Standalone Financial Performance (₹ in Crore)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹682.18 (vs. ₹551.66 in Q2 FY26, +23.7% YoY)
  • Other Income: ₹4.48 (vs. ₹9.68 in Q2 FY26)
  • Total Income: ₹686.66 (vs. ₹561.34 in Q2 FY26)
  • Total Expenses: ₹628.98 (vs. ₹486.23 in Q2 FY26)
  • Profit Before Exceptional Items and Tax: ₹57.68 (vs. ₹75.11 in Q2 FY26, -23.2% YoY)
  • Exceptional Items: Expense of ₹1.72 (related to GEML IPO costs)
  • Profit Before Tax: ₹55.96 (vs. ₹71.53 in Q2 FY26, -21.8% YoY)
  • Tax Expense: ₹14.65
  • Profit for the Period (Net Profit): ₹41.31 (vs. ₹52.59 in Q2 FY26, -21.4% YoY)
  • Earnings Per Share (Basic): ₹1.77 (vs. ₹2.26 in Q2 FY26)
  • Earnings Per Share (Diluted): ₹1.75 (vs. ₹2.25 in Q2 FY26)

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹1,311.57 (vs. ₹1,092.20 in H1 FY26, +20.1% YoY)
  • Other Income: ₹15.66 (vs. ₹22.53 in H1 FY26)
  • Total Income: ₹1,327.23 (vs. ₹1,114.73 in H1 FY26)
  • Profit Before Exceptional Items and Tax: ₹124.68 (vs. ₹151.49 in H1 FY26, -17.7% YoY)
  • Exceptional Items: Expense of ₹1.72 (vs. expense of ₹3.58 in H1 FY26)
  • Profit Before Tax: ₹122.96 (vs. ₹147.91 in H1 FY26, -16.9% YoY)
  • Tax Expense: ₹31.81
  • Profit for the Period (Net Profit): ₹91.15 (vs. ₹109.23 in H1 FY26, -16.5% YoY)
  • Earnings Per Share (Basic): ₹3.91 (vs. ₹4.69 in H1 FY26)
  • Earnings Per Share (Diluted): ₹3.87 (vs. ₹4.67 in H1 FY26)

Consolidated Financial Performance (₹ in Crore)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹1,175.91 (vs. ₹815.46 in Q2 FY26, +44.2% YoY)
  • Other Income: ₹11.17 (vs. ₹10.43 in Q2 FY26)
  • Total Income: ₹1,187.08 (vs. ₹825.89 in Q2 FY26)
  • Total Expenses: ₹1,170.24 (vs. ₹795.36 in Q2 FY26)
  • Profit Before Exceptional Items and Tax: ₹16.84 (vs. ₹30.53 in Q2 FY26, -44.8% YoY)
  • Exceptional Items: Expense of ₹32.75 (primarily ₹12.66 crore IPO costs and ₹20.09 crore impairment of goodwill/brand)
  • Loss Before Tax: ₹(15.91) (vs. profit of ₹26.95 in Q2 FY26)
  • Tax Expense: ₹20.89
  • Loss for the Period: ₹(29.81) (vs. profit of ₹6.16 in Q2 FY26)
  • Loss attributable to Owners of the company: ₹(19.61)
  • Loss attributable to Non-Controlling interest: ₹(19.69)
  • Earnings Per Share (Basic): ₹(0.20) (vs. ₹0.20 in Q2 FY26)
  • Earnings Per Share (Diluted): ₹(0.20) (vs. ₹0.20 in Q2 FY26)

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹2,150.03 (vs. ₹1,560.89 in H1 FY26, +37.7% YoY)
  • Other Income: ₹22.11 (vs. ₹28.47 in H1 FY26)
  • Total Income: ₹2,172.14 (vs. ₹1,589.36 in H1 FY26)
  • Profit Before Exceptional Items and Tax: ₹43.89 (vs. ₹74.07 in H1 FY26, -40.7% YoY)
  • Exceptional Items: Expense of ₹32.75 (vs. expense of ₹4.10 in H1 FY26)
  • Profit Before Tax: ₹11.14 (vs. ₹69.97 in H1 FY26, -84.1% YoY)
  • Tax Expense: ₹34.79
  • Profit for the Period: ₹6.32 (vs. ₹27.17 in H1 FY26, -76.7% YoY)
  • Profit attributable to Owners of the company: ₹25.77
  • Loss attributable to Non-Controlling interest: ₹(54.24)
  • Earnings Per Share (Basic): ₹1.11 (vs. ₹2.54 in H1 FY26)
  • Earnings Per Share (Diluted): ₹1.10 (vs. ₹2.53 in H1 FY26)

Segment Performance (Consolidated, H1 FY27)

  • Engines and Engineering Products: Revenue ₹1,478.05 Cr | Segment Result ₹210.55 Cr
  • Electric Mobility & Other Vehicles: Revenue ₹679.88 Cr | Segment Result (Loss) ₹(94.44) Cr
  • Vehicle Finance: Revenue ₹32.05 Cr | Segment Result (Loss) ₹(3.56) Cr

Exceptional Items

Standalone:

  • Q2 FY27: Expense of ₹1.72 crore due to Greaves Electric Mobility Limited (GEML) not proceeding with its proposed IPO and not availing a one-time extension of SEBI observations.

Consolidated:

  • Q2 FY27: Total expense of ₹32.75 crore, comprising:
  • ₹12.66 crore IPO-related expenses from GEML.
  • ₹20.09 crore impairment loss (₹17.6 crore goodwill and ₹2.49 crore brand) relating to Bestway Agencies Private Limited (BAPL).

Key Events and Transactions

1. Acquisition of Excel Controlinkage: On August 13, 2026, the Company acquired the remaining 20% shareholding in Excel Controlinkage Private Limited for a consideration of ₹113.47 crore, making it a 100% wholly-owned subsidiary. This was completed per the definitive agreement dated April 6, 2023.

2. Rights Issue in Greaves Electric Mobility Limited (GEML): The Company subscribed to its proportionate entitlement in the rights issue of its subsidiary, GEML, amounting to ₹331.12 crore. This did not change the Company's shareholding percentage. Abdul Latif Jameel Green Mobility Solutions (minority stakeholder) also participated (₹198.87 crore).

3. Investment in Greaves Finance Limited (GFL): The Company invested a further ₹50 crore in its wholly-owned subsidiary, GFL, by subscribing to equity shares on a rights basis.

4. NCD Issuance by GFL: Greaves Finance Limited raised ₹185 crore through the private placement of secured, rated, listed Non-Convertible Debentures (NCDs) carrying a coupon rate of 10.5% p.a.

5. Segment Reorganization: The Group merged its Cables & Control levers segment into Engines and Engineering Products and began separately reporting its Vehicle Finance business.

Financial Position (Standalone as of Sept 30, 2026)

  • Total Assets: ₹2,363.44 Cr (vs. ₹2,282.51 Cr on Mar 31, 2026)
  • Total Equity: ₹1,669.04 Cr (vs. ₹1,618.50 Cr on Mar 31, 2026)
  • Investments (Non-current): ₹1,222.15 Cr (vs. ₹727.57 Cr on Mar 31, 2026)
  • Cash & Cash Equivalents: ₹7.88 Cr (vs. ₹140.05 Cr on Mar 31, 2026)
  • Inventories: ₹270.16 Cr (vs. ₹196.56 Cr on Mar 31, 2026)
  • Trade Receivables: ₹350.44 Cr (vs. ₹284.57 Cr on Mar 31, 2026)

Cash Flows (Standalone, H1 FY27)

  • Net Cash Used in Operating Activities: ₹(14.00) Cr
  • Net Cash Generated from Investing Activities: ₹390.45 Cr
  • Net Cash Used in Financing Activities: ₹(508.62) Cr
  • Primary financing outflows: Payment for acquisition of stake/rights issue (₹494.58 Cr) and dividends paid (₹46.58 Cr).

Regulatory and Other Notes

  • The financial results have been reviewed by the statutory auditors, Price Waterhouse Chartered Accountants LLP, who issued an unmodified review conclusion.
  • The financial statements are prepared in accordance with Ind AS 34.
  • The Group is assessing potential obligations under the Battery Waste Management Rules, 2022 for its electric mobility subsidiary.
  • GEML accelerated depreciation/amortization (₹7.75 Cr for tools, ₹19.55 Cr for a brand) due to product phase-outs and new launches.
  • The impact of the notified Labour Codes (accrued provision of ₹19.26 Cr consolidated, ₹15.75 Cr standalone) continues to be monitored.