Greaves Cotton Q2 FY26 Results: Revenue Jumps 16% Driven by Engineering; Electric Mobility Arm Gains Market Share

Greaves Cotton Limited has announced strong financial results for the second quarter (Q2) and first half (H1) of FY26, ending September 30, 2025. The company's consolidated revenue saw a 16% year-on-year (YoY) growth to ₹815 crore in Q2, primarily driven by its robust Engineering business and significant gains in its Electric Mobility arm.

The company's standalone EBITDA margins also expanded significantly by 160 bps (1.6%) in Q2, reflecting improved profitability through streamlined cost structures and operational efficiencies.

Greaves Cotton Q2 FY26 Financial Highlights

The company's performance shows broad-based growth across its standalone and consolidated operations.

• Consolidated Revenue : Grew 16% YoY to ₹815 crore in Q2 FY26 and ₹1,561 crore in H1 FY26.

• Standalone Revenue : Showed even stronger growth, rising 18% YoY to ₹552 crore in Q2 FY26, supported by higher exports.

• Standalone Profitability : EBITDA increased 32% YoY to ₹78 crore, with PBT (Profit Before Tax) at ₹75 crore. H1 FY26 PBT grew an impressive 44% YoY to ₹151 crore.

Core Business & Engineering Drive Profitability

The primary driver for this quarter's success was the company's core Engineering Business, which delivered a robust 31% YoY growth in Q2.

The broader Automotive business also recorded strong momentum with a 48% YoY increase. This was led by rising demand for its Euro V+ compliant diesel engines from a key European automotive OEM partner. The genset business also contributed with 24% growth.

Greaves Electric Mobility (GEM) Gains Traction

The company's electric mobility division, a key focus area, reported significant growth in the first half of the fiscal year, capturing a larger share of the competitive Indian EV market.

• Electric Two-Wheeler (E2W) Growth : VAHAN volumes for its electric two-wheelers surged by 54% year-on-year in H1 FY26.

• E2W Market Share Increase : Reflecting this growth, Greaves Electric Mobility's market share in the E2W segment grew from 3.2% in H1 FY25 to 4.2% in H1 FY26.

• Electric Three-Wheeler (L5) Growth : The L5 segment also grew 9% YoY, supported by the launch of the ELTRA City Xtra.

• Product Milestones : The company highlighted two India Book of Records achievements for its EV lineup:

• Ampere Nexus : Recognized as the first electric scooter to reach 13,200 ft at Shipki La Pass.

• ELTRA City Xtra : Set a record for the longest distance covered by an electric 3-wheeler on a single charge.

Leadership Commentary & Future Outlook

Commenting on the results, Mr. Parag Satpute, MD and Group CEO of Greaves Cotton Limited, attributed the performance to the "continued strength, agility, and resilience of our business portfolio." He highlighted the strong growth in the core Engineering business and the company's focus on operational excellence.

Looking ahead, Greaves Cotton stated it is strategically positioned to leverage emerging opportunities in power solutions, engineering applications, and mobility. The company plans to drive future-ready growth through focused investments in R&D, digitalization, and international market expansion.