MacRitchie Investments Pte. Ltd. has reduced its shareholding in cartrade tech by selling 3,04,529 equity shares through the open market on July 14, 2026. This disposal represents 0.64% of the total share capital, lowering the investor's stake to 7.75%. The transaction necessitated a disclosure to BSE Limited and the National Stock Exchange of India Limited under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Prior to the sale, MacRitchie Investments Pte. Ltd. held 40,15,668 shares, accounting for 8.39% of the total voting capital. Following the divestment, the entity retains 37,11,139 shares. The total equity share capital of CarTrade Tech Limited remains 4,78,78,035 fully paid-up equity shares of face value INR 10 each, amounting to INR 47,87,80,350. On a fully diluted basis, the total capital stands at 5,12,27,585 equity shares.

The disclosure confirmed that MacRitchie Investments Pte. Ltd. does not belong to the promoter or promoter group of the target company. The sale was conducted in one or more tranches, with the specific transaction on July 14, 2026, resulting in a change exceeding 2% of the acquirer's total shareholding. Sumei Anand, the authorized signatory, submitted the filing on behalf of the Singapore-incorporated entity.

Shareholding Details

The table below outlines the changes in MacRitchie Investments Pte. Ltd.'s shareholding following the open market transaction:

The shareholding percentages are calculated based on the total paid-up equity capital and the fully diluted capital, which includes outstanding ESOPs. All percentages have been rounded up to two decimal places.

UBS has initiated coverage on CarTrade Tech with a Buy rating and a target price of ₹4,000, underscoring confidence in the company's long-term growth trajectory. The global brokerage firm points to the company's asset-light business model as a structural advantage that enables strong operating leverage as revenues scale.

Key Investment Thesis

At the heart of UBS's bullish stance is the expectation of significant EBITDA margin expansion over the coming years. The brokerage projects margins to grow from 33% in FY26 to 47% by FY30, reflecting the inherent scalability of CarTrade Tech's platform-driven model. This margin improvement is expected to be driven by meaningful top-line growth, with operating costs growing at a slower pace relative to revenues.

The following table summarises the key parameters of UBS's initiation:

Market Opportunity and Platform Potential

UBS highlights the underpenetrated nature of the Indian automotive marketplace as a significant long-term opportunity for CarTrade Tech. The organised online used-car segment in India remains at an early stage of adoption, leaving considerable room for platform-led players to capture market share.

The brokerage specifically calls out the OLX used-car platform as a strong growth lever within CarTrade Tech's portfolio. The platform's scale and brand recognition in the pre-owned vehicle segment are seen as key assets that could contribute meaningfully to revenue growth over the forecast period.

Earnings Outlook

Beyond margin expansion, UBS sees 15–20% upside to current FY27–29 consensus earnings estimates for CarTrade Tech. This suggests the brokerage believes the broader analyst community may be underestimating the pace at which the company can grow its earnings, particularly as operating leverage begins to materialise at scale.

The combination of an asset-light model, a large underpenetrated addressable market, the OLX platform's potential, and anticipated earnings upgrades forms the foundation of UBS's constructive view on CarTrade Tech.