Carraro India Limited has accepted the resignation of Mr. Vijay Raman from the position of Director of Purchase & Supply Chain Management, effective from the close of business hours on June 19, 2026. Raman, who was designated as a Senior Management Personnel (SMP), tendered his resignation to pursue a new career opportunity outside the organization. The resignation was communicated through a letter dated April 22, 2026, and accepted by the Whole-Time Director and Chief Operating Officer on the effective date.

Resignation Details

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. The company confirmed that there are no other material reasons for the resignation beyond the stated intent to pursue external opportunities. Raman confirmed that his departure is effective from the close of business hours on June 19, 2026.

Management Acknowledgement

In his resignation letter, Mr. Raman expressed gratitude to the management and his team for their support during his tenure and wished the company well for the future. The acceptance of the resignation was formally recorded by the Whole-Time Director and Chief Operating Officer of Carraro India Limited on June 19, 2026.

Carraro India Limited reported a 48% rise in net profit for the financial year ended March 31, 2026, reaching ₹1,306 million, compared to ₹881 million in the previous year. The company's revenue from operations for the year stood at ₹22,555 million, an increase of 25% from ₹18,076 million in the prior year. The board of directors, at its meeting held on May 26, 2026, approved the audited standalone and consolidated financial results and recommended a final dividend of ₹6.75 per equity share of face value ₹10 each, amounting to a payout of approximately ₹383.75 million, subject to shareholder approval. The statutory auditors, Deloitte Haskins & Sells LLP, issued an unmodified opinion on the financial results.

Financial Performance

For the quarter ended March 31, 2026, the company reported a net profit of ₹417 million, compared to ₹237 million in the corresponding quarter of the previous year. Revenue from operations for the quarter increased to ₹6,067 million from ₹4,443 million. On the profitability front, Q4 EBITDA rose to ₹710 million from ₹489 million year-on-year, with the EBITDA margin improving to 11.6% from 10.9% in the same period last year. Total income for the full year rose to ₹22,840 million from ₹18,234 million in the prior year.

The following table summarises the key standalone financial metrics for the full year:

The following table highlights the key consolidated performance metrics on a year-on-year basis:

Operational Highlights

Revenue growth was driven by a 19% increase in domestic revenues to ₹14,430 million and a 37% surge in exports to ₹8,125 million. The Agricultural Equipment segment reported revenue of ₹10,192 million, while the Construction Equipment segment recorded ₹9,837 million. The company deployed capex of ₹417 million in FY26 to support new telescopic handler axle production and high-performance transmission ranges.

Management Commentary

Dr. Balaji Gopalan, Managing Director, stated that FY26 was a strong year with healthy growth across domestic and export markets. He noted that domestic revenues increased by 19% and exports by 37%, supported by sustained demand in the agricultural vehicle segment and strong export traction in construction equipment. EBITDA increased by 33% year-on-year, with margins expanding to 10.8% from 10.2% in FY25, driven by operating leverage and disciplined cost management. The company signed an engineering services agreement worth approximately ₹175 million with Montra Electric for the industrialisation and supply of e-transmissions.

Future Outlook

The company remains positive on the medium to long-term opportunity landscape and is confident of achieving revenues of around ₹3,500 crores to ₹4,000 crores by FY30. For FY27, the company is maintaining a cautious but positive outlook on revenue growth, supported by healthy underlying demand, while closely monitoring macroeconomic and geopolitical developments. On profitability, the company targets EBITDA margin improvement in FY27, supported by localization, operating efficiencies, and disciplined cost management. The board has planned a capex of approximately ₹130 crores for FY27.

Dividend and Appointments

The board recommended a final dividend of ₹6.75 per share for FY26. Additionally, the board appointed M/s Adawadkar Deshmukh & Associates as the Cost Auditors to conduct the audit of cost records for the financial year 2026-27, subject to the ratification of their remuneration by shareholders at the ensuing Annual General Meeting.

Exceptional Items

The company recognised an exceptional item of ₹88.72 million for the year ended March 31, 2026, relating to the incremental impact of new labour codes effective from November 21, 2025. This assessment was based on draft Central Rules and FAQs published by the Ministry of Labour & Employment.