Greaves Cotton Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2020 • Engines: 91.6% • Others: 6.3% • Electric mobility: 2.0%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has delivered good profit growth of 80.8% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.5%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.96x)
- Working capital cycle has improved - days down from 90 to 70
- Company generates healthy free cash flow
CONS
- Recurring exceptional / one-off items are inflating headline profit
- Valuation is stretched - P/E of 23.2 is well above its own 5-year median (14.0)
- Growth is decelerating - 3Y profit CAGR (20.2%) trails the 5Y trend (80.8%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CUMMINSIND | 5168.50 | 60.52 | 143270.82 | 1.28 | 609.30 | 0.89 | 3426.01 | 19.84 | 38.64 | 20.61 |
| KIRLOSENG | 2221.65 | 59.20 | 32329.42 | 0.32 | 111.06 | -20.05 | 1999.53 | 13.36 | 14.46 | 15.02 |
| GREAVESCOT | 192.25 | 44.87 | 4478.49 | 1.04 | 6.16 | -70.46 | 974.12 | 30.68 | 8.77 | 5.78 |
| SWARAJENG | 3598.70 | 21.66 | 4372.37 | 3.06 | 55.53 | 11.13 | 588.39 | 21.54 | 58.13 | 13.05 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 396 | 459 | 443 | 481 | 445 | 468 | 502 | 573 | 541 | 552 | 575 | 698 | 629 | |
| 351 | 395 | 376 | 425 | 395 | 409 | 436 | 489 | 465 | 474 | 496 | 610 | 574 | |
| Operating Profit | 45 | 64 | 67 | 56 | 50 | 59 | 67 | 84 | 76 | 78 | 78 | 87 | 56 |
| OPM % | 11.27% | 13.86% | 15.15% | 11.68% | 11.28% | 12.62% | 13.25% | 14.70% | 14.03% | 14.16% | 13.62% | 12.54% | 8.87% |
| 11 | 100 | 56 | 10 | 12 | 5 | 11 | 9 | 13 | 6 | -7 | -3 | 11 | |
| Interest | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 9 | 10 | 11 | 11 | 12 | 12 | 11 | 10 | 12 | 12 | 13 | 13 | 14 |
| Profit before Tax | 45 | 154 | 112 | 54 | 49 | 52 | 66 | 83 | 76 | 72 | 58 | 71 | 67 |
| Tax % | 25.69% | 19.72% | 22.00% | 27.04% | 25.85% | 25.62% | 25.73% | 25.48% | 25.84% | 26.48% | 26.16% | 32.46% | 25.61% |
| Net Profit | 34 | 123 | 88 | 39 | 37 | 39 | 49 | 62 | 57 | 53 | 43 | 48 | 50 |
| 1.46 | 5.32 | 3.78 | 1.70 | 1.57 | 1.66 | 2.11 | 2.66 | 2.43 | 2.26 | 1.85 | 2.05 | 2.14 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,634 | 1,792 | 1,988 | 1,821 | 1,329 | 1,178 | 1,550 | 1,779 | 1,988 | 2,365 | 2,453 | |
| 1,396 | 1,540 | 1,722 | 1,644 | 1,232 | 1,137 | 1,398 | 1,549 | 1,728 | 2,052 | 2,154 | |
| Operating Profit | 238 | 253 | 266 | 177 | 97 | 40 | 151 | 230 | 260 | 312 | 300 |
| OPM % | 14.58% | 14.09% | 13.39% | 9.74% | 7.29% | 3.43% | 9.76% | 12.93% | 13.08% | 13.20% | 12.22% |
| 61 | 96 | 32 | 75 | -24 | 43 | 50 | 178 | 37 | 17 | 8 | |
| Interest | 1 | 1 | 3 | 4 | 6 | 2 | 2 | 2 | 2 | 3 | 3 |
| Depreciation | 47 | 52 | 49 | 52 | 48 | 42 | 38 | 41 | 46 | 50 | 52 |
| Profit before Tax | 252 | 296 | 246 | 197 | 18 | 39 | 161 | 366 | 250 | 277 | 268 |
| Tax % | 26.98% | 31.45% | 31.27% | 25.00% | 43.91% | 31.04% | 28.38% | 22.25% | 25.65% | 27.77% | 27.77% |
| Net Profit | 184 | 203 | 169 | 148 | 10 | 27 | 115 | 284 | 186 | 200 | 193 |
| EPS | 7.40 | 8.30 | 6.93 | 6.16 | 0.45 | 1.16 | 4.94 | 12.26 | 7.99 | 8.59 | — |
| Dividend Payout % | 72.95% | 66.29% | 57.70% | 0.00% | 44.63% | 17.10% | 18.11% | 16.32% | 25.02% | 23.28% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 12%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 0%
- 5 Years:
- 81%
- 3 Years:
- 20%
STOCK PRICE CAGR
- 10 Years:
- 4%
- 5 Years:
- 6%
- 3 Years:
- 10%
- 1 Year:
- -10%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 13%
- 3 Years:
- 17%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 49 | 49 | 49 | 46 | 46 | 46 | 46 | 46 | 46 | 47 |
| 872 | 912 | 920 | 842 | 853 | 879 | 992 | 1,258 | 1,401 | 1,559 | |
| 0 | 7 | 19 | 35 | 28 | 28 | 30 | 43 | 51 | 78 | |
| Trade Payables | 220 | 273 | 319 | 279 | 318 | 239 | 244 | 274 | 337 | 424 |
| 105 | 101 | 102 | 80 | 66 | 168 | 174 | 117 | 111 | 155 | |
| Total Liabilities | 1,246 | 1,342 | 1,409 | 1,283 | 1,310 | 1,361 | 1,486 | 1,739 | 1,946 | 2,262 |
| 288 | 273 | 258 | 306 | 267 | 230 | 210 | 257 | 259 | 315 | |
| Capital Work in Progress | 8 | 4 | 9 | 12 | 23 | 12 | 16 | 8 | 12 | 19 |
| 407 | 503 | 492 | 177 | 177 | 177 | 210 | 488 | 664 | 758 | |
| 129 | 109 | 115 | 171 | 155 | 140 | 154 | 138 | 205 | 197 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 201 | 286 | 285 | |
| Cash & Bank | 13 | 33 | 42 | 188 | 276 | 78 | 39 | 216 | 336 | 417 |
| 400 | 419 | 493 | 429 | 412 | 724 | 856 | 430 | 185 | 273 | |
| Total Assets | 1,246 | 1,342 | 1,409 | 1,283 | 1,310 | 1,361 | 1,486 | 1,739 | 1,946 | 2,262 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 192 | 371 | 257 | 190 | 194 | 38 | 183 | 184 | 112 | 348 | |
| Cash from Investing | 33 | -97 | 9 | 234 | -146 | -115 | -164 | -91 | 139 | -171 |
| Cash from Financing | -148 | -162 | -165 | -238 | -10 | -12 | -11 | -27 | -243 | -144 |
| 3 | 20 | 9 | 116 | 16 | -102 | -34 | 66 | 8 | 32 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Greaves Cotton Limited has informed the Exchange about Schedule of meet
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 - Greaves Cotton Limited has informed the Exchange about Credit Rating- Revision
2026-08-25 - Greaves Cotton Limited has informed the Exchange about Schedule of meet
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 - 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 - Greaves Cotton Limited has informed the Exchange about Transcript for the quarter ended 30th June 2026
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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