Industrial Products
Valuation | |
|---|---|
| Market Cap | 3.94 kCr |
| Price/Earnings (Trailing) | 37.9 |
| Price/Sales (Trailing) | 1.24 |
| EV/EBITDA | 16.24 |
| Price/Free Cashflow | -74.33 |
| MarketCap/EBT | 31.45 |
| Enterprise Value | 4.04 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 2.1% |
| Price Change 1M | -10.3% |
| Price Change 6M | -17.9% |
| Price Change 1Y | -40.9% |
| 3Y Cumulative Return | 7.3% |
| 5Y Cumulative Return | 14.4% |
| 7Y Cumulative Return | 5.1% |
| 10Y Cumulative Return | 2.9% |
| Revenue (TTM) |
| 3.19 kCr |
| Rev. Growth (Yr) | 14.9% |
| Earnings (TTM) | 35.38 Cr |
| Earnings Growth (Yr) | 144.1% |
Profitability | |
|---|---|
| Operating Margin | 4% |
| EBT Margin | 4% |
| Return on Equity | 2.36% |
| Return on Assets | 1.41% |
| Free Cashflow Yield | -1.35% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | 49.71 Cr |
| Cash Flow from Operations (TTM) | -22.52 Cr |
| Cash Flow from Financing (TTM) | -39.98 Cr |
| Cash & Equivalents | 48.13 Cr |
| Free Cash Flow (TTM) | -64.77 Cr |
| Free Cash Flow/Share (TTM) | -2.78 |
Balance Sheet | |
|---|---|
| Total Assets | 2.52 kCr |
| Total Liabilities | 1.02 kCr |
| Shareholder Equity | 1.5 kCr |
| Current Assets | 1.41 kCr |
| Current Liabilities | 758.15 Cr |
| Net PPE | 414.23 Cr |
| Inventory | 366.22 Cr |
| Goodwill | 211.82 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.06 |
| Debt/Equity | 0.09 |
| Interest Coverage | 5.68 |
| Interest/Cashflow Ops | -0.24 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 2 |
| Dividend Yield | 1.18% |
| Shares Dilution (1Y) | 0.20% |
| Shares Dilution (3Y) | 0.60% |
Technicals: Bullish SharesGuru indicator.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money looks to be reducing their stake in the stock.
Past Returns: In past three years, the stock has provided 7.3% return compared to 13% by NIFTY 50.
Technicals: Bullish SharesGuru indicator.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money looks to be reducing their stake in the stock.
Past Returns: In past three years, the stock has provided 7.3% return compared to 13% by NIFTY 50.
Investor Care | |
|---|---|
| Dividend Yield | 1.18% |
| Dividend/Share (TTM) | 2 |
| Shares Dilution (1Y) | 0.20% |
| Earnings/Share (TTM) | 4.47 |
Financial Health | |
|---|---|
| Current Ratio | 1.86 |
| Debt/Equity | 0.09 |
Technical Indicators | |
|---|---|
| RSI (14d) | 48.81 |
| RSI (5d) | 62.01 |
| RSI (21d) | 36.03 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Summary of Greaves Cotton's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
The management of Greaves Cotton Limited provided an optimistic outlook during the Q2 and H1 FY26 earnings call. Key points from the management's forecast include:
Positive Demand Trends: The outlook for the second half remains positive across most business lines, driven by healthy demand in automotive and gensets due to infrastructure investments and an upturn in agricultural and construction activities. Key sectors like mining and urban infrastructure also show strength.
Core Segment Performance: The automotive engine segment continues to see a revival with increasing demand for 3-wheelers and small commercial vehicles, bolstered by stable fuel prices and better fleet utilization. The genset market share has improved to approximately 4%, underpinned by reliable product offerings.
Financial Performance: For Q2, consolidated revenues stood at Rs. 815 crore, marking a 16% year-on-year growth. The standalone revenue increased to Rs. 552 crore, with EBITDA growing by 32% year-on-year leading to improved margins.
Growth and Strategy Plan: Management anticipates a sustained revenue growth of 16% to 20% CAGR over the next four to five years. The new strategic initiative, termed GREAVES.NEXT, aims to position the firm as a trusted engineering company focusing on energy solutions, mobility, and industrial applications.
Electric Mobility Progress: The electric mobility unit, Greaves Electric Mobility, reported revenues of Rs. 199 crore in Q2, with a 54% year-on-year volume increase in the electric 2-wheeler segment, enhancing its market share from 3.2% to 4.2%.
Long-term Revenue Target: Management reiterated the ambition to achieve revenues between Rs. 15,000 crore to Rs. 16,000 crore by FY30, aiming for a strong foundation composed of diversified capabilities and sustained customer trust.
The management's focus remains on innovation, operational excellence, and responding to market dynamics, maintaining a resilient forecast for the upcoming periods.
Understand Greaves Cotton ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| DBH INVESTMENT CAPITAL INDIA PRIVATE LIMITED | 55.8% |
| THE NEW INDIA ASSURANCE COMPANY LIMITED | 1.92% |
| EICL Limited | 0% |
| DBH Holdings(India) Private Ltd | 0% |
| Premium Transmission Limited | 0% |
| Kaolin India Private Limited | 0% |
| Premium Motion Private Limited | 0% |
Detailed comparison of Greaves Cotton against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| M&M | Mahindra & Mahindra | 4.44 LCr | 1.78 LCr | -5.60% | +12.40% | 28.01 | 2.49 | - | - |
| TVSMOTOR | TVS Motor Co. | 1.76 LCr | 52.51 kCr |
Comprehensive comparison against sector averages
GREAVESCOT metrics compared to Industrial
| Category | GREAVESCOT | Industrial |
|---|---|---|
| PE | 37.90 | 42.28 |
| PS | 1.24 | 5.00 |
| Growth | 16.2 % | 9.3 % |
Greaves Cotton Limited operates engineering and mobility retail business in India, Middle East, Africa, Southeast Asia, and internationally. It operates through Engines, Electric Mobility & Other Vehicles, Cables & Control Levers, and Others segments. The company engages in provision of engines for farm equipment, gensets, and spares; manufacture and trade of electric vehicles and spare parts; and manufacture of cables and control levers for commercial vehicles, industrial machines, construction equipment, and boats and vehicles; as well as operates care and aftermarket spares business. In addition, it engages in retail vehicle financing; manufacture of mechanical and electronic motion control systems; design and manufacture of electric vehicles; manufacture and supply of e-rickshaw and e-3wheeler under the ELE brand; designs, develops, manufactures, markets, and sells L5 three-wheelers; and designs and manufactures 2-wheelers under the Ampere brand. Further, the company provides fuel-agnostic powertrain solutions; lending and related solutions to purchasers of electric 2-wheeler and 3-wheeler vehicles; and lease financing options. Additionally, it offers engineering services, which includes auto engines, such as diesel, petrol, CNG/LPG for passenger and cargo last mile small commercial vehicle applications; and non-automotive applications including power, agriculture, industrial, and light construction solutions. Greaves Cotton Limited was founded in 1859 and is headquartered in Mumbai, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
GREAVESCOT vs Industrial (2021 - 2026)
Q1: Krisha Kansara (Molecule Ventures): What is causing the slowdown in Excel Controlinkage's growth and margin compression?
A1: The core business with heavy commercial vehicles is strong. However, our export business has seen challenges due to overdependence on one geography. This led to margin erosion since exports had higher margins. We're now diversifying in exports, which takes time but is essential for long-term growth.
Q2: Krisha Kansara: Breakdown between volume and price growth in the genset division?
A2: The growth primarily emerged from domestic markets, driven by an expanded distribution network and improved customer service. While we saw some export orders, most growth came from diversifying into segments that meet specific customer needs.
Q3: Krisha Kansara: What is the reason behind stagnant aftermarket sales?
A3: The retail segment, especially auto aftermarket spares, has seen a decline due to the shrinking 3-wheeler vehicle parc post-COVID. However, after several quarters, we observe stabilization, and expect previous engine sales to translate into future aftermarket growth.
Q4: Krisha Kansara: Expectations for aftermarket segment growth?
A4: We anticipate the aftermarket segment to grow at a CAGR of 8%"“9%, reflecting the overall diesel engine parc growth, which is stabilizing as demand recovers.
Q5: Krisha Kansara: Updates on long-term debt increase?
A5: The increase largely comes from financing for Greaves Finance's EV business initiatives. This includes loans from reputable institutions aligned with our growth strategy.
Q6: Jyoti Singh (Arihant Capital Markets): What's the revenue projection timeline for the rare earth battery partnership with Chara?
A6: Our partnership with Chara is progressing well, with trials underway on key products. Revenue contributions should materialize as we commercialize these developments in the near future.
Q7: Jyoti Singh: Are we targeting specific EBITDA margins under the new strategy?
A7: We aim to maintain current healthy EBITDA margins while targeting top-line growth at 16% to 20% CAGR, facilitated by sustainable portfolio development.
Q8: Jyoti Singh: Timeline for export contribution reaching 30%?
A8: We are focusing on diversifying our export opportunities. While we expect initial slow growth rates, we will develop a dedicated team to expedite international business over time.
Q9: Sonal Minhas (Prescient Capital): Will the electric and finance businesses remain part of the core strategy?
A9: Yes, both are critical to our overall strategy but managed differently as they target consumer-focused markets. We believe in their long-term viability and profitability.
Q10: Dhruv Shah (Ambika Fincap): What are the margin expectations by 2030?
A10: We foresee margins remaining stable at current levels while achieving top-line CAGR of 16%"“20% through consistent operational performance across attractive market segments.
This summary captures the key questions and answers from the earnings call, providing insight into Greaves Cotton Limited's strategic direction and growth expectations.
| Premium Care Private Limited | 0% |
| Pygmalion Foundation | 0% |
| CITIBANK N.A. | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| +41.90% |
| 60.93 |
| 3.36 |
| - |
| - |
| CUMMINSIND | Cummins India | 1.14 LCr | 12.1 kCr | +6.30% | +50.30% | 50.85 | 9.42 | - | - |
| ELECTHERM | Electrotherm (India) | 977.56 Cr | 3.9 kCr | -16.70% | 0.00% | 3.49 | 0.25 | - | - |
| 720 |
| 808 |
| 740 |
| 713 |
| 641 |
| Profit Before exceptional items and Tax | -30.2% | 31 | 44 | 27 | 22 | 6.11 | 15 |
| Exceptional items before tax | -201.3% | -3.58 | -0.52 | 0 | 6.17 | -4.3 | 0 |
| Total profit before tax | -38.1% | 27 | 43 | 27 | 29 | 1.81 | 15 |
| Current tax | -9.1% | 21 | 23 | 27 | 22 | 18 | 17 |
| Deferred tax | 5.2% | -0.84 | -0.94 | -1.77 | -0.03 | -1.48 | -1.61 |
| Total tax | -4.8% | 21 | 22 | 25 | 22 | 16 | 15 |
| Total profit (loss) for period | -73.4% | 6.32 | 21 | 1.53 | 6.68 | -14.33 | -0.16 |
| Other comp. income net of taxes | 2.2% | -0.78 | -0.82 | 0.19 | 0.19 | 0.35 | -0.28 |
| Total Comprehensive Income | -76.1% | 5.54 | 20 | 1.72 | 6.87 | -13.98 | -0.44 |
| Earnings Per Share, Basic | -71.4% | 1.12 | 1.42 | 1.03 | 0.9 | 0.14 | 0.44 |
| Earnings Per Share, Diluted | -73.8% | 1.11 | 1.42 | 1.03 | 0.89 | 0.14 | 0.44 |
| 19.9% |
| 170 |
| 142 |
| 115 |
| 131 |
| 127 |
| - |
| Finance costs | -10.4% | 1.69 | 1.77 | 2.11 | 1.96 | 5.63 | - |
| Depreciation and Amortization | 12.5% | 46 | 41 | 38 | 42 | 48 | - |
| Other expenses | 15.1% | 222 | 193 | 184 | 159 | 164 | - |
| Total Expenses | 11.6% | 1,775 | 1,590 | 1,439 | 1,177 | 1,286 | - |
| Profit Before exceptional items and Tax | 11.1% | 252 | 227 | 154 | 32 | 53 | - |
| Exceptional items before tax | -102.2% | -2.05 | 139 | 6.99 | 7.33 | -34.46 | - |
| Total profit before tax | -31.8% | 250 | 366 | 161 | 39 | 18 | - |
| Current tax | -22.2% | 64 | 82 | 45 | 14 | 20 | - |
| Deferred tax | 48% | 0.09 | -0.75 | 0.81 | -2.04 | -11.4 | - |
| Total tax | -21.2% | 64 | 81 | 46 | 12 | 8.11 | - |
| Total profit (loss) for period | -34.6% | 186 | 284 | 115 | 27 | 10 | - |
| Other comp. income net of taxes | 12% | -0.03 | -0.17 | 0.85 | 2.01 | 0.97 | - |
| Total Comprehensive Income | -34.6% | 186 | 284 | 116 | 29 | 11 | - |
| Earnings Per Share, Basic | -37.8% | 8 | 12.26 | 4.97 | 1.17 | 0.45 | - |
| Earnings Per Share, Diluted | -37.7% | 7.96 | 12.18 | 4.94 | 1.16 | 0.45 | - |
| 13.9% |
| 722 |
| 634 |
| 609 |
| 458 |
| 452 |
| 181 |
| Loans, non-current | 1278.4% | 103 | 8.4 | 4 | 33 | 2 | 32 |
| Total non-current financial assets | 25.1% | 839 | 671 | 631 | 509 | 525 | 717 |
| Total non-current assets | 18.6% | 1,250 | 1,054 | 1,008 | 880 | 882 | 1,071 |
| Total assets | 3% | 2,025 | 1,967 | 1,799 | 1,760 | 1,676 | 1,506 |
| Total non-current financial liabilities | 281.7% | 21 | 6.24 | 9.15 | 12 | 16 | 13 |
| Provisions, non-current | -2.3% | 0.55 | 0.56 | 0.55 | 0.41 | 0.33 | 0.26 |
| Total non-current liabilities | 27.5% | 66 | 52 | 46 | 44 | 43 | 30 |
| Total current financial liabilities | -11% | 341 | 383 | 334 | 328 | 354 | 276 |
| Provisions, current | 13.5% | 60 | 53 | 44 | 39 | 34 | 31 |
| Current tax liabilities | 101.2% | 9.53 | 5.24 | 5.24 | 5.25 | 24 | 9.6 |
| Total current liabilities | -5.2% | 436 | 460 | 409 | 402 | 450 | 430 |
| Total liabilities | -2% | 502 | 512 | 455 | 446 | 492 | 460 |
| Equity share capital | 2.2% | 47 | 46 | 46 | 46 | 46 | 46 |
| Total equity | 4.6% | 1,522 | 1,455 | 1,345 | 1,314 | 1,184 | 1,046 |
| Total equity and liabilities | 3% | 2,025 | 1,967 | 1,799 | 1,760 | 1,676 | 1,506 |
| -35.5% |
| 179 |
| 277 |
| 183 |
| 38 |
| - |
| - |
| Income taxes paid (refund) | -28.3% | 67 | 93 | 42 | 14 | - | - |
| Net Cashflows From Operating Activities | -39.3% | 112 | 184 | 141 | 24 | - | - |
| Cashflows used in obtaining control of subsidiaries | - | 0 | 0 | 4 | 0.19 | - | - |
| Proceeds from sales of PPE | -97.8% | 2.89 | 87 | 28 | 20 | - | - |
| Purchase of property, plant and equipment | -22.2% | 29 | 37 | 29 | 28 | - | - |
| Proceeds from sales of intangible assets | - | 0 | 0 | 19 | 0 | - | - |
| Purchase of intangible assets | -7.7% | 25 | 27 | 0 | 0 | - | - |
| Proceeds from sales of long-term assets | -25.9% | 367 | 495 | 0 | 0 | - | - |
| Purchase of other long-term assets | -38.8% | 231 | 377 | 0 | 0 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | 117.2% | 64 | 30 | 3 | 142 | - | - |
| Interest received | -10% | 28 | 31 | 14 | 18 | - | - |
| Other inflows (outflows) of cash | 276.9% | 1.69 | 0.61 | -29.2 | -161.19 | - | - |
| Net Cashflows From Investing Activities | 44.4% | -50 | -90.78 | -164.32 | -114.68 | - | - |
| Proceeds from issuing shares | - | 0 | 0 | 0 | 0.06 | - | - |
| Proceeds from exercise of stock options | 3.2% | 0.1 | 0.07 | 0.03 | 0 | - | - |
| Payments of lease liabilities | 11% | 7.06 | 6.46 | 0 | 6.71 | - | - |
| Dividends paid | 125% | 46 | 21 | 4.63 | 4.62 | - | - |
| Interest paid | 16.5% | 0.34 | 0.21 | 0.43 | 0.42 | - | - |
| Net Cashflows from Financing Activities | -92.4% | -53.8 | -27.48 | -10.76 | -11.69 | - | - |
| Net change in cash and cash eq. | -89.3% | 7.98 | 66 | -34.03 | -102.11 | - | - |
Analysis of Greaves Cotton's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Engines | 61.2% | 535.6 Cr |
| Electric Mobility & Other Vehicles | 25.6% | 224.3 Cr |
| Cables & Control Levers | 7.0% | 61.4 Cr |
| Others | 6.2% | 54.3 Cr |
| Total | 875.5 Cr |