Carraro India September-quarter profit rises 36% as revenue gains 19%

Carraro India Limited reported standalone profit after tax of Rs 41.475 crore for the quarter ended 30 September 2026, up 36% year on year, while revenue from operations rose 19% to Rs 692.417 crore. The result also included Rs 4.288 crore of interest received on an income-tax refund within other income.

How did Carraro India perform in the September quarter?

Carraro India’s standalone profit after tax increased to Rs 41.475 crore in the quarter ended 30 September 2026 from Rs 30.596 crore a year earlier. Profit before tax rose to Rs 54.732 crore from Rs 41.038 crore, while total tax expense increased to Rs 13.257 crore from Rs 10.442 crore. Basic and diluted earnings per share were both Rs 7.30, compared with Rs 5.38 in the September 2025 quarter.

Revenue from operations was Rs 692.417 crore, compared with Rs 581.841 crore in the corresponding quarter of 2025. Total income rose to Rs 708.650 crore from Rs 588.688 crore because other income increased to Rs 16.233 crore from Rs 6.847 crore. The reported figures show profit after tax growing faster than revenue over the year-earlier comparison.

What contributed to Carraro India’s higher profit?

Carraro India’s reported increase in revenue and other income contributed to the higher September-quarter profit. Other income of Rs 16.233 crore included Rs 4.288 crore of interest received on an income-tax refund, according to the notes to the results. This identified item was part of total income of Rs 708.650 crore for the quarter, rather than revenue from operations of Rs 692.417 crore.

Cost of materials consumed rose to Rs 529.251 crore from Rs 434.610 crore, an increase that exceeded the 19% revenue increase. Employee benefits expense rose to Rs 40.559 crore from Rs 38.388 crore, while other expenses edged down to Rs 56.009 crore from Rs 56.455 crore. Depreciation and amortisation were broadly unchanged at Rs 11.144 crore, versus Rs 11.155 crore, and finance costs fell to Rs 5.024 crore from Rs 5.195 crore.

The changes-in-inventories line was an expense of Rs 1.739 crore in the September 2026 quarter, compared with an expense of Rs 1.847 crore a year earlier. Carraro India said it operates in one reportable segment under Indian Accounting Standard 108, Operating Segments, so the filing does not provide revenue, profit or asset data by product, customer or geography.

How did Carraro India compare with the June quarter?

Carraro India’s September-quarter revenue was higher than the Rs 540.167 crore reported for the quarter ended 30 June 2026, while profit after tax rose from Rs 30.649 crore to Rs 41.475 crore. Profit before tax also increased from Rs 41.040 crore in June to Rs 54.732 crore in September. The sequential increase in profit after tax was about 35%.

Other income rose to Rs 16.233 crore in September from Rs 14.034 crore in June, but the disclosed composition was different. The June-quarter figure included Rs 8.807 crore from provisions written back, whereas the September-quarter figure included Rs 4.288 crore of interest on an income-tax refund. These two disclosed items mean other income contained separately identified non-operating or accounting-related contributions in both quarters.

Materials consumed increased from Rs 426.242 crore in June to Rs 529.251 crore in September, while employee benefits expense declined from Rs 41.647 crore to Rs 40.559 crore. The inventory-change line moved from a credit of Rs 24.128 crore in June to an expense of Rs 1.739 crore in September. Finance costs rose sequentially to Rs 5.024 crore from Rs 4.321 crore.

What do Carraro India’s half-year results and cash flows show?

Carraro India reported revenue from operations of Rs 1,232.584 crore for the half year ended 30 September 2026, compared with Rs 1,071.026 crore in the corresponding 2025 half year. Half-year profit after tax rose to Rs 72.125 crore from Rs 59.102 crore, while profit before tax increased to Rs 95.773 crore from Rs 78.656 crore. Total tax expense was Rs 23.648 crore, compared with Rs 19.554 crore a year earlier.

Net cash generated from operating activities declined to Rs 35.135 crore in the latest half year from Rs 78.468 crore in the prior-year period. Cash generated from operations before tax was Rs 64.225 crore, versus Rs 100.798 crore, after a Rs 58.729 crore increase in inventories and a Rs 19.195 crore increase in other current assets. Trade payables increased by Rs 46.215 crore, partly offsetting those working-capital outflows.

Operating cash flow before working-capital changes was Rs 113.617 crore, close to Rs 112.955 crore a year earlier, but working-capital movements and income taxes paid altered the final cash result. Income taxes paid were Rs 29.090 crore for the six months, compared with Rs 22.330 crore in the corresponding 2025 period. Cash and cash equivalents stood at Rs 90.194 crore on 30 September 2026, up from Rs 80.321 crore at 31 March 2026.

What changed in Carraro India’s borrowings and equity?

Carraro India’s total equity was Rs 608.312 crore at 30 September 2026, compared with Rs 575.408 crore at 31 March 2026. Other equity increased to Rs 551.460 crore from Rs 518.556 crore, while equity share capital was unchanged at Rs 56.852 crore. The stated face value of each equity share is Rs 10.

Non-current borrowings fell to Rs 37.375 crore at 30 September from Rs 107.625 crore at 31 March, while current borrowings rose to Rs 142.178 crore from Rs 33.865 crore. Combined current and non-current borrowings therefore increased to Rs 179.553 crore from Rs 141.490 crore. The half-year cash-flow statement also records repayment of long-term borrowings of Rs 17.063 crore and dividend payments of Rs 38.355 crore.

Conclusion

Carraro India delivered faster profit growth than revenue growth in the September 2026 quarter, with standalone profit after tax rising 36% to Rs 41.475 crore and revenue increasing 19% to Rs 692.417 crore. The result included higher other income, including Rs 4.288 crore of income-tax-refund interest, while materials costs rose to Rs 529.251 crore.

The filing provides no earnings target or scheduled future event. The next reported results will show whether other income again contains items such as refund interest or provision reversals, and whether the Rs 58.729 crore half-year inventory increase continues to affect operating cash generation after net operating cash flow of Rs 35.135 crore.