Carraro India Q2 FY27 Results: Consolidated Net Profit ₹35.06 Crore on Total Income of ₹706 Crore
- Earnings
- off-highway equipment manufacturing
Reviewed byKeshav SehgalBlacklitt Research
Carraro India (NSE: CARRARO) reported consolidated total income of ₹705.79 crore and net profit of ₹35.06 crore for the quarter ended 30 Sep 2026, it said in a filing on 06 Nov 2026. Standalone total income was ₹708.65 crore and standalone net profit ₹41.48 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹705.79 crore, up 19.0% YoY and 26.3% QoQ
- Net profit and EPS: ₹35.06 crore, up 10.6% YoY; basic EPS ₹6.17, not annualised
- Finance costs: ₹5.18 crore, down 0.6% YoY and up 16.5% QoQ
- Other income: ₹9.33 crore, including interest on an income tax refund of ₹4.29 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹708.65 crore, up 20.4% YoY and 27.9% QoQ
- Net profit and EPS: ₹41.48 crore, up 35.6% YoY; basic EPS ₹7.30, not annualised
- Other income: ₹16.23 crore, up 137.1% YoY
- Depreciation: ₹11.14 crore, against ₹11.16 crore a year earlier
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 705.79 | 593.09 | +19.0% | 558.65 | +26.3% | |
| Revenue from operations | 696.46 | 586.25 | +18.8% | 544.68 | +27.9% |
| Other income | 9.33 | 6.83 | +36.6% | 13.97 | -33.2% |
| 35.06 | 31.71 | +10.6% | 31.39 | +11.7% | |
| Profit before tax | 48.47 | 42.53 | +14.0% | 42.03 | +15.3% |
| Finance costs | 5.18 | 5.21 | -0.6% | 4.45 | +16.5% |
| Depreciation | 11.44 | n/a | n/a | n/a | n/a |
| Tax expense | 13.41 | 10.82 | +24.0% | 10.64 | +26.1% |
| Net profit margin | 4.97% | 5.35% | -0.38 pp | 5.62% | -0.65 pp |
| EPS, basic (₹) | 6.17 | 5.58 | +10.6% | 5.52 | +11.8% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Income grew faster than profit. Consolidated total income rose 19.0% YoY to ₹705.79 crore, while net profit rose 10.6% to ₹35.06 crore. Profit before tax grew 14.0%, and tax expense rose 24.0% to ₹13.41 crore, so the gap between profit before tax and net profit widened.
Other income was ₹9.33 crore, 1.3% of total income and 19.3% of profit before tax. The filing says other income includes interest on an income tax refund of ₹4.29 crore. The quarter before included provisions written back of ₹8.81 crore for customs related proceedings, which the filing describes as arising from a reassessment.
Finance costs of ₹5.18 crore were 0.7% of total income, close to the year-earlier ₹5.21 crore.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 708.65 | 588.69 | +20.4% | 554.20 | +27.9% | |
| Revenue from operations | 692.42 | 581.84 | +19.0% | 540.17 | +28.2% |
| Other income | 16.23 | 6.85 | +137.1% | 14.03 | +15.7% |
| 41.48 | 30.60 | +35.6% | 30.65 | +35.3% | |
| Profit before tax | 54.73 | 41.04 | +33.4% | 41.04 | +33.4% |
| Finance costs | 5.02 | 5.20 | -3.3% | 4.32 | +16.3% |
| Depreciation | 11.14 | 11.16 | -0.1% | 11.00 | +1.3% |
| Tax expense | 13.26 | 10.44 | +27.0% | 10.39 | +27.6% |
| Net profit margin | 5.85% | 5.20% | +0.66 pp | 5.53% | +0.32 pp |
| EPS, basic (₹) | 7.30 | 5.38 | +35.7% | 5.39 | +35.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone profit grew faster than income. Net profit rose 35.6% YoY to ₹41.48 crore against total income growth of 20.4%, and profit before tax rose 33.4% to ₹54.73 crore.
Other income of ₹16.23 crore was 29.7% of profit before tax, up from ₹6.85 crore a year earlier. The filing attributes part of this to interest on an income tax refund; the filing does not state the reason for the rest of the increase.
Tax expense of ₹13.26 crore was 24.2% of profit before tax. Standalone finance costs of ₹5.02 crore were 0.7% of total income, and depreciation of ₹11.14 crore was broadly flat year on year.
Consolidated net profit of ₹35.06 crore is ₹6.42 crore lower than standalone net profit of ₹41.48 crore. The consolidated results include the subsidiary Carraro Technologies India Private Limited, but the filing does not state the subsidiary's profit contribution separately, so the gap cannot be attributed to it from the filing.
The company operates in one segment, manufacturing off-highway equipment, parts and components. The board approved both sets of results on 06 Nov 2026, and the statutory auditors issued limited review reports with unmodified opinions. The statement also shows an exceptional item of ₹95.00 million in the consolidated profit line for the year and a dividend paid of ₹38.42 crore on a consolidated basis in the half year.
Inference
The filing reports dividends paid of ₹38.42 crore on a consolidated basis and ₹38.36 crore standalone in the half year ended 30 Sep 2026. It does not state whether a dividend has been declared or recommended for the current period.
The filing does not state the reason for the change in depreciation between the quarters or the nature of the exceptional item in the statement, and it does not explain the rise in standalone other income beyond the tax refund interest.
Filed with BSE on . Reference: Original filing (PDF)
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