CarTrade Tech
CarTrade Tech
RetailKey Fundamentals
MicrocapEcommerceRetailTapetide Score
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Key Insights
Strengths
3- Company is almost debt free.
- Company has delivered good profit growth of 19.7% CAGR over last 5 years
- Company's median sales growth is 23.9% of last 10 years
Weaknesses
3- Stock is trading at 5.95 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 5.63% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoCartrade Tech Ltd has a market cap of ₹14,575 Cr and trades at a PE of 58.1x with a PB of 5.92x. The company has delivered strong compounded sales growth of 29% over 3 years and profit growth of 89% over the same period, while remaining almost debt-free, but its 3-year average ROE stands at a modest 5.63%.
- Nearly debt-free balance sheet, providing financial flexibility and low interest burden in a high-rate environment
- Compounded profit growth of 89% over 3 years signals rapid earnings expansion from a growing digital auto classifieds business
- TTM sales growth of 20% and 3-year compounded sales CAGR of 29% indicate sustained top-line momentum
- 10-year median sales growth of 23.9% reflects a long runway of consistent revenue scaling
- Last year ROE improved to 10%, up from the 3-year average of 6%, suggesting improving capital efficiency
- 5-year compounded sales CAGR of 26% demonstrates the company's ability to grow through multiple market cycles including the pandemic period
- Stock CAGR of 74% over 3 years reflects strong market recognition of the company's platform economics and growth trajectory
- 5-year compounded profit CAGR of 19.7% shows the business has been translating revenue growth into meaningful earnings over a medium-term horizon
- PE ratio of 58.1x is significantly elevated, pricing in substantial future growth and leaving limited margin of safety
- 3-year average ROE of only 5.63% is low for a capital-light platform business, questioning the quality of returns generated for shareholders
- Trading at 5.92x book value despite modest ROE suggests the stock may be priced for perfection
- Zero dividend yield — the company has not paid any dividends despite reporting repeated profits, offering no income return to shareholders
- 5-year ROE average of just 3% indicates that profitability improvement is very recent and not yet structurally proven
- 10-year compounded profit growth of only 13% contrasts sharply with the recent 89% 3-year figure, raising questions about sustainability of the recent acceleration
- 52-week high and low data are unavailable (reported as 0), limiting visibility into recent price volatility and technical positioning
- 5-year stock CAGR of 15% — far below the 3-year figure of 74% — suggests that longer-term returns have been more modest and recent gains may reflect sentiment rather than fundamentals
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- CEO Consumer Business resigns Aug 25
Banwari Lal Sharma resigned as CEO – Consumer Business effective Aug 25, after 22 years with the company. Leadership vacuum in a key business vertical could create near-term execution uncertainty.
- Elevated valuation at 62x PE Sep 1
Stock trades at a P/E ratio of ~62, suggesting significant growth expectations are already priced in. Analyst cautions investors to consider risk appetite given the rich valuation.
- Breakout targets ₹3,200–₹3,500 Sep 1
Stock broke out of a 6-week rectangle consolidation at ₹2,960, trading above 20/50/100/200-day moving averages. SEBI-registered analyst sets three targets at ₹3,200, ₹3,300, and ₹3,500 with stop-loss at ₹2,888.
- Strong operating margins 31–37% Sep 1
Quarterly operating margins range between 31% and 37%, described as fundamentally strong by the analyst. Consistent profitability supports the bullish technical setup.
- Active investor engagement cycle Sep 8
Company scheduled multiple investor meets — Elara Conference (Sep 3), Axis Capital Consumer & Tech Conference (Sep 11), and Anand Rathi G-200 Summit (Sep 22). Proactive institutional outreach signals management confidence.
- AGM scheduled for Sep 25 Sep 3
26th Annual General Meeting set for Sep 25, 2026 via video conference. Remote e-voting opens Sep 22 with annual report available online.
TL;DR: CarTrade Tech shows a constructive technical setup after breaking a 6-week consolidation, supported by healthy 31–37% operating margins and active institutional engagement. Key risk is the CEO Consumer Business departure after 22 years, which creates leadership uncertainty in a core vertical, while the ~62x PE leaves little room for disappointment. The near-term trend is cautiously positive if the breakout sustains above ₹2,888, but investors should watch for a successor appointment and volume confirmation in coming sessions.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 86 | 120 | 139 | 145 | 142 | 154 | 176 | 170 | 173 | 193 | 210 | 203 | 201 |
| Expenses | 81 | 99 | 113 | 118 | 120 | 122 | 126 | 123 | 130 | 130 | 131 | 132 | 138 |
| Operating Profit | 5 | 21 | 25 | 27 | 22 | 33 | 50 | 46 | 44 | 64 | 78 | 72 | 63 |
| OPM % | 6% | 18% | 18% | 19% | 16% | 21% | 28% | 27% | 25% | 33% | 37% | 35% | 31% |
| Other Income | 21 | -2 | -32 | 17 | 15 | 18 | 17 | 20 | 25 | 29 | 12 | 18 | 26 |
| Interest | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 8 | 9 | 10 | 10 | 10 | 11 | 11 | 10 | 9 | 9 | 9 | 11 | 11 |
| PBT | 16 | 8 | -19 | 31 | 24 | 37 | 53 | 53 | 57 | 80 | 78 | 75 | 75 |
| Tax % | 14% | 34% | 26% | 20% | 7% | 17% | 15% | 14% | 17% | 20% | 21% | 6% | 24% |
| Net Profit | 14 | 5 | -24 | 25 | 23 | 31 | 46 | 46 | 47 | 64 | 62 | 71 | 57 |
| EPS in Rs | 2.77 | 0.64 | -5.17 | 4.8 | 4.72 | 5.89 | 9.01 | 8.82 | 9.03 | 12.53 | 11.68 | 13.49 | 10.67 |
Profit & Loss
| Particulars | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 33 | 78 | 243 | 298 | 250 | 313 | 364 | 490 | 641 | 779 | 807 |
| Expenses | 195 | 131 | 213 | 258 | 210 | 446 | 330 | 410 | 490 | 522 | 531 |
| Operating Profit | -162 | -53 | 30 | 40 | 40 | -133 | 34 | 80 | 152 | 258 | 276 |
| OPM % | -499% | -68% | 12% | 14% | 16% | -43% | 9% | 16% | 24% | 33% | 34% |
| Other Income | 18 | 20 | 24 | 20 | 32 | 46 | 64 | 3 | 70 | 84 | 84 |
| Interest | 0 | 0 | 3 | 4 | 5 | 7 | 9 | 10 | 12 | 13 | 13 |
| Depreciation | 1 | 3 | 15 | 17 | 20 | 25 | 29 | 37 | 41 | 39 | 40 |
| PBT | -146 | -37 | 35 | 39 | 47 | -119 | 61 | 36 | 168 | 290 | 307 |
| Tax % | 0% | 0% | 27% | 20% | -120% | 2% | 33% | 44% | 14% | 16% | — |
| Net Profit | -146 | -37 | 26 | 31 | 103 | -121 | 40 | 20 | 145 | 244 | 253 |
| EPS in Rs | -461 | -107 | 48.39 | 63.43 | 258 | -28.33 | 7.26 | 3.05 | 28.38 | 46.58 | 48.37 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 4 | 47 | 47 | 47 | 47 | 48 |
| Reserves | 948 | 1,185 | 1,193 | 1,224 | 1,638 | 1,933 | 1,997 | 2,023 | 2,173 | 2,436 |
| Borrowings | 31 | 35 | 68 | 77 | 93 | 77 | 86 | 112 | 131 | 140 |
| Other Liabilities | 39 | 28 | 159 | 163 | 189 | 220 | 210 | 326 | 353 | 385 |
| Total Liabilities | 1,021 | 1,252 | 1,424 | 1,467 | 1,924 | 2,276 | 2,340 | 2,508 | 2,705 | 3,009 |
| Fixed Assets | 792 | 789 | 1,010 | 1,016 | 1,022 | 1,041 | 1,042 | 1,489 | 1,497 | 1,522 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 165 | 405 | 287 | 295 | 645 | 884 | 985 | 510 | 614 | 910 |
| Other Assets | 65 | 58 | 127 | 157 | 255 | 351 | 312 | 509 | 594 | 576 |
| Total Assets | 1,021 | 1,252 | 1,424 | 1,467 | 1,924 | 2,276 | 2,340 | 2,508 | 2,705 | 3,009 |
Cash Flow
| Particulars | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | -50 | 35 | 17 | 35 | 63 | 48 | 16 | 171 | 257 |
| Investing | — | -222 | -20 | -8 | -341 | -281 | -17 | 13 | -138 | -231 |
| Financing | — | 269 | -5 | -11 | 308 | 229 | -39 | -33 | -27 | -23 |
| Net Cash Flow | — | -3 | 9 | -2 | 2 | 12 | -7 | -4 | 7 | 3 |
| Free Cash Flow | — | -50 | 33 | 12 | 30 | 57 | 41 | 13 | 166 | 231 |
| CFO/OP | — | 99 | 174 | 65 | 114 | -58 | 149 | 37 | 113 | 109 |
Ratios
| Particulars | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 197 | 99 | 54 | 57 | 69 | 48 | 52 | 55 | 49 | 44 |
| Inventory Days | — | — | — | 0 | — | — | — | — | — | — |
| Days Payable | — | — | — | 417 | — | — | — | — | — | — |
| Cash Conversion Cycle | 197 | 99 | 54 | -359 | 69 | 48 | 52 | 55 | 49 | 44 |
| Working Capital Days | 148 | 108 | -25 | 35 | 35 | -19 | -10 | -24 | 1 | 15 |
| ROCE % | — | -5% | — | 2% | 3% | -6% | 3% | 4% | 8% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY16–FY27.
Documents
Frequently Asked Questions about CarTrade Tech
What does Cartrade Tech Ltd do?
Where is Cartrade Tech Ltd (CARTRADE) listed?
Which sector does Cartrade Tech Ltd belong to?
What is the market capitalisation of Cartrade Tech Ltd?
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What is the Return on Equity (ROE) of Cartrade Tech Ltd?
Company Information
CarTrade Tech Ltd is a multi-channel auto platform provider company with coverage and presence across vehicle types and Value Added Services. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The platform connects new and used automobile customers, vehicle dealers, vehicle OEMs, and other businesses to buy and sell different types of vehicles. The company offers a variety of solutions across automotive transactions for buying, selling, marketing, financing, and other activities.[1]
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