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Geopolitical headwinds in Excel export business
View Risks →Greaves Cotton Limited — Q3 FY26
Greaves Cotton delivered a strong Q3 FY26 with consolidated revenue of ₹875 crore, up 17% YoY, driven by broad-based growth across energy solutions (+21% in 9M), mobility solutions (+15% in 9M), and industrial solutions (+3% in 9M).
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Greaves Cotton delivered a strong Q3 FY26 with consolidated revenue of ₹875 crore, up 17% YoY, driven by broad-based growth across energy solutions (+21% in 9M), mobility solutions (+15% in 9M), and industrial solutions (+3% in 9M). EBITDA margin expanded 13 bps on a standalone basis. The company's Gree.next strategy is gaining traction, with energy solutions spares and service growing 40% YoY. Management reiterated its organic growth CAGR target of 16-20% and announced a ₹500-700 crore capex plan over the coming years for R&D, capacity expansion, and international expansion. The Greaves Electric Mobility IPO (DRHP approved) is progressing, with a ₹1,000 crore primary issue. Risks include geopolitical headwinds impacting Excel's export business and slower-than-expected EV adoption in three-wheelers.
ग्रीव्स कॉटन ने तीसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल कमाई ₹875 करोड़ रही, जो पिछले साल से 17% ज्यादा है। यह बढ़ोतरी ऊर्जा समाधान (21%), मोबिलिटी समाधान (15%) और औद्योगिक समाधान (3%) में हुई। कंपनी का मुनाफा मार्जिन थोड़ा बढ़ा। ग्री.नेक्स्ट रणनीति के तहत ऊर्जा समाधान के स्पेयर और सर्विस में 40% की बढ़ोतरी हुई। प्रबंधन ने अगले कुछ सालों में 16-20% सालाना वृद्धि का लक्ष्य रखा है और ₹500-700 करोड़ निवेश की योजना बनाई है। ग्रीव्स इलेक्ट्रिक मोबिलिटी का आईपीओ ₹1,000 करोड़ का होगा। जोखिमों में एक्सेल के निर्यात पर भू-राजनीतिक असर और तिपहिया वाहनों में धीमी ईवी अपनाना शामिल है।
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E2W Vahan Volumes (Q3)
18,000+ units
+40% QoQ
Electric two-wheeler volumes grew 40% quarter-on-quarter, driven by new product launches and network expansion.
E2W Market Share (Q3)
5%
+90bps QoQ
Market share improved from 4.1% in Q2 to 5% in Q3, positioning Greaves as a top 6 player in India's E2W market.
Energy Solutions 9M Revenue Growth
21%
+21% YoY
Energy solutions revenue grew 21% YoY in the first nine months, with spares and service up 40% YoY.
Managed AUM of Financing Business
₹441 crore
N/A
Greaves Finance's managed AUM crossed approximately ₹441 crore as of December 2025, reflecting strong momentum.
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Guidance and risk preview
Management reiterated its target of 16-20% organic revenue CAGR over the next few years, driven by core strengths, new capabilities, and selective...
Excel's export business, particularly to Russia, is significantly impacted by geopolitical tensions, leading to slower overall growth.
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