Greaves Cotton Q2 Profit Rises 32%; Engineering Business Up 31%

Greaves Cotton Limited (GCL) reported standalone revenue of ₹552 crore for the quarter ended September 30, 2025 (Q2 FY26), up 18% year-on-year, while profit before tax (PBT) rose to ₹75 crore from ₹52 crore in the year-ago period.

EBITDA stood at ₹78 crore, up 32% year-on-year, with margins improving by 160 basis points (bps).

For the first half (H1 FY26), standalone revenue reached ₹1,092 crore, up 20% YoY, with EBITDA at ₹154 crore and PBT at ₹151 crore, a 44% YoY increase. Margins expanded by 210 bps due to higher exports, improved cost control, and a broader product mix.

On a consolidated basis, revenue for Q2 FY26 grew 16% YoY to ₹815 crore, while EBITDA was ₹52 crore and PBT ₹31 crore. In H1 FY26, consolidated revenue stood at ₹1,561 crore, up 16% YoY, with EBITDA of ₹109 crore and PBT of ₹74 crore.

Engineering and Automotive Businesses Drive Growth

The Engineering Business posted 31% YoY growth in Q2 FY26 and 30% in H1 FY26.

The Automotive segment grew 48% YoY, led by demand for Euro V+ compliant diesel engines from European OEMs. The genset business expanded 24%, with continued momentum in non-automotive applications.

Combined revenue from GCL and its subsidiary Excel Controlinkage Ltd. was ₹608 crore, generating ₹91 crore in EBITDA. Excel Controlinkage recorded ₹117 crore in revenue for H1 FY26.

Electric Mobility Business Expands

Greaves Electric Mobility reported growth in both two- and three-wheeler categories in H1 FY26.

Electric two-wheeler (E2W) VAHAN registrations increased 54% YoY, while market share rose to 4.2% from 3.2% in H1 FY25. The three-wheeler (L5) category grew 9% YoY, supported by the launch of the ELTRA City Xtra, recognized by the India Book of Records for the longest distance covered by an electric 3-wheeler on a single charge.

The Ampere Nexus electric scooter was also recognized for reaching 13,200 ft at Shipki La Pass. The company cited the shift to LFP battery technology, network expansion, and product upgrades as key factors supporting growth.

Parag Satpute, Managing Director and Group CEO, said: “Our performance in Q2 FY26 reflects steady growth across core businesses. The Engineering division continues to deliver strong results through product partnerships and efficiency improvements. We remain focused on operational discipline and sustainable value creation.”

The company said it is positioned to capture opportunities in power solutions, engineering applications, and mobility, with continued investments in R&D, digital systems, and global markets.

Greaves Cotton operates across five business units — Greaves Engineering, Greaves Electric Mobility, Greaves Retail, Greaves Finance, and Greaves Technologies — as it transitions towards fuel-agnostic and electric mobility solutions.