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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,000 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹68 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Greaves Cotton delivered a strong Q4 FY26 with consolidated revenue of ₹1,000 crore (+22% YoY) and EBITDA of ₹68 crore (+49% YoY), driven by broad-based growth across energy, mobility, and industrial solutions. The energy solutions segment grew 18% YoY, securing its largest institutional order of ₹35 crore. Mobility solutions surged 48% YoY, supported by robust three-wheeler diesel engine demand and Euro 5+ exports. The company's Greaves.next strategy is gaining traction, with international revenue rising from 9% to 13% of total. Management reiterated medium-term core business growth guidance of 16-18% and EBITDA margin target of 13-15%. However, near-term margin pressure from rising commodity costs (aluminium, copper) was acknowledged, though a pass-through mechanism is in place. The key risk remains the pace of EV profitability and IPO timing for Greaves Electric Mobility.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated medium-term organic growth guidance of 16-18% for core businesses (energy, mobility, industrial).
- Target EBITDA margin of 13-15% for core businesses as they scale, with current standalone margin at 13.5%.
- Planned capital expenditure of ₹500-700 crore over the next 4-5 years for product development, capability enhancement, and international expansion.
- The remaining 20% stake in Excel Control Linkage will be acquired in Q2 of FY27, making it a wholly-owned subsidiary.
Risks flagged
- Rising input costs for aluminium, copper, and platinum are pressuring margins; management has activated a pass-through mechanism but impact remains.
- Greaves Electric Mobility continues to incur losses; IPO timeline extended to September 2026 due to volatile markets, creating uncertainty for investors.
- Analyst flagged that employee costs at subsidiaries (Excel, GEM) are nearly as high as standalone, raising efficiency concerns; management defended as investment for growth.
Key quotes
- We have a predetermined path. The last 20% of the ownership of Excel is planned to be done during Q2.
- Our loss per unit has progressively fallen by almost half from last year to this year.
- We have a pass through mechanism which we have already activated in Q1. So therefore we do see some recovery on account of price.
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