Financial Performance Overview

Consolidated Results (Q1 FY27):

  • Revenue: ₹974 crore, up 31% year-on-year
  • EBITDA: ₹56 crore
  • Operating PBT: ₹27 crore

Standalone Results (Q1 FY27):

  • Revenue: ₹629 crore, up 16% year-on-year
  • EBITDA: ₹71 crore
  • Operating PBT: ₹67 crore

Segment-wise Performance

Energy Solutions:

  • Revenue growth of 21% year-on-year
  • Domestic sales of Medium Horsepower (MHP) genset portfolio grew by 32% YoY
  • Commissioned BESS pilot to strengthen integrated solutions portfolio

Mobility Solutions:

  • Revenue growth of 18% year-on-year
  • Automotive engines recorded robust growth of 36% YoY
  • Engineered Components businesses grew 14% YoY
  • Strong demand for Euro V+ compliant engines in export markets
  • Secured new orders from large OEMs including Caterpillar UK and TAFE

Industrial Solutions:

  • Sustained demand across defence, marine and agriculture applications
  • Strengthening engagement with OEM customers across specialized industrial applications

International Business

  • International business contributed 13% to core business revenue
  • Incorporated Greaves International Trading FZE in Dubai, UAE
  • Established regional hub to strengthen customer engagement and distribution capabilities across Middle East and Africa

Subsidiary Performance

Greaves Electric Mobility (GEML):

  • Electric two-wheeler VAHAN volumes grew 101% year-on-year in Q1 FY27
  • Market share increased from 4.3% in FY26 to 5.6% in June 2026
  • L5 VAHAN volumes grew 39% year-on-year
  • Electric L5 volumes nearly doubled
  • ₹530 crore rights issue fully subscribed
  • Greaves Cotton subscribed to full entitlement of approximately ₹331 crore
  • Shareholding in GEML remains unchanged at 62.48%

Greaves Finance:

  • Assets Under Management crossed ₹560 crore (increased from ₹521 crore in March 2026)
  • Expanded reach by 12 more locations
  • Greaves Cotton subscribed to rights issue of ₹50 crore to support growth

Strategic Initiatives

  • Continued execution of Greaves.Next strategy
  • Strengthening core businesses and expanding international footprint
  • Strategic investments to support future growth
  • Enhanced manufacturing capabilities through advanced automation
  • Focus on operational excellence, innovation and customer-centric solutions

Management Commentary

Parag Satpute, MD & Group CEO, stated: "We have begun FY27 on a strong note, delivering a solid performance on the back of disciplined execution across our businesses, while strengthening our strategic foundations under Greaves.Next. Supported by a strong balance sheet, we are well positioned to drive organic growth, invest in our portfolio companies, and capitalise on emerging growth opportunities. Demand across segments remains encouraging and we remain focused on executing our strategy with discipline to build a stronger, more future-ready Greaves."

Outlook

The Company remains focused on strengthening execution across its core businesses while continuing to invest in technology, international expansion and future-ready opportunities under the Greaves.Next strategy. Supported by a strong balance sheet, disciplined capital allocation and a diversified engineering portfolio, Greaves Cotton remains well positioned to deliver sustainable long-term growth while navigating an evolving macroeconomic environment.