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Cartrade Tech Ltd

CARTRADE

NSE

₹3,032.90+0.71%19 Oct 2026

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Cartrade Tech Ltd

CARTRADE

NSE

₹3,032.90

+0.71%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

lead - … CarTrade Tech is India’s largest digital automotive marketplace, but that label understates it: the company runs a collection of asset-light platforms that together touch nearly every vehicle bought, sold, or financed in the country, and it has expanded the same playbook into a broad used-goods classifieds business. Founded by an auto-industry veteran and shaped by a series of acquisitions - most notably the purchase of CarWale, a controlling stake in a phygital auction network, and the acquisition of OLX India - it evolved from a single car portal into a diversified conglomerate of marketplaces. The recurring approach is always the same: build or buy a platform that connects fragmented buyers and sellers without owning any inventory, make it the number-one destination in its category, and then layer on data, AI tools, and financial products that make transactions stickier and cheaper to run than anyone else’s.

Business segments

Four engines at different stages - a consumer auto-research giant, a phygital auction network, a national used-goods classifieds platform, and a finance-and-inspection layer that threads through all of them - each run as an independent profit centre.

1. Consumer Group: the research and discovery front door for India’s car and bike buyers

CarWale and BikeWale are the number-one online destinations for new-car and new-bike buyers in India, attracting over 55 million engaged users every month with more than 90% of that traffic arriving organically - which gives the company the lowest cost of sale for any manufacturer or dealer in the country.

Paid by manufacturers and dealers, not by buyers - the group earns roughly 84% of its revenue from new-car advertising, lead generation, and marketing campaigns run for OEMs, dealers, banks, and insurers, with the remaining 16% coming from used-car dealer subscription packages.
A data warehouse, not just a listings site - the platforms hold four levels of data (public, private, customer, and proprietary transaction data), so they can surface pricing benchmarks, condition reports, and fair-value verdicts that horizontal search engines cannot replicate; they are often the source material for AI tools like ChatGPT when users search for automotive information.
AI agents walk the buyer through all 17 steps - from test-drive scheduling and loan applications to trade-in valuation and final delivery, a suite of AI agents accompanies the new-car buyer across the entire showroom-to-delivery journey, while a WhatsApp-based agent called SuperDost already serves over 2 million used-car buyers and sellers in regional languages.
A franchise network that stays asset-light - the CarWale abSure certified used-car programme has grown to 223 outlets across 37 cities, but the company carries no inventory: franchisee dealers buy and refurbish the cars, while the company provides the certification, warranty, money-back guarantee, and booking technology.

2. Remarketing Group: the country’s largest vehicle auction engine

Shriram Automall runs roughly 1.7 million auctions a year across 134 physical Automalls and a digital bidding platform, moving over 2.5 lakh vehicles annually for banks, insurers, fleet owners, and retail sellers - a phygital model with no direct like-to-like competitor in India.

Auction commissions, not vehicle margins - the group earns fees and commissions on every vehicle auctioned and on allied services such as inspection and valuation, serving a clientele that spans banks, NBFCs, OEMs, insurance companies, leasing firms, and retail customers.
Supply has shifted from repossession to retail - repossessed vehicles once dominated the pipeline, but today over 40% of the business comes from retail suppliers, with repossession contributing 48% of volume and a long tail of corporates making up the rest.
Inspection feeds the auction flywheel - the Adroit Auto subsidiary provides doorstep and AI-enabled self-inspection with digital reports and valuation benchmarks, integrated directly into the SAMIL and CarTrade Exchange platforms so that a vehicle can be inspected, valued, and listed for auction in one flow.
Pricing intelligence built on real transactions - because the platform sees actual auction outcomes across India, it can give used-car dealers data-driven buying guidance and help new-car dealers execute trade-ins by exploiting price differences between geographies.

3. OLX India: the national classifieds platform for everything used

OLX India is the country’s largest online classifieds business, with roughly 180 million annual users, 100% organic traffic, and zero brand advertising spend - a brand so embedded that over half its users have been on the platform for more than five years.

Listings and chats at enormous scale - the platform sees about 2 million new listings every month and has facilitated over 2.3 billion chats, with an average of roughly 24 replies per listing and 18% of listings marked as sold.
Monetisation through seller and buyer tools - revenue comes from dealer products, C2C listing fees, and paid programmes such as Elite Buyer (access to seller contacts) and Elite Seller (AI matchmaking and recommendations), with future opportunities identified in escrow, logistics, and fintech.
AI companions close transactions inside the app - VAYA AI operates as a WhatsApp-based shopping assistant that understands natural-language queries, while in-app tools include a pricing agent that suggests fair ranges, a condition agent that analyses listing images, and an escrow product called SafePay where an RBI-licensed aggregator holds funds until the buyer confirms receipt.
Acquired, stripped of loss-making units, and refocused - after the August 2023 acquisition, the company shut down the C2B auto-transaction business that had poor unit economics and concentrated entirely on growing the profitable classifieds platform across 12 categories including autos, real estate, and electronics.

4. Finance and inspection services: the connective tissue across all platforms

A finance marketplace and an inspection network run across the Consumer, Remarketing, and OLX engines, turning audience and listings into completed transactions without the company taking credit risk or holding inventory.

Embedded lending at the point of discovery - through a partnership with IDFC FIRST Bank and a SaaS product called CarTrade Finsoft, the company offers instant auto-loan approvals and connects customers to multiple banks and NBFCs directly inside the car-buying journey, with used-car finance penetration in India still only 20-30% compared to 75-80% for new cars.
Personal loans for used goods on OLX - pre-approved personal-loan offers surface at the listing stage, with digital KYC, credit decisions in under two minutes, and funds disbursed directly by finance partners at rates starting from 14.50% per year.
Inspection as a standalone service and an auction input - Adroit Auto’s doorstep and AI-enabled inspections produce digital reports and valuation benchmarks that serve insurance and banking clients directly, while also feeding the SAMIL and CarTrade Exchange auction pipelines with condition data that makes remote bidding possible.

Group structure and partners

The listed parent, CarTrade Tech Limited, operates through three reportable segments - Consumer, Remarketing, and OLX India - with the key operating entities held as direct and step-down subsidiaries, and no joint ventures or associate companies.

Sobek Auto India Private Limited is the wholly owned subsidiary that runs the OLX India classifieds platform, acquired in August 2023 for INR 537.43 crores in cash, with an intellectual-property licence and transitional support agreement from the seller.
Shriram Automall India Limited (SAMIL) is the material unlisted subsidiary that operates the phygital auction network; the company holds a 51% stake (55.43% on an actual basis) acquired in 2018.
Step-down subsidiaries include CarTradeExchange Solutions (online bidding platform), Adroit Inspection Services (inspection and valuation), and Augeo Asset Management (e-listing and auctions for plant, machinery, and properties in the insolvency space).
Key institutional partners include IDFC FIRST Bank for embedded used-car finance, a network of banks and NBFCs for auto loans, and leading OEMs and dealers across the automotive ecosystem.

Quick Ratios

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Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹14,740Cr

Close Price

₹3,032.00

Industry

Platform Others

Price To Earnings

62.58

Price To Sales

18.26

Revenue

₹807Cr

Rev Gr TTM

Revenue Growth TTM

19.97%

PAT Gr TTM

PAT Growth TTM

49.44%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	120	139	145	142	154	176	170	173	193	210	203	201
Growth YoY Revenue Growth YoY%	36.5	42.6	51.5	64.4	28.5	27.1	16.7	22.3	25.4	19.0	19.8	16.3
Expenses ExpensesCr	99	113	118	120	122	126	123	130	130	131	131	138
Operating Profit Operating ProfitCr	21	25	27	22	33	50	46	44	64	78	72	63
OPM OPM%	17.6	18.3	18.8	15.5	21.2	28.4	27.2	25.1	32.9	37.3	35.3	31.3
Other Income Other IncomeCr	16	13	15	15	18	17	20	25	29	12	18	26
Interest Expense Interest ExpenseCr	2	2	3	3	3	3	3	3	3	3	3	3
Depreciation DepreciationCr	9	10	10	10	11	11	10	9	9	9	11	11
PBT PBTCr	26	27	30	25	37	53	53	57	80	78	75	75
Tax TaxCr	3	5	6	2	6	8	7	10	16	16	4	18
PAT PATCr	5	-24	25	23	31	46	46	47	64	62	71	57
Growth YoY PAT Growth YoY%	-9.7	-267.6	42.8	69.5	509.7	293.3	84.7	105.5	108.5	35.1	53.6	20.6
NPM NPM%	4.2	-17.0	17.2	16.2	19.9	25.8	27.2	27.2	33.1	29.3	34.9	28.2
EPS EPS₹	0.6	-5.2	4.8	4.7	5.9	8.9	8.8	9.0	12.6	11.7	13.5	10.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	120	139	145	142	154	176	170	173	193	210	203	201
Growth YoY Revenue Growth YoY%	36.5	42.6	51.5	64.4	28.5	27.1	16.7	22.3	25.4	19.0	19.8	16.3
Expenses ExpensesCr	99	113	118	120	122	126	123	130	130	131	131	138
Operating Profit Operating ProfitCr	21	25	27	22	33	50	46	44	64	78	72	63
OPM OPM%	17.6	18.3	18.8	15.5	21.2	28.4	27.2	25.1	32.9	37.3	35.3	31.3
Other Income Other IncomeCr	16	13	15	15	18	17	20	25	29	12	18	26
Interest Expense Interest ExpenseCr	2	2	3	3	3	3	3	3	3	3	3	3
Depreciation DepreciationCr	9	10	10	10	11	11	10	9	9	9	11	11
PBT PBTCr	26	27	30	25	37	53	53	57	80	78	75	75
Tax TaxCr	3	5	6	2	6	8	7	10	16	16	4	18
PAT PATCr	5	-24	25	23	31	46	46	47	64	62	71	57
Growth YoY PAT Growth YoY%	-9.7	-267.6	42.8	69.5	509.7	293.3	84.7	105.5	108.5	35.1	53.6	20.6
NPM NPM%	4.2	-17.0	17.2	16.2	19.9	25.8	27.2	27.2	33.1	29.3	34.9	28.2
EPS EPS₹	0.6	-5.2	4.8	4.7	5.9	8.9	8.8	9.0	12.6	11.7	13.5	10.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	33	78	124	243	298	250	313	364	490	641	779	807
Growth Revenue Growth%		140.3	57.9	96.9	22.6	-16.3	25.3	16.3	34.7	30.9	21.5	20.0
Expenses ExpensesCr	195	131	144	214	259	210	447	331	411	491	522	531
Operating Profit Operating ProfitCr	-162	-53	-20	30	40	39	-134	33	79	151	257	276
OPM OPM%	-498.9	-68.0	-16.6	12.1	13.3	15.8	-42.9	9.1	16.2	23.5	33.0	34.2
Other Income Other IncomeCr	18	20	26	24	20	32	46	64	65	70	84	84
Interest Expense Interest ExpenseCr	0	0	0	2	3	4	6	8	9	12	12	13
Depreciation DepreciationCr	1	3	8	15	17	20	25	29	37	41	39	40
PBT PBTCr	-146	-37	-3	35	39	47	-119	61	98	168	290	307
Tax TaxCr	0	0	4	10	8	-56	2	20	16	23	46	54
PAT PATCr	-146	-37	-7	26	31	103	-121	40	82	145	244	253
Growth PAT Growth%		74.6	81.4	476.5	20.8	230.4	-217.4	133.3	103.1	76.9	67.6	49.4
NPM NPM%	-447.4	-47.4	-5.6	10.7	10.5	41.4	-38.8	11.1	16.8	22.6	31.3	31.4
EPS EPS₹	-461.5	-115.0	-2.4	4.3	5.7	22.4	-28.7	7.3	3.0	28.5	46.8	48.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	33	78	124	243	298	250	313	364	490	641	779	807
Growth Revenue Growth%		140.3	57.9	96.9	22.6	-16.3	25.3	16.3	34.7	30.9	21.5	20.0
Expenses ExpensesCr	195	131	144	214	259	210	447	331	411	491	522	531
Operating Profit Operating ProfitCr	-162	-53	-20	30	40	39	-134	33	79	151	257	276
OPM OPM%	-498.9	-68.0	-16.6	12.1	13.3	15.8	-42.9	9.1	16.2	23.5	33.0	34.2
Other Income Other IncomeCr	18	20	26	24	20	32	46	64	65	70	84	84
Interest Expense Interest ExpenseCr	0	0	0	2	3	4	6	8	9	12	12	13
Depreciation DepreciationCr	1	3	8	15	17	20	25	29	37	41	39	40
PBT PBTCr	-146	-37	-3	35	39	47	-119	61	98	168	290	307
Tax TaxCr	0	0	4	10	8	-56	2	20	16	23	46	54
PAT PATCr	-146	-37	-7	26	31	103	-121	40	82	145	244	253
Growth PAT Growth%		74.6	81.4	476.5	20.8	230.4	-217.4	133.3	103.1	76.9	67.6	49.4
NPM NPM%	-447.4	-47.4	-5.6	10.7	10.5	41.4	-38.8	11.1	16.8	22.6	31.3	31.4
EPS EPS₹	-461.5	-115.0	-2.4	4.3	5.7	22.4	-28.7	7.3	3.0	28.5	46.8	48.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	4	47	47	47	47	48
Reserves ReservesCr	948	1,185	1,169	1,193	1,224	1,638	1,933	1,997	2,023	2,173	2,435
Current Liabilities Current LiabilitiesCr	36	25	82	105	91	110	131	139	244	253	258
Non Current Liabilities Non Current LiabilitiesCr	3	3	26	35	47	57	76	81	109	125	133
Total Liabilities Total LiabilitiesCr	1,021	1,252	1,357	1,427	1,470	1,930	2,281	2,343	2,510	2,705	3,009
Current Assets Current AssetsCr	221	457	345	395	416	786	1,044	1,135	814	939	1,235
Non Current Assets Non Current AssetsCr	800	795	1,012	1,032	1,055	1,144	1,237	1,208	1,696	1,767	1,774
Total Assets Total AssetsCr	1,021	1,252	1,357	1,427	1,470	1,930	2,281	2,343	2,510	2,705	3,009

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	4	47	47	47	47	48
Reserves ReservesCr	948	1,185	1,169	1,193	1,224	1,638	1,933	1,997	2,023	2,173	2,435
Current Liabilities Current LiabilitiesCr	36	25	82	105	91	110	131	139	244	253	258
Non Current Liabilities Non Current LiabilitiesCr	3	3	26	35	47	57	76	81	109	125	133
Total Liabilities Total LiabilitiesCr	1,021	1,252	1,357	1,427	1,470	1,930	2,281	2,343	2,510	2,705	3,009
Current Assets Current AssetsCr	221	457	345	395	416	786	1,044	1,135	814	939	1,235
Non Current Assets Non Current AssetsCr	800	795	1,012	1,032	1,055	1,144	1,237	1,208	1,696	1,767	1,774
Total Assets Total AssetsCr	1,021	1,252	1,357	1,427	1,470	1,930	2,281	2,343	2,510	2,705	3,009

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-301	-50	-7	35	17	35	63	48	16	171	257
Investing Cash Flow Investing Cash FlowCr	-652	-222	0	-20	-8	-341	-281	-17	-110	-138	-231
Financing Cash Flow Financing Cash FlowCr	953	269	0	-5	-11	308	229	-39	-33	-27	-23
Net Cash Flow Net Cash FlowCr	0	-3	0	9	-2	2	12	-7	-127	7	3
Free Cash Flow Free Cash FlowCr	-302	-50	-7	33	12	30	57	41	13	166	231
CFO To PAT CFO To PAT%	206.9	134.3	97.2	135.8	54.8	34.0	-52.0	119.3	19.3	117.7	105.5
CFO To EBITDA CFO To EBITDA%	185.5	93.5	32.6	119.3	43.3	89.4	-47.1	146.1	20.0	113.4	100.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-301	-50	-7	35	17	35	63	48	16	171	257
Investing Cash Flow Investing Cash FlowCr	-652	-222	0	-20	-8	-341	-281	-17	-110	-138	-231
Financing Cash Flow Financing Cash FlowCr	953	269	0	-5	-11	308	229	-39	-33	-27	-23
Net Cash Flow Net Cash FlowCr	0	-3	0	9	-2	2	12	-7	-127	7	3
Free Cash Flow Free Cash FlowCr	-302	-50	-7	33	12	30	57	41	13	166	231
CFO To PAT CFO To PAT%	206.9	134.3	97.2	135.8	54.8	34.0	-52.0	119.3	19.3	117.7	105.5
CFO To EBITDA CFO To EBITDA%	185.5	93.5	32.6	119.3	43.3	89.4	-47.1	146.1	20.0	113.4	100.0

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							2,712	1,817	2,988	7,796	7,900	14,740
Price To Earnings Price To Earnings								53.4	209.0	57.9	35.4	62.6
Price To Sales Price To Sales							8.7	5.0	6.1	12.2	10.1	18.3
Price To Book Price To Book							1.4	0.9	1.4	3.5	3.2	5.9
EV To EBITDA EV To EBITDA							-20.3	56.8	37.8	52.0	31.1	53.3
Profitability Ratios Profitability Ratios
GPM GPM%	96.7	98.8	96.4	96.1	90.8	97.3	96.0	96.7	91.5	90.0	92.0	92.0
OPM OPM%	-498.9	-68.0	-16.6	12.1	13.3	15.8	-42.9	9.1	16.2	23.5	33.0	34.2
NPM NPM%	-447.4	-47.4	-5.6	10.7	10.5	41.4	-38.8	11.1	16.8	22.6	31.3	31.4
ROCE ROCE%	-15.3	-3.1	-0.2	3.1	3.3	3.0	-5.5	3.2	4.9	7.7	11.5	11.5
ROE ROE%	-15.3	-3.1	-0.6	2.2	2.5	6.3	-6.1	2.0	4.0	6.5	9.8	9.8
ROA ROA%	-14.3	-3.0	-0.5	1.8	2.1	5.4	-5.3	1.7	3.3	5.4	8.1	8.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							2,712	1,817	2,988	7,796	7,900	14,740
Price To Earnings Price To Earnings								53.4	209.0	57.9	35.4	62.6
Price To Sales Price To Sales							8.7	5.0	6.1	12.2	10.1	18.3
Price To Book Price To Book							1.4	0.9	1.4	3.5	3.2	5.9
EV To EBITDA EV To EBITDA							-20.3	56.8	37.8	52.0	31.1	53.3
Profitability Ratios Profitability Ratios
GPM GPM%	96.7	98.8	96.4	96.1	90.8	97.3	96.0	96.7	91.5	90.0	92.0	92.0
OPM OPM%	-498.9	-68.0	-16.6	12.1	13.3	15.8	-42.9	9.1	16.2	23.5	33.0	34.2
NPM NPM%	-447.4	-47.4	-5.6	10.7	10.5	41.4	-38.8	11.1	16.8	22.6	31.3	31.4
ROCE ROCE%	-15.3	-3.1	-0.2	3.1	3.3	3.0	-5.5	3.2	4.9	7.7	11.5	11.5
ROE ROE%	-15.3	-3.1	-0.6	2.2	2.5	6.3	-6.1	2.0	4.0	6.5	9.8	9.8
ROA ROA%	-14.3	-3.0	-0.5	1.8	2.1	5.4	-5.3	1.7	3.3	5.4	8.1	8.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

FY2026

FY2025

FY2024

FY2023

FY2022

FY2026

Jun 26