Greaves Cotton Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,652 Cr
- P/E
- 46.70
- ROE
- 8.10%
- PEG
- 4.46
- Price to sales
- 1.29
- Debt to equity
- 0.28
- 52W high / low
- ₹264 / ₹121
- Sales growth (5Y)
- 18.03%
- EBITDA margin
- 6.51%
- Net profit margin
- 1.25%
- Promoter holding
- 55.77%
- Sales (last year)
- ₹3,665 Cr
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.(Source : 202003 Annual Report Page No:98)
Guidance scorecard · Q2 FY27 call
What Greaves Cotton Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
10–20%- Excel business has returned to growth, with 14% YoY growth in the quarter and revenues just under INR 70 crores; margins exceeding 25% EBITDA.
- Domestic Excel business growing steadily with double-digit growth; export business recovering with new markets in Europe and the U.S.
- Capacity improvement and automation investments boost output by 10-15%, supporting growth for at least two years.
- Greaves Electric Mobility achieved record volume growth of 101% YoY in Q1 FY27; 2-wheeler portfolio grew 120%, 3-wheeler portfolio 80% YoY.
- Market share in electric vehicles progressing steadily, aiming for double-digit share nationally within 4-8 quarters.
- Core business targeting 16-20% CAGR growth over the next few years; adjusted like-to-like growth at 19% YoY this quarter.
2 more points from Greaves Cotton Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Greaves Cotton Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Greaves Cotton invested INR 50 crores in Greaves Finance Limited (GFL) and INR 331 crores in Greaves Electric Mobility Limited (GEML) as part of capital allocation.
- Core business capex is on track, aligned with the company's Greaves.Next strategy focusing on future growth.
- Investments include automation and capacity improvements in Excel to support growth and scale production volumes.
- Ongoing upgradation in engineered components and supply for defense contracts indicate strategic capital deployment.
- Battery Energy Storage System (BESS) pilot commissioned, signifying movement into emerging energy solutions.
- Technological upgrades and export expanse are prioritized with upfront investments expected to yield benefits in future quarters.
2 more points from Greaves Cotton Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Greaves Cotton Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Greaves Cotton Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Greaves Cotton Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Greaves Cotton Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 56.00% | 56.00% | 55.88% | 55.88% | 55.88% | 55.88% | 55.81% | 55.80% | 55.80% | 55.78% | 55.77% | 55.77% |
| FIIs + | 3.18% | 2.81% | 1.15% | 1.04% | 2.41% | 2.86% | 2.45% | 2.64% | 2.25% | 1.85% | 1.35% | 1.92% |
| DIIs + | 3.44% | 3.75% | 3.76% | 3.81% | 3.50% | 3.31% | 3.52% | 3.80% | 4.08% | 3.67% | 4.17% | 4.66% |
| Public + | 37.36% | 37.43% | 39.18% | 39.23% | 38.20% | 37.93% | 38.21% | 37.75% | 37.86% | 38.68% | 38.67% | 37.65% |
| No. of Shareholders | 2,11,694 | 2,05,042 | 2,12,801 | 2,02,891 | 2,64,745 | 3,01,509 | 3,01,474 | 3,02,226 | 3,31,612 | 3,69,141 | 3,47,238 | 3,67,213 |
Financials of Greaves Cotton Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 727 | 665 | 673 | 640 | 705 | 751 | 823 | 745 | 815 | 875 | 1,000 | 974 | 1,176 |
| Expenses + | 681 | 630 | 649 | 612 | 682 | 711 | 777 | 688 | 764 | 813 | 932 | 918 | 1,103 |
| Operating Profit | 46 | 35 | 24 | 27 | 23 | 40 | 46 | 57 | 52 | 62 | 68 | 56 | 73 |
| OPM % | 6% | 5% | 3.5% | 4.3% | 3.3% | 5% | 6% | 8% | 6% | 7% | 7% | 6% | 6% |
| Other Income + | -365 | 62 | 11 | 17 | 9 | 18 | 12 | 18 | 7 | -11 | -3 | 11 | -22 |
| Interest | 2 | 2 | 3 | 3 | 4 | 3 | 6 | 5 | 5 | 6 | 10 | 12 | 14 |
| Depreciation | 19 | 20 | 28 | 26 | 26 | 26 | 25 | 27 | 27 | 28 | 28 | 28 | 53 |
| Profit before tax | -341 | 74 | 3 | 15 | 2 | 29 | 27 | 43 | 27 | 17 | 28 | 27 | -16 |
| Tax % | 10% | 39% | 483% | 101% | 892% | 77% | 94% | 52% | 77% | 66% | 92% | 77% | 87% |
| Net Profit + | -375 | 46 | -13 | -0 | -14 | 7 | 2 | 21 | 6 | 6 | 2 | 6 | -30 |
| EPS in Rs | -8.22 | 2.50 | 0.11 | 0.44 | 0.14 | 0.90 | 1.03 | 1.42 | 1.12 | 1.10 | 0.97 | 1.11 | 0.21 |
Financials of Greaves Cotton Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 4,026 |
| 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 | 3,766 |
| Operating Profit | 192 | 203 | 240 | 255 | 272 | 210 | 80 | 25 | 127 | 91 | 137 | 239 | 260 |
| OPM % | 11% | 13% | 15% | 14% | 14% | 11% | 5% | 1.5% | 4.7% | 3.4% | 4.7% | 7% | 6% |
| Other Income + | -31 | 138 | 56 | 93 | 24 | 25 | -26 | 20 | 55 | -270 | 56 | 10 | -24 |
| Interest | 2 | 1 | 1 | 1 | 4 | 5 | 7 | 5 | 12 | 9 | 16 | 26 | 43 |
| Depreciation | 48 | 46 | 47 | 52 | 52 | 61 | 60 | 59 | 57 | 84 | 103 | 109 | 137 |
| Profit before tax | 111 | 294 | 249 | 295 | 240 | 169 | -14 | -19 | 113 | -273 | 72 | 115 | 56 |
| 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 | -16 |
| EPS in Rs | 3.42 | 8.23 | 7.40 | 8.28 | 6.74 | 5.59 | -0.81 | -1.52 | 3.37 | -5.83 | 2.51 | 4.60 | 3.39 |
| Dividend Payout % | 73% | 67% | 74% | 66% | 59% | 0% | -25% | -13% | 27% | -34% | 80% | 43% |
Financials of Greaves Cotton Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 49 | 49 | 49 | 49 | 49 | 46 | 46 | 46 | 46 | 46 | 46 | 47 | 47 |
| Reserves | 774 | 842 | 876 | 916 | 920 | 753 | 736 | 703 | 1,540 | 1,394 | 1,359 | 1,384 | 1,319 |
| Borrowings + | 0 | 0 | 0 | 0 | 11 | 28 | 20 | 257 | 28 | 81 | 81 | 394 | 569 |
| Other Liabilities + | 301 | 286 | 325 | 381 | 474 | 413 | 477 | 629 | 1,103 | 923 | 1,044 | 1,041 | 1,261 |
| 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 | 3,195 |
| Fixed Assets + | 326 | 283 | 292 | 278 | 339 | 380 | 372 | 364 | 369 | 825 | 846 | 875 | 842 |
| CWIP | 8 | 24 | 15 | 28 | 72 | 69 | 75 | 82 | 83 | 63 | 43 | 64 | 33 |
| Investments | 293 | 362 | 411 | 506 | 420 | 3 | 1 | 16 | 123 | 157 | 121 | 67 | 66 |
| Other Assets + | 497 | 507 | 532 | 535 | 624 | 788 | 832 | 1,174 | 2,143 | 1,400 | 1,521 | 1,861 | 2,254 |
| 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 | 3,195 |
Financials of Greaves Cotton Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 225 | 230 | 114 | 280 | 145 | 102 | 147 | -56 | -135 | -153 | -23 | 33 |
| Cash from Investing Activity + | -179 | -70 | 36 | -97 | 38 | 255 | -108 | -238 | -758 | 246 | 126 | -99 |
| Cash from Financing Activity + | -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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 140% | 155% | 78% | 146% | 87% | 82% | 211% | -164% | -70% | -43% | 49% | 47% |
Financials of Greaves Cotton Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Guidance history
How Greaves Cotton Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | Planned | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
27 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −14.3% | 45% |
| Last 6 months | +20.7% | 76% |
| Last 3 months | −16.2% | 30% |
The price is 30.9% below its all-time high of ₹288.75 (7 Feb 2025). Stocks more than 20% below their peak have their score halved, so 54 became 27.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Greaves Cotton Ltd: 0.4 × 45 + 0.4 × 76 + 0.2 × 30 = 54, halved to 27 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Greaves Cotton Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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