GREAVESCOT
Greaves Cotton share price & financials
- Price
- ₹198.54
- Market cap
- ₹4.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Greaves Cotton Limited Q1 FY27
What went well
- Consolidated revenue grew 31% YoY to ₹975 crores, driven by strong demand across core and investee businesses.
- Core businesses achieved 16% YoY growth (19% like-to-like after portfolio rationalization) with ₹710 crores revenue.
- Greaves Electric Mobility Limited (GEML) delivered record volume growth of 101% YoY, with revenue almost doubling to ₹270 crores.
What to watch
- Margins were lower by 2-2.5% across businesses due to purposeful investments for future growth and increased commodity prices.
- There is a time lag in passing on commodity price increases to customers, impacting Q1 margins.
What Greaves Cotton Limited does
Greaves Cotton designs and manufactures internal-combustion and electric powertrains, industrial diesel gensets, and precision motion-control components (cables, control levers, electronic controls) for automotive, construction, agriculture, marine, railway and defence customers. It earns through three business lines: Energy Solutions (gensets and aftermarket service/AMC), Mobility Solutions (engines, e-mobility vehicles via Greaves Electric Mobility, and Excel's motion-control parts for OEMs), and Industrial Solutions (engines for construction equipment, firefighting pumps and agri machinery). Products reach customers through OEM tie-ups, a dealer/mechanic network, and direct retail/aftermarket outlets, with a growing share of revenue from exports.
Segments
- Energy Solutions
- Mobility Solutions
- Industrial Solutions
- Manufacturing facilities
- 9 factories
- Regional offices
- 8
- Mechanic network
- 20,000+
- Retail network
- 7,000+ outlets
- Engines in use (installed base)
- 60 lakh+
- Gensets in use (installed base)
- 1 lakh+
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 2 delivered 6 missed 10 open- Genset Business Performance delivered said Q3 FY25 Promised: strong numbers starting Q1 FY26 Q1 FY27: Promise remains achieved from Q1 FY26. The Energy Solutions segment grew 21% YoY this quarter.
- Consolidated Revenue Target went quiet said Q3 FY25 Promised: Rs. 15,000 crore by 2030 Q1 FY27: The long-term Rs. 15,000 crore target was not mentioned for the third consecutive quarter.
- Excel Controlinkage Turnover at risk said Q4 FY25 Promised: 3x current turnover Q1 FY27: Excel business returned to growth with a 14% YoY increase, reporting ~₹70 cr revenue. While a positive development, it is still far from the 3x ambition.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 30.7%, net profit down 70.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 705 | 751 | 823 | 745 | 815 +16% | 875 +17% | 1,000 +22% | 974 +31% |
| EBITDA | 23 | 40 | 46 | 57 | 52 +125% | 62 +57% | 68 +49% | 56 −1% |
| Net profit | -14 | 7 | 2 | 21 | 6 +144% | 6 −11% | 2 +44% | 6 −70% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −10.4% 1Y
1Y: ₹214.68 on 10 Sept 2025 → ₹192.25. High ₹263.6 (10 Jul 2026), low ₹120.61 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.0%
- 5 Aug
- Q4 FY26
- +2.8%
- 6 May
- Q3 FY26
- −0.4%
- 6 Feb
- Q2 FY26
- +5.5%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 8.4% a year over 3 years, FY23 to FY26. Operating margin widened to 7.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.7k Cr | ₹2.6k Cr | ₹2.9k Cr | ₹3.4k Cr |
| Operating profit | ₹126 Cr | ₹91 Cr | ₹136 Cr | ₹239 Cr |
| Operating margin | 4.7% | 3.4% | 4.7% | 7.0% |
| Interest | ₹12 Cr | ₹9 Cr | ₹16 Cr | ₹26 Cr |
| Depreciation | ₹56 Cr | ₹84 Cr | ₹103 Cr | ₹109 Cr |
| Net profit | ₹70 Cr | ₹-367 Cr | ₹-6 Cr | ₹35 Cr |
| Net margin | 2.6% | -13.9% | -0.2% | 1.0% |
| Cash from operations | ₹-135 Cr | ₹-153 Cr | ₹-23 Cr | ₹33 Cr |
| Free cash flow | ₹-206 Cr | ₹-225 Cr | ₹-98 Cr | ₹-61 Cr |
| ROCE | 9.0% | 4.0% | 5.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹47 Cr | ₹47 Cr |
| Reserves | ₹736 Cr | ₹703 Cr | ₹1.5k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.4k Cr |
| Borrowings | ₹20 Cr | ₹257 Cr | ₹28 Cr | ₹81 Cr | ₹185 Cr | ₹394 Cr |
| Other liabilities | ₹477 Cr | ₹629 Cr | ₹1.1k Cr | ₹923 Cr | ₹956 Cr | ₹1.0k Cr |
| Total liabilities | ₹1.3k Cr | ₹1.6k Cr | ₹2.7k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.9k Cr |
| Fixed assets | ₹372 Cr | ₹364 Cr | ₹369 Cr | ₹825 Cr | ₹844 Cr | ₹875 Cr |
| Capital work in progress | ₹75 Cr | ₹82 Cr | ₹83 Cr | ₹63 Cr | ₹64 Cr | ₹64 Cr |
| Investments | ₹1 Cr | ₹16 Cr | ₹123 Cr | ₹157 Cr | ₹96 Cr | ₹67 Cr |
| Other assets | ₹832 Cr | ₹1.2k Cr | ₹2.1k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹1.9k Cr |
| Total assets | ₹1.3k Cr | ₹1.6k Cr | ₹2.7k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −1.10 pp while DIIs added +0.65 pp. The shareholder count grew 15% to 3,47,238.
- Promoters
- 55.8%
- FIIs
- 1.4%
- DIIs
- 4.2%
- Public
- 38.7%
Since Jun 2025
- FIIs −1.10 pp
- DIIs +0.65 pp
- Public +0.46 pp
How it drifted, 12 quarters
Over this window FIIs fell from 4.6% to 1.4% — −3.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.0%, FIIs 4.6%, DIIs 3.4%, Public 36.0%.Dec '23: Promoters 56.0%, FIIs 3.2%, DIIs 3.4%, Public 37.4%.Mar '24: Promoters 56.0%, FIIs 2.8%, DIIs 3.8%, Public 37.4%.Jun '24: Promoters 55.9%, FIIs 1.1%, DIIs 3.8%, Public 39.2%.Sep '24: Promoters 55.9%, FIIs 1.0%, DIIs 3.8%, Public 39.2%.Dec '24: Promoters 55.9%, FIIs 2.4%, DIIs 3.5%, Public 38.2%.Mar '25: Promoters 55.9%, FIIs 2.9%, DIIs 3.3%, Public 37.9%.Jun '25: Promoters 55.8%, FIIs 2.5%, DIIs 3.5%, Public 38.2%.Sep '25: Promoters 55.8%, FIIs 2.6%, DIIs 3.8%, Public 37.8%.Dec '25: Promoters 55.8%, FIIs 2.3%, DIIs 4.1%, Public 37.9%.Mar '26: Promoters 55.8%, FIIs 1.9%, DIIs 3.7%, Public 38.7%.Jun '26: Promoters 55.8%, FIIs 1.4%, DIIs 4.2%, Public 38.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Greaves Cotton Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Dbh Investment Capital India Private Limited | 55.77% | unchanged |
| The New India Assurance Company Limited Insurer | 1.76% | −0.25 pp |
| EICL Limited | 0.00% | unchanged |
| DBH Holdings(India) Private Ltd | 0.00% | unchanged |
| Premium Transmission Limited | 0.00% | unchanged |
| Kaolin India Private Limited | 0.00% | unchanged |
| Premium Motion Private Limited | 0.00% | unchanged |
| Premium Care Private Limited | 0.00% | unchanged |
| Pygmalion Foundation | 0.00% | unchanged |
| DBH Global Holdings Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Greaves Cotton Limited
Guides on how to read this kind of business and the numbers that matter.