Greaves Cotton Limited, India’s leading diversified engineering company, reported a strong financial performance for the quarter and nine months ended December 31, 2025, driven by healthy demand across its core businesses, rising momentum in international markets, and disciplined execution across operations.
On a consolidated basis, revenue for Q3 FY26 grew 17% year-on-year to ₹875 crore. EBITDA rose sharply by 57% to ₹62 crore, while profit before tax (PBT) stood at ₹37 crore. For the nine-month period ended December 2025, consolidated revenue increased 16% year-on-year to ₹2,436 crore, supported by EBITDA of ₹171 crore and PBT of ₹111 crore.
During the third quarter, the company’s standalone operations reported revenue of ₹575 crore, EBITDA of ₹78 crore, and PBT of ₹74 crore. Standalone revenue increased 14% year-on-year, with EBITDA rising 18%, reflecting improved operating leverage.
For the nine-month period, standalone revenue reached ₹1,667 crore, while EBITDA and PBT stood at ₹232 crore and ₹226 crore, respectively. PBT registered a robust 33% year-on-year growth, aided by strong export performance, a well-established aftersales network, and continued operational efficiencies and cost optimisation initiatives under the company’s new strategic framework.
Commenting on the performance, Mr. Parag Satpute, MD & Group CEO, Greaves Cotton Limited, said: “Greaves Cotton’s robust performance in Q3 FY26 reflects the strong execution across all our businesses. We continue to see steady demand across our Energy, Mobility and Industrial Solutions, supported by momentum in international business, aftermarket growth and application-led innovation. I am pleased to share we remain firmly on track for our strategic priorities and through GREAVES.NEXT, we are strengthening our operating foundations, building strong customer partnerships and investing selectively to build a future-ready engineering company, while maintaining disciplined capital allocation.”
Business Performance
The Core businesses continued to deliver strong growth during the quarter, reflecting Greaves Cotton’s application-led approach and strong execution.
• Energy Solutions revenue rose by 21% YoY in 9M FY26and 6% YoY for Q3FY26, supported by consistent genset demand and strong momentum in the aftermarket business. The spares and service segment grew by 40% YoY for the same period.
The company strengthened execution through a new zonal structure integrating sales, service, and spares, and launched a Retail Annual Maintenance Contract towards enhancing customer responsiveness, value and service reach. Going forward, Energy solutions will become a dominant part of the portfolio.
• Mobility Solutions recorded a strong performance, led by strong export demand for Euro V+ compliant diesel engines and healthy domestic volumes. Mobility Solutions delivered 15% YoY revenue growth in 9M FY26 and 18% for the quarter.
Excel Controlinkage, the engineered components business, delivered healthy domestic growth, supported by new product launches and expanding its offerings and applications across automotive, agriculture, and industrial segments.
• Industrial Solutions progressed steadily, supported by demand from defence, marine, and special-purpose engine applications. While the business saw flat revenue growth, the company secured new defence orders and expanded its marine engine portfolio.
International Business, an important growth lever across our businesses formed 14% of revenues in 9M FY26, indicating consistent traction across global markets through strong customer relationships such as Ligier in Europe.
Investee Business
GEML – VAHAN volumes for E-2W increased 40% quarter-on-quarter in Q3 FY26 to more than 18k units, driven by new product launches and network expansion, resulting in a market share improvement from 4.1% in Q2 to 5.0% in Q3. This is a result of growing customer acceptance, continued dealer network expansion and showroom refreshes across key markets strengthening our retail presence.
GFL – Expanded to 74 locations, serving over 51,000 customers, and launched EV-focused financing and insurance products. Managed AUM stood at ~₹445 crore as of December 31st, while cumulative disbursements crossed ~₹640 crore.
The Company received two prestigious awards, the ‘Best Governed Company in the ‘Listed Segment: Emerging Category’ by the Institute of Company Secretaries of India, and the Best Process Control Award from Stanley Black & Decker among its global suppliers as a recognition of strong governance standards and process excellence.
Strategic Progress
During the quarter, Greaves Cotton continued to execute GREAVES.NEXT, its multi-year strategy to build a trusted, innovative, and future-ready engineering company. Under this strategy, we have outlined a ₹500–700 crore medium-term investment plan to strengthen core capabilities and support new product development aligned with long-term growth priorities. We continue to make targeted investments across R&D and manufacturing, including fuel-agnostic engines, advanced gensets and rare-earth-free motors. With international business being a key strategic priority, we have established a dedicated international team and are strengthening customer relationships and staying close to customer needs.
Progress under GREAVES.NEXT remains steady, with a clear path to achieving a 16–20% CAGR by accelerating core strengths, adding new capabilities, and selectively expanding into adjacencies. A disciplined operating system and governance cadence ensure clear targets and accountability.
Outlook
Looking ahead, Greaves Cotton remains cautiously optimistic, supported by industrial and infrastructure-led demand, increasing need for reliable power solutions, and expanding global opportunities. The Company will continue to focus on execution, margin improvement and capital efficiency to drive sustainable long-term value creation.
