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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Carraro India Limited, incorporated in 1997, is a technology-driven, independent Tier-1 supplier of complex driveline components for off-highway vehicles. The company designs and manufactures axles, transmission systems and gears used in agricultural tractors and construction equipment, and also supplies gears for automotive, truck and general industrial applications. It runs two manufacturing facilities in Ranjangaon, Pune, Maharashtra, one dedicated to driveline products (axles, transmissions and drives) and the other to gear manufacturing, together spanning roughly 1.6 lakh square metres and covering machining, casting, assembly and heat-treatment processes in-house. The company is part of the Italy-based Carraro Group, whose driveline arm, Carraro Drive Tech Italia S.p.A., is a long-established global player in off-highway transmission technology; this parentage gives Carraro India access to shared engineering know-how and an established international customer network. The business serves a broad set of domestic original equipment manufacturers as well as export customers, supported by a wide base of domestic and international component suppliers. Carraro India positions itself on engineering depth and customisation, working closely with OEM customers from design and prototyping through testing and volume production. Its focus on proprietary research and development, longstanding OEM relationships and integration with the wider Carraro Group's global expertise underpin its role as a preferred driveline partner in a market that is closely tied to agricultural and construction-equipment demand cycles.
Ahead of the offer opening, Carraro India raised about Rs 375 crore from anchor investors by allotting roughly 53.27 lakh shares at the upper price band of Rs 704 per share to 33 anchor investors. Domestic mutual fund houses such as Aditya Birla Sun Life, HSBC, UTI, Sundaram, Motilal Oswal, Edelweiss, LIC and others took up a large share of the anchor book, alongside insurers and foreign institutional investors including Societe Generale and Amundi Funds.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Established Tier-1 driveline supplier
The company holds a preferred-partner position with OEMs for axles, transmissions and gears used in agricultural tractors and construction equipment, built on decades of manufacturing experience.
Backed by the Carraro Group
As part of Italy's Carraro Group, the company draws on shared global engineering expertise and export relationships through the group's driveline arm.
In-house engineering and R&D
Proprietary design, prototyping and testing capabilities let the company develop customised, mission-critical components for its OEM customers.
Modern Pune manufacturing base
Two co-located plants in Ranjangaon integrate machining, casting, assembly and heat treatment, supporting scale and quality control.
Consistent revenue and profit growth
Revenue and profit both grew steadily across FY22 to FY24 and into the H1 FY25 stub period, reflecting steady demand for its product lines.
Customer concentration
A large share of revenue comes from a small set of top customers, so the loss of any one relationship could meaningfully affect results.
Dependence on the Carraro Group
The company relies on its Italian parent group for aspects of sourcing, procurement and operational support, creating a degree of dependency risk.
Seasonal and cyclical demand
Demand for agricultural tractors is seasonal and cyclical, which can cause revenue to fluctuate across periods.
MUFG Intime India Private Limited
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Single-location manufacturing risk
Both plants are located in Pune, so any disruption at that site could affect the company's ability to supply its customers.
Currency and input-cost exposure
Export revenue and imported inputs expose the company to foreign-exchange movements and raw-material price volatility.
Premium offer valuation
The issue was priced at a relatively high earnings multiple compared with some listed peers, and was entirely an offer for sale with no fresh capital raised by the company.