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Carraro India IPO
Price Band
₹668.0–704.0
Issue Size
₹1250.0 Cr
Lot Size
21 shares
Min Investment
₹14,784
GMP
—
Issue Price
₹704.0
Carraro India IPO AI Summary
- Carraro India IPO is listed on BSE, NSE in the Auto Components & Equipments sector.
- Price band: ₹668.0–₹704.0 per share, lot size 21 shares (min. investment ₹14,784).
- Subscription window: 20 Dec–24 Dec 2024, listing on 30 Dec 2024.
Carraro India Ltd is set to launch its IPO with a price band of ₹668 to ₹704, aiming for a total issue size of ₹1,250 Cr. The company specializes in manufacturing components for agricultural and construction vehicles, leveraging advanced technology and a strong supplier network.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Carraro India IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 24 Dec 2024 — not a current signal.
8 of 10 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Carraro India IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in 1997, Carraro India Ltd is engaging in manufacturing components ranging from the smallest gear to complete tractor manufacturing. The company designs, manufactures, and sells transmission systems (axles, transmissions, and drives) primarily for agricultural and construction equipment for off-highway vehicles. It also offers a wide range of gears for various sectors, including automotive, trucks agricultural, and construction vehicles. The company owns and operates two manufacturing plants in Pune, Maharashtra, India. The driveline manufacturing plant occupies a plot area of approximately 84,000 square meters, while the gear manufacturing plant covers an area of approximately 78,000 square meters. The driveline plant has technologies including casting, machining, assembly, prototyping, testing, and painting. The gears plant features machining and heat treatment technologies such as carburizing, induction, hardening, and nitriding. Products: Agricultural tractors: They manufacture axles and transmission systems for agricultural tractors which include special requirements on technical specifications, use cases, and mechanical and structural design. Construction vehicles: They manufacture gears and transmission systems for backhoe loaders, compact wheel loaders, telehandlers, cranes, forklifts, aerial working platforms, etc. Others: They manufacture a diverse range of products beyond their core offerings of axles and transmissions for agricultural and construction equipment, which include additional products such as gears, shafts, and ring gears for industrial and automotive vehicles. The company has developed expertise in the agricultural tractor and construction vehicle industry in India and has established a network of 220 suppliers across eight states in India, along with 58 suppliers internationally. As of September 30, 2024, the company's local quality and after-sales team consisted of 87 full-time employees and 53 contractual temporary employees. Competitive Strengths: Tier 1 suppliers of transmission systems and a key supplier of axles in India's agricultural tractor and construction vehicle industries with competitive moats for mission-critical and complex driveline components. Customer-centric offering of customized solutions to a longstanding OEM customer base Longstanding relationships with marquee local and international supplier base Strong, in-house R&D capabilities with proprietary IP rights to facilitate innovation of future-ready products Technologically advanced manufacturing plants with large production capacities and in-house gear production capabilities
Company Financials (₹ Cr)
As of 2024-09-30
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 1,093.41 | 1,072.89 | 1,072.39 | 1,012.44 |
| Total Income | 922.74 | 1,806.55 | 1,733.30 | 1,520.05 |
| Profit After Tax | 49.73 | 62.56 | 48.46 | 22.43 |
| NET Worth | 419.44 | 369.82 | 337.38 | 292.49 |
| Total Borrowing | 195.78 | 212.55 | 188.33 | 178.14 |
Key Ratios
EPS
₹11.00
NAV
₹65.05
ROE
17.69%
ROCE
19.35%
RoNW
16.92%
P/E Ratio
63.97
Market Cap
₹4002.35 Cr
PAT Margin
3.50%
Debt/Equity
0.58
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Ramakrishna Forgings Limited | 148.48 | 12.72% | 42.82 | 20.27 | 20.09 |
| Action Construction Equipment Ltd. | 307.44 | 26.69% | 50.56 | 27.56 | 27.56 |
| Happy Forgings Limited | 171.17 | 15.07% | 47.08 | 26.78 | 26.75 |
| Sona BLW Precision Forgings Limited | 47.75 | 18.49% | 76.93 | 8.83 | 8.83 |
| Schaeffler India Ltd | 307.44 | 18.71% | 74.22 | 57.5 | 57.5 |
| Escorts Kubota Limited | 830.45 | 11.43% | 43.21 | 96.8 | 96.64 |
| Carraro India Limited This IPO | 65.05 | 16.92% | 63.97 | 11 | 11 |
Promoters
Tomaso Carraro, Enrico Carraro, Carraro SPA and Carraro International S.E
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 The company will not receive any proceeds from the Offer (the “Offer Proceeds”) and all the Offer Proceeds will be received by the Promoter Selling Shareholder
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,520.05 Cr in the year ended 31 Mar 2022, increasing to ₹1,733.30 Cr by 31 Mar 2023, and further rising to ₹1,806.55 Cr in the year ended 31 Mar 2024. However, for the most recent period ending 30 Sep 2024, total income is reported at ₹922.74 Cr, which is a 9-month figure and not directly comparable to the full fiscal years.
Profit Trend
Profit after tax was ₹22.43 Cr in the year ended 31 Mar 2022, rising to ₹48.46 Cr by 31 Mar 2023, and then increasing to ₹62.56 Cr in the year ended 31 Mar 2024. For the most recent period ending 30 Sep 2024, profit after tax is reported at ₹49.73 Cr, though this is a 9-month figure and not a full year, so isn't directly comparable.
Valuation
Priced at a P/E of 63.97 at the issue price, Carraro India is compared against peers with P/E ratios ranging from 42.82 to 76.93.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price compared to the issue price. A positive GMP suggests that shares may list at a premium, while a negative GMP indicates potential listing at a discount.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid this IPO, as it involves uncertainties associated with new listings.
IPO Timeline, Explained
The IPO opens for subscription on 20 Dec 2024 and closes on 24 Dec 2024. Allotment of shares will be finalized by 26 Dec 2024, with the listing date set for 30 Dec 2024.
Listing Gains — The Risk
Listing day gains can be unpredictable. While some IPOs may see a surge in price, others may not perform as expected. Investors should consider the inherent risks and market conditions before investing.
This evaluation is generated from Carraro India's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Carraro India IPO?
The price band of Carraro India IPO is ₹668.0–₹704.0 per share.
When does Carraro India IPO open and close?
Carraro India IPO opens on 20 December 2024 and closes on 24 December 2024.
When does Carraro India IPO list on the stock exchange?
Carraro India IPO listed on 30 December 2024 at ₹704.0.
What is the lot size for Carraro India IPO?
The lot size for Carraro India IPO is 21 shares, requiring a minimum investment of ₹14,784.
What is the price band for the IPO?
The price band for the IPO is ₹668 to ₹704.
What is the minimum investment required?
The minimum investment required is ₹14,784.
What is the lot size for this IPO?
The lot size for this IPO is 21 shares.
When is the listing date?
The listing date is 30 Dec 2024.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected premium or discount of the IPO shares in the grey market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
20 Dec 2024
Close
24 Dec 2024
Allotment
26 Dec 2024
Listing
30 Dec 2024
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