Greaves Cotton Closes FY26 with Record ₹1000 Crore Q4 Revenue, Fueled by EV Expansion and Global Demand

Greaves Cotton Limited has capped off the 2026 financial year on a remarkably high note, signaling a successful shift from strategic planning to aggressive execution. The diversified engineering and mobility giant reported a consolidated Q4 FY26 revenue of ₹1000 crore, translating to a robust 22% year-over-year growth.

The full-year picture is equally compelling. FY26 consolidated revenue hit ₹3437 crore (an 18% YoY increase), backed by an EBITDA of ₹239 crore. As the company leans into its "Greaves.Next" strategy, the financial results reflect a business firing on all cylinders particularly in the rapidly evolving electric vehicle and international mobility sectors.

The Electric Vehicle Surge: A 51% Growth Story

For industry watchers, the standout narrative from Greaves' FY26 report is the explosive growth of Greaves Electric Mobility (GEML). The company has successfully cemented its position in the top six of the highly competitive Indian E2W (electric two-wheeler) segment.

• Massive Registration Spike: GEML recorded 61,597 VAHAN registrations in FY26, delivering a massive 51% annual growth rate.

• Market Share Expansion: Exiting Q4, the company secured an improved market share of 4.4%, proving its strategy to penetrate deeper into urban and semi-urban markets is paying off.

• Taking on ICE: The launch of the Magnus 6.0 the next generation of their flagship platform aims directly at the traditional internal combustion engine (ICE) scooter market, positioning Greaves as a formidable mainstream alternative.

Supporting this hardware push is the rapid scaling of Greaves Finance. The EV focused NBFC saw its Assets Under Management (AUM) climb to over ₹521 crore. By onboarding new OEM partners like Simple, Suzuki, and Ultraviolette, Greaves is effectively building out the entire EV purchasing ecosystem.

Core Businesses and Global Momentum

While the electric transition grabs headlines, Greaves’ legacy engineering and mobility solutions continue to provide a massive financial bedrock.

• International Reach: The international business proved to be a major growth driver this year, with its contribution to core business revenue jumping from 9% to 13%. Strong demand for Euro V+ compliant diesel engines and repeat orders across Europe have significantly padded the bottom line.

• Energy Solutions: Transitioning from a simple product supplier to a comprehensive solutions provider, this segment grew by 20% over the full year. A sharp 35% YoY growth in the aftermarket business sparked by integrating sales and service highlights improved operational efficiency.

• Industrial Solutions: Delivering a steady 6% growth in FY26, this division continues to see strong demand across agricultural, firefighting, and critical defense applications.

Looking Ahead to FY27

According to Parag Satpute, MD & Group CEO of Greaves Cotton Limited, FY26 was a defining year. “We delivered a robust 22% growth at a consolidated level driven by strong demand, improved profitability, and disciplined execution,” Satpute noted, emphasizing the company's deepening partnerships with global OEMs.

Entering FY27, Greaves Cotton appears incredibly well positioned. With a bolstered manufacturing foundation including operationalizing a dual conveyor setup in their CSN plant and boosting productivity in Nagpur the company is primed for scale.

As they navigate the evolving macroeconomic environment, Greaves' dual focus on accelerating their traditional engineering core while rapidly expanding their electric mobility and financing horizons will be the key narrative to watch in the coming year.