Greaves Cotton (501455) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue was ₹745.43 crore vs ₹639.70 crore; EBITDA rose 109% to ₹57 crore and operating PBT rose 185% to ₹44 crore.

• Consolidated profit attributable to owners was ₹33.09 crore vs ₹10.32 crore; standalone revenue was ₹540.54 crore and profit was ₹56.64 crore.

• Revenue mix broadened since Q1 FY22, with lower reliance on engines and higher contributions from retail and e-mobility.

Financial highlights

• Consolidated income from operations was ₹745 crore vs ₹640 crore YoY and ₹823 crore QoQ; EBITDA was ₹57 crore vs ₹27 crore YoY and ₹46 crore QoQ.

• Consolidated PBT was ₹43.02 crore vs ₹15.26 crore, after a ₹0.52 crore exceptional expense; operating PBT was ₹44 crore vs ₹15 crore YoY.

• Consolidated total profit was ₹20.85 crore vs a loss of ₹0.16 crore; non-controlling interest recorded a loss of ₹12.24 crore.

• Standalone income from operations was ₹540.54 crore vs ₹444.87 crore; EBITDA was ₹76 crore vs ₹50 crore and PBT was ₹76.38 crore vs ₹49.29 crore.

• Engineering plus Excel revenue was ₹601 crore with a 15.2% EBITDA margin; standalone cash reserves were ₹330 crore.

Outlook and guidance

• Priorities include higher-margin export-led growth, scaling non-auto business, and expansion into the USA, Middle East and Africa.

• Retail priorities include strengthening North and East India distribution, onboarding e-rickshaw makers, and advancing digitisation and data-led operations.

• Excel is targeting technology-led Marine and Railways segments, cost efficiency and margin resilience; e-mobility plans include LFP batteries, IoT, rapid charging and battery swapping.

• Proposed Greaves Electric Mobility IPO is for up to ₹1,000 crore; SEBI’s May 8, 2025 observation letter requires compliance steps before filing the offer document.