Greaves Cotton LimitedQ1 FY27 Results & Financial Update
Greaves Cotton Limited: Q1 FY27 consolidated results and company financials – revenue ₹974.12 Cr, PAT ₹6.16 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Greaves Cotton Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Greaves Cotton Limited registered consolidated operating revenue of Rs 974.12 crore for the quarter ended June 30, 2026 (Q1 FY27), supported by robust demand across core and investee segments.
Core businesses delivered segment revenue of Rs 710 crore, posting a 16% year-on-year growth driven by strong domestic demand, robust execution, and operational efficiencies across units.
Energy Solutions expanded revenue by 21% year-on-year to Rs 203 crore, underpinned by strong performance in the domestic medium-high horsepower (MHP 58.5–500 KVA) generator segment.
Mobility Solutions generated Rs 427 crore in revenue, marking an 18% year-on-year increase, aided by a 36% jump in automotive engine revenues and steady contributions from engineered components.
Investee entity Greaves Electric Mobility Ltd (GEML) reported consolidated revenue of Rs 270 crore, registering a 97% year-on-year rise as electric two-wheeler and L5 Vahan volumes surged 101% and 39% respectively.
Profitability at the consolidated level experienced pressure during the quarter, with EBITDA recorded at Rs 56 crore compared to Rs 57 crore previously, and PAT standing at Rs 6.16 crore, reflecting higher commodity costs and deliberate investments in capabilities and growth initiatives.
Profit after tax was ₹6.16 Cr for the reported quarter. EPS was ₹1.10 for the reported quarter.
01 · Business model
What does Greaves Cotton do?
Greaves Cotton Limited is a diversified Indian engineering solutions company founded in 1859, operating across energy, mobility, and industrial segments with a manufacturing and distribution footprint spanning 9 clusters, 8 regional offices, and extensive dealer and retail networks.
The company's core operations include Energy Solutions (gensets and backup power), Mobility Solutions (automotive engines, e-powertrains, engineered components via Excel Controlinkage, and ER&D services through Greaves Technologies), and Industrial Solutions (large and small engines for agricultural, marine, and construction applications).
Beyond its core manufacturing lines, Greaves operates key investee businesses including Greaves Electric Mobility Ltd (GEML) in electric two-wheelers and three-wheelers under the Ampere brand, and Greaves Finance Ltd (GFL) providing tech-enabled EV financing solutions.
02 · Historical context
What shaped the business before this quarter
Founded in 1859 by James Greaves and subsequently joined by George Cotton, the company evolved from a single-product, single-fuel pioneer into a diversified engineering solutions provider over 165 years.
Acquired Excel Controlinkage in 2023, marking a strategic expansion into advanced motion-control solutions and engineered components.
Expanded into the electric mobility segment through the 2019 acquisition of Ampere Vehicles, subsequently renamed Greaves Electric Mobility Ltd.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹974.12 Cr |
| Total income | ₹985.06 Cr |
| Profit before tax | ₹27.05 Cr |
| Profit after tax | ₹6.16 Cr |
| EPS | ₹1.10 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Domestic MHP (58.5 - 500 KVA) genset business grew by 32% year-on-year, pushing overall Energy Solutions revenue up 21% to Rs 203 crore.
Automotive engine revenues grew 36% year-on-year supported by robust domestic demand and steady exports, while engineered components recorded 14% year-on-year growth.
GEML recorded a 101% year-on-year increase in E2W Vahan volumes and a 39% rise in L5 Vahan volumes, lifting consolidated investee revenue to Rs 270 crore.
What drove margins
Consolidated raw material consumption as a percentage of revenue increased to 69.0% in Q1 FY27 compared to 64.9% in Q1 FY26, impacting gross and EBITDA margins.
EBITDA margin contracted to 5.8% from 7.6% in the corresponding period of the previous year due to deliberate upfront investments in capabilities, R&D, and expansion initiatives.
05 · Demand, customers & order book
Where demand is coming from
Engineered components business secured new original equipment manufacturer orders from CAT (UK) and TAFE.
Ampere achieved a cumulative milestone of 4 lakh electric scooters sold, supported by network expansion in high-volume regions.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Contributed 29% of total Q1 FY27 revenue, deployed the first 1250 kVA Megaseries genset in SAARC, and commissioned a BESS (Battery Energy Storage System) pilot.
Contributed 60% of total Q1 FY27 revenue; non-3W diesel engine OE business share reached 60%, and retail portfolio pruning was successfully completed.
Initiated delivery of FM-UL compliant fire-fighting engines for export customers and successfully executed a direct-supply defense order for the Armed Forces.
Geography and market mix
Incorporated a wholly-owned subsidiary in Dubai, UAE, to serve as a strategic gateway for accelerating growth across the Middle East and Africa.
GEML expanded its electric two-wheeler market share to 5.6% in June 2026 (up from 4.3% in FY26) and maintained market leadership in Bihar with over 19% market share.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Advanced factory automation was accelerated with the commissioning of a Robotic Gantry Cell at GCL's Chhatrapati Sambhajinagar (CSN) manufacturing facility.
Projects, capex and execution
Core business capital expenditure plans remain on track, alongside fully subscribing to a Rs 331 crore rights issue for GEML and investing Rs 50 crore in Greaves Finance Ltd.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Appointed a Chief Technology Officer (CTO) to lead R&D and new product development, focusing on alternative fuel powertrains and sustainable engineering solutions.
Total managed AUM reached Rs 560 crore (up from Rs 521 crore in March 2026), with market coverage expanding by 12 locations to reach 86 live locations.
09 · Reported developments
What changed operationally
Consolidated revenue grew 31% year-on-year in Q1 FY27 to Rs 974.12 crore, driven by double-digit expansion across core and investee verticals.
GFL migrated to an improved, tech-enabled lending platform and expanded financing partnerships with AU Small Finance Bank, V-Pay Finance, and Kosh Finance.
10 · Pressure points & risks
What is not going smoothly
Operating profitability softened during the quarter due to higher commodity costs and upfront capability-building expenses, with PBT before exceptional items declining 39% year-on-year to Rs 27.05 crore.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
GEML successfully raised Rs 530 crore through a fully subscribed rights issue, and GFL's net worth increased to Rs 153 crore following a Rs 50 crore equity infusion from GCL.
12 · Management guidance & targets
What management is targeting from here
Management targets an organic growth compound annual growth rate (CAGR) of 16-20% for the next phase of transformation.
Management aspires to achieve EBITDA margins in the range of 13% to 15%.
A prudent investment plan of Rs 500 crore to Rs 700 crore is earmarked for product development, capability improvement, automation, and modernization.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Awards and Recognition
Greaves Technologies was awarded 'Inspirational Runner-up' by Daimler India Commercial Vehicles in the Indirect Procurement category.
Reported update
Product Accolades
Ampere Nexus won 'Electric Scooter of the Year', and the Magnus G-Max won 'Family Scooter of the Year' at the Times Drive Auto Summit 2026.
14 · Key Q&A
The quarter, answered directly
What does Greaves Cotton do?
Greaves Cotton Limited is a diversified Indian engineering solutions company founded in 1859, operating across energy, mobility, and industrial segments with a manufacturing and distribution footprint spanning 9 clusters, 8 regional offices, and extensive dealer and retail networks.
What is the clearest takeaway from Q1 FY27?
Greaves Cotton Limited registered consolidated operating revenue of Rs 974.12 crore for the quarter ended June 30, 2026 (Q1 FY27), supported by robust demand across core and investee segments.
What drove revenue or demand?
Domestic MHP (58.5 - 500 KVA) genset business grew by 32% year-on-year, pushing overall Energy Solutions revenue up 21% to Rs 203 crore.
What mattered most for margins or profitability?
Consolidated raw material consumption as a percentage of revenue increased to 69.0% in Q1 FY27 compared to 64.9% in Q1 FY26, impacting gross and EBITDA margins.
What changed operationally beyond the headline numbers?
Advanced factory automation was accelerated with the commissioning of a Robotic Gantry Cell at GCL's Chhatrapati Sambhajinagar (CSN) manufacturing facility.
What is management guiding or targeting from here?
Management targets an organic growth compound annual growth rate (CAGR) of 16-20% for the next phase of transformation.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
EV Volume and Market Share Trajectory: Monitor sales volume growth and market share expansion for Greaves Electric Mobility (Ampere) in the competitive two-wheeler and three-wheeler segments.
- 02
Margin Recovery and Commodity Costs: Track raw material price trends and the operational leverage impact on consolidated EBITDA and PAT margins in subsequent quarters.
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