Greaves Cotton Limited reported a strong financial performance for Q4 and FY ’26, achieving its highest annual revenue in a decade on both a consolidated and standalone basis. The company registered 22% year-on-year revenue growth in Q4, fueled by the GREAVES.NEXT transformation strategy. Management highlighted resilient demand across Energy, Mobility, and Industrial solutions, alongside steady progress in its electric mobility arm despite short-term macro-economic headwinds impacting overall margins.
Consolidated Financial Performance
Greaves Cotton Limited delivered a robust performance in Q4 FY ’26, with consolidated revenues reaching INR 1,000 crores, marking a 22% year-on-year growth. Consolidated EBITDA for the quarter stood at INR 68 crores, a significant 49% increase compared to the same period last year. For the full FY ’26, consolidated revenue climbed to INR 3,437 crores, reflecting 18% year-on-year growth, with EBITDA surging 76% to INR 239 crores.
Segmental Highlights
The Energy Solutions business remains a key growth pillar, registering 18% growth in Q4 and 20% growth for the full year. This was supported by a 35% growth in the aftermarket segment and the launch of a new 650 kVA genset developed in-house. In the Mobility Solutions segment, the company saw a 48% year-on-year revenue growth in Q4, driven by strong demand for three-wheeler diesel engines and Euro V+ engine exports.
Electric Mobility and Strategic Outlook
The Greaves Electric Mobility business achieved its strongest quarter to date in Q4, with a 51% volume growth for the full year and an expansion in market share from 3.6% to 4.4%. The company continues to advance its GREAVES.NEXT strategy, focusing on operational excellence and capability building. Management confirmed that the DRHP for the electric mobility unit has been extended until September 30, 2026, allowing the company to evaluate market conditions for its proposed IPO. Plans to acquire the remaining 20% stake in Excel Controlinkage are on track for completion in Q2 FY ’27.
Future Strategy and Capital Allocation
The company maintains a focused capital expenditure plan of INR 500 crores to 700 crores over the next 4 to 5 years, directed toward product development, operational automation, and expansion into international markets, including the Middle East and Europe. While facing short-term input cost pressures due to commodity price volatility, management remains committed to disciplined cost management, maintaining 13% to 15% EBITDA margins for core businesses, and driving sustainable, profitable growth.
Source: BSE
