Carnot

Mumbai, India Founded: 2015 • Age: 11 yrs Listed Acquired By Mahindra
Farm analytics and tractor telematics solutions are provided for agriculture.
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About Carnot

Carnot is a publicly listed company based in Mumbai (India) founded in 2015 by Prathamesh Joshi and Pushkar Limaye, and was acquired by Mahindra in March 2022. Farm analytics and tractor telematics solutions are provided for agriculture. It operates in the Technology, Agriculture, and Transportation, Automotive & Logistics sectors. Carnot has raised $1.45 million across 4 funding rounds from investors including Qualcomm, Mahindra and Whiteboard Capital. The company has 18,219 employees. Carnot was last valued at $2.55 million in November 2015. Its Indian entity Mahindra And Mahindra Limited reported revenue of ₹150,540 Cr. Carnot offers products and services including Simha Telematics, KrishiDiary, and Simha Data Labs. Its focus areas include Food and Agriculture Tech, Crop Tech, Farm Analytics and Diversified. Its competitors include SatSure, Fyllo and Fasal; 3 of its 3 listed competitors have raised funding.

Company details

Carnot was founded in 2015 in Mumbai, India, within the agricultural technology sector. An AI-enabled guidance system for tractors is offered through a device connected to the OBD port. A mobile app is provided to enable tractor tracking, fuel level management, and accounting and billing functions for users in farming operations.

  • Headquarters Mumbai, India
  • Employees 18,219
  • Founders Prathamesh Joshi, Pushkar Limaye
  • Stage Acquired
  • Sectors
    Technology
    Agriculture Transportation, Automotive & Logistics
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website carnot.co.in
  • Social LinkedIn Facebook
  • Acquired by Mahindra (Mar 2022)
  • Legal Name Carnot Technologies Ltd
  • Date of Incorporation 02 Oct, 1945
Operational Areas
Technology → Geospatial & GIS Platforms
Agriculture → Crop Tech & Equipment
Technology → Business Analytics & Intelligence Tools
Transportation, Automotive & Logistics → Automotive Technology & Systems
Transportation, Automotive & Logistics → Logistics Technology & Platforms
Key Metrics
  • Market Cap
    ₹4,30,883 Cr

    M&M · NSE

  • Share Price
    ₹3,399.00

    -1.90% today

  • Revenue
    ₹1,98,639 Cr

    FY 2025-26 · +24.8% YoY

  • EBITDA
    ₹36,687 Cr

    Margin 18.5%

  • Net Profit
    ₹17,313 Cr

    FY 2025-26 · +33.9% YoY

  • P/E (TTM)
    20.3x

    P/B 4.2x

  • ROE
    21.9%

    ROCE 15.3%

  • Debt / Equity
    1.46

    Interest cover 32.7x

  • Total Equity Funding
    $1.45M (USD)

    in 4 rounds

  • Latest Funding Round
    $1M (USD), Seed

    Feb 2018

  • Investors
    Qualcomm

    & 4 more

  • Employee Count
    18,219
  • Acquired by
    Mahindra

    (Mar 2022)

Products & Services of Carnot

Carnot offers a comprehensive portfolio of products and services, including Simha Telematics, KrishiDiary, and Simha Data Labs.

Simha Telematics
IoT Device

Monitors tractor operations for efficient billing and fuel management.

KrishiDiary
Farm Management App

Tracks farm expenses and provides agronomy advice for farmers.

Simha Data Labs
Data Analytics Platform

Analyzes agricultural data for insights and business solutions.

Funding Insights of Carnot

Carnot has successfully raised a total of $1.45M across 4 strategic funding rounds. The most recent funding activity was a Seed round of $1 million completed in February 2018. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.

  • Total Funding $1.45M
  • Total Rounds 4
  • Last Round Seed — $1M
  • First Round $450,744

    (Nov 2015)

  • Investors Count 5

All 4 funding rounds of Carnot with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Feb 2018$1MSeed–Mahindra
Whiteboard Capital
Jan 2017$100,000Grant––
Qualcomm
Apr 2016$10,000Grant––
Qualcomm
Nov 2015$450,744Angel Round$2.55MKunal Naresh Shah, Sandeep Tandon
–
Valuation history
DateValuationStage
Nov 2015$2.55M••••••••

Last known valuation $2.55M (Nov 2015). 5 investors in total: 3 institutional and 2 angel.

Investors in Carnot

Carnot has secured backing from 5 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include Qualcomm, Mahindra and Whiteboard Capital.

All
Venture Fund
Institutional
Angel
InvestorDescriptionFounded YearDomainLocation
Whiteboard Capital
Investment support is provided to startups by Whiteboard Capital.
2017whiteboardcap.comMumbai, India
Mahindra
Diversified operations span automotive, agriculture, and financial services.
1945mahindra.comMumbai, India
Qualcomm
Provider of cloud and AI-based cellular communication ICs
1985qualcomm.comSan Diego, United States

Kunal Shah

Founder of CRED, serial entrepreneur, and prominent Indian angel investor
unknown_dc963ce86b8d49628

Sandeep Tandon

Co-founder of Freecharge, angel investor, fintech pioneer in India
unknown_765b232fbc584fd4b
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Investor details for Carnot

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Board of directors of Mahindra And Mahindra Limited (Carnot)

Mahindra And Mahindra Limited is the primary company behind Carnot. The boards of the 2 registered companies of Carnot currently have 15 directors; the longest-serving is Anand Gopal Mahindra, appointed in 2010. 34 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Anand Gopal Mahindra
DIN 00004695
Director01 Aug 201016 yrs 3 moMahindra And Mahindra Limited
Pushkar Mohan Limaye
DIN 07270209
Whole-time director24 Aug 201511 yrs 2 moCarnot Technologies Private Limited
Shikha Sanjaya Sharma
DIN 00043265
Director08 Aug 20197 yrs 3 moMahindra And Mahindra Limited
Rajesh Ganesh Jejurikar
DIN 00046823
Whole-time director07 Aug 20206 yrs 3 moMahindra And Mahindra Limited
Anish Dilip Shah
DIN 02719429
Managing Director07 Aug 20206 yrs 3 moMahindra And Mahindra Limited
Nisaba Godrej
DIN 00591503
Director08 Aug 20206 yrs 3 moMahindra And Mahindra Limited
Muthiah Murugappan
DIN 07858587
Director08 Aug 20206 yrs 3 moMahindra And Mahindra Limited
Rajeev Goyal
DIN 03139184
Director17 Mar 20224 yrs 7 moCarnot Technologies Private Limited
Ranjan Pant
DIN 00005410
Director17 May 20242 yrs 5 moMahindra And Mahindra Limited
Padmasree Warrior
DIN 10387032
Director17 May 20242 yrs 5 moMahindra And Mahindra Limited
Sat Pal Bhanoo
DIN 10482731
Nominee Director17 May 20242 yrs 5 moMahindra And Mahindra Limited
Kothandaraman Anusha
DIN 08679344
Director17 Jul 20251 yr 3 moCarnot Technologies Private Limited
Muthu Raju Paravasa Raju Vijay Kumar
DIN 05170323
Director07 Oct 20251 yr 1 moMahindra And Mahindra Limited
Samina Hamied
DIN 00027923
Director07 Oct 20251 yr 1 moMahindra And Mahindra Limited
Ishneh Singh Kocher
DIN 11401900
Director09 Dec 202511 moCarnot Technologies Private Limited

People of Carnot

27 people are tracked at Carnot (4 in leadership, 23 in team); the tracked headcount is 18,219.

NameRoleGroup
Prathamesh Joshi
Co-FounderLeadership
Pushkar Limaye
Co-Founder & CTOLeadership
Bhanu Rao
Director of Sales & Operations, SimhaLeadership
Ruchi Gori
Director of Finance & HRLeadership
Abhishek Dalvi
Senior Backend EngineerTeam
Jasmeet Singh Chawla
Android App Developer InternTeam
Lalit Gupta
Backend EngineerTeam
Saksham Sharma
Sde-1(android)Team
Rahul Khare
Area Sales ManagerTeam
Shashi Prakash
Purchase And Supply Chain LeadTeam
Divyendu Jha
Senior Frontend DeveloperTeam
Harish Jagtap
Backend DeveloperTeam
Anurag Sharma
Data EngineerTeam
Juhi Kulkarni
Engineering ManagerTeam
Sagar Dakhane
Lead Project ManagerTeam
Nitish Nayak
Product DesignerTeam
Sindhu Gudibandla
QA EngineerTeam
Brijesh Maurya
Team Lead - Tech SupportTeam
Priyank Juyal
Engineering Manager(backend)Team
Jay Karia
Senior Android DeveloperTeam

7 more people are available in the full profile.

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Complete people profiles for Carnot

Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.

  • Full employee list
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  • Professional contacts

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IPO & Listings of Carnot

Carnot is a publicly listed company on the NSE with ticker symbol M&M in India, operating in the Automobile sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • Listed onNSE: M&M
  • Listed entityMahindra And Mahindra Limited
  • Exchange sectorAutomobile

Financials of Carnot

Exchange-reported figures of Mahindra And Mahindra Limited, the listed company behind Carnot (NSE: M&M).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹1,98,639 Cr
+24.8% YoY
EBITDA
₹36,687 Cr
+20.2% YoY
Profit After Tax
₹17,313 Cr
+33.9% YoY
Net Worth
₹96,069 Cr
+18.4% YoY
Total Assets
₹2,56,603 Cr
+12.8% YoY
Total Debt
₹1,33,963 Cr
+7.2% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,98,6391,59,2111,39,0781,21,36290,17174,27875,382
Revenue growth+24.8%+14.5%+14.6%+34.6%+21.4%-1.5%-
EBITDA36,68730,51824,89218,58314,5139,8398,712
EBITDA margin+18.5%+19.2%+17.9%+15.3%+16.1%+13.3%+11.6%
Profit before tax25,18519,08015,97814,0609,3623,1581,655
Net profit17,31312,92911,2699,2766,2562,232(306)
Net profit margin+8.7%+8.1%+8.1%+7.6%+6.9%+3.0%-0.4%
EPS (₹)153.00115.82101.0992.3259.1416.321.15
Balance sheet
Total assets2,56,6032,27,4241,95,0751,68,0411,42,5861,39,2411,41,279
Net worth96,06981,11468,21256,76647,12341,58239,969
Total debt1,33,9631,24,9491,06,62692,24777,60580,62582,092
Cash & bank31,97920,61512,01311,27311,11812,8527,911
Net working capital67,07856,37645,17740,81734,55736,37833,535
Cash flow
Cash from operations11,6573,176(5,630)(7,074)9,24817,909(1,457)
Cash from investing(17,680)(18,616)(5,615)(8,866)(3,252)(19,686)(6,870)
Cash from financing5,39115,83412,28115,946(5,883)4066,933
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue57,55358,18854,98252,10046,10645,52942,59941,470
Revenue growth (YoY)+24.8%+27.8%+29.1%+25.6%+21.6%+22.3%--
Other income1,6571,3841,5481,3231,1451,3951,141719
EBITDA10,22110,5659,7169,8148,9298,2287,9118,231
EBITDA margin+17.8%+18.4%+17.7%+19.0%+19.5%+18.1%+18.6%+19.8%
Depreciation1,8321,7601,9432,1631,6691,5482,0291,495
Interest2,6822,5602,4072,4052,3472,4312,3972,362
Profit before tax7,3657,6286,9146,5696,0585,6444,6275,092
Tax2,1981,6311,6541,5472,0941,2681,0851,468
Net profit5,1675,9985,2605,0213,9644,3773,5423,624
EPS (₹)40.9048.5941.4841.6932.5136.4329.0428.40
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,47,7651,18,6251,01,33686,64557,78744,63045,488
Revenue growth+24.6%+17.1%+17.0%+49.9%+29.5%-1.9%-
EBITDA22,39218,41615,1309,4916,2143,0302,417
EBITDA margin+15.2%+15.5%+14.9%+11.0%+10.8%+6.8%+5.3%
Profit before tax20,62415,65013,4588,1316,1482,3033,116
Net profit15,71611,85510,6427,6544,8902,7432,191
Net profit margin+10.6%+10.0%+10.5%+8.8%+8.5%+6.2%+4.8%
EPS (₹)130.1098.7388.7454.6640.708.2411.15
Balance sheet
Total assets79,42966,14256,78250,69546,76144,64339,116
Net worth74,32561,58552,29143,35738,19834,95134,468
Total debt1,6531,6822,0515,0266,7437,7863,027
Cash & bank18,48010,7915,6654,4823,6516,3954,237
Net working capital5,1482,7301,6781,4812418502,974
Cash flow
Cash from operations22,75816,61711,4749,1296,9779,5943,678
Cash from investing(19,733)(13,874)(5,361)(4,753)(3,961)(14,564)(2,576)
Cash from financing(3,529)(3,355)(5,547)(3,784)(3,166)3,514(1,015)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue44,28241,95939,60138,94235,08034,14331,60930,964
Revenue growth (YoY)+26.2%+22.9%+25.3%+25.8%+21.3%+25.8%--
Other income1,062776644698702732513265
Total expenses37,56436,80934,09133,32228,61229,34827,38926,154
EBITDA6,7185,1505,5095,6196,4674,7954,2194,810
EBITDA margin+15.8%+12.3%+13.9%+14.6%+19.4%+14.1%+13.5%+15.8%
Depreciation1,0741,0501,2011,0521,0411,0001,3061,045
Interest66.7299.7371.5263.1558.9955.9281.0261.42
Profit before tax6,6384,7764,8815,2026,0694,4713,3453,968
Tax1,5361,0911,1441,2711,5491,0219081,004

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 12 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue57,55358,18854,98252,10046,10645,52942,59941,470
Revenue growth (YoY)+24.8%+27.8%+29.1%+25.6%+21.6%+22.3%--
Other income1,6571,3841,5481,3231,1451,3951,141719
EBITDA10,22110,5659,7169,8148,9298,2287,9118,231
EBITDA margin+17.8%+18.4%+17.7%+19.0%+19.5%+18.1%+18.6%+19.8%
Depreciation1,8321,7601,9432,1631,6691,5482,0291,495
Interest2,6822,5602,4072,4052,3472,4312,3972,362
Profit before tax7,3657,6286,9146,5696,0585,6444,6275,092
Tax2,1981,6311,6541,5472,0941,2681,0851,468
Net profit5,1675,9985,2605,0213,9644,3773,5423,624
EPS (₹)40.9048.5941.4841.6932.5136.4329.0428.40
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,98,6391,59,2111,39,0781,21,36290,17174,27875,382
Revenue growth+24.8%+14.5%+14.6%+34.6%+21.4%-1.5%-
Other income5,4113,7183,2985,6643,3752,7992,331
Total expenses1,61,9521,28,6931,14,1861,02,77975,65864,43966,670
Employee cost12,73111,12610,6249,6788,3877,8138,215
EBITDA36,68730,51824,89218,58314,5139,8398,712
EBITDA margin+18.5%+19.2%+17.9%+15.3%+16.1%+13.3%+11.6%
Depreciation7,3226,0744,7244,3573,5083,3783,367
Interest9,5919,0837,4885,8305,0186,1026,021
Profit before tax25,18519,08015,97814,0609,3623,1581,655
Tax6,5635,0063,7082,6862,1091,6461,976
Net profit17,31312,92911,2699,2766,2562,232(306)
Net profit margin+8.7%+8.1%+8.1%+7.6%+6.9%+3.0%-0.4%
EPS (₹)153.00115.82101.0992.3259.1416.321.15
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital3,5324,6332,579957556555554
Reserves & surplus92,53876,48165,63355,80946,56741,02739,415
Shareholders' funds (net worth)96,06981,11468,21256,76647,12341,58239,969
Minority interest16,39512,05911,31910,7169,7039,0707,692
Secured loans1,00,09297,33079,93365,72735,39837,06442,631
Unsecured loans33,87127,61926,69226,52042,20743,56139,461
Total debt1,33,9631,24,9491,06,62692,24777,60580,62582,092
Total liabilities2,56,6032,27,4241,95,0751,68,0411,42,5861,39,2411,41,279
Assets
Gross block75,95566,14356,46252,09048,52642,65868,602
Net block38,45934,63628,12927,14026,01821,38029,689
Capital work in progress7,7408,2988,0393,9696,7037,8736,856
Investments40,32441,30935,20835,27230,06028,77819,210
Inventories22,04420,33118,59016,85511,5969,61511,112
Sundry debtors9,0648,2807,4597,0286,3746,0086,928
Cash & bank balances31,97920,61512,01311,27311,11812,8527,911
Loans & advances63,24855,40046,56841,90335,21133,63131,799
Total current assets1,26,3351,04,62684,63177,06064,29862,10657,750
Total current liabilities59,25748,25039,45436,24229,74125,72824,215
Net working capital67,07856,37645,17740,81734,55736,37833,535
Total assets2,56,6032,27,4241,95,0751,68,0411,42,5861,39,2411,41,279
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash4,9244,5303,4933,4883,3754,7456,139
Net cash from operating activities11,6573,176(5,630)(7,074)9,24817,909(1,457)
Net cash from investing activities(17,680)(18,616)(5,615)(8,866)(3,252)(19,686)(6,870)
Net cash from financing activities5,39115,83412,28115,946(5,883)4066,933
Net change in cash(632)3941,0375.82113(1,370)(1,394)
Closing cash31,97920,61512,01311,27311,11812,8527,911
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+24.8%+14.5%+14.6%+34.6%+21.4%-1.5%-
EBITDA growth+20.2%+22.6%+34.0%+28.1%+47.5%+12.9%-
PBT growth+32.0%+19.4%+13.6%+50.2%+196.4%+90.9%-81.4%
Net income growth+33.9%+14.7%+21.5%+48.3%+180.3%+829.1%-
Revenue CAGR (3Y)+17.9%+20.9%+23.3%+17.2%-4.9%-6.9%-3.5%
EBITDA CAGR (3Y)+25.5%+28.1%+36.3%+28.7%-0.8%-9.4%-6.7%
Profitability & leverage
Net income margin+9.4%+8.8%+8.8%+9.4%+8.0%+2.0%-0.4%
Return on capital employed+15.3%+14.1%+13.8%+13.7%+10.9%+7.9%+6.9%
Return on net worth+21.9%+19.7%+20.0%+22.0%+16.4%+4.7%-1.9%
Debt / equity1.461.551.591.631.782.001.91
Long-term debt / equity0.901.031.031.051.191.311.20
Interest cover32.6637.1637.1340.9845.6094.45112.65
Efficiency & per share
Fixed asset turnover2.802.602.562.411.981.341.15
Inventory turnover9.388.187.858.538.507.176.47
Debtors turnover22.9120.2319.2018.1114.5711.489.66
EPS (₹)153.00115.82101.0992.3259.1416.321.15
Dividend per share (₹)33.0025.3021.1016.2511.558.752.35
Book value per share (₹)833.03690.13593.77506.14423.72374.51360.55
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue44,28241,95939,60138,94235,08034,14331,60930,964
Revenue growth (YoY)+26.2%+22.9%+25.3%+25.8%+21.3%+25.8%--
Other income1,062776644698702732513265
Total expenses37,56436,80934,09133,32228,61229,34827,38926,154
EBITDA6,7185,1505,5095,6196,4674,7954,2194,810
EBITDA margin+15.8%+12.3%+13.9%+14.6%+19.4%+14.1%+13.5%+15.8%
Depreciation1,0741,0501,2011,0521,0411,0001,3061,045
Interest66.7299.7371.5263.1558.9955.9281.0261.42
Profit before tax6,6384,7764,8815,2026,0694,4713,3453,968
Tax1,5361,0911,1441,2711,5491,0219081,004
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,47,7651,18,6251,01,33686,64557,78744,63045,488
Revenue growth+24.6%+17.1%+17.0%+49.9%+29.5%-1.9%-
Other income2,7751,7121,9562,0672,6582,0393,035
Total expenses1,25,3741,00,20986,20677,15451,57341,60043,071
Employee cost5,2904,8814,4633,6503,3303,2522,880
EBITDA22,39218,41615,1309,4916,2143,0302,417
EBITDA margin+15.2%+15.5%+14.9%+11.0%+10.8%+6.8%+5.3%
Depreciation4,2934,2273,4883,1542,4982,3702,223
Interest250250140273226396113
Profit before tax20,62415,65013,4588,1316,1482,3033,116
Tax4,9853,7952,8151,5821,2781,3191,785
Net profit15,71611,85510,6427,6544,8902,7432,191
Net profit margin+10.6%+10.0%+10.5%+8.8%+8.5%+6.2%+4.8%
EPS (₹)130.1098.7388.7454.6640.708.2411.15
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital601600600599598597597
Reserves & surplus73,72460,98551,69242,75837,60034,35433,871
Shareholders' funds (net worth)74,32561,58552,29143,35738,19834,95134,468
Secured loans0.000.000.000.002.5694.250.00
Unsecured loans1,6531,6822,0515,0266,7407,6923,027
Total debt1,6531,6822,0515,0266,7437,7863,027
Total liabilities79,42966,14256,78250,69546,76144,64339,116
Assets
Gross block46,81343,55340,20736,21531,57727,31222,666
Net block19,68819,65117,80516,97614,90412,01110,395
Capital work in progress5,3083,9053,7632,7855,2636,1254,009
Investments42,03235,46829,20727,08724,20421,78319,938
Inventories10,30610,3339,7188,8815,9704,7833,401
Sundry debtors6,4865,7264,5684,0423,0392,2032,999
Cash & bank balances18,48010,7915,6654,4823,6516,3954,237
Loans & advances9,5987,7257,0917,6915,6642,9412,315
Total current assets44,87034,57427,04125,09618,32416,32212,952
Total current liabilities39,72231,84425,36323,61418,08315,4729,978
Net working capital5,1482,7301,6781,4812418502,974
Total assets79,42966,14256,78250,69546,76144,64339,116
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash1,2641,8761,3107178682,3242,238
Net cash from operating activities22,75816,61711,4749,1296,9779,5943,678
Net cash from investing activities(19,733)(13,874)(5,361)(4,753)(3,961)(14,564)(2,576)
Net cash from financing activities(3,529)(3,355)(5,547)(3,784)(3,166)3,514(1,015)
Net change in cash(504)(612)566593(150)(1,456)85.93
Closing cash18,48010,7915,6654,4823,6516,3954,237
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+24.6%+17.1%+17.0%+49.9%+29.5%-1.9%-
EBITDA growth+21.6%+21.7%+59.4%+52.7%+105.1%+25.4%-
PBT growth+31.8%+16.3%+65.5%+32.3%+166.9%-26.1%-50.7%
Net income growth+32.6%+11.4%+39.1%+56.5%+78.3%+25.2%-
Revenue CAGR (3Y)+19.5%+27.1%+31.4%+24.0%+2.5%-2.9%+1.1%
EBITDA CAGR (3Y)+33.1%+43.6%+70.9%+57.8%+1.1%-21.3%-17.4%
Profitability & leverage
Net income margin+10.6%+10.0%+10.5%+7.6%+8.4%+2.2%+2.9%
Return on capital employed+28.7%+25.9%+25.3%+20.2%+14.0%+13.8%+13.5%
Return on net worth+23.0%+20.8%+22.3%+18.8%+13.3%+7.9%+6.4%
Debt / equity0.020.030.070.140.200.160.08
Long-term debt / equity0.020.030.040.100.180.130.06
Interest cover1.381.771.214.316.0960.0158.25
Efficiency & per share
Fixed asset turnover3.272.832.652.561.961.792.11
Inventory turnover14.3211.8310.9011.6710.7510.9112.57
Debtors turnover24.2023.0523.5424.4722.0517.1613.10
EPS (₹)130.1098.7388.7454.6640.708.2411.15
Dividend per share (₹)33.0025.3021.1016.2511.558.752.35
Book value per share (₹)618.33512.88436.04361.88319.22292.53288.91

Timeline of Carnot

5 dated milestones of Carnot across 7 years, from founding to its latest funding, stage changes and deals.

  1. Founded Carnot is founded.
  2. Funding First funding round of $451K.
  3. Milestone Reaches Minicorn status.
  4. Funding Latest funding round, Seed, of $1.0M.
  5. Exit Acquired by Mahindra.

Competitors of Carnot

Carnot has 3 listed competitors in our database, 3 of them funded. They include SatSure, Fyllo and Fasal.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
SatSure
satsure.co2017Bengaluru, India$27.65M141
Geospatial data analytics are powered by AI for business insights.
Fyllo
fyllo.in2019Bengaluru, India$6.52M75
Fyllo is engaged in providing agritech solutions for farmers.
Fasal
fasal.co2018Bengaluru, India$19.44M171
Crop data analytics solutions are provided for precision farming practices.
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Detailed competitors of Carnot

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Web traffic of Carnot

The website of Carnot (carnot.co.in) receives about 1.5K visits a month.

  • Monthly visits
    1.5K

    ▼ 84.5% vs previous month

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Websites whose visitors overlap most with Carnot. Affinity shows how closely the audiences match.

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100%
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E4 Software
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7.7K#1,662,518View details
Adroit Corporate Services
adroitcorporate.com
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1.2K#12,254,603View details
Prodevans
prodevans.com
79%
1.7K#9,276,545View details
••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
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All 7 similar websites and full traffic analytics for Carnot

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  • Audience overlap
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Related news about Carnot

Mahindra-Qualcomm-backed Deep Tech Startup Carnot Technology Enters the Agri Fintech Space
Indianweb2 • 3 years ago
Mahindra Group increases stake in agritech start-up Carnot to 69%
Thehindubusinessline • 4 years ago
Mahindra & Mahindra to increase stake in Carnot Tech with ₹14 crore investment
Livemint • 4 years ago
Mahindra & Mahindra hikes stake in Carnot Technologies
Business-Standard • 6 years ago
M&M pact for auto technology
Telegraphindia • 8 years ago
Car IoT Device Making Startup Carsense Secured Investment $1Mn From Mahindra & Mahindra Ltd
Newskart • 8 years ago
Tectotron Partners With Carnot, Allows Users To Manage Cars Remotely
Inc42 • 9 years ago
Affordable smart car tech is mission possible for this team of entrepreneurs
e27 • 10 years ago
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Frequently Asked Questions about Carnot

Carnot was founded in 2015.

Carnot is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Carnot is a funded company, having raised a total of $1.45M across 4 funding rounds to date. The company's 1st funding round was a Angel Round of $450.74K, raised on Nov 2015.

Carnot has 18,219 employees.

The primary company behind Carnot, Mahindra And Mahindra Limited, reported revenue of ₹150,540 Cr for FY 2026, up 25% year on year.

Carnot was founded in 2015 in Mumbai, India, within the agricultural technology sector. An AI-enabled guidance system for tractors is offered through a device connected to the OBD port. A mobile app is provided to enable tractor tracking, fuel level management, and accounting and billing functions for users in farming operations.

Carnot's top competitors include Fyllo, Fasal and SatSure.

Carnot offers Simha Telematics, KrishiDiary, and Simha Data Labs.

Yes, Carnot is publicly traded on NSE under the ticker symbol M&M.

Carnot has 5 investors. Key investors include Qualcomm, Mahindra, Whiteboard Capital, Kunal Shah, and Sandeep Tandon.

The valuation of Carnot is $2.55M as of Nov 2015.

Carnot is associated with 2 legal entities: Mahindra And Mahindra Limited, Carnot Technologies Private Limited.

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