Geopolitical headwinds in Excel export business
Excel's export business, particularly to Russia, is significantly impacted by geopolitical tensions, leading to slower overall growth.
GREAVESCOT / Q3-FY26 / risks
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Greaves Cotton · Material risks, their source context, and severity in the latest available quarter.
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Slower-than-expected EV adoption in three-wheelers
The transition to CNG and electric vehicles in the three-wheeler segment has been more gradual than expected, with diesel still holding 18-20% market share.
Dependence on IPO for Greaves Electric Mobility funding
If the IPO is delayed or fails, the subsidiary may require continued financial support from the parent, impacting cash flows.