CARTRADE
Large CapCartrade Tech Limited
Services
CarTrade Tech operates online platforms for buying and selling new and used vehicles (CarTrade, CarWale, BikeWale), an online classifieds platform (OLX India) for various used products, and a remarketing business for vehicle auctions and inspections. It leverages technology and data across B2B, B2C, C2C, and C2B transactions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +19% YoY · PAT +54% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹203 Cr | +19.4% | -3.3% |
| EBITDA | ₹72 Cr | +56.5% | -7.7% |
| Operating margin | 35.0% | +800 bps | -200 bps |
| PAT | ₹71 Cr | +54.4% | +14.5% |
| PAT margin | 35.0% | +792 bps | +546 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CarTrade Tech reports strong FY26 performance with PAT up 68% to ₹244 Crores and EBITDA up 70%, driven by growth across all segments.
The company demonstrates robust financial growth and expanding margins, with PAT and EBITDA showing significant YoY increases. Its diversified platform strategy across new/used autos and classifieds, coupled with a strong organic user base and asset-light model, supports continued profitability and market leadership claims. Management's focus on AI-led solutions and ecosystem expansion suggests further monetization opportunities.
Revenue from Operations (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Market Leadership in New Auto
PositiveCompany claims #1 destination for New Cars & Bikes online with 150M+ annual users and 47M+ unique monthly engaged users.
Dominance in Used Car Ecosystem
PositivePlatforms host the largest used car inventory, representing 63% of all used car listings in India.
Scaled Multi-Category Classifieds
PositiveOLX India is the only scaled platform for used products, with ~30M monthly users and ~3bn$ GMV worth used products sold.
Phygital Auction Marketplace
PositiveRemarketing Group is the largest phygital auction marketplace with ~1.7 million auctions a year and 130 Auto malls.
Physical Locations
PositiveCompany operates 500+ physical locations across 90 cities, supporting its phygital model.
Auto Malls
PositiveRemarketing business utilizes ~130 Auto malls across 90 cities.
Large & Growing Auto Market
PositiveIndia's new auto market continues to scale with strong demand (~4-4.6M PVs, ~20-22M 2-wheelers annually).
Expanding Used Car Market
PositiveIndia's used car market continues to expand with rising Average Selling Prices (~5.5M used cars sold annually).
Digital Tailwinds
PositiveStrong digital tailwinds support the company's online platforms across auto and used products.
Institutional Supply Acceleration
PositiveInstitutional supply is accelerating in the large and growing used vehicle market, benefiting the remarketing business.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a clear view of annual growth and structural margin expansion across segments, which is crucial for a digital platform. QoQ highlights sequential momentum and operational efficiency, especially in the context of quarterly segment performance and new product launches.
Monthly Unique Visitors (Consumer Group)
Positive47M+ unique monthly engaged users on new auto platforms.
Organic Traffic (Consumer Group)
Positive>90% Organic Traffic for new auto platforms.
Used Car Listings (India)
Positive63% of all used car listings of India hosted on company platforms.
Monthly Users (OLX India)
Positive~30M monthly users on OLX India.
Future Opportunities in New Auto
NeutralManagement sees future opportunities in Online Buying, Financing, and AI* Brand in the new auto segment.
Ecosystem Expansion in Used Auto
NeutralMultiple opportunities identified across B2C, C2B, C2C, Retail, Partnerships, and FinTech in the used auto ecosystem.
Monetization Engines for OLX India
NeutralRevenue opportunities include Dealer products, C2C listings, Partnerships, FinTech, Escrow, Logistics, and Retail.
Leveraging Tech & Data for Remarketing
NeutralCompany aims to fuel Inter-Geo growth by leveraging technology and data in the remarketing segment.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PAT Growth | FY26 PAT up 68% YoY to ₹244 Crores | Sustained high double-digit PAT growth in subsequent quarters and fiscal years. |
| EBITDA Margin | FY26 EBITDA margin at 33% | Maintenance or further expansion of EBITDA margins, indicating continued operational efficiency and scale benefits. |
| Segmental Revenue Growth | Consumer +30%, Remarketing +22%, Classifieds +13% (FY26 YoY) | Consistent growth across all key segments, particularly the Classifieds segment, to ensure diversified revenue streams. |
| User Engagement & Organic Traffic | 76M+ monthly unique visitors, >95% organic traffic (company-wide) | Continued high organic traffic and user engagement metrics, crucial for an asset-light digital platform. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
OLX's growth rate is expected to surpass current levels in the coming quarters, with management feeling very optimistic about its growth.
"we feel very optimistic about the next few quarters for growth in OLX"
Outcome check: Revenue YoY averaged 19.4% across 2 later quarter(s).
A new trust verification program for OLX will likely launch by the end of the current quarter and become an additional monetization opportunity from the next quarter onwards.
"will probably get launched by end of this quarter. And that will become an additional monetization opportunity"
Outcome check: Revenue YoY averaged 19.3% across 1 later quarter(s).
The Consumer Group is expected to accelerate growth further over the next quarter, few quarters, and years.
"we do see the Consumer Group accelerating growth even further or growing over the next quarter, a few quarters and definitely years as well"
Outcome check: Revenue YoY averaged 19.3% across 1 later quarter(s).
The Elite Buyer Program is expected to provide additional monetization opportunities for OLX in the coming quarters and years, with management feeling very optimistic about its performance.
"additional monetization opportunities for us, especially like the Elite Buyer Program in the coming quarters and coming years"
Outcome check: Revenue YoY averaged 19.4% across 2 later quarter(s).
Trend score and candlestick chart
45NeutralSMA20 -21.6% / mo
Technical chart
CARTRADEdaily · 6M-21.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 74. Wait for confirmation.
- SMA20 rising (~4.5% over last month) — short-term momentum positive.
- RSI(14) at 74 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 26% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -30.4%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 4 checked claims. It ranks around the 82nd percentile of the scored universe and 90th percentile within Services. No major sub-score weakness stands out.
High Trust: 4/4 extracted management claims have outcome checks; 100% were fully delivered and 0 were partially delivered. 4/4 matched management claims were delivered.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 90th pctile, median 66 · Large: 63rd pctile, median 74
4/4 claims checked. Use as directional, not final.
4/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸OPM spread across recent quarters is 21%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 43.50
- P/B
- 3.99
- EV/EBITDA
- 33.95
- Market Cap
- 9910.00Cr
Profitability
- ROE
- 9.69%
- ROCE
- 11.80%
- ROA
- 8.11%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 29.00%
- EPS 3Y
- 89.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 21.42×
- Altman Z
- 7.97
- Book Value
- 519.00
Cash Flow
- FCF Yield
- 0.26%
- FCF Positive Y
- 6/5
- OCF
- 257.00 Cr
- EPS TTM
- 46.58
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.