CARTRADE · Consumer Services
Cartrade Tech Ltd. reported revenue of ₹193 cr for July to September 2025, +25.3% on the year and +11.6% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹712 cr, +22.8% on the four before.
Operating profit (EBITDA) was ₹64.0 cr, a margin of 33.2%, +1,173 bps on the year and +773 bps on the quarter. It is the widest margin of the last 8 quarters (range 15.5% to 33.2%). Operating costs grew +6.6% against revenue growth of +25.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹64.0 cr, +106.5% on the year and +36.2% on the quarter, with earnings per share of ₹12.53. Profit before other income, one-offs and tax grew faster, at +168.4%; other income, one-offs or tax held the headline back. The tax rate of 20% is in line with its recent average. Profit over the last four quarters totals ₹203 cr, +269.1% on the four before.
On earnings per share of ₹39.39 over the last four quarters, the stock at ₹3,016.00 trades at 76.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹9.0 cr, −18.2% on the year.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +106.5% on the year; profit before other income, exceptional items and tax +168.4%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹139 cr | ₹145 cr | ₹142 cr | ₹154 cr | ₹176 cr | ₹170 cr | ₹173 cr | ₹193 cr | ₹210 cr | ₹203 cr | ₹201 cr | ₹213 cr |
| YoY | — | — | +65% | +28% | +27% | +17% | +22% | +25% | +19% | +19% | +16% | +10% |
| EBITDA margin | 18.0% | 18.6% | 15.5% | 21.4% | 28.4% | 27.1% | 25.4% | 33.2% | 37.1% | 35.5% | 31.3% | 35.7% |
| Other income, % of PBT | — | 55% | 63% | 49% | 32% | 38% | 44% | 36% | 15% | 24% | 35% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 20% | 7% | 17% | 15% | 14% | 17% | 20% | 21% | 6% | 24% | 23% |
| Net profit | −₹24.0 cr | ₹25.0 cr | ₹23.0 cr | ₹31.0 cr | ₹46.0 cr | ₹46.0 cr | ₹47.0 cr | ₹64.0 cr | ₹62.0 cr | ₹71.0 cr | ₹57.0 cr | ₹66.0 cr |
| YoY | — | — | +64% | +520% | — | +84% | +104% | +106% | +35% | +54% | +21% | +3% |
| Core profit YoY | — | — | — | +90% | +177% | +136% | +256% | +168% | +83% | +73% | +53% | +22% |
| EPS | −₹5.17 | ₹4.80 | ₹4.72 | ₹5.89 | ₹9.01 | ₹8.82 | ₹9.03 | ₹12.53 | ₹11.68 | ₹13.49 | ₹10.67 | ₹12.24 |
| Flags | · | 1 | 2 | 2 | 1 | ✓ | ✓ | 1 | 1 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cartrade Tech Ltd. reported revenue of ₹193 cr (+25.3% on the year) and net profit of ₹64.0 cr (+106.5% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +168.4% on the year, against +106.5% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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