Greaves Cotton Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Greaves Cotton Ltd filed with BSE on 13 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Greaves Cotton reported consolidated revenue growth of 22% year-on-year for Q4 FY26, with consolidated revenue for the full year at INR 3,437 crores, up 18% year-on-year. Management described growth across Energy Solutions, Mobility Solutions and Industrial Solutions segments, along with a 51% year-on-year volume growth at Greaves Electric Mobility and an increase in EV market share to 4.4% in FY26. The company also recorded an impairment provision of about INR 16 crores related to an ePowertrain technology investment that had not scaled up as expected.
Numbers mentioned
Consolidated revenue: INR 1,000 crores (Q4 FY26)
p. 7
“During the quarter, our consolidated revenues stood at INR 1,000 crores with an EBITDA of INR 68 crores and PBT before exceptional items at INR 44 crores.”
Manish Poddar, page 7 of the filed PDF · View the filing
Consolidated EBITDA: INR 68 crores (Q4 FY26)
p. 7
“During the quarter, our consolidated revenues stood at INR 1,000 crores with an EBITDA of INR 68 crores and PBT before exceptional items at INR 44 crores.”
Manish Poddar, page 7 of the filed PDF · View the filing
Consolidated revenue: INR 3,437 crores (FY26)
p. 7
“For the Financial Year ‘26, the consolidated revenues for the full year was INR 3,437 crores, reflecting an 18% growth year-on-year, driven by broad-based growth across businesses and consistent execution across segments.”
Manish Poddar, page 7 of the filed PDF · View the filing
Consolidated EBITDA: INR 239 crores (FY26)
p. 7
“Our profitability matrices improved significantly during this period, with EBITDA at INR 239 crores and PBT before exception items at INR 154 crores, growing at 76% and 118% year-on-year respectively.”
Manish Poddar, page 7 of the filed PDF · View the filing
Standalone revenue: INR 698 crores (Q4 FY26)
p. 7
“Likewise, Q4 FY '26, standalone revenues stood at INR 698 crores, with EBITDA at INR 87 crores and PBT before exception items also standing at INR 87 crores.”
Manish Poddar, page 7 of the filed PDF · View the filing
Standalone revenue: INR 2,365 crores (FY26)
p. 8
“For FY '26, our standalone revenue stood at INR 2,365 crores, with an EBITDA of INR 320 crores, with PBT before exceptional items at INR 312 crores, reflecting a 23% year-on-year growth, with EBITDA supported by 40 basis point margin expansion, supported by strong demand and cost optimization initiatives.”
Manish Poddar, page 8 of the filed PDF · View the filing
Impairment provision: INR 16 crores (Q4 FY26)
p. 8
“Resultantly, we have on a conservative basis made a provision of almost INR 16 crores during the quarter.”
Manish Poddar, page 8 of the filed PDF · View the filing
GFL assets under management: INR 521 crores (as on March 2026)
p. 8
“The Greaves Finance Limited, the total asset under management for the financing business stood at INR 521 crores as on March '26.”
Manish Poddar, page 8 of the filed PDF · View the filing
Greaves Electric Mobility revenue: INR 786 crores (FY26)
p. 7
“Full year '26 revenue stood at INR 786 crores, up 19% yearon-year, showcasing that volume growth is translating into strong expansion.”
Vikas Singh, page 7 of the filed PDF · View the filing
EV market share: 4.4% (FY26)
p. 6
“Our market share has expanded from 3.6% in Full Year '25 to 4.4% in Year '26, reflecting sustained market capture.”
Vikas Singh, page 6 of the filed PDF · View the filing
Energy Solutions growth: 18% (Q4 FY26)
p. 4
“In this context, during Q4, our Energy Solutions business continued its growth trajectory, registering 18% growth.”
Parag Satpute, page 4 of the filed PDF · View the filing
Automotive business growth: 48% (Q4 FY26)
p. 4
“Against this backdrop, our automotive business delivered a 48% year-on-year growth in Quarter 4.”
Parag Satpute, page 4 of the filed PDF · View the filing
Industrial Solutions growth: 15% (Q4 FY26)
p. 5
“This segment delivered a revenue growth of 15% year-on-year for the quarter.”
Parag Satpute, page 5 of the filed PDF · View the filing
International revenue share: 13% (FY26)
p. 5
“As a result of all of these activities, international revenues increased from approximately 9% in FY '25 to 13% of the total in FY '26.”
Parag Satpute, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Core business growth — 16% to 18% · medium term
stated firmly by Parag Satpute
p. 11
“I have said that our growth ambition in the midterm is between 16% to 18%. So, we continue to hold that.”
Parag Satpute, page 11 of the filed PDF · View the filing
EBITDA margin (core businesses) — 13% to 15%
stated firmly by Parag Satpute
p. 16
“Once again, we have said that we will maintain 13% to 15% EBITDA margins as we scale the business.”
Parag Satpute, page 16 of the filed PDF · View the filing
Capex — INR 500 crores to INR 700 crores · next 5 years
stated firmly by Parag Satpute
p. 17
“We will stick to our INR 500 crores to INR 700 crore overall aim for the next 5 years.”
Parag Satpute, page 17 of the filed PDF · View the filing
Retail (aftermarket) business growth — 6% to 8%
stated firmly by Parag Satpute
p. 15
“So, we have aimed to grow at 6% to 8% in the retail business.”
Parag Satpute, page 15 of the filed PDF · View the filing
Retailer network for aftermarket — 3,000 retailers · FY27
stated firmly by Parag Satpute
p. 4
“We accelerated the retailer engagement, onboarding approximately 350 retailers with a clear roadmap to scale this to 3,000 by FY '27.”
Parag Satpute, page 4 of the filed PDF · View the filing
Excel Controlinkage ownership — 100% ownership · Q2
stated firmly by Parag Satpute
p. 11
“The last 20% of the ownership of Excel is planned to be done during Q2, after which we will own 100% of the company.”
Parag Satpute, page 11 of the filed PDF · View the filing
IPO timeline (Greaves Electric Mobility) — by 30th September
stated conditionally by Vikas Singh
p. 16
“So, we are watching the situation closely and the IPO committee will take a decision closer to time once we feel we are likely to get a proper valuation for the company.”
Vikas Singh, page 16 of the filed PDF · View the filing
Rare-earth-free motor order — firm order for supply · within the year
stated conditionally by Parag Satpute
p. 5
“I am pleased to share that we have successfully supplied the first pilot batch of our rare-earth-free-motors to one of our 3-wheeler L5 OEM customers and are in advanced discussions for securing a firm order for supply within the year.”
Parag Satpute, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management clarified the margin guidance refers to core businesses only, excluding Greaves Electric Mobility and Greaves Finance which are investee businesses.
Answered by Manish Poddar
Asked by Nilesh Doshi: Whether the 13-15% EBITDA margin guidance applies to consolidated or standalone level.
p. 9
“These are primarily for the core businesses that we are handling because investee business, of course, have a different trajectory of growth and profitability, path to profitability.”
Manish Poddar, page 9 of the filed PDF · View the filing
Management pointed to improvement in EBITDA losses and said continued support would be needed for some more time on a short-term basis.
Answered by Manish Poddar
Asked by Nilesh Doshi: How long will Greaves continue to financially support the loss-making Electric Mobility business.
p. 9
“FY '26 has shown significant improvement. If you see this, a standalone for Greaves Electric and a consol for Greaves Electric as well, from a minus 30% to a minus 20% EBITDA.”
Manish Poddar, page 9 of the filed PDF · View the filing
Vikas Singh said the manpower-to-topline ratio had improved to single digits for the electric mobility business.
Answered by Vikas Singh
Asked by Nilesh Doshi: Is employment cost at the subsidiary level too high relative to revenue generation.
p. 10
“Nileshji, the ratio of manpower to topline was 15% last year down to 10% this year.”
Vikas Singh, page 10 of the filed PDF · View the filing
Management confirmed the remaining stake acquisition is planned for Q2.
Answered by Parag Satpute
Asked by Zaki Abbas Nasser: When will Greaves acquire the remaining 20% of Excel Controlinkage.
p. 11
“We have a predetermined path. The last 20% of the ownership of Excel is planned to be done during Q2, after which we will own 100% of the company.”
Parag Satpute, page 11 of the filed PDF · View the filing
Vikas Singh confirmed a SEBI extension to September 30 and declined to give a break-even forecast due to DRHP restrictions.
Answered by Vikas Singh
Asked by Zaki Abbas Nasser: Status of the DRHP extension and break-even point for GEML.
p. 11
“The DRHP has been, all DRHPs which were expiring till 30th of September have been given an extension by SEBI till 30th of September.”
Vikas Singh, page 11 of the filed PDF · View the filing
Manish Poddar attributed the drop to rising commodity costs, particularly aluminum, copper and platinum, with a passthrough mechanism already activated.
Answered by Manish Poddar
Asked by Anubhav Mukherjee: Why did standalone gross margin drop sequentially and year-on-year.
p. 12
“I would also like to mention here that on the commodity front, we have seen some pressures, specifically in aluminum, copper and platinum.”
Manish Poddar, page 12 of the filed PDF · View the filing
Parag Satpute described specific initiatives such as integrated sales/service teams and a retail AMC program driving faster-than-industry service growth.
Answered by Parag Satpute
Asked by Anubhav Mukherjee: Is Energy Solutions growth reflecting market share gains versus the broader genset industry.
p. 12
“We integrated our sales and service team, and we increased the presence on the ground of our service technicians. We also launched a retail annual maintenance contract program, which we didn't have before.”
Parag Satpute, page 12 of the filed PDF · View the filing
Vikas Singh said the company already has a presence via its Reo brand and views the segment as a priority.
Answered by Vikas Singh
Asked by Rajesh Gupta: Will Greaves enter the low-speed, non-RTO EV scooter segment popular in tier-3 cities.
p. 14
“We already have a presence in this segment. We have a successful brand called Reo, which is being sold across the country.”
Vikas Singh, page 14 of the filed PDF · View the filing
Manish Poddar said individual financials would be uploaded to the website and described Excel as one of the most profitable businesses with growing profitability.
Answered by Manish Poddar
Asked by Khush Nahar: Can management share Excel Controlinkage's full year revenue, EBITDA and PAT figures.
p. 14
“I think specifically, you'll get the individual P&Ls and financials being uploaded on the website very soon.”
Manish Poddar, page 14 of the filed PDF · View the filing
Parag Satpute said retail is targeted at 6-8% growth as a resilient cash generator, while industrial is expected to contribute more strongly to the overall 16-18% target.
Answered by Parag Satpute
Asked by Nirmam: Can the retail and industrial businesses accelerate growth to match the 16-18% target.
p. 15
“So, we have aimed to grow at 6% to 8% in the retail business. On the other hand, the industrial business is a number of niche applications where we have a strong position.”
Parag Satpute, page 15 of the filed PDF · View the filing
Manish Poddar explained that a large portion of net worth is tied to investee businesses and cash reserves, which distorts the core-business ROCE calculation.
Answered by Manish Poddar
Asked by Sonaal Minas: Is there guidance on return on capital employed and capital allocation given past ROCE decline.
p. 18
“there's something like INR 700 crores of capital employed being used, and which gives us a healthy returns till date.”
Manish Poddar, page 18 of the filed PDF · View the filing
Vikas Singh said DRHP restrictions prevent forward-looking forecasts, pointing instead to past trajectory as an indicator.
Answered by Vikas Singh
Asked by Saket Kapoor: What is the roadmap for Electric Mobility's topline and reduction in cash losses this financial year.
p. 20
“unfortunately, the DRHP prohibits us from making any forward looking forecasts.”
Vikas Singh, page 20 of the filed PDF · View the filing
Risks flagged
Rising commodity costs affecting margins
p. 8
“During the quarter, we observed a rise in input cost, being highlighted by our peers too, owing to the commodity price increase.”
Manish Poddar, page 8 of the filed PDF · View the filing
Impairment on ePowertrain technology investment due to execution and demand changes
p. 7
“This relates to our investment in an ePowertrain technology, which has not scaaled up or realized our expectations due to the underlying changes in the project execution and customer demand.”
Manish Poddar, page 7 of the filed PDF · View the filing
Geopolitical volatility affecting IPO timing
p. 11
“This is keeping in mind the volatile geopolitical situation.”
Vikas Singh, page 11 of the filed PDF · View the filing
Export business headwinds from the war in Ukraine
p. 14
“The export business, like I also shared with the group in the last call, faced some headwinds due to geopolitical situation the war in Ukraine.”
Vikas Singh, page 14 of the filed PDF · View the filing
Commodity cycle uncertainty ahead
p. 12
“But of course, we stay cautious on how the, you know, commodity cycle evolves.”
Manish Poddar, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.