Carraro India Ltd. · NSE:CARRARO
Carraro India — Q4 FY26 Earnings Presentation
38 slides from Carraro India's earnings presentation, May 26, 2026
Slide 1: Intimation of Investor Presentation to Stock Exchanges
26th May, 2026 The Manager, The Manager, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra-Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 BSE Scrip Code: 544320 NSE Symbol: CARRARO Sub.: Investor presentation on the a
Slide 2: Carraro India Limited Investor Presentation May 2026
Carraro India Limited Investor Presentation May 2026
Slide 3: Safe harbour
Safe harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Carraro India Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securi
Slide 4: FY26 & Q4 FY26 Highlights
FY26 & Q4 FY26 Highlights @ carraro
Slide 5: Management Commentary – FY26
Management Commentary – FY26 Commenting on the performance Dr. Balaji Gopalan, Managing Director said: “FY26 was a strong and encouraging year for Carraro India, with the Company delivering healthy growth across both domestic and export markets, along with EBITDA profitability in line with the guida
Slide 6: Key Highlights
Key Highlights Key highlights for quarter & full year ended March 2026 Tele-boom Handler (TBH): Construction Equipment: Domestic AG 4WD axle & Gears business update: • Ramp-up of the new range of Tele Boom Handlers (TBH) axles for a major international OEM • The shift from 2WD to 4WD tractors has ac
Slide 7: Consolidated Financial Highlights: Q4 & FY26
Consolidated Financial Highlights: Q4 & FY26 Total Income EBITDA PAT (INR Mn) +25% +33% +48% 22,840 2,475 1,306 18,234 1,864 881 +37% +45% +76% 6,142 710 417 4,479 489 237 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Gross Margin (%) EBITDA Margin (%) PAT Margin (%)
Slide 8: Consolidated Revenue Breakdown: Q4 FY26
Consolidated Revenue Breakdown: Q4 FY26 Total Income Mix Agricultural Vehicles Construction Vehicles Others (INR Mn) +37% +36% +40% Other Income Revenue from Operations 2,784 2,613 670 2,036 1,928 479 +37% 6,142 75 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 4,479 36 Domestic Revenue Export Reve
Slide 9: Consolidated Revenue Breakdown: FY26
Consolidated Revenue Breakdown: FY26 Total Income Mix Agricultural Vehicles Construction Vehicles Others (INR Mn) +19% +31% +25% Other Income Revenue from Operations 10,192 9,837 2,526 8,565 2,019 7,491 +25% 22,840 285 18,234 FY25 FY26 FY25 FY26 FY25 FY26 158 Domestic Revenue Export Revenue 22,555 +
Slide 10: Consolidated Revenue Bridge
Consolidated Revenue Bridge Q4 FY26 FY26 (INR Mn) 6,067 22,555 191 507 685 2,346 748 1,627 4,443 18,076 Q4FY25 Agricultural Construction Others Q4FY26 FY25 Agricultural Construction Others FY26 Vehicles Vehicles Vehicles Vehicles 6,067 22,555 853 2,204 772 2,275 4,443 18,076 Q4FY25 Domestic Export Q
Slide 11: Consolidated Profit & Loss Account
Consolidated Profit & Loss Account Particulars (INR Mn) Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY FY26 Revenue from Operations 6,067 4,443 37% 5,696 7% 22,555 18,076 25% Revenue from Operations: Other Income 75 36 72 285 158 • Stood at INR 22,555 million in FY26, up 25% Total Income 6,142 4,479 37%
Slide 12: About us
About us 11
Slide 13: Carraro Group: Overview
Carraro Group: Overview The Carraro Group: Over 90 years in Action Carraro India - Strong Synergy with the Carraro Group Headquarters in Italy Collaboration with Carraro Group’s global Carraro S.p.A. R&D centers for knowhow and technologies 100% In-depth knowledge of OEM requirements acquired throug
Slide 14: Carraro India: Overview
Carraro India: Overview 2 Manufacturing facilities & Marquee Part of Carraro Group OEM Customers 1 R&D Centre Presence of 25+ years as an independent Tier-I solution provider 245+ suppliers 50+ ~1,800 for axles, transmission systems, gears and Domestic & International R&D team members Employees othe
Slide 15: Our Journey
Our Journey 1997 1999 2000 2006 2013 2014 2016 Establishment of a first Commenced production of Commenced Establishment of Carraro Launch of 120 HP tractor Amalgamation of Turbo Launch of steering axle manufacturing center in transmission systems manufacturing of axles Technologies India Pvt. Ltd. t
Slide 16: Board of Directors
Board of Directors Mr. Ettore Francesco Sequi Dr. Balaji Gopalan Mr. Davide Grossi Chairman and Independent Director Managing Director Whole-time Director and Chief Financial Officer • Pre-reform degree in Political Science, University of Cagliari • Ph.D. in Human Resource Management, University • M
Slide 17: Management Team
Management Team Dr. Balaji Gopalan Mr. Davide Grossi Mr. Sudhendra Mannikar Managing Director Whole-time Director and Chief Financial Officer Whole-time Director and Chief Operating Officer • Ph.D. in Human Resource Management, University • Masters in Accounting, Corporate Finance, and of Pune Contr
Slide 18: Technologically Advanced Manufacturing Capabilities
Technologically Advanced Manufacturing Capabilities Plant 1 – Drivelines (Ranjangaon, Pune) Plant 2 – Gears (Ranjangaon, Pune) Key Products Axles and transmissions systems for agricultural and construction equipment Gears and gear shafts Heat treatment (carburizing & induction, hardening & Technolog
Slide 19: Strong In-House R&D Capabilities in India
Strong In-House R&D Capabilities in India Key Activities Undertaken in R&D Center Close Connection with Global R&D Centers1 Application Engineering Argentina Italy Luxemburg China Product Solutions2 Carraro India’s R&D Capabilities Virtual Validations Certifications Production # Prototypes Area 4 pr
Slide 20: Comprehensive and Customized Product Offerings
Comprehensive and Customized Product Offerings Carraro India’s axles and transmissions system products are not easily replaceable due to complexity and time required to adapt them for use by OEM customer in its products1 Transmission Systems Drivelines Manufacturing Plant Drivelines Technology Certi
Slide 21: End Industry Application
End Industry Application Revenue Split (FY26) Agricultural 11.2% Vehicles Agricultural Tractors 45.2% Construction Vehicles Tractor Harvester Others 43.6% 1 2 1 Domestic v/s Export Split (FY26) Construction Back-hoe loader Compact wheel loader Soil compactor (BHL) (CWL) (SCOM) Vehicles 36.0% Domesti
Slide 22: Longstanding Relationships with Marquee Customers
Longstanding Relationships with Marquee Customers Tier 1 OEM supplier developing customized solutions for leading Domestic & International Brands Agricultural Tractors Construction Vehicle & Others ….many more The Brand Names mentioned are the property of their respective owners and are used here fo
Slide 23: Growth Strategies
Growth Strategies Huge Industry Opportunities: Poised for significant growth Critical and Complex Driveline Components: Competitive edge Customer centric & Customized solutions: Co-partner Diversifying & Localizing Supplier base: Reducing cost of production Future ready products for Emerging Technol
Slide 24: 1. Huge Industry Opportunities
1. Huge Industry Opportunities Total Indian Agriculture Tractor Market (Sales Volume: ‘000 units) Total Indian Construction Vehicle Market (Sales Volume: ‘000 units) • India has the world’s largest +8.2% tractor market, consuming 1,578 Total Backhoe Loader CAGR 35-40% of all tractors sold (Sales vol
Slide 25: 2. Critical and Complex Driveline Components
2. Critical and Complex Driveline Components Leading Independent Tier 1 Supplier of Axles and Transmission Systems Longstanding Relationships Early-mover Advantage High Switching Costs Infrastructure with Customers Deep understanding of the One-stop shop tier 1 OEM High switching costs due to High i
Slide 26: 3. Customer Centric & Customized Solutions
3. Customer Centric & Customized Solutions Innovation for one of the large OEM in Agricultural & Construction Vehicles Innovation for one of the large OEM in Construction Vehicles Motor grader < 100 HP ▪ Supported one of the large OEM in construction vehicles in its business growth ▪ Worked with one
Slide 27: 4. Diversifying & Localizing Supplier base
4. Diversifying & Localizing Supplier base Geographical Spread of Key Suppliers in India (As of Mar’26) Initiatives to Foster and Maintain Stable Supplier Relationships Domestic Supplier base 177 Quality, cost, delivery and Rapid improvement workshops to ensure quality of suppliers development Long-
Slide 28: 5. Future ready products for Emerging Technologies
5. Future ready products for Emerging Technologies …Positions Carraro India as an innovative player in the space with potential for collaboration in product development Transmission-Hydrostatic-Electric Transmission System for Electric Tractors Starting from standard … to design a specific driveline
Slide 29: Historical Financial Highlights
Historical Financial Highlights 28
Slide 30: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (INR Mn) FY26 FY25 FY24 FY23 FY22 Revenue from Operations 22,555 18,076 17,890 17,131 14,975 Other Income 285 158 176 202 225 Total Income 22,840 18,234 18,065 17,333 15,201 Cost of Goods Sold 16,562 13,137 13,131 12,757 11,221 Gross Profit 6,278 5,09
Slide 31: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Equity & Liabilities (INR Mn) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Assets (INR Mn) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Total Equity 5,647 4,581 3,699 3,375 2,926 Non - Current Assets 4,178 4,205 4,019 3,559 3,377 Equity Share Capital 569 569 569 569 569 Property, Pl
Slide 32: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (INR Mn) FY26 FY25 FY24 FY23 FY22 Profit Before Tax 1,728 1,187 844 656 307 Adjustments for: Non - Cash Items / Other Investment or Financial Items 723 669 600 609 532 Operating profit before working capital changes 2,451 1,856 1,444 1,265 839 Changes in
Slide 33: Improving Performance Trend
Improving Performance Trend (INR Mn) Total Income EBITDA PAT +11%* 22,840 2,475 1,306 +31%* 17,333 18,065 18,234 1,864 +55%* 15,201 881 1,500 1,248 626 829 485 224 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Gross Margin (%) EBITDA Margin (%) PAT Margin (%) 27.3% 28.0%
Slide 34: Strong balance sheet & return ratios
Strong balance sheet & return ratios Net working capital days Debt to Equity (x) Working Capital (days) 0 15 28 45 38 140 0.62 123 0.57 0.58 102 97 93 0.42 80 83 77 73 65 70 0.27 63 59 61 50 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 FY22 FY23 FY24 FY25 FY26 Inventory days Debtor days Creditor days ROCE (%)
Slide 35: Annexure
Annexure 34
Slide 36: ESG Initiatives
ESG Initiatives Policies & Practices ▪ Environment, health & safety policy ▪ Results-based assessments of the management systems ▪ Digitized solutions and minimize of waste of resources Environmental Certifications ▪ ISO 14001:2015 (Plant 1 and 2) Policies & Practices ▪ Diversity policy ▪ Quality po
Slide 37: Awards & Accolades
Awards & Accolades Manitou Equipment – CSR Corporate Social Escorts Kubota Limited awarded Carraro Bull Machines Responsibility Award India as Best in Best Supplier award – Strategic excellence Outstanding contribution for Corporate Social Spares parts Supplier Annual Supplier Responsibility (CSR) S
Slide 38: Thank You
Thank You Company: Investor Relations Advisors: Carraro India Limited Strategic Growth Advisors Pvt. Ltd. CIN: L52609PN1997PLC132629 CIN: U74140MH2010PTC204285 Mr. Davide Grossi, Whole-time Director & CFO Mr. Abhishek Shah / Mr. Vineet Shah Email id: investor_relator@carraroindia.com Email id: abhis