Greaves Cotton Limited reported consolidated revenue of INR 974 crore and standalone revenue of INR 629 crore for Q1 FY27, driven by disciplined execution across its businesses. The company further strengthened its international footprint with the incorporation of Greaves International Trading FZE in Dubai, UAE, while reaffirming its commitment to Greaves Electric Mobility through a INR 331 crore rights issue subscription.
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Greaves Cotton posts a steady start to FY27, backed by resilient execution and its GREAVES.NEXT strategy
Greaves Cotton Limited, one of India’s leading diversified engineering companies, announced its financial results for the quarter ended June 30, 2026, delivering a steady performance across its diversified businesses. During the quarter, the Company continued to execute its Greaves.Next strategy by strengthening its core businesses, expanding its international footprint and making strategic investments to support future growth. These actions reflect Greaves’ commitment to prudent capital allocation, portfolio diversification and building a globally relevant engineering enterprise positioned for sustainable long-term value creation.
Financial Performance
Consolidated
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Revenue for Q1 FY27 stood at INR 974 crore, up 31 percent YoY.
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EBITDA stood at INR 56 crore.
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Operating PBT stood at INR 27 crore.
Standalone
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Revenue for Q1 FY27 stood at INR 629 crore, up 16 percent YoY.
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EBITDA stood at INR 71 crore.
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Operating PBT stood at INR 67 crore.
Parag Satpute, MD & Group CEO, Greaves Cotton Limited, said, “We have begun FY27 on a strong note, delivering a solid performance on the back of disciplined execution across our businesses, while strengthening our strategic foundations under Greaves.Next. During the quarter, we expanded our international footprint with the establishment of a subsidiary in Dubai, UAE, enhanced our manufacturing capabilities through advanced automation, and continued to grow across our domestic and international businesses despite commodity price and supply chain pressures. We also reaffirmed our commitment to future-ready businesses through investments in Greaves Electric Mobility and Greaves Finance. Supported by a strong balance sheet, we are well positioned to drive organic growth, invest in our portfolio companies, and capitalise on emerging growth opportunities. Demand across segments remains encouraging and we remain focused on executing our strategy with discipline to build a stronger, more future-ready Greaves.”
Business Highlights
Energy Solutions continued its growth momentum during the quarter, delivering revenue growth of 21 percent YoY, supported by healthy demand across infrastructure, manufacturing and industrial applications. Domestic sales of the Medium Horsepower (MHP) genset portfolio grew by 32 percent on a YoY basis, and we commissioned a BESS pilot towards strengthening our integrated solutions portfolio.
The Mobility Solutions business delivered 18 percent year-on-year revenue growth, supported by strong performance across key segments. Automotive engines recorded robust growth of 36 percentYoY, while the Engineered Components businesses grew 14 percent YoY, driven by healthy domestic demand and steady export momentum. Demand for Euro V+ compliant engines remained encouraging in export markets. The Engineered Components domestic business also secured new orders from large OEMs such as Caterpillar UK and TAFE.
Industrial Solutions witnessed sustained demand across defence, marine and agriculture applications, strengthening engagement with OEM customers across specialised industrial applications.
Supported by strong market execution, the international business continued to contribute 13 percent to core business revenue. The Company incorporated Greaves International Trading FZE in Dubai, UAE establishing a regional hub to strengthen customer engagement and distribution capabilities across the Middle East and Africa.
Greaves Electric Mobility business strengthened its market position through sustained network expansion and portfolio enhancements. In electric two-wheelers, VAHAN volumes more than doubled, growing 101 percent year-on-year in Q1 FY27, while market share increased from 4.3 percent in FY26 to 5.6 percent in June ‘26. In three-wheelers, L5 VAHAN volumes grew 39 percent year-on-year, with electric L5 volumes nearly doubling, reflecting strong demand and continued market penetration across key segments. The Company has informed that its INR 530 Crore rights issue has been fully subscribed with its Board approving the allotment of equity shares to all eligible shareholders. Greaves Cotton Limited has subscribed to its full entitlement of approximately INR 331 Crore, and our shareholding in GEML remains unchanged at 62.48 percent.
Greaves Finance continued its growth trajectory with Assets Under Management crossing INR 560 crore, an increase from INR521 crore in Mar’26; and expanded its reach by 12 more locations. During the quarter, Greaves Cotton subscribed to the rights issue of INR 50 crore to support the company’s next phase of growth.
Outlook
The Company remains focused on strengthening execution across its core businesses while continuing to invest in technology, international expansion and future-ready opportunities under the Greaves.Next strategy.
Supported by a strong balance sheet, disciplined capital allocation and a diversified engineering portfolio, Greaves Cotton remains well positioned to deliver sustainable long-term growth while navigating an evolving macroeconomic environment. The Company will continue to focus on operational excellence, innovation and customer-centric solutions to create long-term value for all its stakeholders.
