Carraro India Limited reported strong growth across agricultural and construction equipment segments during Q3 and 9M FY26.
For 9M FY26, agricultural equipment revenue rose 13% year-on-year to INR 7,408 million, while construction equipment revenue surged 30% to INR 7,224 million. In Q3 FY26, agricultural equipment revenue stood at INR 2,608 million, up 27%, while construction equipment revenue increased 20% to INR 2,386 million.
Domestic revenue for 9M FY26 stood at INR 10,461 million, reflecting 17% growth, while exports rose 29% to INR 6,027 million.
Engineering services gained traction during the period, with revenues of INR 50 million in Q3 FY26 and INR 100 million in 9M FY26. The company signed an engineering services agreement worth INR 17.5 crore with Montra (TICMPL) for industrialization and supply of e-transmissions.
Dr. Balaji Gopalan said,
“For nine months FY26, Carraro India delivered a strong and encouraging performance. Revenue from operations grew 21% YoY, supported by healthy momentum across both domestic and export markets. Domestic revenues increased 17% Year on Year, led by robust demand for 4WD axles in the agriculture segment, while exports grew 29% Year on Year, driven by higher offtake of Tele Boom Handler (TBH) axles.
In line with our guidance, we continued to deliver strong volumes, reinforcing our confidence in the sustainability of our operating performance. Profitability improved meaningfully, with EBITDA up 28% YoY, supported by operating leverage, disciplined cost management and execution efficiencies, even as product mix remained dynamic across quarters.
Our engineering services business gained further traction, with revenues of INR 50 million in Q3 FY26 and INR 100 million in 9M FY26, supported by steady customer enquiries and progress in key development programmes, including e-transmissions for electric agricultural tractors, CVT pilot units, and new prototype development.
With positive off-highway market sentiment and strong execution momentum, we remain confident of scaling Carraro India beyond our earlier guidance in revenues by FY30, surpassing our earlier ambition, while continuing to focus on disciplined execution and value-driven growth.
On the manufacturing front, we strengthened capability through key equipment additions to improve throughput, flexibility and quality. Importantly, the Board has approved a capex outlay of INR 623 million to expand axle capacity from 1,15,000 to up to 1,54,160, to be completed over the next 18 months, funded through a mix of internal accruals and debt. This expansion is aligned with our strong demand outlook, with the plant currently operating at over 90% utilization.
We also inaugurated our first Authorized Service Centre in Faridabad and remain on track to establish four centers across India in 2026, strengthening our aftermarket and customer support ecosystem.
Carraro India is not just performing – it is transforming, innovating and leading across markets and technologies.”
