Greaves Cotton Ltd(GREAVESCOT)

NSE: GREAVESCOTBSE: 501455

₹ 183.55-4.48%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 4,276 crNext results: 29 Oct 2026Website: www.greavescotton.comUpdated: 24 Oct 2026

About

Greaves Cotton is a 165-year-old Indian engineering company. It makes diesel and gas engines, gensets, electric two- and three-wheelers and push-pull cables, and it offers EV financing. Its customers are OEMs, commercial vehicle operators and retail buyers. Revenue was Rs 3,436.62 Cr in FY26. Engines was the largest segment at 64.2% of FY26 segment revenue. The company is the only standalone engine maker in India that also assembles gensets entirely in-house.^[1][2]

Business segments

Engines: Rs 2,241.39 Cr, 64.2% of segment revenue in FY26.^[2]
Electric Mobility & Other Vehicles: Rs 786.19 Cr, 22.5% of segment revenue in FY26.^[2]
Cables & Control Levers: Rs 252.06 Cr, 7.2% of segment revenue in FY26. Others: Rs 210.63 Cr, 6.0%.^[2]
New businesses made up 63% of consolidated revenue in FY25, up from 61% in FY24.^[3][4]

Products and brands

Greaves Engineering offers CPCB IV+ compliant gensets from 5 to 500 kVA and industrial engines from 1.5 HP to 700 HP. The range includes Euro V+ single-cylinder engines, among the first in the world to meet that standard.^[3]
GEML's Ampere brand covers slow-speed scooters (Reo), city-speed models (Magnus/Magnus Neo) and high-speed models (Nexus). Greaves ELTRA covers electric three-wheelers, and ELE covers e-rickshaws under Bestway.^[3]
Greaves Finance runs ev.fin, a lending platform focused on EVs. Greaves Care is a franchise network that services vehicles of many brands.^[3]
A pilot facility for battery energy storage systems (BESS) was commissioned in Q1 FY27. The company is still testing how to take it to market commercially.^[5]
A hydrogen engine concept was shown at Auto Expo 2025. Fire-fighting pump-set engines received FM and UL certification for 39 engine ratings.^[3]

Manufacturing and operations

Six manufacturing facilities in India, including Shendra (Aurangabad) and Talegaon. Talegaon is the only in-house genset assembly site.^[3]
The Shendra facility holds AS9100D certification, which allows it to machine aerospace components.^[3]
Four rooftop solar installations of 700 kW to 1 MW each at the Aurangabad and Talegaon plants generate 5 million units of energy a year.^[3]
GEML can make 480,000 two-wheelers a year as of Q1 FY27. It was producing about 10,000 units a month.^[5]
Excel Controlinkage's push-pull cable plants ran at 70-75% of capacity in Q1 FY27.^[5]
The standalone company employed 1,079 people as of 31 March 2025.^[3]

Key operating numbers

GEML's electric two-wheeler volumes on VAHAN rose 101% year on year in Q1 FY27, against 75% for the industry. Its market share rose to 5.6% in June 2026 from 4.3% in FY26.^[5]
GEML's L5 electric three-wheeler volumes on VAHAN rose 39% year on year in Q1 FY27.^[5]
Energy Solutions grew 21% year on year to Rs 203 Cr in Q1 FY27. Medium-horsepower gensets grew 32%.^[5]
Genset market share was about 4% as of Q2 FY26.^[6]
The company held a 53% share of the 3W engine market in FY24, with volumes up 27%.^[4]
Greaves Finance's managed AUM was Rs 560 Cr in Q1 FY27, up from Rs 521 Cr in March 2026.^[5]
International revenue was about 13% of core business revenue in Q1 FY27, up from 9% in FY25.^[5]

Customers and distribution

As of FY25, Greaves Retail had more than 250 distributors, 10,000 retailers and 21,000 mechanics across more than 25 states and union territories.^[3]
Greaves Retail is among the top three aftermarket players in India for 3W ICE, SCVs, HCVs, construction equipment and electric three-wheelers.^[3]
Ampere had more than 600 Experience Centers across 15 states as of October 2026.^[7]
As of FY25, Greaves Care had more than 230 multi-brand service outlets.^[3]
Greaves Finance worked with 11 OEM partners as of Q4 FY26. ev.fin covered 50% of the E2W market across 47 cities in 11 states.^[8]
Export customers include Ligier, which takes Euro V+ engines. CAT (UK) and TAFE joined Excel's customer base in Q1 FY27. Products reach more than 70 countries.^[5]

Expansion and capex

Greaves.Next is a capex plan of Rs 500-700 Cr. It will be funded from internal accruals, with most spending in the first two years, and is due to be completed by FY28.^[8]
GEML completed a fully subscribed Rs 530 Cr rights issue in Q1 FY27. GCL took up Rs 331 Cr of it.^[5]
Capability and capacity are being expanded at the CSN and Nagpur facilities.^[8]
Greaves International Trading FZE was set up in Dubai in Q1 FY27 as a hub for the Middle East and Africa.^[5]
The target is for Energy Solutions to make up 35-40% of group revenue by FY30, up from about 27% in FY25.^[8]

Recent developments

In October 2026, Ampere added more than 50 Experience Centers, bringing its total to over 600.^[7]
In Q1 FY27, the GCL Board approved investing another Rs 50 Cr in Greaves Finance Limited.^[5]
In Q3 FY26, the company won a direct defence supply order for the Armed Forces and signed an agreement to supply FM/UL engines to a European customer.^[9]
In FY25, Greaves raised its stake in Excel by 10%, to 70%.^[3]
GEML filed its draft IPO prospectus (DRHP) with SEBI in December 2024. As of Q4 FY26, no updated timeline had been given.^[8]

Market Cap

₹4,276 Cr

High / Low

₹272 / 120

Stock P/E

42.8

Price / Book

3.0

Book Value

₹61

EPS

₹4.6

No. of Shares

23.29 Cr

ROCE

10.2%

ROE

7.5%

OPM

5.2%

Debt / Equity

0.23

Sales

₹3,437 Cr

Net Profit

₹35 Cr

Promoter holding

55.8%

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Greaves Cotton Ltd(GREAVESCOT)

About

Business segments

Products and brands

Manufacturing and operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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Verdict

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