Greaves Cotton (501455) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue was ₹2,918.44 crore, up 11% YoY; EBITDA rose 48% to ₹136 crore. Consolidated PAT was ₹78.78 crore, versus a ₹367.27 crore loss in FY24, which included a ₹477.32 crore FAME subsidy provision.

• Standalone FY25 EBITDA increased 12% and operating PBT 11%; Q4 standalone EBITDA and operating PBT each grew 50% YoY.

Financial highlights

• Consolidated Q4 revenue was ₹822.83 crore, up 22% YoY; EBITDA was ₹46 crore, up 93%, and operating PBT was ₹27 crore versus ₹6 crore a year earlier. PAT was ₹1.53 crore versus a ₹13.35 crore loss.

• FY25 standalone revenue was ₹1,988.02 crore, up 12%; EBITDA was ₹260 crore, up 12%, operating PBT was ₹252 crore, up 11%, and PAT was ₹185.87 crore.

• Q4 standalone revenue was ₹573.41 crore, up 19% YoY; EBITDA was ₹84 crore and operating PBT ₹83 crore, each up 50%. PAT was ₹61.81 crore versus ₹39.47 crore.

• FY25 consolidated profit before exceptional items and tax was ₹70.63 crore versus ₹61.73 crore in FY24; reported PBT was ₹72.50 crore versus a ₹273.10 crore loss.

Outlook and guidance

• Long-term vision targets ₹15,000 crore revenue by 2030 through organic growth and strategic acquisitions.

• Engineering priorities include higher-margin non-auto and export business, with expansion targeted in the USA, Middle East and Africa.

• Electric mobility plans continued product and technology investment, in-house battery capabilities, capacity growth and expansion across E-2W and E-3W offerings.

• Greaves Finance plans growth through co-lending and debt partnerships, plus financing for E3Ws, B2B E2Ws and used vehicles under RBI NBFC norms.

• A final dividend of ₹2 per share, equal to 100% of face value, was recommended for FY25, subject to shareholder approval; proposed payout is ₹46.60 crore. A proposed IPO may raise up to ₹1,000 crore, subject to approvals.