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Greaves Cotton Ltd.

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greavescotton.comBSE: 501455NSE: GREAVESCOT
Market Cap₹ 4,510 Cr.
Current Price
High / Low₹ 272 / 120
Stock P/E45.2
Book Value₹ 61
Price to Book1.98
Dividend Yield1.03 %
ROCE8.8 %
ROE2.5 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Engines: 64.2% • Electric Mobility: 22.5% • Cables & Control Levers: 7.2%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good sales growth of 18.0% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 43.5%
  • Company generates healthy free cash flow
  • Company maintains a comfortable, low leverage position
  • Company has a consistent dividend-paying track record

CONS

  • Recent results are weak - TTM profit is down 54.0% versus prior year
  • A large part of profit comes from other income (43.5% of PBT)
  • Company has a low return on equity of -7.5% over last 3 years
  • Company has a low return on capital employed of -0.8%
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.42x)
  • Operating cash flow has been negative in recent years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesDiesel Engines
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.CUMMINSIND5140.1060.19142483.571.28609.300.893426.0119.8438.6420.61
2.KIRLOSENG2205.3058.7632091.490.32111.06-20.051999.5313.3614.4615.02
3.GREAVESCOT193.6045.184509.941.036.16-70.46974.1230.688.775.78
4.SWARAJENG3554.9521.404319.223.0955.5311.13588.3921.5458.1313.05
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5697276656736407057518237458158751,000974
582681630649612682711777688764813932958
Operating Profit-14463524272340465752626816
OPM %-2.38%6.32%5.31%3.53%4.27%3.27%5.29%5.56%7.64%6.36%7.10%6.82%1.65%
22-36562111791812187-11-311
Interest222334365561012
Depreciation17192028262626252727282828
Profit before Tax-10-34174315229274327172827
Tax %-152.68%-10.01%38.66%482.52%101.05%891.71%76.64%94.30%51.53%76.55%65.80%92.04%77.23%
Net Profit0000-0-1472216626
-0.22-8.222.500.110.440.140.901.031.421.121.100.971.11

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,6341,7922,0151,9111,5001,7102,6992,6332,9183,4373,665
1,3961,5401,7521,7521,4211,6872,5662,5432,7833,1983,467
Operating Profit238253264159802313390136239198
OPM %14.58%14.09%13.09%8.34%5.31%1.34%4.94%3.42%4.65%6.96%5.41%
62963276-262455-26957114
Interest114575129162633
Depreciation4752526160595784103109110
Profit before Tax252295240169-14-19113-2737211599
Tax %26.97%31.50%32.21%24.69%-36.19%-82.62%38.17%-34.48%108.66%69.29%79.18%
Net Profit184202163127-19-3570-367-63521
EPS7.408.286.745.40-0.81-1.533.35-5.832.514.60—
Dividend Payout %74.34%66.43%59.30%0.00%-24.62%-13.12%26.72%-34.30%79.62%43.48%—

COMPOUNDED SALES GROWTH

10 Years:
8%
5 Years:
18%
3 Years:
8%

COMPOUNDED PROFIT GROWTH

10 Years:
-6%
5 Years:
—
3 Years:
11%

STOCK PRICE CAGR

10 Years:
4%
5 Years:
6%
3 Years:
12%
1 Year:
-11%

RETURN ON EQUITY

10 Years:
5%
5 Years:
-4%
3 Years:
-7%
Last Year:
3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 28

₹ 1

Rs.2.0000 per share(100%)Final Dividend

2025

Jul 23

₹ 1

Rs.2.0000 per share(100%)Final Dividend

2024

Aug 1

₹ 1

Rs.2.0000 per share(100%)Final Dividend

2023

Aug 3

₹ 0.45

Rs.0.9000 per share(45%)Final Dividend

2022

Aug 3

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2021

Aug 3

₹ 0.10

Rs.0.2000 per share(10%)Dividend

2019

Feb 13

₹ 2

Interim Dividend

2018

Aug 3

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2018

Feb 14

₹ 2

Interim Dividend

2017

Jul 26

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2017

Feb 22

₹ 2

Interim Dividend

2016

Sep 16

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2016

Feb 11

₹ 2.25

Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital49494946464646464647
Minority Interest001400038123418083
8769169207527346981,5261,3731,3461,369
0730493623038101115412
Trade Payables220273324299356379441386522581
1051011179394271271304322374
Total Liabilities1,2501,3461,4541,2391,2671,6242,7052,4442,5312,866
288274335380372364369825846875
Capital Work in Progress84912241522321830
411506420311612315712167
129109134194175193215276336314
0000000236334345
Cash & Bank133345190280100541314428564
4004195124594159351,434604448672
Total Assets1,2501,3461,4541,2391,2671,6242,7052,4442,5312,866

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
188372237172169-41-89-153-2333
Cash from Investing36-9735255-108-238-758232126-99
Cash from Financing-148-162-174-241-20210889-32-116123
220711619-84-447-1356

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
55.8855.8855.8855.8855.8155.8055.8055.7855.77
1.151.032.412.862.452.642.251.851.35
3.763.813.493.313.523.804.083.674.17
Government0.000.000.000.000.000.000.000.000.00
39.1939.2538.2237.9438.2137.7437.8738.6938.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08
Press Release

2026-09-08 - Greaves Cotton Limited has informed the Exchange regarding a press release dated September 08, 2026, issued by Greaves Electric Mobility Limited, subsidiary of the Company, titled "Ampere Magnus GMax Begins the Ultimate Endurance Ride - Sets Out on a approx. 4,000 km ride from East to West of India".

2026-09-07
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Greaves Cotton Limited has informed the Exchange about Schedule of meet

2026-09-07
Press Release

2026-09-07 - Greaves Cotton Limited has informed the Exchange regarding a press release dated September 07, 2026, titled "Greaves Cotton Unveils 750 HP Fire Fighting Engine at FSIE Expo 2026".

2026-09-04
Credit Rating- Revision

2026-09-04 - Greaves Cotton Limited has informed the Exchange about Credit Rating- Revision

2026-08-25
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - Greaves Cotton Limited has informed the Exchange about Schedule of meet

2026-08-17
Press Release

2026-08-17 - Greaves Cotton Limited has informed the Exchange regarding a press release dated August 17, 2026, titled "Greaves Cotton Completes Acquisition of Excel Controlinkage, Takes Ownership to 100%".

2026-08-14
Acquisition

2026-08-14 - Greaves Cotton Limited has informed the Exchange in relation to further acquisition in Excel Controlinkage Private Limited ("Excel"), material subsidiary of the Company. Excel has become a wholly owned subsidiary of the Company.

2026-08-12
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Greaves Cotton Limited has informed the Exchange about Transcript for the quarter ended 30th June 2026

2026-08-12
Press Release

2026-08-12 - Greaves Cotton Limited has informed the Exchange regarding a press release dated August 12, 2026, issued by Greaves Electric Mobility Limited, subsidiary of the Company, titled "Ampere Magnus G Max Gets Smarter With 30+ Connected Features Powered by NxG.io for Everyday Bharat Riders.".

News

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