Key Financial Performance

Consolidated Performance

  • Consolidated revenue grew 31% year-on-year in Q1 FY27
  • Strong growth across both Core and Investee businesses

Core Businesses Performance (Energy Solutions + Mobility Solutions + Industrial Solutions)

  • Revenue: ₹710 Cr in Q1 FY27 vs ₹612 Cr in Q1 FY26 (16% YoY growth)
  • Raw Material Cost (RMC): 66.6% in Q1 FY27 vs 63.3% in Q1 FY26
  • EBITDA: ₹90 Cr in Q1 FY27 vs ₹92 Cr in Q1 FY26 (-2% YoY)
  • EBITDA Margin: 12.6% in Q1 FY27 vs 14.9% in Q1 FY26
  • Operating PBT (before exceptional items): ₹84 Cr in Q1 FY27 vs ₹91 Cr in Q1 FY26 (-7% YoY)
  • Operating PBT Margin: 11.9% in Q1 FY27 vs 14.8% in Q1 FY26

GCL Standalone Performance

  • Revenue: ₹629 Cr in Q1 FY27 vs ₹541 Cr in Q1 FY26 (16% YoY growth)
  • RMC: 68.6% in Q1 FY27 vs 64.8% in Q1 FY26
  • EBITDA: ₹71 Cr in Q1 FY27 vs ₹76 Cr in Q1 FY26 (-7% YoY)
  • EBITDA Margin: 11.3% in Q1 FY27 vs 14.0% in Q1 FY26
  • Operating PBT: ₹67 Cr in Q1 FY27 vs ₹76 Cr in Q1 FY26 (-12% YoY)
  • Operating PBT Margin: 10.6% in Q1 FY27 vs 14.1% in Q1 FY26

Business Segment Performance

Energy Solutions

  • Grew 21% YoY in Q1 FY27
  • Domestic MHP (58.5-500 KVA) Genset business grew 32% YoY
  • Deployed first 1250 kVA Megaseries genset in SAARC region
  • Commissioned BESS (Battery Energy Storage System) pilot
  • Focus on export markets of Africa, SAARC & Middle East

Mobility Solutions

  • Share of non-3W Diesel engines OE business = 60% in Q1 FY27
  • Automotive segment: 36% YoY growth supported by robust domestic demand and steady exports
  • Retail segment: Portfolio pruning completed, business on track to grow
  • Engineered Components: 14% YoY growth, secured new OEM orders from CAT (UK) and TAFE
  • Greaves Technologies awarded Inspirational Runner-up by Daimler India Commercial Vehicles

Industrial Solutions

  • Initiated delivery of FM-UL compliant fire-fighting engines for export customers
  • Successfully executed defence order for direct supply to the Armed Forces

Investee Companies Performance

Greaves Electric Mobility Ltd (GEML)

  • Successfully raised ₹530 Cr through fully subscribed Rights issue
  • All shareholders participated in their proportion
  • Electric Two-Wheelers Performance:
  • Volume growth of 101% year-on-year in Q1 FY27
  • Market share expanded from 4.3% in FY26 to 5.6% in June 2026
  • Market leadership in Bihar with 19%+ market share
  • Ampere sustained growth momentum, achieving milestone of 4 lakh electric scooters sold
  • New launches: Ampere Magnus Neo and Ampere Reo VYB
  • Magnus G-Max won "Family Scooter of the Year" at Times Drive Auto Summit 2026
  • Three-Wheeler Performance:
  • L5 Vahan volumes grew 39% year-on-year in FY27
  • L5 E3W volumes grew ~100% in FY27
  • L5 3Ws volumes grew ~35% in FY27
  • Expanded financing ecosystem with AU Small Finance Bank, V-Pay Finance and Kosh Finance
  • Aggressive network expansion in high E3W volume markets

Greaves Finance Ltd (GFL)

  • Total Managed AUM: ₹560 Cr (increased from ₹521 Cr in March 2026)
  • Market coverage expanded to 12 more locations, now live in 86 locations
  • Raised ₹50 Cr from GCL, increasing networth to ₹153 Cr
  • Migrated to improved tech-enabled lending platform
  • Products include E2W financing, insurance, RSA, extended warranty

Strategic Initiatives & Corporate Developments

Greaves.Next Strategy

  • Incorporated wholly owned subsidiary in Dubai, UAE as strategic gateway to Middle East & Africa
  • International business revenue share at 13% of Core business sales
  • Appointed CTO to lead R&D and New Product Development
  • Commissioned Robotic Gantry Cell at GCL's CSN manufacturing facility
  • Prudent investment plan of ₹500-700 Cr for product development, capability improvement, automation, and modernization
  • Targeting 16-20% CAGR organic growth
  • Focus on sustained organic growth complemented by selective inorganic opportunities

ESG Initiatives

  • ISO 14001:2015 certification for environmental sustainability
  • Solar rooftop plants generate over 4 million units of clean energy annually
  • Zero liquid discharge facility
  • Recycling and reusing aluminium scrap briquettes
  • Tree plantation initiatives for carbon sequestration
  • Recognized as Best Governed Company (Listed Segment Emerging Category) at 25th ICSI National Awards

Historical Financial Context

Consolidated Revenue Bridge (FY24-FY26)

  • FY24 Total Revenue: ₹2,633 Cr
  • FY25 Total Revenue: ₹2,918 Cr
  • FY26 Total Revenue: ₹3,437 Cr

Segment Revenue Breakdown (FY26)

  • Energy Solutions: ₹742 Cr
  • Mobility Solutions: ₹1,584 Cr
  • Industrial Solutions: ₹339 Cr
  • Core Businesses: ₹2,665 Cr
  • GEML Consolidated: ₹786 Cr
  • GFL: ₹39 Cr

3W Diesel engines OE business

  • FY24: ₹427 Cr (16.2% of GCL Consolidated)
  • FY25: ₹455 Cr (15.6% of GCL Consolidated)
  • FY26: ₹545 Cr (15.8% of GCL Consolidated)

Market Context & Outlook

  • Capital goods sector contributes ~1.9% of GDP
  • Aligned with India's Viksit Bharat vision focusing on infrastructure and economic growth
  • Addressing evolving market expectations for sustainability and advanced mobility
  • Preparing for stringent emission and fuel regulations like BS VII
  • Leveraging growth in quick commerce, public transport, and demand for reliable power solutions

#Tags: #GreavesCotton #Q1FY27Results #ElectricVehicles #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Neutral