Greaves Cotton believes the groundwork laid over the past few years is finally beginning to show up in its numbers. After a prolonged phase of investments, restructuring and expansion into newer businesses, the company says FY26 marked a shift from strategy-building to execution. The engineering and mobility company posted a 22% rise in consolidated revenue for the full year, while EBITDA jumped sharply as growth picked up across its core businesses as well as its electric mobility arm.
Managing Director and CEO Parag Satpute called FY26 a “defining year” for the company. “We have moved from defining the strategy and into execution,” Satpute told NDTV Profit. “The growth was broad-based across all our sectors.”
That growth came from across energy solutions, mobility solutions and industrial businesses, while the electric mobility division also delivered a strong operational performance during the year.
One of the standout trends for Greaves Cotton was the growing contribution from overseas markets. International business contribution to core revenues rose to 13% during FY26 from 9% a year ago, something Satpute said was closely aligned with the company's long-term strategy. At the same time, Greaves Cotton continued to improve operating margins, even though bottom-line growth remained uneven.
ALSO READ: EVs Kickstart FY27 On Top Gear As April Registrations Jump Over 40%
The company took a one-time write-off in the March quarter related to technology investments that management no longer expects to commercialise in the near term. Satpute described the charge as a “one-off item” that would ultimately strengthen the company's long-term foundation.
Investors, however, remain focused on profitability after several years of volatile earnings. Between FY23 and FY25, Greaves Cotton's revenue largely stayed in the Rs 2,500-3,000 crore range, while losses fluctuated sharply. The company posted a loss of nearly Rs 300 crore in FY24 before narrowing losses in FY25 and returning to a modest profit in FY26.
Satpute argued that the overall trajectory is now moving in the right direction. “We have been working very diligently with all our businesses and the results are starting to show,” he said. “Now that our top line has also started growing, we can see that a lot of that will flow into the bottom line as well.”
The electric mobility business remains central to Greaves Cotton's growth story. The segment generated Rs 786 crore in revenue during FY26 while significantly reducing losses year-on-year. According to Satpute, the EV business also gained market share, with its share in the electric two-wheeler segment rising from 3.3% to 4.4% during the year. “The volumes have been very, very strong,” he said, adding that the company is now among the top six electric two-wheeler manufacturers in India.
Greaves Electric Mobility has already filed draft papers for an IPO, setting the stage for a separate listing that could potentially unlock value and reduce pressure on Greaves Cotton's consolidated earnings profile in the years ahead.
ALSO READ: Govt Extends PM E-Drive Scheme Until March 2028 Amid Slow Fund Utilisation
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
