Greaves Cotton Limited (GREAVESCOT)
₹204.30 +0.37% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Greaves Cotton's revenue was ₹974 Cr (+30.7% year on year, -2.6% on the previous quarter), and net profit ₹6.2 Cr (-70.5% year on year); the operating margin was 5.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹974 | +30.7% | -2.6% |
| Operating profit | ₹56.3 | -1.1% | -17.4% |
| Net profit | ₹6.2 | -70.5% | +180.0% |
| EPS (₹) | 1.11 | -21.8% | +14.4% |
| Operating margin | 5.8% | — | — |
GREAVESCOT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.19% of the GREAVESCOT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.68%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 40.4% · 39.4% · 41.8% · 49.6% · 43.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Greaves Cotton announced that its wholly-owned subsidiary, Greaves Finance Limited (GFL), has appointed Mukul Kanchan as Executive Director & Chief Executive Officer, effective October 1, 2026. Kanchan brings nearly 20 years of experience across lending and corporate finance, previously serving as CFO at Plum and six years at Clix Capital. He will lead the growth of 'ev.fin', GFL's 100% EV-dedicated lending platform that currently provides point-of-sale financing across 86 cities.
- Appointment of Mukul Kanchan as Executive Director & CEO effective October 1, 2026
- Executive brings nearly 20 years of lending, corporate finance, and private equity experience
- GFL's proprietary EV lending platform 'ev.fin' currently serves customers across 86 cities
- ev.fin was originally launched in 2023 as a 100% EV-focused retail lending platform
Greaves Electric Mobility Limited (GEML), a subsidiary of Greaves Cotton, announced the addition of 50+ new Ampere Experience Centers across 15 states during the Navratri festive period. This doubles Ampere's network footprint to over 600 touchpoints from around 300 centres a year ago. The aggressive distribution push aims to capitalize on India's rising electric two-wheeler adoption, where market penetration is approaching 11% per VAHAN data. While network growth is rapid, investors should observe how this translates into sales conversion against intense competition.
- Added 50+ new Experience Centers across 15 states during the Navratri festive period
- Total sales and service footprint doubled from around 300 to 600+ centres in just over a year
- Expansion targets an Indian E2W market where adoption penetration is approaching 11% (VAHAN September 2026)
- GEML operates 3 manufacturing facilities located in Hyderabad, Noida, and Ranipet
Greaves Cotton's subsidiary, Greaves Electric Mobility Limited (GEML), announced the launch of its new electric scooter, the Nexus EX+. The vehicle features an upgraded 5 kW motor, 0-40 kmph acceleration in 4.5 seconds, and comes in two variants priced at ₹1,29,999 and ₹1,35,999 (with IoT-enabled Intellipack). The scooter offers a 5-year/75,000 km battery warranty with LFP battery technology rated for 2,00,000 km. This launch is part of the company's efforts to defend and expand its electric two-wheeler market share, which stood at 4.2% in H1 FY26.
- Launched Nexus EX+ starting at ₹1,29,999 and Nexus EX+ with Intellipack at ₹1,35,999
- Equipped with a 5 kW motor delivering 202 Nm peak wheel torque and 0-40 kmph acceleration in 4.5 seconds
- Features LFP battery technology with a 5-year/75,000 km warranty and 2,00,000 km design life
- Includes IP65-rated water-resistant charger and IoT-enabled Ampere Connect App with 30+ features
Greaves Cotton has scheduled an institutional investor interaction on September 22, 2026. The company will participate in the 'Anand Rathi G-200 Summit 2026' physically in Mumbai. Meetings will take place in both group and one-on-one formats. This is a routine investor relations engagement with no material operational or financial updates disclosed.
- Investor conference scheduled for September 22, 2026
- Organized by Anand Rathi Institutional Equities ('Anand Rathi G-200 Summit 2026')
- Meeting format includes both Group and One-on-one physical interactions in Mumbai
Greaves Electric Mobility Limited (GEML), a subsidiary of Greaves Cotton, has commenced an endurance expedition covering approximately 4,000 km from Dong, Arunachal Pradesh, to Guhar Moti, Gujarat. The 15-day ride spans 8 states to test the durability and performance of the Ampere Magnus GMax electric scooter. The initiative is a promotional and endurance-testing campaign highlighting the vehicle's LFP battery, which offers a claimed 2,00,000 km life, across multiple dealer touchpoints including Patna, Varanasi, and Jaipur.
- ~4,000 km endurance expedition over 15 consecutive days across 8 states
- Route spans from Dong, Arunachal Pradesh to Guhar Moti, Gujarat, covering a descent of over 1,200 meters
- Vehicle faces temperature fluctuations of roughly 20°C (from 15°C to over 35°C)
- Showcases Next Gen LFP battery designed for a 2,00,000 km battery life
- Subsidiary GEML operates 3 manufacturing plants and supports 400 dealer touchpoints across India
Greaves Cotton Limited has intimated a full-day, in-person group plant visit for institutional investors and analysts at its Ranipet facility on Friday, September 11, 2026. The disclosure complies with Regulation 30 of the SEBI LODR Regulations. The filing represents a routine investor engagement with no material financial disclosures or commercial announcements included.
- Plant visit scheduled for Friday, 11th September, 2026
- Location of interaction is the Ranipet manufacturing plant
- Meeting format is designated as an in-person, full-day group visit
Greaves Cotton Limited unveiled its new 12V15 750 HP Fire Fighting Engine at the FSIE Expo 2026 in Mumbai. The high-capacity engine expands the company's Industrial Solutions portfolio into mission-critical and non-automotive sectors. This product addition aligns with its GREAVES.NEXT strategy to diversify beyond conventional automotive applications into Energy and Industrial Solutions. No immediate order book additions, commercial pricing, or delivery schedules were quantified in the announcement.
- Unveiled new 12V15 750 HP engine targeted at high-capacity firefighting operations
- Showcased at the FSIE Expo 2026 in Mumbai to target domestic and export industrial demand
- Part of the GREAVES.NEXT strategic framework to build presence across Industrial Solutions and Energy segments
- Commercial order values and production volumes not disclosed in the filing
India Ratings and Research has affirmed Greaves Cotton Limited's Long-Term Issuer Rating at 'IND AA-' with a Stable outlook. In addition, the rating agency assigned an 'IND AA-/Stable' rating to bank loan facilities of INR 1,200 million (₹120 crore) and reaffirmed 'IND AA-/Stable' on existing facilities of INR 830 million (₹83 crore). Total rated bank facilities stand at ₹203 crore against the company's low balance sheet debt of ₹54 crore (D/E 0.03).
- Long-Term Issuer Rating affirmed at 'IND AA-' with a Stable outlook
- Assigned 'IND AA-/Stable' rating to bank loan facilities of INR 1,200 million
- Affirmed 'IND AA-/Stable' rating on bank loan facilities of INR 830 million
- Total bank loan facilities rated across both actions stand at INR 2,030 million
Greaves Cotton Limited has informed the stock exchanges that it will conduct a physical group interaction with analysts and investors on August 28, 2026. The meeting is subject to changes due to exigencies on either side. This is a routine intimation under Regulation 30 of SEBI (LODR) Regulations, 2015, with no material financial developments or corporate actions announced in the filing.
- Analyst and Investor meeting scheduled for August 28, 2026
- Meeting format confirmed as a physical group interaction
- Intimation submitted pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
Greaves Cotton Limited has completed the acquisition of the remaining 20% shareholding in Excel Controlinkage Private Limited through the secondary route, raising its total ownership to 100%. The acquisition became effective on August 13, 2026, concluding a multi-tranche buyout process initiated under a definitive agreement dated April 6, 2023. Excel Controlinkage manufactures mechanical and electronic motion control systems for commercial vehicles, construction, agriculture, and material handling sectors. The full integration is intended to strengthen Greaves Cotton's industrial and mobility solutions under its Greaves.Next diversification strategy.
- Acquired the remaining 20% equity stake in Excel Controlinkage via the secondary route to reach 100% ownership.
- Transaction concluded effectively on August 13, 2026, making Excel a wholly owned subsidiary.
- Completes the multi-tranche acquisition process originally initiated on April 6, 2023.
- Excel Controlinkage provides motion control systems (cables, mechanical levers, electronic throttle levers) across commercial vehicle and off-highway markets.
Greaves Cotton Limited has acquired the remaining 20% stake in its material subsidiary, Excel Controlinkage Private Limited, making it a wholly-owned subsidiary as of August 13, 2026. This final tranche follows a multi-year acquisition plan initiated in February 2023, where the initial 60% stake was valued at an enterprise value cap of Rs 385 crore. Excel is a high-margin player in motion control systems, reporting a revenue of Rs 167 crore in FY22. The consolidation aligns with Greaves' strategy to diversify into commercial vehicle components and industrial solutions.
- Acquired final 20% shareholding to reach 100% ownership on August 13, 2026
- Initial 60% stake acquisition was based on an enterprise value not exceeding Rs 385 crore
- Excel Controlinkage revenue grew from Rs 105 crore in FY20 to Rs 167 crore in FY22
- Acquisition completed via cash consideration through a secondary route
- Excel serves major OEMs in Commercial Vehicles, Construction, and Agriculture segments
Greaves Cotton reported a strong 31% YoY increase in consolidated revenue to ₹975 crore for Q1 FY27, with core businesses contributing ₹710 crore (up 16%). Growth was led by the automotive engine segment (up 36%) and medium horsepower gensets (up 32%). However, margins faced pressure from rising commodity prices and strategic investments in leadership and SG&A under the 'Greaves.Next' strategy. Management has initiated price hikes and cost-control measures, expecting full recovery benefits by Q2-Q3 FY27.
- Consolidated revenue grew 31% YoY to ₹975 crore in Q1 FY27
- Automotive engine business delivered 36% YoY growth driven by 3-wheeler demand
- Medium horsepower genset business outperformed with 32% YoY growth
- Unallocable corporate expenses, including CSR and legal, stood at ₹25.82 crore
- Engineered components (Excel) returned to growth with a 14% YoY revenue increase
Greaves Electric Mobility, a subsidiary of Greaves Cotton, has launched an upgraded version of its Magnus G Max electric scooter priced at ₹1,09,999. The upgrade introduces the NxG.io software platform, offering 30+ IoT-enabled features such as Hill Hold Assist, Cruise Control, and Turn-by-Turn Navigation. This move is aimed at strengthening the company's position in the competitive E2W market, where it held a 4.2% share in H1 FY26. The scooter maintains a 142 km IDC range and features a 3 kWh LFP battery designed for a 2,00,000 km lifespan.
- Priced at ₹1,09,999, featuring a 3 kWh LFP battery and 2.4 kW peak motor
- Introduces 30+ IoT-enabled features including OTA updates and remote diagnostics
- Delivers an IDC-certified range of 142 km and a real-world range of 100+ km
- Battery life designed for 2,00,000 km with a 5-year/75,000 km warranty
- Equipped with a new 5-inch PMVA digital cluster for navigation and alerts
Greaves Cotton Limited has scheduled a physical interaction with institutional investors and analysts for August 13, 2026. The meeting is part of the 'Emkay Confluence 2026' conference organized by Emkay Global Financial Services in Mumbai. The interaction will involve both group and one-on-one sessions. This is a standard procedural disclosure under SEBI (LODR) Regulations, 2015, and does not involve any immediate financial transaction.
- Investor meeting scheduled for August 13, 2026, in Mumbai
- Organized by Emkay Global Financial Services Limited under 'Emkay Confluence 2026'
- Format includes both Group and One-on-one physical interactions
- Company currently maintains a TTM revenue of Rs 3,437 Cr and a market cap of Rs 1,493 Cr
Greaves Cotton has released the audio recording of its earnings call for the quarter ended June 30, 2026. This is a routine regulatory disclosure following the announcement of quarterly financial results. Investors can access the recording to hear management's detailed commentary on the company's TTM revenue of ‡3,437 Cr and its 7.0% operating margin. The call likely covers the progress of the 'GREAVES.NEXT' strategy and the performance of the electric mobility division.
- Earnings call conducted on August 5, 2026, for the quarter ended June 30, 2026
- Company reported TTM revenue of ‡3,436.62 Cr as of the latest full fiscal year
- Electric 2-Wheeler (E2W) market share stood at 4.2% in H1 FY26
- Operating profit margin for FY26 was recorded at 6.96%
- Company maintains a low Debt-to-Equity ratio of 0.03
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 16% YoY to INR 815 Cr in Q2 FY26. Standalone revenue grew 18% YoY to INR 552 Cr. Engineering business grew 31% YoY to INR 406 Cr. Automotive business grew 48% YoY. Genset business grew 24% YoY. Electric Mobility revenue was INR 199 Cr for Q2 FY26 and INR 336 Cr for H1 FY26. Excel Controlinkage reported INR 57 Cr in Q2 and INR 117 Cr in H1 FY26.
Geographic Revenue Split
Domestic revenue is driven by expansion in Tier 2 and Tier 3 markets through Greaves Retail. International revenue is supported by strong export demand, specifically Euro V+ engines for European automotive OEM partnerships like Ligier. Specific percentage split by region is not disclosed in available documents.
Profitability Margins
Standalone EBITDA margin improved by 160 bps to 14.2% in Q2 FY26. H1 FY26 standalone EBITDA margin expanded by 210 bps to 13.9%. Combined GCL and Excel EBITDA margin stood at a robust 15% plus. Electric Mobility reported an EBIT loss of INR 50 Cr in Q2 FY26, while other segments reported over INR 100 Cr EBIT.
EBITDA Margin
Standalone EBITDA was INR 78 Cr in Q2 FY26, up 32% YoY, resulting in a 14.2% margin. H1 FY26 standalone EBITDA was INR 152 Cr. The margin expansion is driven by ongoing cost optimization initiatives and a favorable product mix in the engineering and automotive segments.
Capital Expenditure
The company is undertaking capex in the Excel Controlinkage segment to address capacity needs. Specific historical and planned INR Cr values for total group capex are not disclosed in available documents.
Credit Rating & Borrowing
The company is net debt positive. Standalone debt is NIL. Consolidated total debt stood at INR 142 Cr as of Sept-25, primarily long-term. Specific credit ratings and interest rate percentages are not disclosed in available documents.
Operational Drivers
Raw Materials
Not disclosed in available documents. The company mentions ongoing cost optimization and operational efficiencies as key drivers for margin improvement.
Capacity Expansion
The company is expanding capacity in the Excel Controlinkage segment to cater to order books. It is also developing contract manufacturing capabilities to serve OEMs. Specific MT/unit capacity figures are not disclosed.
Raw Material Costs
Not disclosed in available documents. Management highlights that cost discipline and working capital efficiency are yielding results in margin enhancement.
Manufacturing Efficiency
Operational efficiencies are driving cash improvement. Standalone net cash stood at INR 187 Cr and consolidated net cash at INR 257 Cr as of Sept-25.
Logistics & Distribution
Greaves Retail is expanding its omnichannel model across Tier 2 and 3 markets to improve customer reach and distribution efficiency.
Strategic Growth
Expected Growth Rate
16-20%
Growth Strategy
The GREAVES.NEXT strategy focuses on three dimensions: 1) Accelerating the core engineering and retail businesses; 2) Building new muscle through contract manufacturing and industrial solutions; 3) Expanding into new horizons via strategic M&A and global partnerships. The company aims for a balanced portfolio led by energy solutions by FY30.
Products & Services
Euro V+ engines, 3-wheeler auto engines, gensets, non-automotive engines, electric 2-wheelers (E2W), engine spare parts through retail, and vehicle financing through Greaves Finance.
Brand Portfolio
Greaves, Greaves Cotton, Greaves Retail, Greaves Electric Mobility, Greaves Finance, Excel Controlinkage.
New Products/Services
New product launches in the Electric Mobility division and Euro V+ engines for European microcars are key contributors. The company is also expanding into adjacent industrial solution categories.
Market Expansion
Expansion into Tier 2 and 3 markets in India via Greaves Retail and increasing global footprint through exports and partnerships in Europe.
Market Share & Ranking
E2W (Electric 2-Wheeler) market share climbed to 4.2% in H1 FY26 from 3.2% YoY.
Strategic Alliances
Partnership with Ligier (European Microcar Company) for engine supply. Acquisition of an additional 10% stake in Excel Controlinkage, bringing total shareholding to 80%.
External Factors
Industry Trends
The industry is shifting toward sustainable mobility and fuel-agnostic technologies. Greaves is positioning itself as a future-ready engineering company, transitioning from a single-product player to a diversified multi-business entity.
Competitive Landscape
In the EV segment, the company competes with Ola, Bajaj, and Ather. In the engine segment, it maintains a strong position through OEM partnerships.
Competitive Moat
Durable advantages include a robust aftersales network, deep market reach in Tier 2/3 cities, and a strong engineering DNA. These are sustainable due to the high entry barriers in establishing a nationwide service and retail network.
Macro Economic Sensitivity
The business is sensitive to general macro-economic and governmental regulatory trends, particularly in the automotive and EV sectors.
Consumer Behavior
Increasing consumer demand for electric mobility and sustainable energy solutions is driving the growth of the E-Mobility and Energy Solutions divisions.
Geopolitical Risks
Trade barriers or regulatory changes in European markets could impact the export of Euro V+ engines.
Regulatory & Governance
Industry Regulations
Operations are affected by emission norms (e.g., Euro V+ standards) and EV regulations. The company has filed a DRHP for an IPO of its electric mobility subsidiary, subject to regulatory approvals.
Environmental Compliance
The company has undertaken tree plantation initiatives for carbon sequestration and is focusing on sustainable technologies to meet environmental standards.
Risk Analysis
Key Uncertainties
The primary uncertainty is the path to profitability for the EV division, which currently reports losses (INR 50 Cr EBIT loss in Q2). Success depends on the upcoming IPO and market share gains against well-funded competitors.
Geographic Concentration Risk
Significant revenue is concentrated in the Indian market, with growing exposure to the European microcar market.
Third Party Dependencies
Dependency on European OEM partners like Ligier for automotive engine exports.
Technology Obsolescence Risk
Risk of internal combustion engines (ICE) becoming obsolete is being mitigated by the transition to electric mobility and fuel-agnostic engineering solutions.
Credit & Counterparty Risk
Greaves Finance manages an AUM of INR 380 Cr, involving credit risk from co-lending and vehicle financing.
