026: Four-wheel drive market share expanded to approximately 24% of total tractor market (from approximately 20% prior year) following GST reduction in September. April to June 2026

Domestic farm revenue rose 32% to ₹213.5 crore. Total revenue grew about 10.5%, to ₹545 crore from ₹493 crore, held back by exports. Management says four-wheel drive has passed market acceptance and that supply, not demand, is the limit. ✓ fact

From our notes of the call for April to June 2026: Domestic agriculture revenue rose 32% on a year earlier to ₹2,135 million; GST rationalization and mechanization supported four-wheel-drive demand. Debt falling too early to call

Debt fell from ₹191 crore in March 2025 to ₹155 crore in March 2026. Management put debt at 0.27 times equity, down from 0.42 times. Yearly interest fell from ₹23 crore to ₹19 crore. Why it may last: With about ₹130 crore of FY27 capital spending planned and the capital spending programme described as funded by internal cash plus debt, whether borrowing keeps falling depends on how much new plant is paid for with loans. Next check: Borrowings at September 2026 stay at or below ₹155 crore while capital spending picks up, and quarterly interest stays at or below ₹5 crore. Quarter by quarter, 4 quarters

July to September 2025

Borrowings were ₹183 crore at September 2025, against ₹191 crore at March 2025. Interest was flat at ₹5 crore. Not discussed on the call. ✓ fact

October to December 2025

Quarterly interest was ₹4 crore against ₹5 crore a year earlier. Not discussed on the call. ✓ fact

January to March 2026

Borrowings were ₹155 crore at March 2026. Operating cash flow of ₹135 crore in FY26 funded the repayment. Share capital stayed at ₹57 crore, so no new shares were issued. ✓ fact

From our notes of the call for January to March 2026: Balance sheet strengthened significantly: debt-equity at 0.27x (from 0.42x); ROE 25.5%, ROCE 29.2%. April to June 2026

Quarterly interest was ₹4 crore against ₹5 crore a year earlier. The summary does not discuss debt. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the Carraro India story? What are the risks? 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. ### Each change stops working if

- Domestic agriculture and four-wheel-drive demand: Domestic agriculture revenue declines year-on-year for two consecutive quarters or four-wheel-drive capacity remains constrained despite customer demand. - Price recovery and operating leverage: Operating margin remains below the normalized margin reference for two more quarters despite revenue growth. - Capacity expansion and localization: Localization does not improve and capacity commissioning slips while imports remain necessary for routine supply. - Higher-horsepower and engineering programmes: The Turkish programme misses its expected start and the Indian programme does not advance toward production. ### The main risks

- Margin recovery is delayed: Latest operating margin is below normalized margin while management says price settlements and supplier-cost recovery remain unresolved. ⚠ estimate
- Export and logistics disruption: Export recovery is expected but management says container, vessel and regional-demand disruption remain unresolved. ✓ fact
- Reported profit contains a non-operating lift: The latest-quarter profit includes a flagged other-income contribution, so reported profit is not a clean operating-margin signal. ✓ fact
- Working-capital absorption: Cash conversion remains above profit over the three-year window, but working-capital days expanded because payable days shortened. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in Carraro India's next results? When Carraro India reports July to September 2026, these are the 6 checks that show whether the story is still on course. First: Domestic farm revenue keeps growing above 20% from a year earlier while operating margin climbs back above 9.5% (it was 8.07% in June 2026). | What to check | Why |
| --- | --- |
| Domestic farm revenue keeps growing above 20% from a year earlier while operating margin climbs back above 9.5% (it was 8.07% in June 2026). | A bigger market to serve |
| Borrowings at September 2026 stay at or below ₹155 crore while capital spending picks up, and quarterly interest stays at or below ₹5 crore. | Debt falling |
| Export volumes to return to the stated recovery path next quarter; check teleboom-handler and backhoe-loader dispatches across regions. | From the call |
| Price settlements to close the supplier-cost gap; check whether margin recovers without further energy, labor or logistics disruption. | From the call |
| Localization to normalize as domestic supply consistency improves; check import dependence and local-source approvals. | From the call |
| Paint-shop and portal-axle capacity ramp; check commissioning, capital spending deployment and utilization against order-book demand. | From the call |

## Which stock lists is Carraro India on? Carraro India is not on any of our India lists this week. ## Is Carraro India profitable? Carraro India Ltd earned ₹31.0 Cr of net profit in the Jun 2026 quarter, +6.9% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹131 Cr. Over 4 years profit has grown 56.2% a year on average. That is 5.7% of the quarter's revenue. The same quarter a year earlier earned ₹29.0 Cr. For the full year, FY26 profit was ₹131 Cr (+48.9% on the year before). Why profit moved: revenue changed +10.5% on a year earlier and the margin moved −2.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +53.5% and revenue +26.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. 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. ## How much revenue does Carraro India make, and is it growing? Carraro India Ltd reported ₹545 Cr of revenue in the Jun 2026 quarter, +10.5% on the same quarter a year earlier. That is the 7th quarter in a row with growth on the year before. Over 4 years it has grown 10.8% a year on average. The last full year, FY26, came in at ₹2,255 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. The last four reported quarters add to ₹2,308 Cr. FY26 revenue was ₹2,255 Cr, +24.7% on the year before. Recent pace: the last four quarters grew +26.8% on average, against 10.8% a year over the longer run, so this year is growing 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. ## How much of every ₹100 of sales does Carraro India keep? Carraro India Ltd's operating margin was 8.0% in the Jun 2026 quarter, 2.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 5 years it has been between 4.0% and 10.0%. The latest quarter is within that range. 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. Why the margin moved: operating margin changed −1.6 percentage points on the year while gross margin changed −1.5 points. So the drop came mostly from the gross margin, which means input costs and prices charged. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. 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. ## Is Carraro India's profit turning into cash? Over the last 3 years, 115% of Carraro India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹135 Cr of operating cash against ₹131 Cr of profit. After ₹42.0 Cr of spending on assets, ₹93.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 115% of profit came in as cash: the cash cycle got 38 days longer between FY22 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Carraro India's cash go? Carraro India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 38 days in FY26, up from 0 days in FY22. It spent ₹194 Cr on assets over the last 3 years. Customers take 61 days to pay, and stock sits for 70 days on average. At FY26 sales of ₹2,255 Cr, each day of that cycle ties up about ₹6.2 Cr, so roughly ₹235 Cr is tied up in the business at any time. FY26: customers took 61 days to pay and stock sat for 70 days, about 2.3 months of sales sitting as stock, for a full cycle of 38 days, longer than FY22's 0. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 70 days. Customers pay about 61 days after that. Suppliers are paid at 93 days. Together that makes the 38-day cycle. Spending on assets: ₹194 Cr over the last 3 years, against ₹134 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Carraro India's P/E ratio, and how does it compare with its own history? Carraro India Ltd's P/E is 19.8×, about the lowest it has ever been. Its usual P/E (the middle reading) is 29.6×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹23.37. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +48.2% while the price moved −7.1%. Earnings did better than the price, which pulled the multiple down within its own range. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Carraro India share price assume? Worked out from its price on 11 October 2026, Carraro India Ltd's share price assumed profit growth of about 12.0% a year. Over the past 4 years its profit actually grew 56.2% a year. Today its P/E is 19.8×, lower than 99% of its own last 1 year. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Carraro India business getting better or worse? Carraro India Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 8 quarters of 1 measure, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## What is the Carraro India story, and has it been checked? Carraro India Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: EARNINGS DRIVEN COMPRESSION. Checks so far: 4 not due yet. Our read, 22 August 2026. From the numbers. From the price. Price stage 4, week 1, below its 200-day line, relative strength falling. From the research. Where they disagree. STRONG OPPORTUNITY. What is proven. 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. 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. Measured by: the thesis as written as stated by the next result. The test written in advance. Margin recovery is delayed. Measured by: 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. Measured by: 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. 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. 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 goals 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 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 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Carraro India management deliver what it promised? What Carraro India Ltd's management promised, against what actually happened: 4 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 planned 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. ## What is Carraro India management's track record? Management delivered through FY26, kept promoters steady through the available listed history and allocated cash to capital spending and lower debt, but recent guidance changes stop a strong grade. ### Regulatory and governance record

The fresh enforcement search found no Carraro-specific SEBI, CBI or ED action. 0% Promoter shares pledged

Sources:

- [icicidirect.com](https://www.icicidirect.com/research/equity/rapid-results/carraro-india-ltd)
- [sebi.gov.in](https://www.sebi.gov.in/enforcement/orders.html)
- [equitymaster.com](https://www.equitymaster.com/stock-research/shareholding-pattern/CARRA/CARRARO-INDIA-LTD-Shareholding-Pattern)

(Checked 30 August 2026.)

## How much does Carraro India earn on its capital? Carraro India Ltd earned a ROCE of 29% in FY26. That is up from a low of 17% in FY23. Its return on capital used (ROIC) is 8.2 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 5.8% net margin and 1.78× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.8% net margin × 1.78× asset turnover × 2.25× leverage (assets divided by equity) ≈ 23.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 20.2% − 12.0% = +8.2 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 20.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 22.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Carraro India have too much debt? Carraro India Ltd has total debt of ₹155 Cr against shareholder equity of ₹565 Cr as of Jun 2026, so its debt is 0.27× its equity, which is very little. Year by year, that ratio went from 0.58 in FY24 to 0.27 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Carraro India shareholding pattern? Domestic institutions cut their stake in Carraro India Ltd by 2.2 percentage points over 7 quarters, the biggest change among its owners. Domestic institutions now own 15.3% of the company. Foreign institutions moved −1.9 points over the same period, to 1.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −2.2 points over 7 quarters, to 15.3%; Foreign institutions: −1.9 points over 7 quarters, to 1.6%; Promoters: +0.0 points over 7 quarters, to 68.8%. Why the owners changed: domestic institutions drove it (−2.2 points), together with foreign institutions (−1.9 points). They reduced their stake. ## How far is Carraro India from balance-sheet trouble? For Carraro India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Carraro India rank in its industry? 60.5 out of 100, rank 5 of 21 in Auto Ancillaries - Diversified, with 89% of the evidence available. Carraro India Ltd scores 60.5 out of 100 against the 21 companies it is compared with in Auto Ancillaries - Diversified, ranking 5. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 22.6 + 18.4 + 15.6 + 3.9 = 60.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Carraro India compared with? Carraro India ranks 5 of 21 Auto Ancillaries - Diversified companies on the 4-Factor Sector Score, with 60.5 out of 100. 1. [Lumax Auto Technologies Ltd](https://www.sectoralpha.in/stocks/lumax-auto-technologies-ltd) LUMAXTECH · breaking out · Most evidence points up · 100% evidence 76.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 32.9% · Profit 57.5% · Operating margin change 0 points · 100% evidence Capital efficiency 19.2/25 · ROCE 21.2% · Operating margin 13% · 100% evidence Valuation 11.1/20 · P/E 37.2× · PEG 0.75 · 100% evidence Relative strength 18.8/20 · Lead over its industry 14.3% · Lead over NIFTY 500 27.5% · 1 year 79.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 27.1 + 19.2 + 11.1 + 18.8 = 76.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [S J S Enterprises Ltd](https://www.sectoralpha.in/stocks/s-j-s-enterprises-ltd) SJS · losing its lead · Most evidence points up · 96% evidence 71.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.0/35 · Revenue 28.6% · Profit 67.5% · Operating margin change 2 points · 88% evidence Capital efficiency 22.0/25 · ROCE 28.6% · Operating margin 29% · 100% evidence Valuation 12.1/20 · P/E 35.1× · PEG 0.89 · 100% evidence Relative strength 8.7/20 · Lead over its industry 0.6% · Lead over NIFTY 500 11.7% · 1 year 28.6% · 100% evidence · 8 of 12 weeks ahead Exact sum: 29 + 22 + 12.1 + 8.7 = 71.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [OBSC Perfection Ltd](https://www.sectoralpha.in/stocks/obsc-perfection-ltd) OBSCP · leader · Most evidence points up · 75% evidence 65.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 82.9% · Profit 100% · Operating margin change -1 points · 95% evidence Capital efficiency 16.8/25 · ROCE 19.5% · Operating margin 17% · 76% evidence Valuation 9.0/20 · P/E 55.2× · PEG n/a · 15% evidence Relative strength 18.9/20 · Lead over its industry 58.5% · Lead over NIFTY 500 70.6% · 1 year 162.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 16.8 + 9 + 18.9 = 65.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Sansera Engineering Ltd](https://www.sectoralpha.in/stocks/sansera-engineering-ltd) SANSERA · leader · Evidence leans up · 96% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 23.5% · Profit 52.2% · Operating margin change 2 points · 88% evidence Capital efficiency 11.6/25 · ROCE 14.5% · Operating margin 19% · 100% evidence Valuation 6.9/20 · P/E 68.9× · PEG 1.29 · 100% evidence Relative strength 18.6/20 · Lead over its industry 43.4% · Lead over NIFTY 500 56.1% · 1 year 171.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.7 + 11.6 + 6.9 + 18.6 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. Carraro India Ltd this page CARRARO · quiet · Evidence leans up · 89% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 26.3% · Profit 47.8% · Operating margin change -2 points · 88% evidence Capital efficiency 18.4/25 · ROCE 29.3% · Operating margin 8% · 100% evidence Valuation 15.6/20 · P/E 19.5× · PEG 0.42 · 65% evidence Relative strength 3.9/20 · Lead over its industry -15.6% · Lead over NIFTY 500 -5% · 1 year -8.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.6 + 18.4 + 15.6 + 3.9 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Jay Bharat Maruti Ltd](https://www.sectoralpha.in/stocks/jay-bharat-maruti-ltd) JAYBARMARU · quiet · Evidence leans up · 96% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.1/35 · Revenue 13.3% · Profit 100% · Operating margin change -2 points · 88% evidence Capital efficiency 12.5/25 · ROCE 16.6% · Operating margin 10% · 100% evidence Valuation 19.4/20 · P/E 9× · PEG 0.39 · 100% evidence Relative strength 6.3/20 · Lead over its industry -3.1% · Lead over NIFTY 500 7% · 1 year 27.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 22.1 + 12.5 + 19.4 + 6.3 = 60.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Craftsman Automation Ltd](https://www.sectoralpha.in/stocks/craftsman-automation-ltd) CRAFTSMAN · leader · Evidence leans up · 82% evidence 59.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 35.9% · Profit 100% · Operating margin change -2 points · 95% evidence Capital efficiency 11.8/25 · ROCE 13.9% · Operating margin 13% · 76% evidence Valuation 7.1/20 · P/E 50.6× · PEG n/a · 50% evidence Relative strength 15.7/20 · Lead over its industry 12.6% · Lead over NIFTY 500 24.7% · 1 year 53.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.5 + 11.8 + 7.1 + 15.7 = 59.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Bosch Ltd](https://www.sectoralpha.in/stocks/bosch-ltd) BOSCHLTD · leader · Evidence leans up · 78% evidence 57.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Revenue 13.6% · Profit -11.4% · Operating margin change 1 points · 83% evidence Capital efficiency 17.7/25 · ROCE 21.5% · Operating margin 14% · 76% evidence Valuation 6.0/20 · P/E 58.9× · PEG n/a · 50% evidence Relative strength 18.0/20 · Lead over its industry 13.3% · Lead over NIFTY 500 26.1% · 1 year 26.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 15.9 + 17.7 + 6 + 18 = 57.6 · What this means: Relative strength against the index is 26.1%, and revenue and profit growth are weak. 9. [Minda Corporation Ltd](https://www.sectoralpha.in/stocks/minda-corporation-ltd) MINDACORP · quiet · Evidence leans up · 81% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 26.6% · Profit 94.9% · Operating margin change 0 points · 88% evidence Capital efficiency 9.7/25 · ROCE 12.7% · Operating margin 11% · 100% evidence Valuation 8.4/20 · P/E 37.5× · PEG 1.58 · 100% evidence Relative strength 11.0/20 · Lead over its industry n/a · Lead over NIFTY 500 9% · 1 year 12.2% · 25% evidence · 7 of 12 weeks ahead Exact sum: 27.1 + 9.7 + 8.4 + 11 = 56.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Suprajit Engineering Ltd](https://www.sectoralpha.in/stocks/suprajit-engineering-ltd) SUPRAJIT · losing its lead · Evidence leans up · 81% evidence 55.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.6/35 · Revenue 18.4% · Profit 73.2% · Operating margin change 3 points · 88% evidence Capital efficiency 12.6/25 · ROCE 15.5% · Operating margin 12% · 100% evidence Valuation 5.1/20 · P/E 34.6× · PEG 5.51 · 100% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 8.3% · 1 year 6.1% · 25% evidence · 7 of 12 weeks ahead Exact sum: 26.6 + 12.6 + 5.1 + 10.9 = 55.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Varroc Engineering Ltd](https://www.sectoralpha.in/stocks/varroc-engineering-ltd) VARROC · leader · Evidence leans up · 81% evidence 52.6 out of 100 Growth Capital Valuation Relative
12. [Automobile Corporation Of Goa Ltd](https://www.sectoralpha.in/stocks/automobile-corporation-of-goa-ltd) ACGL · quiet · Evidence leans up · 85% evidence 51.6 out of 100 Growth Capital Valuation Relative
13. [Samvardhana Motherson International Ltd](https://www.sectoralpha.in/stocks/samvardhana-motherson-international-ltd) MOTHERSON · leader · Evidence leans down · 96% evidence 48.7 out of 100 Growth Capital Valuation Relative
14. [Munjal Auto Industries Ltd](https://www.sectoralpha.in/stocks/munjal-auto-industries-ltd) MUNJALAU · losing its lead · Evidence leans down · 78% evidence 47.8 out of 100 Growth Capital Valuation Relative
15. [Motherson Sumi Wiring India Ltd](https://www.sectoralpha.in/stocks/motherson-sumi-wiring-india-ltd) MSUMI · basing · Evidence leans down · 100% evidence 47.1 out of 100 Growth Capital Valuation Relative
16. [Sharda Motor Industries Ltd](https://www.sectoralpha.in/stocks/sharda-motor-industries-ltd) SHARDAMOTR · losing its lead · Evidence leans down · 96% evidence 46.3 out of 100 Growth Capital Valuation Relative
17. [NDR Auto Components Ltd](https://www.sectoralpha.in/stocks/ndr-auto-components-ltd) NDRAUTO · quiet · Evidence leans down · 96% evidence 45.9 out of 100 Growth Capital Valuation Relative
18. [Endurance Technologies Ltd](https://www.sectoralpha.in/stocks/endurance-technologies-ltd) ENDURANCE · quiet · Evidence leans down · 96% evidence 43.9 out of 100 Growth Capital Valuation Relative
19. [ZF Commercial Vehicle Control System India Ltd](https://www.sectoralpha.in/stocks/zf-commercial-vehicle-control-system-india-ltd) ZFCVINDIA · quiet · Evidence leans down · 96% evidence 36.7 out of 100 Growth Capital Valuation Relative
20. [Mercury EV-Tech Ltd](https://www.sectoralpha.in/stocks/mercury-ev-tech-ltd) MERCURYEV · quiet · Most evidence points down · 68% evidence 31.1 out of 100 Growth Capital Valuation Relative
21. [Precision Camshafts Ltd](https://www.sectoralpha.in/stocks/precision-camshafts-ltd) PRECAM · quiet · Most evidence points down · 81% evidence 25.7 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Auto Ancillaries - Diversified](https://www.sectoralpha.in/sectors/auto-ancillaries-diversified), all 21 compared on one page. ## Which companies are close to Carraro India in size? Carraro India is the 14th largest of 21 Auto Ancillaries - Diversified companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: S J S Enterprises, Suprajit Engineering and Sharda Motor Industries. Just below it: OBSC Perfection, NDR Auto Components and Jay Bharat Maruti. ### Auto Ancillaries - Diversified companies close in size

1. [S J S Enterprises Ltd](https://www.sectoralpha.in/stocks/s-j-s-enterprises-ltd) ₹6,694 crore
2. [Suprajit Engineering Ltd](https://www.sectoralpha.in/stocks/suprajit-engineering-ltd) ₹6,502 crore
3. [Sharda Motor Industries Ltd](https://www.sectoralpha.in/stocks/sharda-motor-industries-ltd) ₹4,640 crore
4. Carraro India Ltd ₹2,721 crore
5. [OBSC Perfection Ltd](https://www.sectoralpha.in/stocks/obsc-perfection-ltd) ₹2,115 crore
6. [NDR Auto Components Ltd](https://www.sectoralpha.in/stocks/ndr-auto-components-ltd) ₹1,535 crore
7. [Jay Bharat Maruti Ltd](https://www.sectoralpha.in/stocks/jay-bharat-maruti-ltd) ₹1,244 crore

[All 21 Auto Ancillaries - Diversified companies, largest first](https://www.sectoralpha.in/sectors/auto-ancillaries-diversified#all-companies)

### Companies close in size in other industries

1. [Carysil Ltd](https://www.sectoralpha.in/stocks/carysil-ltd) ₹2,735 crore · Building Material USA
2. [Panama Petrochem Ltd](https://www.sectoralpha.in/stocks/panama-petrochem-ltd) ₹2,726 crore · Speciality Chemicals
3. Carraro India Ltd ₹2,721 crore
4. [Ashoka Buildcon Ltd](https://www.sectoralpha.in/stocks/ashoka-buildcon-ltd) ₹2,706 crore · Construction & Contracting
5. [Ashika Global Securities Ltd.](https://www.sectoralpha.in/stocks/ashika-global-securities-ltd) ₹2,690 crore

## Quarterly scorecard? Our Carraro India Ltd research of 22 August 2026 set 4 checks, and every results season scores each one. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed. ## What else do people ask about Carraro India? ### What is Carraro India's share price today? Carraro India Ltd's share price is ₹486.45, −7.1% over the past year. The whole company is worth ₹2,763 Cr on the market. In the last 52 weeks it traded between ₹442 to ₹595; today it is 29% of the way up from the low, 7.0% below its 200-day average (as of 3 November 2026). ### What were Carraro India's latest quarterly results? Carraro India Ltd reported revenue of ₹545 Cr and net profit of ₹31.0 Cr for the Jun 2026 quarter. Revenue rose 10.5% and profit rose 6.9% compared with a year earlier. Earnings per share were ₹5.52. The operating margin was 8.0%, 2.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Carraro India's market cap? Carraro India Ltd's market capitalisation is ₹2,763 Cr at a share price of ₹486.45. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Carraro India performing? Carraro India Ltd's share price has been falling for 1 weeks. In its latest quarter, revenue rose 10.5% and profit rose 6.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running (as of 3 November 2026). ### Will Carraro India's share price go up? This page does not forecast Carraro India Ltd's share price. What it shows instead: the share price is ₹486.45, and it has been falling for 1 weeks. Its P/E of 19.8× is higher than 1% of its own last 2 years (as of 3 November 2026). ### Where is Carraro India in its business cycle? Carraro India Ltd's FY26 operating margin was 10.0%, against a 5-year range of 4.0% to 10.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 8.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Carraro India story? The main question: yearly earnings per share moved +48.2% while the share price moved −7.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Carraro India a stock worth studying right now? What the numbers show: Carraro India Ltd's earnings have grown faster than its share price. Earnings per share grew +48.2% in a year while the price moved −7.1%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Carraro India share price forecast for 2026? What management itself guided: FY30 revenue aspiration of ₹3,500-4,000 crore. One change in Carraro India's own numbers looks lasting: a bigger market to serve. Also showing up, but too early to call lasting: debt falling. What would change the story: 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. ### Where does this page get Carraro India's management information? From Carraro India's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.