Carraro India Limited is pleased to announce that India Ratings and Research Pvt. Ltd., a member of the Fitch Group, has upgraded the company’s long-term credit rating to IND A+ with a Stable Outlook, up from IND A with a Positive Outlook. In addition, the fund-based Working Capital Limits have also been upgraded to IND A+ with a Stable Outlook. The short-term credit facility rating of IND A1 has been reaffirmed.
The rating upgrade reflects Carraro India’s strong financial performance and solid credit profile. India Ratings also assigned an IND A+ (Stable) rating to the company’s proposed unallocated term facility.
Commenting on the development, Dr. Balaji Gopalan, Managing Director of Carraro India Limited, said:
“We welcome the upgrade of Carraro India Limited’s long-term and short-term credit rating to ‘IND A+’ with a Stable Outlook by India Ratings & Research. This upgrade is a testament to the company’s robust financial health and strong creditworthiness. It reflects a clear endorsement of our continued commitment to operational excellence and cost efficiency.”
He further added that the rating upgrade highlights Carraro India’s sustained improvement in EBITDA margins, disciplined working capital management, and overall strong credit standing, despite a challenging external environment. The recent acquisition of Carraro Technologies India has also strengthened the company’s technological edge, reducing royalty payments and boosting operating cash flows.
Dr. Gopalan noted that this improved rating will enhance Carraro India’s financial flexibility and help lower borrowing costs going forward. The business outlook remains optimistic, supported by a favorable monsoon last year and another positive forecast for the current season—factors expected to fuel rural demand.
“Our 4WD product strategy continues to gain traction in line with our long-term vision. The export segment is also rebounding, aided by innovative offerings such as tele-boom handlers. Customer sentiment across key sectors remains positive,” he said.
With this momentum, Carraro India is entering FY26 with confidence, targeting double-digit sales growth, driven by increased investment in domestic sourcing, a growing portfolio of value-added solutions, and sustained technology-led differentiation.