CarTrade Tech LimitedQ2 FY27 Results & Financial Update
CarTrade Tech Limited: Q2 FY27 consolidated results and company financials – revenue ₹213.09 Cr, PAT ₹65.95 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore CarTrade Tech Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
CarTrade Tech reported consolidated revenue from operations of INR 213.09 crore for the quarter ended September 30, 2026, representing a sequential increase of 5.93% over the INR 201.16 crore recorded in Q1 FY27.
Total income for Q2 FY27 stood at INR 236.23 crore compared to INR 229.74 crore in the preceding quarter, supported by steady engagement across the company's digital properties and auction networks.
Profit before tax (PBT) reached INR 85.45 crore, marking a 14.67% increase quarter-on-quarter from INR 74.52 crore, driven by revenue expansion and disciplined cost management across operating segments.
Profit after tax (PAT) rose by 16.21% sequentially to INR 65.95 crore from INR 56.75 crore in Q1 FY27, resulting in a basic earnings per share (EPS) of INR 12.30 compared to INR 10.26 in the previous quarter.
The company maintained a strong financial position with zero debt and robust cash reserves totaling INR 1,401 crore as of September 30, 2026, providing substantial capital flexibility for ongoing digital investments and expansion initiatives.
Platform engagement remained high during the quarter, with average monthly unique visitors (MAU) reaching approximately 76 million across platforms alongside more than 100 million cumulative app downloads, underpinned by organic traffic generation.
01 · Business model
What does CarTrade Tech do?
CarTrade Tech Limited operates a diversified portfolio of digital automotive platforms and classifieds in India, serving consumers, dealerships, original equipment manufacturers (OEMs), and fleet owners.
The company's operations span three primary business segments: the Consumer Group (featuring CarWale and BikeWale for new and used vehicles), the Remarketing Group (comprising physical and online vehicle auctions through Shriram Automall and CarTrade Exchange alongside inspection services), and OLX India (used goods classifieds across 12 categories).
Its revenue model combines online advertising, listing fees, transaction-based auction commissions, inspection and valuation services, and value-added software solutions for automotive dealers.
CarTrade Tech leverages proprietary data, artificial intelligence integrations, and an asset-light operating model to connect buyers and sellers across more than 500 physical and digital touchpoints.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹213.09 Cr | ₹201.16 Cr |
| Total income | ₹236.23 Cr | ₹229.74 Cr |
| Profit before tax | ₹85.45 Cr | ₹74.52 Cr |
| Profit after tax | ₹65.95 Cr | ₹56.75 Cr |
| EPS | ₹12.30 | ₹10.26 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 31.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 40.1% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹23.13 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was supported by broad-based growth across the Consumer Group, Remarketing Group, and OLX India classifieds, driven by higher transaction volumes and dealer subscription activity.
High organic visitor share across CarWale, BikeWale, and OLX India continued to drive high-intent customer leads for new and pre-owned vehicle buyers.
What drove margins
Fixed-cost absorption across technology infrastructure and corporate overheads allowed total expenses to grow at a slower pace than operating revenues, expanding profitability margins.
Employee costs were managed at INR 83.67 crore during the quarter, while marketing expenditures remained controlled at INR 7.71 crore.
04 · Demand, customers & order book
Where demand is coming from
The company recorded approximately 76 million average monthly unique visitors across its platforms in Q2 FY27, with 96% of unique visitors originating organically. Auction listings for the remarketing business reached 1.6 million for FY27.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Consumer Group, encompassing CarWale and BikeWale, generated operating revenue of INR 79.49 crore with an EBITDA margin of 41% and a profit after tax of INR 32.33 crore for the quarter.
The Remarketing Group delivered operating revenue of INR 70.30 crore, with EBITDA margins crossing 30% to reach INR 21.20 crore and profit after tax growing to INR 14.51 crore.
OLX India recorded operating revenue of INR 70.18 crore during Q2 FY27, generating an EBITDA of INR 22.49 crore (32% margin) and a profit after tax of INR 19.08 crore.
Geography and market mix
CarTrade Tech operates across more than 500 physical locations in India through Automall, abSure, and OLX India outlets, complemented by nationwide digital accessibility.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The company advanced its product strategy by launching AI-driven assistants across new and used car buying journeys, alongside the rollout of VAYA Live as an intelligence and action platform for automotive OEMs and dealers.
OLX India entered into a strategic partnership with Landmark in September 2026 to drive pre-owned mobility solutions, combining digital classified demand with organized retail execution.
07 · Reported developments
What changed operationally
The company achieved record quarterly operating revenue of INR 236 crore (total income basis) and its highest-ever PBT of INR 85.45 crore.
08 · Items worth noticing
The line items that can distort a quick read
The company reported current tax expense of INR 10.07 crore and deferred tax expense of INR 9.42 crore for Q2 FY27.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
CarTrade Tech maintained a zero-debt financial structure with cash and cash equivalents standing at INR 1,401 crore as of September 30, 2026.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Building 2.0 Escrow and Logistics
OLX India introduced enhanced transaction capabilities including direct 'Buy Now' flows, escrow payment protection, and integrated logistics tracking for used goods and vehicle transactions.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated operating revenue increased by 5.93% from INR 201.16 crore in Q1 FY27 to INR 213.09 crore in Q2 FY27, accompanied by a 16.21% increase in PAT.
12 · Key Q&A
The quarter, answered directly
What does CarTrade Tech do?
CarTrade Tech Limited operates a diversified portfolio of digital automotive platforms and classifieds in India, serving consumers, dealerships, original equipment manufacturers (OEMs), and fleet owners.
What is the clearest takeaway from Q2 FY27?
CarTrade Tech reported consolidated revenue from operations of INR 213.09 crore for the quarter ended September 30, 2026, representing a sequential increase of 5.93% over the INR 201.16 crore recorded in Q1 FY27.
What drove revenue or demand?
Revenue expansion was supported by broad-based growth across the Consumer Group, Remarketing Group, and OLX India classifieds, driven by higher transaction volumes and dealer subscription activity.
What mattered most for margins or profitability?
Fixed-cost absorption across technology infrastructure and corporate overheads allowed total expenses to grow at a slower pace than operating revenues, expanding profitability margins.
What changed operationally beyond the headline numbers?
The company advanced its product strategy by launching AI-driven assistants across new and used car buying journeys, alongside the rollout of VAYA Live as an intelligence and action platform for automotive OEMs and dealers.
What should the next disclosure help confirm?
Monitor adoption rates and transaction volumes on newly launched AI buying assistants and the VAYA Live intelligence platform.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of AI and Digital Initiatives: Monitor adoption rates and transaction volumes on newly launched AI buying assistants and the VAYA Live intelligence platform.
- 02
Integration of Strategic Partnerships: Track the operational scaling of the Landmark and OLX India pre-owned mobility partnership across retail outlets.
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