Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Cartrade Tech Ltd.
NSE: CARTRADEConsumer CyclicalAuto & Truck Dealerships
- Last close
- ₹2,820.30
- Day change
- −₹19.70 (−0.69%)vs
- Market cap
- ₹14,640 crIndian rupees
- Research updated
- 1 report
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About Cartrade Tech
CarTrade Tech Ltd. is a prominent digital automotive technology company in India, providing a comprehensive platform for buying and selling vehicles. The company's primary function is to facilitate seamless transactions for new and used cars, addressing both consumer and dealer needs. It operates several key online portals, including CarTrade, CarWale, and BikeWale, each catering specifically to different segments of the automotive market. This diversity allows CarTrade Tech Ltd. to cover a wide range of vehicle types and buyer preferences, impacting the automotive, technology, and online retail sectors. CarTrade Tech Ltd. plays a pivotal role in the Indian automotive ecosystem by integrating advanced technology solutions like online auctions, reviews, research tools, and financing options. This integration empowers consumers with informed decision-making capabilities while providing dealers with leads and data analytics for enhanced sales strategies. Founded with a focus on user satisfaction and innovation, CarTrade Tech Ltd. has become a vital player in digitizing the automotive purchase and sales process, reflecting broader trends of e-commerce and digital transformation within the industry.
- Sector
- Consumer Cyclical
- Industry
- Auto & Truck Dealerships
- Listing
- NSE: CARTRADE
- Next results
- Chief executive
- Mr. Amit Kumar
- Employees
- 1,152
- Headquarters
- Navi Mumbai, India
- ISIN
- INE290S01011
- Website
- cartradetech.com
Public research · Report of
Business model & financial foundation
CarTrade Tech (NSE: CARTRADE), Digital automotive marketplaces and classifieds: revenue of ₹779.3 crore in FY26 (+21.5% on FY25), an EBITDA margin of 33.0%, net profit of ₹223.0 crore and net cash of ₹1,078 crore.
- Revenue, FY26 (₹ crore)
- 779.3
- consolidated
- Revenue growth, FY26
- +21.5%
- on FY25
- EBITDA margin, FY26
- 33.0%
- EBITDA (Reported operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 223.0
- to owners
- Return on equity, FY26
- 9.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,078
- Net debt including leases and financial treasury assets
- Market capitalisation (₹ crore)
- 13,997
- at the close of 17 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | CarTrade Tech Limited |
| Exchange and ticker | NSE: CARTRADE; BSE: 543333 |
| ISIN | INE290S01011 |
| CIN | L74900MH2000PLC126237 |
| Sector | Communication Services |
| Industry | Digital automotive marketplaces and classifieds |
| Headquarters | Navi Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP |
| Market capitalisation | ₹13,997 crore (17 Oct 2026) |
| Shares outstanding | 4.79 crore shares (FY26) |
| Price | ₹3,011 (close, 17 Oct 2026) |
| 52-week range | ₹1,600 - ₹3,291 (to 17 Oct 2026) |
| Website | https://www.cartradetech.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Shriram Automall India Limited | 55.43% | Auctions and remarketing |
| Sobek Auto India Private Limited | 100% | OLX classifieds |
| CarTrade Finance Private Limited | 100% | Finance services; not commenced |
| CarTrade Foundation | 100% | CSR |
| Adroit Inspection Services Private Limited | 55.43% | |
| CarTrade Exchange Solutions India Private Limited | 55.43% | Online auctions; effective interest through SAMIL |
| Augeo Asset Management Private Limited | 55.43% | E-listing and auctions; effective interest through SAMIL |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 64.59% | 60.14% | 54.37% | 51.20% |
| Domestic institutions | 9.98% | 12.07% | 15.64% | 19.40% |
| of which mutual funds | 8.34% | 9.89% | 10.99% | 14.81% |
| Retail | 11.13% | 11.36% | 13.72% | 13.83% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | revenue eliminations, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Consumer (CarWale, BikeWale, CarTrade) | 308.3 | 39.3% | 124.2 | 45.6% | ||
| Remarketing (SAMIL and related services) | 259.3 | 33.0% | 71.9 | 26.4% | ||
| Classifieds (OLX India / Sobek) | 217.6 | 27.7% | 76.3 | 28.0% | ||
| Eliminations and bridge (not a reportable operating segment) | -5.94 |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| IndiaMART Intermesh (INDIAMART) | B2B listings and subscriptions; monetisation analogue |
| Info Edge India (NAUKRI) | Classifieds networks; portfolio holdings limit direct comparability |
| Just Dial (JUSTDIAL) | Local discovery and paid leads; substantial treasury assets |
| PB Fintech (POLICYBZR) | Digital distribution with regulated financial-services economics |
| Affle (AFFLE) | Performance advertising; growth and customer-acquisition analogue |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 312.7 | 363.3 | 489.9 | 641.5 | 779.3 |
| Cost of revenue (vendor classification) * | 10.4 | 7.23 | 0.51 | 1.11 | 2.19 |
| Other operating costs (vendor classification) * | 93.4 | 107.5 | 148.5 | 265.3 | 194.1 |
| EBITDA (vendor classification) * | -115.8 | 51.7 | 101.8 | 181.2 | 304.7 |
| Operating EBIT excluding treasury income | n.r. | n.r. | 42.0 | 110.0 | 218.3 |
| Finance cost | 6.45 | 7.67 | 9.25 | 11.5 | 12.5 |
| Profit before tax | -119.1 | 60.6 | 98.0 | 168.4 | 289.8 |
| Income tax expense | 2.23 | 20.1 | 15.9 | 23.1 | 46.3 |
| Total profit including discontinued and NCI | -121.4 | 40.4 | 20.0 | 145.3 | 243.5 |
| Diluted EPS total operations (₹) | -28.72 | 6.71 | 2.81 | 26.42 | 44.60 |
| Materials purchases and inventory change | 0.00 | n.a. | n.a. | ||
| Employee benefits including SBC | 246.1 | 284.4 | 307.1 | ||
| Other expenses including marketing | 164.5 | 206.2 | 215.2 | ||
| Reported operating EBITDA excluding other income | 79.4 | 150.9 | 257.0 | ||
| Other income | 65.3 | 69.9 | 90.5 | ||
| Depreciation and amortisation | 37.4 | 40.9 | 38.7 | ||
| Exceptional items income positive | 0.00 | 0.00 | -6.51 | ||
| Profit attributable to NCI | 5.68 | 10.6 | 20.5 | ||
| Share of associates and JVs | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 14.3 | 134.7 | 223.0 | ||
| Separately presented discontinued result net of tax | -62.2 | 0.00 | 0.00 | ||
| Adjusted EBITDA including treasury and SBC addback | 164.7 | 241.4 | 363.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Owners equity excluding NCI | n.r. | n.r. | 2,070 | 2,221 | 2,483 |
| External borrowings excluding leases | n.r. | n.r. | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 32.3 | 26.1 | 22.1 | 28.8 | 31.4 |
| Net trade receivables | 41.5 | 51.6 | 73.3 | 86.8 | 93.0 |
| Trade payables | 20.9 | 21.6 | 34.8 | 31.7 | 32.3 |
| Net property, plant and equipment * | 124.4 | 131.8 | 159.0 | 172.6 | 197.2 |
| Capital work in progress * | 0.37 | 0.00 | 1.65 | ||
| Total assets * | 2,281 | 2,343 | 2,510 | 2,705 | 3,009 |
| Inventories | 1.22 | 0.00 | 0.00 | n.a. | n.a. |
| NCI equity | 86.9 | 105.9 | 135.0 | ||
| Lease liabilities current plus noncurrent | 112.5 | 131.4 | 140.4 | ||
| Other bank balances | 77.3 | 47.8 | 9.81 | ||
| Mutual funds and current/noncurrent quoted NCDs | 510.0 | 614.2 | 910.0 | ||
| Net debt including leases and financial treasury assets | n.r. | -822.3 | -1,078 | ||
| Treasury deposits classified within other financial assets | n.r. | 263.3 | 267.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | 76.6 | 68.1 | 15.9 | 171.0 | 257.0 |
| Free cash flow (vendor definition) * | 57.4 | 41.1 | 13.0 | 165.6 | 230.4 |
| Cash PPE purchases positive outflow | n.r. | n.r. | 2.91 | 5.39 | 26.6 |
| Cash dividends positive outflow | -5.35 | 0.00 | 0.00 | 0.00 | |
| Cash lease payments including interest positive outflow | 33.1 | 34.0 | 39.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares at year end | 4.60 | 4.67 | 4.69 | 4.74 | 4.79 |
| Weighted average diluted shares | 5.10 | 5.10 | 5.00 | ||
| Fully diluted share capital at year end including options (crore shares) | n.r. | 5.15 | 5.15 | ||
| Operating cash flow divided by total group PAT (x) | 0.79x | 1.18x | 1.06x | ||
| Cumulative CFO divided by total PAT over FY24-FY26 (x) | 1.09x | ||||
| Revenue from operations year-on-year growth (%) | 30.9% | 21.5% | |||
| Trade receivables year-on-year growth (%) | 18.4% | 7.2% | |||
| Disclosed contingency table aggregate divided by owners equity (%) | 0.1% | 0.1% | 0.1% | ||
| Operating EBIT divided by finance cost (x) | 4.54x | 9.54x | 17.5x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (not total income) | 154.2 | 176.2 | 169.5 | 173.0 | 193.4 | 209.7 | 203.1 | 201.2 |
| Other operating costs (vendor classification) * | 51.6 | 53.1 | 52.6 | 54.3 | 55.2 | 53.4 | 54.7 | |
| EBITDA (vendor classification) * | 50.7 | 56.8 | 55.6 | 56.5 | 85.7 | 79.4 | 74.6 | |
| EBIT * | 40.1 | 56.3 | 56.5 | 59.9 | 81.1 | 78.3 | 77.7 | |
| Finance cost principally lease interest | 2.94 | 2.91 | 3.14 | 3.02 | 3.03 | 3.08 | 3.34 | 3.19 |
| Profit before tax after exceptional items | 37.1 | 53.4 | 53.3 | 56.9 | 79.9 | 78.0 | 75.0 | 74.5 |
| Total tax incl deferred and earlier-year adjustments | 6.42 | 7.85 | 7.23 | 9.85 | 15.8 | 16.5 | 4.15 | 17.8 |
| Group PAT including non-controlling share | 30.7 | 45.5 | 46.1 | 47.1 | 64.1 | 61.5 | 70.8 | 56.8 |
| Diluted EPS attributable to owners (₹) | 5.45 | 8.29 | 8.18 | 8.38 | 11.99 | 11.14 | 12.87 | 10.26 |
| Employee benefits including SBC | 69.9 | 73.1 | 70.8 | 75.2 | 77.6 | 76.2 | 78.1 | 83.5 |
| Statutory other expenses including marketing | 51.6 | 53.1 | 52.6 | 54.3 | 52.3 | 55.2 | 53.4 | 54.7 |
| COGS: no separate statutory category | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Operating EBITDA ex other income after SBC | 32.7 | 50.1 | 46.2 | 43.5 | 63.6 | 78.2 | 71.6 | 63.0 |
| Other income excluded from operating EBITDA | 18.0 | 16.7 | 19.9 | 25.5 | 28.7 | 18.7 | 17.6 | 28.6 |
| Depreciation and amortisation | 10.6 | 10.5 | 9.64 | 9.03 | 9.37 | 9.38 | 10.9 | 10.8 |
| Exceptional items signed addition to PBT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -6.51 | 0.00 | -3.08 |
| PAT attributable to non-controlling interests (deduct) | 2.85 | 2.84 | 4.29 | 4.19 | 4.41 | 5.67 | 6.24 | 5.51 |
| Share of associates (no associates/JVs) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to equity holders of parent | 27.9 | 42.7 | 41.8 | 42.9 | 59.7 | 55.9 | 64.6 | 51.2 |
| Discontinued operations PAT bridge on original FY25 basis | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 25.2% | 16.2% | 34.9% | 30.9% | 21.5% |
| EBITDA margin | 16.2% | 23.5% | 33.0% | ||
| Net margin | 2.9% | 21.0% | 28.6% | ||
| Return on equity | 0.7% | 6.3% | 9.5% | ||
| Return on capital employed | 2.0% | 5.1% | 9.3% | ||
| Return on assets | 0.6% | 5.2% | 7.8% | ||
| Net debt (₹ crore) | -822.3 | -1,078 | |||
| Net debt / EBITDA | -5.45x | -4.19x | |||
| Interest cover | 4.54x | 9.54x | 17.5x | ||
| Asset turnover | 0.15x | 0.16x | 0.20x | 0.25x | 0.27x |
| Receivable days | 48 | 52 | 55 | 49 | 44 |
| Inventory days (on revenue) | 1 | 0 | 0 | ||
| Payable days (on revenue) | 24 | 22 | 26 | 18 | 15 |
| Cash conversion | 1.11x | 1.27x | 1.15x | ||
| Capex intensity | 0.6% | 0.8% | 3.4% | ||
| Free cash flow (₹ crore) | 13.0 | 165.6 | 230.4 | ||
| Dividend payout | 0.0% | 0.0% | 0.0% | ||
| EPS, diluted (₹) | -28.72 | 6.71 | 2.81 | 26.42 | 44.60 |
| Book value per share (₹) | 441.5 | 468.1 | 518.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Reported operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases and financial treasury assets; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Reported operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS total operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Cartrade Tech includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Cartrade Tech
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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