Greaves Cotton Reports Robust Q3 & 9M FY26 Performance, Delivers Growth Driven by Strong Execution across its Businesses
Mumbai, Maharashtra, India (NewsVoir) • Reports 17% year-on-year growth in Consolidated Revenue at ₹875 crore, with margins expanding by 180 bps in Q3FY26 • Rs. 500–700 crore planned outlay to build core capabilities and support new products • International Business: Strengthening Global Traction Through OEM Partnerships Greaves Cotton Limited, a leading diversified engineering company in India, reported a robust performance across all key metrics, for the quarter and nine months ended December 31, 2025, supported by strong demand across its core businesses, momentum in the international business and strong execution. On a consolidated basis, Q3 FY26 revenue increased 17% year-on-year to Rs. 875 crore, with EBITDA of Rs. 62 crore up 57%, and PBT of Rs. 37 crore. For 9M FY26, consolidated revenue was Rs. 2436 crore, up 16% year-on-year, with EBITDA of Rs. 171 crore and PBT of Rs. 111 crore. During Q3 FY26, the company reported standalone revenue of Rs. 575 crore, with EBITDA of Rs. 78 crore and PBT of Rs. 74 crore. Standalone revenue grew 14% year-on-year, while EBITDA increased 18% year-on-year. For 9M FY26, standalone revenue stood at Rs. 1667 crore, with EBITDA of Rs. 232 crore and PBT of Rs. 226 crore, reflecting a 33% year-on-year growth in PBT, supported by strong export momentum, a well-established aftersales network, complemented by operational efficiencies and cost optimisation under the new strategy. Management Commentary 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 ~Rs. 445 crore as of December 31st, while cumulative disbursements crossed ~Rs. 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 ha
