Carraro India Limited, an independent Tier-I supplier of axles, transmission systems and gears, reported a 21% year-on-year rise in revenue from operations for the nine months ended December 31, 2025. Domestic revenue grew 17%, supported by robust demand for 4WD agricultural axles, while exports increased 29%, led by higher shipments of Tele Boom Handler (TBH) axles and backhoe loader components.
The company achieved stronger driveline sales in construction equipment despite an overall market slowdown. Sales to Indian backhoe loader customers rose about 5% during the nine-month period, outperforming the broader market decline. The shift from 2WD to 4WD tractors, aided by GST adjustments, further strengthened domestic axle demand. Meanwhile, the engineering services division gained momentum, securing a ₹17.5 crore agreement with Montra (TICMPL) for e-transmission industrialization and supply, with additional opportunities under evaluation.
Export demand in off-highway applications remained healthy, particularly in construction equipment, although indirect agricultural exports were comparatively softer. A leading tractor OEM showcased a high-horsepower tractor equipped with Carraro driveline systems at Agritechnica 2025 in Hanover, Germany. The company invested ₹304 million in capital expenditure during 9M FY26 to expand production for telescopic handler axles and next-generation agricultural transmissions.
Managing Director Dr Balaji Gopalan highlighted improved profitability, with EBITDA rising 28% year-on-year due to operating leverage and disciplined cost control. The Board has approved ₹623 million in additional capex to increase axle production capacity from 115,000 units to 154,160 units over the next 18 months, funded through internal accruals and debt. The company also inaugurated its first Authorized Service Centre in Faridabad and plans to establish four service centers across India in 2026, reinforcing its aftermarket presence and long-term growth strategy.
Established in 1997, Carraro India Limited is an integrated engineering solutions provider with in-house design, development, and manufacturing capabilities that support the entire value chain. The company is part of the global Carraro Group, known for designing and producing transmission systems—axles, drives, and gear assemblies—primarily for agricultural, construction, and off-highway vehicles. Carraro’s products play a vital role in OEM equipment, serving critical applications across tractors, backhoe loaders, compact wheel loaders, telehandlers, cranes, forklifts, and aerial work platforms.
The company’s operations include two advanced manufacturing plants in Pune equipped with robust R&D infrastructure and proprietary technologies. Its driveline facility handles casting, machining, assembly, prototyping, testing, and painting, while the gears plant specializes in precision machining and heat treatment processes such as carburizing, induction hardening, and nitriding. Supported by a strong network of 220 domestic suppliers across eight Indian states and 58 international partners, Carraro India continues to strengthen its leadership in delivering world-class engineering and manufacturing solutions for the mobility and off-highway equipment sectors.
