Greaves Cotton Ltd logo

Greaves Cotton Ltd

GREAVESCOT NSE

Key Fundamentals

MicrocapCompressors Pumps & Diesel EnginesIndustrial Products
Market Cap
₹4,497 Cr
Volatility
Moderate
P/E Ratio
45.49
EBITDA
₹289 Cr
Return on Equity
2.33%
Debt to Equity
0.28
Book Value
₹61.42
EPS
₹7.96
52W High
₹271.9
52W Low
₹119.99

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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47 extracted metrics + investor summaries across FY15–FY26.

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Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 29.6%

Weaknesses

2
  • Stock is trading at 3.13 times its book value
  • Company has a low return on equity of 4.50% over last 3 years.

Growth Rate

Revenue Growth
17.27% ↗
Net Income Growth
-660.32% ↘
Cash Flow Change
244.67% ↗
ROE
-682.50% ↘
ROCE
39.88% ↗
EBITDA Margin (Avg.)
29.53% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 51d ago
AI opinion · based on fundamentals
Risk high

Greaves Cotton Ltd is a diversified industrials company with a market cap of ₹5,259 crore, trading at a PE of 149.8x. Consolidated revenue grew 12.8% YoY to ₹751 crore in Q3 FY25, while standalone revenue rose 13% to ₹502 crore. The company's electric mobility subsidiary (Ampere/Greaves Electric Mobility) continues to incur significant losses — ₹240 crore in FY25 — though these were cut by 65% from ₹692 crore in FY24, keeping consolidated profitability under pressure despite a healthy standalone engineering business.

Bull Case 8
  • TTM sales growth of 18% and consolidated revenue rising 12.8% YoY to ₹751 crore in Q3 FY25, indicating consistent topline momentum
  • Standalone FY24 PBT reached a decadal high of ₹366 crore with EBITDA growth of 53%, demonstrating core business profitability
  • TTM profit growth of 96% shows sharp earnings recovery from a low base, with Q3 FY25 net profit surging 64% YoY to ₹20.8 crore on a consolidated basis
  • Electric mobility subsidiary Ampere cut losses by 65% from ₹692 crore in FY24 to ₹240 crore in FY25, showing a clear path toward breakeven
  • Healthy dividend payout of 29.6% with a current yield of 0.88%, indicating commitment to shareholder returns despite heavy EV investments
  • Fuel-agnostic strategy including hydrogen-powered engines alongside EVs provides optionality across multiple powertrain transitions
  • Engineering and Retail segments achieved 14% and 13% revenue growth respectively in Q3 FY25, showing broad-based momentum beyond electric mobility
  • Compounded profit CAGR of 27% over 5 years reflects a structural improvement trend in underlying earnings power
Bear Case 8
  • PE ratio of 149.8x is extremely elevated for an industrials company, leaving little room for execution missteps
  • Electric mobility subsidiary posted ₹240 crore loss in FY25 and has contributed cumulative losses exceeding ₹1,600 crore (combined with peers), dragging consolidated returns
  • 3-year average ROE of just 4.55% is well below cost of equity, indicating poor capital efficiency over the medium term
  • Stock trades at 3.68x book value despite low ROE, suggesting the valuation embeds significant future growth expectations that may not materialise
  • 10-year compounded profit CAGR is negative at -3%, reflecting a decade of volatile and declining earnings before the recent recovery
  • Ampere's electric two-wheeler sales fell 45% in CY2024 to 37,070 units before recovering in CY2025, highlighting demand volatility in the EV segment
  • Q1 FY25 consolidated loss of ₹0.16 crore despite 12% revenue growth shows how thin margins remain when EV losses weigh on results
  • Stock CAGR of only 5% over 10 years has underperformed broad market indices, reflecting the market's historical scepticism about capital allocation

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 51d ago
Positives 4
  • 4 lakh EV sales milestone Jun 26

    Greaves Electric Mobility crossed 4 lakh electric scooters sold on Jun 25, with 51% YoY growth in FY26 and market share rising from 3.6% to 4.4%.

  • Rs 2 dividend declared for FY26 Jun 22

    Greaves Cotton announced Rs 2 per share dividend for FY26 with record date fixed for July 28, 2026.

  • New product launch at ₹69,499 Jun 17

    Ampere launched Reo VYB electric scooter at ₹69,499 with 80 km range and LFP battery, targeting entry-level urban commuters with a 3-year warranty.

  • UAE subsidiary for global expansion Jun 23

    Greaves Cotton incorporated Greaves International Trading FZE in Dubai on June 18 to handle international trading and distribution.

Neutral 2
  • Investor meet on June 22 Jun 17

    Greaves Cotton hosted an analyst and investor meet on June 22, 2026 to discuss business performance with stakeholders.

  • Dealer network expanded 12% Jun 26

    Greaves Electric expanded its dealer network by 12% in FY26 to support its growing EV sales volumes.

TL;DR: Greaves Cotton is executing well on its EV growth strategy, with subsidiary Greaves Electric delivering 51% YoY sales growth and expanding market share to 4.4%. The company is also diversifying geographically via a new UAE trading subsidiary and rewarding shareholders with a dividend. No material headwinds are visible in recent news. The trend is clearly improving, with product launches and distribution expansion suggesting continued momentum into FY27.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
569
727
665
673
640
705
751
823
745
815
875
1,000
974
Expenses
583
681
630
649
612
682
711
777
689
764
813
932
918
Operating Profit
-14.41
45.9
35.36
23.74
27.29
23.03
39.67
45.74
56.93
51.88
62.12
68.17
56.33
OPM %
-2.53%
6.32%
5.31%
3.53%
4.27%
3.27%
5.29%
5.56%
7.64%
6.36%
7.1%
6.82%
5.78%
Other Income
22.44
-365
61.58
10.97
16.96
9.48
17.81
12.28
17.52
6.85
-10.84
-2.88
10.94
Interest
1.71
2.21
2.27
3.04
2.94
4.27
3.15
5.92
4.87
4.83
6.37
9.98
12.01
Depreciation
16.73
19.15
20.33
28.18
26.05
26.43
25.73
25.27
26.56
26.95
27.6
27.68
28.21
PBT
-10.41
-341
74.34
3.49
15.26
1.81
28.6
26.83
43.02
26.95
17.31
27.63
27.05
Tax %
139.48%
10.01%
38.66%
482.52%
101.05%
891.71%
76.64%
94.3%
51.53%
76.55%
65.8%
92.04%
77.23%
Net Profit
-24.93
-375
45.6
-13.35
-0.16
-14.33
6.68
1.53
20.85
6.32
5.92
2.2
6.16
EPS in Rs
-0.22
-8.22
2.5
0.11
0.44
0.14
0.9
1.03
1.42
1.12
1.1
0.97
1.11
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,698
1,616
1,634
1,792
2,015
1,911
1,500
1,710
2,699
2,633
2,918
3,437
3,665
Expenses
1,505
1,413
1,395
1,537
1,743
1,701
1,421
1,685
2,573
2,543
2,782
3,197
3,427
Operating Profit
192
203
240
255
272
210
80
25
127
91
137
239
238
OPM %
11%
13%
15%
14%
14%
11%
5%
1.5%
4.7%
3.4%
4.7%
7%
7%
Other Income
-31
138
56
93
24
25
-26
20
55
-270
56
10
4
Interest
2
1
1
1
4
5
7
5
12
9
16
26
33
Depreciation
48
46
47
52
52
61
60
59
57
84
103
109
110
PBT
111
294
249
295
240
169
-14
-19
113
-273
72
115
99
Tax %
25%
32%
27%
32%
32%
25%
36%
83%
38%
34%
109%
69%
—
Net Profit
84
201
181
202
163
127
-19
-35
70
-367
-6
35
21
EPS in Rs
3.42
8.23
7.4
8.28
6.74
5.59
-0.81
-1.52
3.37
-5.83
2.51
4.6
4.3
Div. Payout %
73%
67%
74%
66%
59%
0%
-25%
-13%
27%
-34%
80%
43%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
49
49
49
49
49
46
46
46
46
46
46
47
Reserves
774
842
876
916
920
753
736
703
1,540
1,394
1,359
1,384
Borrowings
0
0
0
0
11
28
20
257
28
81
81
394
Other Liabilities
301
286
325
381
474
413
477
629
1,103
923
1,044
1,041
Total Liabilities
1,124
1,177
1,250
1,346
1,454
1,240
1,280
1,635
2,718
2,444
2,531
2,866
Fixed Assets
326
283
292
278
339
380
372
364
369
825
846
875
CWIP
8
24
15
28
72
69
75
82
83
63
43
64
Investments
293
362
411
506
420
3
1
16
123
157
121
67
Other Assets
497
507
532
535
624
788
832
1,174
2,143
1,400
1,521
1,861
Total Assets
1,124
1,177
1,250
1,346
1,454
1,240
1,280
1,635
2,718
2,444
2,531
2,866
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
225
230
114
280
145
102
147
-56
-135
-153
-23
33
Investing
-179
-70
36
-97
38
255
-108
-238
-758
246
126
-99
Financing
-60
-166
-148
-162
-174
-241
-20
210
889
-32
-116
123
Net Cash Flow
-14
-6
2
20
10
116
19
-84
-4
61
-13
56
Free Cash Flow
181
251
115
278
72
40
106
-24
-206
-225
-98
-61
CFO/OP
140
155
78
146
87
82
211
-164
-70
-43
49
47
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
50
45
60
51
62
49
51
40
22
33
42
37
Inventory Days
34
38
45
33
35
54
59
56
40
56
62
50
Days Payable
46
68
76
82
86
83
120
110
82
78
96
92
Cash Conversion Cycle
37
15
29
2
12
20
-11
-14
-19
10
8
-6
Working Capital Days
33
44
39
22
17
23
-5
-9
96
4
10
19
ROCE %
21%
28%
23%
23%
24%
18%
3%
-1%
9%
4%
5%
10%

Shareholding Pattern

As of Jun 2026
Promoters 55.77%
Public 31.94%
Others 6.75%
DIIs 4.18%
FIIs 1.35%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
55.63%
55.63%
55.63%
55.62%
55.55%
55.54%
55.54%
55.54%
55.74%
55.87%
56.00%
56.00%
56.00%
55.88%
55.88%
55.88%
55.88%
55.81%
55.80%
55.80%
55.78%
55.77%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.57%
3.18%
2.81%
1.15%
1.04%
2.41%
2.86%
2.44%
2.64%
2.25%
1.85%
1.35%
DIIs
11.54%
11.44%
9.16%
8.99%
9.18%
8.23%
7.45%
5.15%
4.28%
3.68%
3.49%
3.50%
3.77%
3.78%
3.83%
3.50%
3.31%
3.54%
3.81%
4.08%
3.68%
4.18%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
22.33%
22.78%
26.41%
25.53%
25.03%
26.55%
27.26%
29.67%
29.44%
29.45%
29.94%
30.84%
31.32%
32.90%
32.37%
30.76%
30.79%
32.01%
31.20%
31.72%
32.61%
31.94%
Others
10.49%
10.15%
8.80%
9.86%
10.24%
9.67%
9.75%
9.64%
10.54%
11.00%
6.00%
6.48%
6.10%
6.28%
6.88%
7.45%
7.15%
6.20%
6.54%
6.14%
6.08%
6.75%
No. of Shareholders
1,15,670
1,41,586
1,86,523
1,92,756
2,12,933
2,21,563
2,12,832
2,17,707
2,21,327
2,18,641
2,18,731
2,11,694
2,05,042
2,12,801
2,02,891
2,64,745
3,01,509
3,01,474
3,02,226
3,31,612
3,69,141
3,47,238

Documents

Frequently Asked Questions about Greaves Cotton Ltd

What does Greaves Cotton Ltd do?
Greaves Cotton is engaged in manufacturing of engines, engine applications and trading of power tillers, spares related to engines, electric vehicles and infrastructure equipment etc.(Source : 202003 Annual Report Page No:98)
Where is Greaves Cotton Ltd (GREAVESCOT) listed?
Greaves Cotton Ltd is listed on the Indian stock exchanges. It is listed on NSE: GREAVESCOT and BSE: 501455. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Greaves Cotton Ltd belong to?
Greaves Cotton Ltd operates in the Industrial Products sector within the Compressors Pumps & Diesel Engines industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Greaves Cotton Ltd?
Greaves Cotton Ltd has a market capitalisation of approximately ₹4497.36 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Greaves Cotton Ltd?
The Price-to-Earnings (PE) ratio of Greaves Cotton Ltd is 45.49. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Greaves Cotton Ltd?
Over the past 52 weeks, Greaves Cotton Ltd has traded between a low of ₹119.99 and a high of ₹271.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Greaves Cotton Ltd pay dividends?
Yes, Greaves Cotton Ltd has a dividend yield of 1.04%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Greaves Cotton Ltd?
Greaves Cotton Ltd has a Return on Equity (ROE) of 2.33%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Greaves Cotton Ltd on Tapetide?
On Tapetide, you can view Greaves Cotton Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Greaves Cotton is engaged in manufacturing of engines, engine applications and trading of power tillers, spares related to engines, electric vehicles and infrastructure equipment etc.(Source : 202003 Annual Report Page No:98)

Website greavescotton.com
CEO Mr. Parag Satpute
Employees 1,756
Listed 2004-09-09
Face Value ₹ 2
Issued Size 23,28,44,585

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