At a Glance
CarTrade Tech (CarWale + OLX + BikeWale + Shriram Automall) is the techie of the auto world—aggregating everything from used cars to bikes, while also playing matchmaker for dealers and OEMs. The FY25 results look like a NOS boost—PAT jumped 627%, revenue soared 28%, and margins zoomed to 25%. But hold on—the stock trades at a P/E of 66, FIIs have been selling like there’s no tomorrow, and the company still refuses to pay a dividend. Oh, and “Other Income” of ₹80 Cr is the real turbocharger behind those profits.
Introduction
Once upon a time, CarTrade was just an online car listing site. Fast forward to today, and it’s a multi-brand auto ecosystem controlling CarWale, BikeWale, Shriram Automall, OLX India, AutoBiz, and more. Its model is a mix of classifieds, auction platforms, B2B services, and digital marketing for dealers. The market loves this “platform play”, hence the fat multiples.
But scratch the shiny paint: growth is driven by acquisitions (OLX), working capital days have exploded to 346 (cash is stuck), and profits depend heavily on “other income”. Investors betting on this stock need to ask—how much of this acceleration is from real engine power and how much is just nitrous oxide?
Business Model (WTF Do They Even Do?)
CarTrade runs a multi-channel auto marketplace that:
- Connects buyers and sellers for
