Carraro India is a technology driven integrated supplier that develops complex engineering products and solutions for their original equipment manufacturer (“OEM”) customers. They are an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India. They support the full value chain of services as a solution provider for axles, transmission systems, gears and other related components with in-house product design manufacturing capabilities.

Carraro India, an Book Built Issue amounting to ₹1,250.00 Crores, consisting entirely an Offer for Sale of 177.55 Lakh Shares. The subscription period for the Carraro India IPO opens on December 20, 2024, and closes on December 24, 2024. The allotment is expected to be finalized on or about Thursday, December 26, 2024, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Monday, December 30, 2024.

The Share price band of Carraro India IPO is set at ₹668 to ₹704 per equity share. The Market Capitalisation of the Carraro India Limited at IPO price of ₹704 per equity share will be ₹4,002.34 Crores. The lot size of the IPO is 21 shares. Retail investors are required to invest a minimum of ₹ 14,784, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (294 shares), amounting to ₹ 2,06,976.

Axis Capital Limited, BNP Paribas and Nuvama Wealth Management Limited are the book-running lead manager while Link Intime India Private Limited is the registrar for the Issue. 

Carraro India Limited IPO GMP Today
The Grey Market Premium of Carraro India Limited IPO is expected to be ₹76 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Carraro India Limited Day Wise IPO GMP Trend 

Date	IPO Price	Expected Listing Price	GMP	Last Updated
21 December 2024	₹ 704	₹ 780	₹76 (10.84%)	03:00 PM; 21 Dec 2024
19 December 2024	₹ 704	₹ 780	₹76 (10.84%)	07:00 PM; 19 Dec 2024

Carraro India Limited IPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 24 December 2024, the Carraro India IPO live subscription status shows that the IPO subscribed 1.12 times on its Final day of subscription period. Check the Carraro India IPO Live Subscription Status Today at BSE.

Carraro India IPO Anchor Investors Report
Carraro India has raised ₹375 Crores from Anchor Investors at a price of ₹704 per shares in consultation of the Book Running Lead Managers. The company allocate 53,26,703 equity shares to the Anchor Investors. Check Full List of Carraro India Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.

Carraro India Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Carraro India IPO allotment date is 26 December, 2024, Thursday. Carraro India IPO Allotment will be out on 26th December 2024 and will be live on Registrar Website from the allotment date. Check Carraro India IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Carraro India Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Carraro India Limited IPO
Carraro India will not receive any proceeds from the Offer (the “Offer Proceeds”) and all the Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer related expenses and relevant taxes thereon, to be borne by the Promoter Selling Shareholder. For details of Equity Shares offered by the Promoter Selling Shareholder 

Refer to Carraro India Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Carraro India Limited

BUSINESS OVERVIEW

Carraro India is a technology-driven, integrated supplier of complex engineering products and solutions for original equipment manufacturers (OEMs). As an independent Tier II solution provider, the company specializes in axles, transmission systems, and gears for agricultural tractors and construction vehicles in India. Carraro India supports the full value chain with in-house design and manufacturing capabilities.

The company is part of the Carraro Group, owned by Carraro S.p.A., a global leader in transmission systems for off-highway vehicles. Carraro India operates under a licensing agreement for the Carraro brand. With a strong presence in India since 1997, Carraro India established its manufacturing facility in Pune and an R&D center in 2006. Over 27 years, the company has built an extensive network of local and international customers and suppliers, leveraging its early-mover advantage to foster strong customer relationships and provide customized, high-quality products that create high switching costs for customers.

Carraro India's product portfolio includes mission-critical axles and transmission systems for various applications, such as agricultural tractors, backhoe loaders, soil compactors, cranes, and small motor graders. It also manufactures gears, shafts, and ring gears for industrial and automotive markets, along with spare parts and non-core components. The company operates two advanced driveline manufacturing plants in Pune, Maharashtra.

As on September 30, 2024, the Company had engaged 39 contractors and 635 contractual temporary employees. The Bankers of the Company are Axis Bank Limited, HDFC Bank Limited, Export-Import Bank of India, ICICI Bank Limited, The Federal Bank Limited, Kotak Mahindra Bank Limited and IDBI Bank Limited.

INDUSTRY ANALYSIS

Indian Off-Highway Market
The India off-highway vehicles comprise construction vehicles and agricultural equipment (agricultural equipment includes tractors and harvesting equipment). According to the publications by Tractor Manufacturer’s Association (“TMA”) and Indian Construction Equipment Manufacturer’s Association (“ICEMA”), the agricultural tractors sales are expected to increase by 5.2% whereas construction vehicle sales are expected to increase by 6.0% from CY2023 to CY2024. The sales of agricultural tractors and construction vehicle in India is estimated to increase by 5.3% from CY2023 to CY2024.

The factors influencing the sales of tractors include demand for farm mechanization, supporting government policies, technological advancements, better financing options, and others and for construction vehicles include increased infrastructure development, urbanization and real estate growth, growing rental and leasing market, technological advancements and others. Government policies impacting the agricultural tractors and construction vehicles industry, including those related to agricultural infrastructure and supply chain, self-reliant manufacturing, foreign direct investment, tax and environment policies also have a direct impact on vehicle supply and demand.

The Indian off-highway industry has undergone significant changes, with emerging technologies, climate change concerns leading to stringent emission regulations driving shifts in end-customer preferences. As a result, OEMs are now compelled to look beyond traditional purchasing factors like price, design, performance, brand image, and features and focus on new priorities such as fuel efficiency, environmental impact, and innovative features to meet evolving consumer demands.

The off-highway vehicles market comprising of agricultural equipment (tractors and harvesting equipment) and construction vehicles registered almost 17% y-o-y growth in CY2021. The industry had shown a prominent decline in CY2019 and CY2020 due to the general elections and the Covid-19 pandemic. The market continued to grow in CY2022 and CY2023, driven by infrastructure investment. The market is expected to grow in CY2024 and continue to grow steadily until CY2029.

According to the TMA and ICEMA, in CY2023, construction vehicle sales increased by 9.9% y-o-y while agricultural equipment (tractors and harvesting equipment) sales decreased by 3.0% y-o-y.

Agricultural tractors dominate the OHV equipment market with a 90% share in 2023, owing to the large number of small and marginal farmers who rely heavily on tractors for their farming operations. The increasing adoption of mechanized farming techniques and favorable government initiatives have further bolstered the demand for tractors.

Construction vehicles hold a market share of 10% in India total off-highway vehicles industry. The 2023-24 budget includes a 33% increase in capital investment for infrastructure, amounting to ₹ 10 lakh crore (USD 122 billion), equivalent to 3.3% of GDP. Additionally, ₹ 75,000 crores has been allocated in the budget for the development of 100 projects crucial for enhancing multimodal logistics infrastructure. These initiatives are expected to stimulate sales and increase demand for construction vehicles across India.

The factors influencing the sales of tractors include demand for farm mechanization, supporting government policies, technological advancements, better financing options, and others and for construction vehicles include increased infrastructure development, urbanization and real estate growth, growing rental and leasing market, technological advancements and others. Government policies impacting the agricultural tractors and construction vehicles industry, including those related to agricultural infrastructure and supply chain, self-reliant manufacturing, foreign direct investment, tax and environment policies also have a direct impact on vehicle supply and demand.

The off-highway equipment market experienced a significant 16-17% y-o-y growth in CY2021. This rebound came after the industry had shown a prominent decline in CY2019 and CY2020, largely attributable to the domestic general elections and the Covid-19 pandemic. The industry’s resilience and the ongoing focus on infrastructure development are expected to drive this sustained growth in the coming years.

Indian Agriculture Market
The Indian agricultural equipment market is expected to be driven by government initiatives. The Indian government’s Minimum Support Price (“MSP”) policy aims to ensure remunerative prices for agricultural produce, with the MSP fixed at a minimum of 1.5 times the cost of production to provide a reasonable profit to farmers, further incentivizing the adoption of modern farm equipment and contributing to the thriving tractor market in the country. The Indian government has announced several key initiatives in the Interim Budget FY2024-2025 to support the agricultural equipment market and promote mechanization in the sector:

• Allocation of ₹ 1,27,470 crore to the Ministry of Agriculture
• Raising the agriculture credit target to ₹ 20 lakh crore, emphasizing welfare initiatives for farmers
• Focus on research to develop high-yielding varieties of oilseeds.
• Establishment of five integrated aquaparks under the PM-Matsya Sampada Yojana to boost aquaculture productivity and double exports to ₹ 1 lakh crore.

The initiatives aim to enhance agricultural productivity in India by fortifying agricultural value chains, encouraging the adoption of cutting-edge technologies, and providing financial support to farmers and agristartups. This integrated approach is expected to drive growth in the agricultural equipment market and improve overall agricultural productivity in the country.

India has the world’s largest tractor market, consuming 35-40% of all tractors sold globally. India has emerged as a leading global producer of tractors, with annual sales exceeding 1,011.70 thousand units in CY2023 and projected to reach 1,577.91 thousand units by CY2029. Adopting appropriate equipment for agriculture can increase productivity by up to 30% in India while simultaneously reducing input costs by 20%.

In the Indian agricultural market, tractor demand typically peaks between June and November. This is driven by the arrival of the monsoon, the Kharif crop season, preparations for the upcoming rabi planting season, increased harvesting activities, and improved rural cash flow during this period.

Tractors account for the most common type of farm equipment in India and is the largest global market for tractors. The factors impacting the competition in the agricultural tractors industry includes upcoming TREM V emission regulations, a high demand for efficient and advanced tractors, competitive pricing, increased focus on localization and government schemes and subsidies.

ANALYSIS OF THE INDIAN AGRICULTURAL TRACTOR MARKET
The Indian agriculture industry has grown consistently in recent years. According to the Tractors Manufacturers Association, India tractor sales (including exports) were 804.0 thousand units in CY2019, which increased to 880.0 thousand units in CY2020 despite Covid-19 pandemic lockdowns.

Tractor sales again increased to 1,028.6 thousand units in CY2021 even during the second wave of the pandemic and again increased to 1,043.9 thousand units in CY2022. Tractor sales, however, declined in CY2023 to 1,011.7 thousand units due to factors such as irregular monsoon distribution particularly impacting the Kharif crop season and decline in exports due to recession in global markets. Tractor sales during CY2024 to CY2029 are expected to be positively impacted by demand for farm mechanization, supporting government policies, technological advancements, better financing options, and others. The increasing agricultural productivity, government initiatives, rise of precision farming, growing demand for organic farming, increasing focus on food security, government subsidies, the rise of contract farming, and government support for mechanization are all contributing to the growing demand for harvesting equipment.

Agricultural tractor sales in the H1 2024 (January - June) totaled 475.6 thousand units, reflecting a 9% decline compared to the same period in 2023. In June 2024, sales peaked at 110.3 thousand units but subsequently dropped to 68.0 thousand units in July and further decreased to 58.7 thousand units in August. This decline could be attributed to slow agricultural activity that typically follows the monsoon planting season, reducing tractor demand during these months. Similar decline was observed in 2023 where the agricultural tractor sales in August (62.1 thousand units) declined by 42% from June (106.6 thousand units). Other factors responsible for the decline in 2024 are El Niño (i.e. climate phenomenon that involves changes in the ocean and atmosphere in equatorial Pacific and impacts global atmospheric circulation), fluctuations in rural cash flow, and the high base set in 2023.

However, a positive shift occurred in September 2024, when tractor sales rebounded to 108.0 thousand units. This increase was fueled by enhanced rainfall, which supported the growth of kharif crops and contributed to the recovery of groundwater levels across the country.

Rural sentiments are optimistic due to the successful kharif crop and expectations of a strong rabi crop. With favorable terms of trade for farmers and the festive season spanning from October to November, there is potential for steady growth in tractor sales towards the end of 2024. Tractor sales reached 710.3 thousand units from January to September 2024, and as per Markets and Markets analysis, tractor sales are expected to reach 1,064.4 thousand units by the end of 2024.

Mahindra & Mahindra continues to lead the tractor market with impressive sales figures and steady growth over several months. From January to September 2024, the OEM sold 206.2 thousand units, reflecting a 4% increase compared to the same period in 2023. During the same timeframe, TAFE and Sonalika sold 107.2 thousand units and 92.5 thousand units, respectively, in the domestic market. Most of the key OEMs experienced a decline in sales during July and August but saw a recovery in September, indicating a rebound in demand. Hence, the tractor market is expected to grow from October to December 2024.

Over the last 5 years, the Indian government has supported the horticulture sector, which has positively impacted the sales of 20-30 HP tractors. The government’s focus on promoting ethanol-based fuels suggests a potential shift towards increased cultivation of ethanol-producing crops, such as sugarcane, in the next 5 years.

This shift in focus could lead to an expansion of the sugarcane cultivation area, which, in turn, may drive the demand for 30-49 HP tractors to support the specific requirements of sugarcane crop management. The increased mechanization needed for sugarcane cultivation, harvesting, and transportation is likely to boost the sales of tractors in this horsepower range.

The India agricultural tractors domestic sales experienced a compounded growth of 5.7% from CY2019-2024, whereas exports grew at a CAGR of 6% during the same period. In CY2020, the domestic sales of agricultural tractors were 802.7 thousand units, with exports of 77.4 thousand units. Sales rose to 12%, reaching 903.7 thousand units, and exports increased to 61%, reaching 124.9 thousand units in CY2021. In CY2022, domestic sales increased by 1%, reaching 912.1 thousand units, and exports grew by 6%, reaching 131.9 thousand units. In CY2023, domestic sales increased to 0.5%, reaching 915.5 thousand units, and exports declined by 27%, reaching 96.2 thousand units.

In CY2024, the domestic sales increased by 5% and reached 956.7 thousand units and exports increased by 12% reaching 107.8 thousand units. The Indian agricultural tractor market is witnessing significant growth, driven by factors such as increasing adoption of farm mechanization, increased consumption of farmed-produced products, high cost of labor and less availability of labor, and a growing export market. The country’s agricultural tractor industry has been expanding rapidly, with the market size expected to reach over 1,577.9 thousand units by CY2029, including exports. The growth is attributed to the increasing demand for tractors from small and marginal farmers, who are adopting mechanized vehicles due to high labor costs and shortage of labor to improve productivity. Additionally, the government’s initiatives to promote farm mechanization and rural development are also contributing to the industry’s growth.

The decline in agricultural tractor exports in CY2023 was primarily due to high inflation in major markets like Europe and the US. This led to “hobby farmers” in those countries delaying their purchase decisions, as they anticipated interest rates would come down in the future. However, as soon as inflation starts to subside in the US and Europe, there is expected to be a rebound in demand for the 50-100 HP “hobby farming” tractors, which are a major export segment for Indian agricultural tractor manufacturers. In the meantime, Indian agricultural tractor OEMs have already developed the technology to meet the stricter emission standards for sub-100 HP agricultural tractors in these developed export markets. This positions them well to capitalize on the anticipated recovery in demand once economic conditions improve.

The future of agricultural tractor sales in India will be driven by capacity expansions, exports, and technological advancements. For instance, CNH has a capacity to build 100,000 tractors, Sonalika has invested Rs. 1000 crores to set up additional tractor capacity of 100,000 tractors in Hoshiyarpur, and Escorts plans to invest up to Rs 4,500 crore over the next 3-4 years to set up a new manufacturing plant and double its tractor production capacity to 340,000 units. These investments will enhance the industry’s ability to meet growing demand and improve the competitiveness of Indian agricultural tractor manufacturers in the global market.

ANALYSIS OF THE INDIAN CONSTRUCTION VEHICLE MARKET
The Indian construction vehicle industry is poised for significant growth, driven by an expanding economy, supporting government initiatives, rising urbanization and industrialization, and large-scale infrastructure projects. The construction industry comprises earth-moving equipment, heavy construction vehicles, and materialhandling equipment. Earth-moving equipment includes excavators, loaders, dump trucks, and dozers. Heavy construction vehicles include, among others, telehandlers, cranes, compactors, asphalt finishers, graders, scrapers and road rollers. Material handling equipment includes forklifts, aisle trucks, tow trucks, and container handlers. The earthmoving equipment segment dominates the market, accounting for a significant 57% share.

The sales volume of the construction vehicle market in India increased at CAGR of 4.2% from 92.5 thousand units in CY2019 to 109.0 thousand units in CY2023 and is expected to grow at CAGR of 5.0% from CY2024 to CY2029.

The rapid urbanization and infrastructure development in India’s residential and commercial sectors have led to a surge in demand for construction machinery. This increased demand for construction vehicles is a direct result of the ongoing infrastructure projects and the expansion of the real estate sector to cater to the growing urban population.

The CEV IV was implemented in April 2021. The new solution features engines with numerous electronic upgrades, providing an extensive communication interface. The CEV stage IV engine integrates Selective Catalytic Reduction (“SCR”) and Exhaust Gas Recirculation (“EGR”), which significantly enhance emission standards. This combination results in lower NOx emissions and a 90% reduction in particulate matter in the exhaust, contributing to better environmental performance. The CEV IV is implemented for engines above 50HP. Most of the construction vehicles are above 50HP, but OEMs have designed some of the equipment like backhoe loaders, skid steer loaders, wheeled loaders, and mini excavators below 50 HP, to avoid the implementation of CEV IV regulations, thereby not affecting the price of the equipment.

The CEV V emission standards are expected to be launched from January 2025 and will have a significant impact on the construction vehicle sector. These standards will be applicable for all engines smaller than 8 kW and those larger than 560 kW. The regulations will require construction vehicle engines to emit lower levels of pollutants such as particulate matter (“PM”), nitrogen oxides (“NOx”), and hydrocarbons (“HC”). Overall, the impact of CEV V standards on the construction vehicle sector is likely to be positive. The standards will reduce emissions from construction vehicles, improving air quality, fuel costs, and noise pollution. However, the standards will also require customers to purchase new, more expensive machinery, which could lead to higher costs for some customers.

The National Infrastructure Pipeline is driving significant investments in various infrastructure sectors, including roads, railways, ports, and airports. This has led to a substantial demand for diverse construction vehicles, such as excavators, bulldozers, cranes, concrete mixers, and other machinery. Over ₹ 125.5 lakh crores have been earmarked for these projects by FY2025, creating immense opportunities for earth-moving and heavy construction vehicles. Also, the growing e-commerce and retail sector in India is expected to drive the demand for material handling equipment in India.

BUSINESS STRENGTHS

1. Market Leadership in Transmission Systems and Axles : A leading Tier 1 supplier in India, Carraro India dominates the market for transmission systems in tractors up to 150HP and four-wheel drive capabilities, offering mission-critical and complex driveline components.

2. Customer-Centric Customized Solutions : Carraro India serves as a one-stop shop for OEMs, providing tailored solutions across the value chain—from R&D to manufacturing—ensuring its products meet the essential needs of off-highway vehicles.

3. Strong Supplier Relationships : The company has developed enduring partnerships with local suppliers and leverages the Carraro Group’s global network to maintain robust relationships with international suppliers.

4. Innovative R&D with Proprietary IP : As a pioneer in agricultural and construction vehicle components, Carraro India has in-house R&D capabilities and IP rights, supporting innovation in future-ready axles and transmission systems.

5. Advanced Manufacturing Facilities : Two state-of-the-art plants in Pune, Maharashtra, feature large production capacities and in-house gear production, ensuring efficient operations and proximity to key suppliers.

6. Experienced Leadership Team : Carraro India’s senior management boasts over 11 years of average tenure, combining deep industry knowledge and proven expertise in scaling the business and optimizing margins.

BUSINESS STRATEGIES

1. Strengthening Market Leadership : Focused on innovation and operational excellence, Carraro India aims to solidify its market position in axles and transmission systems by expanding market share and driving sustainable growth.

2. Innovation-Driven Product Growth : Leveraging industry expertise, the company plans to introduce new products and applications to enhance market penetration and accelerate growth.

3. Enhanced Production Capabilities : Carraro India is upgrading its Pune plants with digitalized production flows and expanding infrastructure to boost efficiency and meet diverse market demands, utilizing its vast manufacturing footprint for future growth.

4. Localized Supply Chain Optimization : By increasing reliance on domestic suppliers and forming strategic partnerships, the company aims to reduce costs, improve logistics, and strengthen supply chain efficiency while maintaining high-quality standards.

BUSINESS RISK FACTORS

1. Dependence on Carraro Group Entities : Carraro India relies significantly on Carraro Group companies for brand licensing, customer sourcing, R&D, procurement, and operational support. A substantial portion of its revenue comes from group entities, such as Carraro Drive Tech Italia S.p.A., its largest customer.

2. Seasonality in Tractor Business : The agricultural tractor segment is seasonal, with peak demand from June to November influenced by monsoon and crop cycles. This cyclicality can impact sales, operating costs, and profitability, making period-to-period comparisons of financial performance less reliable.

3. Dependency on Tractor and Construction Vehicle Markets : A major part of Carraro India's revenue comes from axles and transmission systems for agricultural tractors and construction vehicles. Any downturn in these markets could adversely affect the company’s performance.

4. Operational Risks in Manufacturing : The company’s operations are concentrated in two Pune-based plants, exposing it to risks such as equipment failure, power disruptions, labor disputes, and natural disasters, which could disrupt production and escalate costs.

5. Supplier Concentration Risks : With 220 suppliers in India, primarily concentrated in the western region, and 58 international suppliers, any disruptions in this geographically clustered supply chain could impact production and logistics.

6. Reputation and Brand Risks : Carraro India's reliance on the “Carraro” brand under a trademark agreement exposes it to risks from negative publicity or complaints that could harm its reputation and financial performance globally and in India

NOTE : Carraro India faces key risks including dependency on Carraro Group entities, seasonal fluctuations in the tractor market, and reliance on agricultural and construction vehicle sectors. Concentrated manufacturing and supplier bases amplify operational vulnerabilities, while brand reputation risks tied to the Carraro name could impact business outcomes. Mitigating these challenges is critical for sustainable growth and stability.