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Greaves Cotton

GREAVESCOT NSE
₹205.87 +7.71 (+3.89%)
P/E
47.88
View as Markdown
MCP
Close 4 Nov 2026 ₹205.87 +2.76 +1.36% 1Y
Start ₹203.11

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.10%
Debt to Equity
0.28
EPS (TTM)
₹4.30
Book Value
₹58.62
Market Cap
—
P/E (TTM)
47.88
P/B
3.51
ROE
8.10%
Dividend Yield
1.01%
EBITDA
₹289 Cr
52W High
₹271.90
52W Low
₹119.99
Day Range
₹195.90 – ₹207.00
Volume
10,57,188

Peer Comparison

Industrials › Industrial Products › Compressors Pumps & Diesel Engines › Compressors, Pumps & Diesel Engines

Greaves Cotton peer comparison
Cummins
₹4,725.7055.34₹1,27,886 Cr15.461.42%30.20%39.50%₹12,662 Cr₹2,366 Cr
Kirloskar Oil Engines
₹1,802.0047.96₹25,029 Cr7.250.41%17.50%14.60%₹7,937 Cr₹534 Cr
Elgi Equipments
₹562.0539.78₹17,070 Cr7.980.51%19.00%22.10%₹4,146 Cr₹447 Cr
Kirloskar Brothers
₹1,715.7036.49₹13,785 Cr5.300.40%17.30%20.40%₹4,664 Cr₹377 Cr
Ingersoll Rand
₹4,045.8047.74₹12,935 Cr20.741.82%43.00%57.10%₹1,457 Cr₹267 Cr
KSB
₹659.2046.72₹11,469 Cr6.760.66%18.40%24.70%₹2,726 Cr₹246 Cr
Kirloskar Pneumatic Company
₹574.2028.19₹7,179 Cr5.792.18%22.70%30.30%₹1,788 Cr₹264 Cr
Greaves Cotton (this company)
₹205.8747.88₹4,630 Cr3.511.01%8.10%10.10%₹3,665 Cr₹21 Cr
Median 8 companies₹1,187.4547.23₹13,360 Cr7.010.84%18.70%23.40%₹3,906 Cr₹322 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
43
Weak
Returns, margins, earnings quality 22% weight
Valuation
44
Weak
Cheap vs sector & own history 24% weight
Growth
57
Good
Sales & profit trajectory 9% weight
Financial Health
37
Weak
Solvency, leverage, coverage 9% weight
Momentum
56
Good
Trend strength, vol-adjusted 12% weight
Ownership
83
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 3.44 times its book value
  • Company has a low return on equity of 4.50% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3511
OscillatorsNeutral252
Moving AveragesStrong Bullish109

Key readings

RSI (14)
54.39
Neutral
MACD (12,26,9)
−2.68
Bullish
SMA (50)
201.56
Bullish
SMA (200)
185.45
Bullish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+7.84%
5Y+18.04%
3Y+8.39%
1Y+17.79%
TTM+21.20%

Net profit

Net profit growth by window
10Y−16.04%
5YTurned to profit
3Y−20.63%
1YTurned to profit
TTM+39.85%

Operating cash flow

Operating cash flow growth by window
10Y−17.65%
5Y−25.83%
3YTurned positive
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−5.61 pp
5Y+1.62 pp
3Y+2.24 pp
1Y+2.26 pp
TTM+1.04 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,634 Cr
Mar 2018₹1,792 Cr
Mar 2019₹2,015 Cr
Mar 2020₹1,911 Cr
Mar 2021₹1,500 Cr
Mar 2022₹1,710 Cr
Mar 2023₹2,699 Cr
Mar 2024₹2,633 Cr
Mar 2025₹2,918 Cr
Mar 2026₹3,437 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹181 Cr
Mar 2018₹202 Cr
Mar 2019₹163 Cr
Mar 2020₹127 Cr
Mar 2021−₹19.00 Cr
Mar 2022−₹35.00 Cr
Mar 2023₹70.00 Cr
Mar 2024−₹367 Cr
Mar 2025−₹6.00 Cr
Mar 2026₹35.00 Cr

Analyst Forecasts

Forecast For
Mar 27 consensus · Price
₹166.00 −27.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
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

121d ago

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.

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.

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.

Quarterly Results

₹ Cr
GREAVESCOT quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
569
727
665
673
640
705
751
823
745
815
875
1,000
974
1,176
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
14.47
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
53.22
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
−15.91
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%
87.37%
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
−29.81
EPS (₹)
−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
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
GREAVESCOT profit and loss, annual, ₹ crore
Particulars 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
54.66
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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
27%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
80%
43%
—

Balance Sheet

₹ Cr
GREAVESCOT balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
GREAVESCOT cash flow, annual, ₹ crore
Particulars 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

Ratios

GREAVESCOT financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Greaves Cotton insights

65 extracted metrics across FY03–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 55.77%
  • Public 30.25%
  • Others 7.41%
  • DIIs 4.66%
  • FIIs 1.91%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Greaves Cotton

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.
Where is Greaves Cotton Ltd (GREAVESCOT) listed?
Greaves Cotton Ltd trades as GREAVESCOT on the NSE and under code 501455 on the BSE.
Which sector does Greaves Cotton Ltd belong to?
Greaves Cotton Ltd is classified under the Industrial Products sector, in the Compressors Pumps & Diesel Engines industry.
What is the PE ratio of Greaves Cotton Ltd?
Greaves Cotton Ltd trades at a PE ratio of 47.88 as of 4 Nov 2026, on earnings per share of ₹4.3, against a book value of ₹58.62 per share.
What is the 52-week high and low of Greaves Cotton Ltd?
Over the last 52 weeks Greaves Cotton Ltd has traded between ₹119.99 and ₹271.9 as of 4 Nov 2026.
Does Greaves Cotton Ltd pay dividends?
Greaves Cotton Ltd has a dividend yield of 1.01%.
What is the Return on Equity (ROE) of Greaves Cotton Ltd?
Greaves Cotton Ltd reported a return on equity of 8.10%. Its debt-to-equity ratio is 0.28.

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.

Website greavescotton.com
CEO Mr. Parag Satpute
Employees 1,756
Listed 9 Sep 2004
Face Value ₹2

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