E2W Market Share
4.4%
+0.8pp YoY
Market share in electric two-wheelers expanded from 3.6% in FY25 to 4.4% in FY26.
GREAVESCOTTON
Other
07 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
E2W Volume Growth
51%
+51% YoY
Electric two-wheeler volumes grew 51% year-on-year in FY26 per Vahan data.
Aftermarket Growth (Energy)
23%
+23% YoY
Energy solutions aftermarket business grew 23% YoY in Q4, driven by integrated service-led approach.
International Revenue Share
13%
+4pp YoY
International revenue increased from 9% in FY25 to 13% of total in FY26.
Management Guidance
Core business growth of 16-18% CAGR
Management reiterated medium-term organic growth guidance of 16-18% for core businesses (energy, mobility, industrial).
growthCore business EBITDA margin of 13-15%
Target EBITDA margin of 13-15% for core businesses as they scale, with current standalone margin at 13.5%.
marginsCapex of ₹500-700 crore over 5 years
Planned capital expenditure of ₹500-700 crore over the next 4-5 years for product development, capability enhancement, and international expansion.
capexExcel 100% acquisition in Q2 FY27
The remaining 20% stake in Excel Control Linkage will be acquired in Q2 of FY27, making it a wholly-owned subsidiary.
expansionKey Risks
Commodity cost inflation
Rising input costs for aluminium, copper, and platinum are pressuring margins; management has activated a pass-through mechanism but impact remains.
medium · management_commentaryEV business profitability and IPO timing
Greaves Electric Mobility continues to incur losses; IPO timeline extended to September 2026 due to volatile markets, creating uncertainty for investors.
high · analyst_questionHigh employee costs at subsidiaries
Analyst flagged that employee costs at subsidiaries (Excel, GEM) are nearly as high as standalone, raising efficiency concerns; management defended as investment for growth.
medium · analyst_questionNotable 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.