NSE: CARTRADE · BSE: 543333
CARTRADE TECH LIMITED
Operates digital auto marketplaces in India through three segments. The Consumer segment runs CarWale and BikeWale, new-vehicle discovery platforms that contributed 39.3% of FY26 segment revenue, while the Classifieds segment runs OLX India, an online classifieds platform for used vehicles and other goods at 27.7% of segment revenue, and the Remarketing segment handles used-car auction and dealer remarketing services at 33.0%. Its platforms collectively reach about 80 million monthly visitors across 500-plus locations, and host over 63% of India's online used-car listings. Employee costs are the largest expense at 39.4% of revenue, followed by other operating expenses at 27.6%, with no material input cost and a light capex load at 3.4% of revenue. The group is expanding beyond listing fees into AI-driven products (Elite Buyer, Super Dost, Viya AI) and into transaction-margin economics through a strategic partnership with Spinny for end-to-end used-car purchases. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumer (39%), Remarketing (33%), Classifieds (28%). Asset-light digital auto marketplaces and platform businesses with high EBITDA margins and minimal material input cost
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 313 | 364 | 490 | 641 | 779 |
| EBITDA (ex other income) | (134) | 33 | 79 | 151 | 250 |
| margin % | (42.9) | 9.1 | 16.2 | 23.5 | 32.1 |
| Owners' profit | 132 | 34 | 14 | 135 | 223 |
| EPS, as reported (₹) | (28.72) | 7.28 | 3.05 | 28.48 | 46.80 |
| ROE % · ROCE % | (5.9) · (5.2) | 1.9 · 3.1 | 0.9 · 4.7 | 6.2 · 7.3 | 9.3 · 11.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 63 | 48 | 16 | 171 | 257 |
| Capex | (6) | (7) | (3) | (5) | (27) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 154 | 176 | 170 | 173 | 193 | 210 | 203 | 201 |
| Profit before tax | 37 | 53 | 53 | 57 | 80 | 78 | 75 | 75 |
| Net profit | 31 | 46 | 46 | 47 | 64 | 62 | 71 | 57 |
| EPS (₹) | 5.90 | 8.95 | 8.82 | 9.03 | 12.56 | 11.70 | 13.50 | 10.69 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consumer | 308 | 39.3 |
| Remarketing | 259 | 33.0 |
| Classifieds | 218 | 27.7 |
| Total, before eliminations | 785 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ETERNAL LIMITED | 3,04,851 | 704.3 | 9.84 | 116.7 | 1.2 | 1.8 | — | 4.8 |
| MEESHO LIMITED | 1,02,819 | — | 23.44 | — | (31.0) | (27.2) | — | (3.0) |
| FSN E COMMERCE VENTURES | 97,231 | 381.4 | 64.73 | 127.4 | 13.6 | 17.8 | — | 8.8 |
| SWIGGY LIMITED | 49,505 | — | 2.70 | — | (22.7) | (20.4) | — | (6.4) |
| URBAN COMPANY LIMITED | 21,161 | — | 9.87 | — | (11.0) | (6.3) | — | (11.4) |
| CARTRADE TECH LIMITED ◆ | 13,560 | 58.3 | 5.18 | 39.7 | 9.3 | 10.5 | — | 44.0 |
| BRAINBEES SOLUTIONS LTD | 8,604 | — | 1.61 | 22.6 | (3.8) | (2.4) | — | 4.2 |
| RATTANINDIA ENT LIMITED | 3,279 | — | 4.26 | — | (21.6) | — | 844.9 | 2.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 58.3 | 13.1 | 8 of 10 | 22% |
| P/B | 5.2 | 3.5 | 8 of 12 | 36% |
| ROCE | 10.5 | 1.8 | 3 of 15 | 86% |
| ROE | 9.3 | 1.1 | 2 of 12 | 91% |
| Debt / Equity | 0.0 | 0.0 | 1 of 11 | 60% |
| EBITDA margin | 44.0 | 4.0 | 1 of 12 | 100% |
| Revenue growth | 16.3 | 16.3 | 7 of 13 | 50% |
| Profit growth | 20.6 | 30.7 | 7 of 10 | 33% |
| Market cap | 13560 | 2190 | 6 of 16 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · CarTrade Tech schedules Q2 FY27 results call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting set for October 28 results approval | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Quarterly compliance certificate filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 29 Sept 2026 · CarTrade Tech AGM 2026: All 3 resolutions passed, results filed | compliance | minimal | — | — |
| 25 Sept 2026 · AGM proceedings filed; FY26 results shared with shareholders | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · CarTrade Tech investor presentation highlights growth and margin expansion | investor communications | medium | — | — |
| 24 Sept 2026 · CarTrade's OLX India and Landmark Cars join forces on phygital used car platform | compliance | low | — | — |
| 21 Sept 2026 · CarTrade Tech schedules Analyst Day for September 24, 2026 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · ESOP 2021(I): Allotment of 1,02,850 shares to employees | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.