Greaves Cotton (501455) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue was ₹815.46 crore, up from ₹705.31 crore YoY; EBITDA rose 125% to ₹52 crore and reported PAT was ₹6.32 crore versus a loss of ₹14.33 crore.

• H1 consolidated revenue was ₹1,560.89 crore, up from ₹1,345.01 crore; EBITDA reached ₹109 crore and reported PAT was ₹27.17 crore versus a loss of ₹14.49 crore.

• Q2 profit attributable to owners was ₹26.01 crore; subsidiaries’ losses attributable to non-controlling interests were ₹19.69 crore.

Financial highlights

• Consolidated EBITDA was ₹52 crore in Q2, up 125% YoY, and ₹109 crore in H1, up 116%; operating PBT was ₹31 crore in Q2 and ₹74 crore in H1.

• Standalone Q2 revenue was ₹551.66 crore and PAT ₹52.59 crore; H1 revenue was ₹1,092.20 crore and PAT ₹109.23 crore.

• Standalone Q2 EBITDA was ₹78 crore, up 32%, and operating PBT was ₹75 crore, up 34%; H1 EBITDA rose 41% to ₹154 crore and operating PBT increased 44% to ₹151 crore.

• Consolidated profit before exceptional items and tax was ₹30.53 crore in Q2 and ₹74.07 crore in H1; exceptional-item expenses were ₹3.58 crore and ₹4.10 crore, respectively.

• GCL and Excel combined delivered Q2 revenue of ₹608 crore and a 15.0% EBITDA margin.

Outlook and guidance

• GREAVES.NEXT roadmap targets sustained growth in existing businesses, new products and capabilities, expansion into new segments, and increased export contribution.

• Strategic priorities include scaling Energy Solutions, shifting toward solutions provision, deepening OEM partnerships, expanding internationally, and broadening Mobility and Industrial Solutions.

• Engines priorities include cost optimization, operational efficiency, deeper Auto OEM engagement and stronger Power Generation service coverage; e-powertrain products with Chara Technologies are under validation.

• Retail plans to appoint distributors in core Auto A/M, broaden institutional offerings and pilot a loyalty program; Excel is renewing its export focus and investing in product capabilities.