Carraro India Limited, a leading Tier-I provider of axles, transmission systems, gears and driveline solutions for agricultural and construction equipment, has announced its audited consolidated financial results for the quarter and financial year ended March 31, 2026, reporting robust growth across revenue, profitability and exports. The company recorded total income of INR 22,840 million in FY26, registering a 25% year-on-year increase. EBITDA, including other income, stood at INR 2,475 million, up 33% over the previous year, while EBITDA margin improved to 10.8% from 10.2% in FY25. Profit after tax rose 48% year-on-year to INR 1,306 million, with PAT margin expanding to 5.7%.
The performance was supported by sustained domestic demand in agriculture equipment, strong traction in exports, and improved operational efficiencies. Carraro India continued to strengthen its position in the construction equipment segment through the ramp-up of its new range of Tele Boom Handler (TBH) axles for a major international OEM. The company also reported progress in new TBH axle projects for domestic and global customers. In the backhoe loader segment, driveline sales to Indian construction equipment customers grew approximately 9% during FY26 despite an overall market decline of around 2%.
The company’s export business emerged as a major growth engine during the year, recording a 37% increase led by strong momentum in construction equipment exports, particularly TBH and backhoe loader applications. In the agriculture segment, Carraro India benefited from the accelerating shift from 2WD to 4WD tractors following GST-driven pricing changes. The company said the domestic 4WD axle market witnessed strong growth during the year, prompting plans for further capacity expansion to meet future demand.
Carraro India also continued to expand its engineering services business. During FY26, the company signed an engineering services agreement worth INR 17.5 crore with Montra Electric for industrialisation and supply of e-transmissions. Prototype orders for field validation have already been received, while discussions with additional customers are progressing positively. The company further secured a business nomination from a major OEM for bull gears valued at nearly INR 15 crore annually from FY28 onwards.
Commenting on the results, Dr Balaji Gopalan, Managing Director, Carraro India Limited, said the company delivered balanced growth across domestic and export markets while maintaining profitability guidance. He added that investments in manufacturing capacity, engineering capabilities and localisation initiatives have strengthened the company’s long-term growth platform.
During FY26, Carraro India invested INR 417 million in capital expenditure towards new telescopic handler axle production, advanced transmission programmes and incremental capacity enhancement. The Board of Directors has recommended a final dividend of INR 6.75 per equity share for FY26, subject to shareholder approval at the forthcoming Annual General Meeting.
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.
