Pune – 28 May 2025: Carraro India Limited, is an independent Tier-I solution provider for axles, transmission systems, gears and other related components, has reported its audited financial results for the Quarter & Full Year ended 31st March 2025.
Financial Highlights:
| Particulars (INR Mn) | Q4 FY25 | Q4 FY24 | Y-o-Y | FY25 | FY24 | Y-o-Y |
| Total Income | 4,479 | 3,963 | 13% | 18,234 | 18,065 | 1% |
| EBITDA (incl. Other Income) | 489 | 409 | 19% | 1,864 | 1,500 | 24% |
| EBITDA Margin (%) | 10.9% | 10.3% | 10.2% | 8.3% | ||
| PAT | 237 | 182 | 30% | 881 | 626 | 41% |
| PAT Margin (%) | 5.3% | 4.6% | 4.8% | 3.5% |
Operational Highlights:
| Particulars (INR Mn) | Q4 FY25 | Q4 FY24 | Y-o-Y | FY25 | FY24 | Y-o-Y |
| Agricultural Equipment | 2,036 | 1,870 | 9% | 8,565 | 8,369 | 2% |
| Construction Equipment | 1,928 | 1,525 | 26% | 7,491 | 7,282 | 3% |
| Others | 479 | 537 | -11% | 2,019 | 2,239 | -10% |
| Total | 4,443 | 3,932 | 13% | 18,076 | 17,890 | 1% |
| Particulars (INR Mn) | Q4 FY25 | Q4 FY24 | Y-o-Y | FY25 | FY24 | Y-o-Y |
| Domestic | 3,196 | 2,654 | 20% | 12,155 | 11,507 | 6% |
| Export | 1,246 | 1,278 | -2% | 5,921 | 6,382 | -7% |
| Total | 4,443 | 3,932 | 13% | 18,076 | 17,890 | 1% |
Other Key Business Highlights:
- The domestic segment is poised to sustain its growth trajectory, driven by accelerated 4WD adoption.
- We onboarded 6 new customers during FY25, including 2 in Q4.
- A new prototype for an agricultural transmission aimed at export markets has been developed, with pilot production successfully completed.
- Tele-boom Handler small volume offtake in Q4FY25: new product range successfully introduced for major international brand delivering incremental Sales in FY26.
- Our engineering services arm witnessed number of inquiries for higher HP and technology configurations. Few are under negotiations.
- Both direct and indirect export activity remains muted—especially in agricultural products—with no uptick expected soon.
- Over the past two quarters of FY25, Gears sales dipped slightly; this segment is expected to remain stable, with limited growth prospects in near term.
- FY25 capex totalled INR 515 million, to new product introduction such as the launch of new axle line for telescopic handers, high performance new transmission range for agricultural application to grant incremental capacity for FY26 sales. Process upgrading and maintenance capex were allocated to efficiency improvement and state of the art technology.
Commenting on the results Mr. Balaji Gopalan, Managing Director, Carraro India Limited said,
“We concluded FY25 on a positive note, having met our topline and EBITDA guidance. While total income remained flat year-over-year, EBITDA grew by 24% YoY, primarily driven by an improved product mix, increased localization, and effective cost control measures. On the EBITDA margin front, we exceeded our guidance of 10%+, with a year-over-year expansion of 192 basis points, reaching 10.2% by end of FY25. As expected, our domestic business (excluding indirect exports) continues to show strength, recording a noteworthy double digit YoY revenue increase, driven by sustained demand for locally sold products and increasing 4WD technology adoption. Overall revenue growth was achieved in spite of weak export markets.
We expect continued growth in the domestic market, excluding the indirect exports segment. We also foresee growth in our export segment, driven by new business acquisition, despite the persistent uncertainty at global level.
During the year, we added 6 new customers, including 2 in the last quarter. We also developed over 9 prototypes, underscoring our strong focus on technology-driven product development. Of these, 5 prototypes moved into production within the year. While revenue conversion from these efforts takes time, this is primarily part of our market seeding strategy.
We have been honored with several recognitions from customers, including Mahindra & Mahindra, Caterpillar and Escorts Kubota, to name a few. Such prestigious recognitions are proud moments for us, as they not only elevate our brand’s reputation, but also reinforce our team’s unwavering commitment to delivering excellence to our customers.
We remain committed to long-term profitability, ed by continuous investment in innovation and technology.
FY26 & Beyond….
ed by encouraging signs in the domestic market—such as stronger-than-expected adoption of 4WD vehicles/tractor—we are confident in achieving our FY26 revenue growth target.
On the export front, the market outlook remains uncertain for now, though we anticipate recovery to start in the second half of the year. Nevertheless, growth will be accelerated and achieved by the offtake of the newly acquired tele-boom handler business.
Within the above scenario, we expect our topline to grow in the range of approximately 8% to 12%.
We continue to collaborate closely with our existing customers, expanding our product offerings to meet evolving needs. Our engineering services business is witnessing a growing number of enquiries for higher horsepower and advanced technology configurations. Some of these are currently under active negotiation. We anticipate this business to contribute some revenue in FY26.
Additionally, we are working proactively with several OEMs on driveline solutions to remain future-ready, while closely tracking emerging technologies. Our deep expertise in driveline systems enables us to respond swiftly to industry demands. By diversifying and localizing our supplier base, we aim to further optimize our cost structure and strengthen our margin profile. ed by robust R&D and manufacturing capabilities, we remain focused on achieving our medium-term goal of reaching mid-teen EBITDA margins.”