Greaves Cotton reported a strong Q3 FY26, with consolidated revenues growing 17% YoY to Rs. 875 crores for the quarter, driven by consistent demand and disciplined execution. Management highlighted execution of the ‘GREAVES.NEXT’ strategy across Energy, Mobility, and Industrial solutions. Key achievements include 21% YoY growth in Energy solutions and progress toward profitability for Greaves Electric Mobility.
Q3 FY26 Performance Overview
Greaves Cotton announced strong results for the third quarter of FY26 (ending December 31, 2025). At the consolidated level, revenues reached Rs. 875 crores, marking a 17% year-on-year increase. For the 9-month period, consolidated revenue stood at Rs. 2,436 crores, a 16% YoY growth. Profitability metrics saw significant improvement across the board.
Standalone figures for Q3 FY26 showed a revenue of Rs. 575 crores and EBITDA of Rs. 78 crores. Standalone revenue grew 14% YoY, with EBITDA improving 18% YoY, resulting in a 13-basis point margin improvement. Management noted that these results appropriately recognize Labor Code-related provisions.
Execution of ‘GREAVES.NEXT’ Strategy
Mr. Parag Satpute detailed the firm focus on executing the ‘GREAVES.NEXT’ strategy, which aims to position Greaves Cotton as a trusted, innovative, and future-ready engineering solutions company. Priority areas for core businesses include:
- Energy Solutions: Strengthening genset platforms and expanding aftermarket service networks.
- Mobility Solutions: Building a diversified, fuel-agnostic portfolio through OEM connections and developing powertrain capabilities (including components under Excel Controlinkage).
- Industrial Solutions: Scaling engineering applications by expanding into adjacent categories.
Segment-wise Highlights (9M FY26)
Energy Solutions
This segment delivered a robust 21% year-on-year growth in the first 9 months. Significantly, the spares and service business within this vertical grew by 40% YoY, validating the integrated approach implemented under the new strategy.
Mobility Solutions
Mobility solutions revenue grew 15% YoY in the first 9 months. Key points:
- E-Two-Wheeler: VAHAN volumes grew 40% quarter-on-quarter to over 18,000 units, pushing market share to 5%, establishing Greaves Electric Mobility as the sixth-largest player.
- Market Penetration: The company achieved market leadership in Bihar (21.5% share) and holds a combined 13% market share across key eastern and southern markets.
- Powertrains: Continued balance across powertrains, with L5 diesel three-wheeler sales growing 18% YoY. The company noted the transition to electric remains gradual, with diesel expected to hold 18% to 20% market share medium term.
- Exports: Exports, including supplies to Ligier in Europe, remain a key growth driver.
Industrial Solutions
This segment delivered a more muted 3% YoY growth for the first 9 months, attributed to temporary slowdowns in the general market. Highlights include securing a direct Defense supply order and an agreement with a European customer for FM/UL certified engines, which strengthens the order book.
Strategic Priorities and Outlook
The company reiterated confidence in achieving its targeted organic growth of 16% to 20% CAGR over the next few years. Capital expenditure (CAPEX) of Rs. 500 to 700 crores is earmarked for the core business over the coming years, focused on product development, capability development (including digitalization), and expansion into new geographies. This investment will be funded primarily through internal accruals and existing cash flow, as the consolidated entity remains net cash positive.
Mr. Vikas Singh confirmed that Greaves Electric Mobility has filed its DRHP, and the company is currently focused on executing the IPO plan.
Corporate Recognition
Greaves Cotton received two prestigious recognitions this quarter:
- “Best Governed Company” in the Listed Segment Emerging Category from the Institute of Company Secretaries in India.
- “The Best Process Control Award” from Stanley Black & Decker, recognizing excellence among its global suppliers.
Source: BSE
