CarTrade Tech Q2 FY27 total income hits record ₹236 crore

CarTrade Tech Limited (NSE: CARTRADE) CARTRADE reported record consolidated total income of ₹236 crore for the quarter ended September 30, 2026 (Q2 FY27). Profit after tax was ₹66 crore. What happened: Revenue from operations rose to ₹213.09 crore from ₹193.41 crore a year ago, about 10% higher (my calculation). Profit before tax was ₹85 crore and adjusted EBITDA was ₹106 crore. Cash reserves are ₹1,401 crore, with no debt. Why it matters: Total income minus operating revenue leaves about ₹23 crore (my calculation). That is non-operating income, roughly 10% of the headline figure. The data I have does not break it down, so part of the “record” is not from the core platforms. My view: In Q1 FY27, total income was ₹230 crore, up 16% YoY. Operating revenue growth of about 10% in Q2 is slower than that. Total income is up about 2.6% from Q1 to Q2 (my calculation). So growth is steady, not accelerating. Profit holds up because costs are controlled. Adjusted EBITDA is about 50% of operating revenue (my calculation), which is a high margin for a listings business. I have not checked how the company defines adjusted EBITDA, so I would not read much into it yet. What I am watching: festive season vehicle sales over the next 0-3 months, and lead conversion on CarWale, BikeWale and OLX India. A slowdown in new vehicle demand would hit lead generation revenue first. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.