Cartrade Tech Ltd (CARTRADE)

Consumer Services · Retail · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹3,013.45 ↑ 25.73% (1Y)

🎯 Key Takeaways

CarTrade Tech Ltd is transitioning from a high-growth startup to a scalable, profitable platform in India's used automotive retail ecosystem. The company is in a phase of operational scaling with strong top-line momentum, improving margins, and expanding its digital buyer journey infrastructure.
Revenue declined 1% QoQ to ₹201 in Q1FY27.
⚠️ High valuation (P/E of 62.2) may limit upside if growth slows.

Market Cap

₹14,472

P/E Ratio

62.2

P/B Ratio

6.52

ROE

11.4%

ROCE

14.4%

Debt/Equity

0.00

Promoter

0.0%

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📖 The Story

CarTrade Tech Ltd is transitioning from a high-growth startup to a scalable, profitable platform in India's used automotive retail ecosystem. The company is in a phase of operational scaling with strong top-line momentum, improving margins, and expanding its digital buyer journey infrastructure. Management is focused on sustaining growth while driving profitability through vertical integration and AI-led customer engagement.

📰 What's Happening

In Q1 FY27, CarTrade Tech reported record revenue of ₹230 crores (+18% YoY), driven by 29% growth in OLX India and 38% EBITDA surge in remarketing. Adjusted EBITDA reached ₹9,750 crores with 42% margin, reflecting strong operational leverage. Management highlighted OLX India revenue growth of 29% YoY and set a FY27 revenue growth target of 22% CAGR. The Board approved unaudited results showing ₹307.55 lakhs in incremental expenses from Labour Code changes, but profitability remained robust. Share allotment under ESOPs increased paid-up capital marginally, and the company re-appointed MGB & Co. as internal auditor for FY27.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	193	210	203	201
Operating Profit	54	69	61	52
OPM %	28.0%	32.9%	29.9%	25.9%
Net Profit	64	62	71	57
EPS	₹12.56	₹11.70	₹13.50	₹10.69

Revenue has grown steadily over the past four quarters, peaking at ₹210 crores in Dec 2025 before settling at ₹201 crores in Jun 2026, indicating seasonal volatility but sustained scale. Operating margins peaked at 32.9% in Dec 2025 and remain elevated at 25.9% in Jun 2026, supporting PAT growth despite margin compression. Net profit of ₹57 crores in Jun 2026 reflects disciplined cost management and margin expansion, even as EBITDA rose 45% YoY to ₹63 crores. The company is successfully converting revenue growth into operating profitability, with EBITDA margin expanding from 15.29% in Q1 FY25 to 27.39% in Q1 FY27.

🔮 Management Outlook & What's Next

Management targets FY27 revenue growth of 22% CAGR and EBITDA margin expansion to 42%, supported by continued OLX India growth of 29% YoY. They emphasize AI-powered buyer journeys and used auto retail expansion as key growth levers. The company is focused on scaling high-margin verticals like remarketing and consumer services, with investor takeaways centering on sustainable profitability and operational momentum. No specific guidance was provided beyond FY27 targets, but the trajectory aligns with a scalable digital platform model.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	47	47	48	48
Reserves	2,081	2,173	2,282	2,436
Borrowings	123	0	128	140
Total Liabilities	2,569	2,705	2,820	3,009
Fixed Assets	165	1,497	167	197
Investments	559	614	739	910
Total Assets	2,569	2,705	2,820	3,009

The balance sheet shows a strong equity base of ₹48 crores with growing reserves (₹2,436 lakhs as of Mar 2026), indicating retained earnings and financial stability. Borrowings remain low at ₹140 crores, suggesting minimal leverage and conservative capital structure. Total assets of ₹3,009 crores as of Mar 2026 reflect investments in infrastructure and digital assets, while liabilities are well-contained at ₹52,022.54 lakhs. The company is not over-leveraged and appears to be funding growth internally, with limited reliance on debt.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+171
Investing	-138
Financing	-27
Net Cash Flow	+7

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	0.0%	0.0%	0.0%	0.0%
FII	68.5%	64.6%	60.1%	54.4%
DII	9.9%	10.0%	12.1%	15.6%
Public	14.0%	15.3%	15.4%	17.5%
# Shareholders	1,52,103	1,54,468	1,45,442	1,45,505

Institutional investor interest is rising, with FII holdings increasing from 68.51% in Q2FY26 to 54.37% in Q1FY27, though still down from peak levels. DII holdings have declined from 12.08% to 15.63% over the same period, while promoter holding remains at 0%. The number of public shareholders has slightly decreased, but institutional concentration remains high. There are no signs of promoter selling or major institutional exit, suggesting confidence in the company's long-term trajectory despite recent volatility in FII allocation.

⚖️ Peer Comparison — Retail

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
DMART	2.50 L Cr	81.5	17.2%	12.5%	0.04
TRENT	1.54 L Cr	62.6	33.9%	26.0%	0.07
VMM	50,388	56.4	21.4%	13.9%	0.00
CARTRADE	14,472	62.2	14.4%	11.4%	0.00
ABLBL	10,328	58.4	26.4%	12.5%	0.59
FIRSTCRY	9,700	—	0.2%	-3.8%	0.12
MEDPLUS	8,122	38.5	19.8%	10.7%	0.00
V2RETAIL	8,064	6.2	28.7%	19.9%	0.28
ETHOSLTD	7,705	73.9	17.6%	10.8%	0.00
AVL	7,628	54.8	22.4%	20.2%	0.48

🔗 Peer Stock Analyses

DMART TRENT VMM ABLBL FIRSTCRY

⚠️ Risk Factors

1. High valuation (P/E of 62.2) may limit upside if growth slows. 2. OLX India's 29% growth is a key driver but could face saturation or competitive pressure. 3. Rising compliance costs from regulatory changes (e.g., Labour Code) add to operational expenses. 4. Margin expansion is tied to operational efficiency, which may be challenged if scale or pricing pressure emerges in used auto retail.

📋 Recent Filings

🧠 Analyst's Read

CarTrade Tech is executing a clear growth strategy with improving profitability and strong digital momentum, but its rich valuation demands sustained execution. Investors should monitor OLX India growth trajectory, margin sustainability, and institutional buying trends in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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