Greaves Cotton Limited

Greaves Cotton delivered a strong Q4 FY26 with consolidated revenue growing 22% YoY to INR 1,000 crores and EBITDA increasing 49% to INR 68 crores. For the full year FY26, consolidated revenue reached INR 3,437 crores, an 18% YoY growth, marking the highest annual revenue in the last decade. The company's GREAVES.NEXT strategy, focused on Energy Solutions, Mobility Solutions, and Industrial Solutions, is progressing well, strengthening core businesses and enhancing operational capabilities for sustainable growth.

The Energy Solutions business continued its growth trajectory, registering 18% growth in Q4 FY26 and 20% for the full year. The aftermarket segment significantly outpaced this, growing 23% in Q4 and 35% in FY26, reflecting the success of integrated service-led approaches. The company secured its single largest institutional order worth INR 35 crores and launched a new 650 kVA genset, developed in-house, further strengthening its product portfolio.

The automotive business within Mobility Solutions delivered a robust 48% YoY growth in Q4 FY26, driven by strong domestic demand for three-wheeler diesel engines and continued Euro V+ engine exports. Overall Mobility Solutions grew 16% YoY in FY26. The company is also advancing ePowertrain initiatives, having supplied the first pilot batch of rare-earth-free motors to a 3-wheeler L5 OEM customer and is in advanced discussions for firm orders.

Greaves Electric Mobility (GEM) achieved a 51% YoY volume growth in FY26, expanding its market share from 3.6% in FY25 to 4.4% in FY26. The L5 3-wheeler business recorded a 31% YoY growth in Q4 FY26, with volumes exceeding 2,300 units. GEM launched the Magnus G Max in Q4 FY26 and announced the upcoming Magnus 6th Generation. The DRHP for GEM's IPO has been extended by SEBI until September 30, 2026, due to volatile geopolitical situations.

For FY26, standalone revenue grew 23% YoY to INR 2,365 crores, with EBITDA at INR 320 crores, supported by a 40 basis point margin expansion. The company plans to invest INR 500-700 crores in CAPEX over the next 4-5 years, focusing on product development, capability enhancement, and international market expansion. An impairment of INR 16 crores was made for an ePowertrain technology investment that did not meet expectations. Greaves Finance Limited's total asset under management stood at INR 521 crores as of March 2026.

Greaves Cotton significantly strengthened its international business, with international revenues increasing from 9% of total revenue in FY25 to 13% in FY26. This was achieved through realigned international teams, deepened Euro V+ engine exports via partnerships, and expanded presence in Europe, the Middle East, and other markets. Operationally, investments were made in a dual conveyor setup for single-cylinder engines, a robotic vision-based AI inspection system, and a conveyorized cable assembly line in Excel facilities to enhance capacity, quality, and efficiency.