Greaves Cotton Limited — Q4 FY26

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.