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Greaves Cotton Ltd.

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greavescotton.comBSE: 501455NSE: GREAVESCOT
Market Cap₹ 4,478 Cr.
Current Price
High / Low₹ 272 / 120
Stock P/E23.2
Book Value₹ 71
Price to Book1.75
Dividend Yield1.04 %
ROCE18.2 %
ROE13.1 %
Face Value₹ 2

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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 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 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

Capital GoodsAutomobile & AncillariesDiesel Engines
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.CUMMINSIND5168.5060.52143270.821.28609.300.893426.0119.8438.6420.61
2.KIRLOSENG2221.6559.2032329.420.32111.06-20.051999.5313.3614.4615.02
3.GREAVESCOT192.2544.874478.491.046.16-70.46974.1230.688.775.78
4.SWARAJENG3598.7021.664372.373.0655.5311.13588.3921.5458.1313.05
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
396459443481445468502573541552575698629
351395376425395409436489465474496610574
Operating Profit45646756505967847678788756
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%
111005610125119136-7-311
Interest0010100011111
Depreciation9101111121211101212131314
Profit before Tax4515411254495266837672587167
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 Profit341238839373949625753434850
1.465.323.781.701.571.662.112.662.432.261.852.052.14

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,6341,7921,9881,8211,3291,1781,5501,7791,9882,3652,453
1,3961,5401,7221,6441,2321,1371,3981,5491,7282,0522,154
Operating Profit2382532661779740151230260312300
OPM %14.58%14.09%13.39%9.74%7.29%3.43%9.76%12.93%13.08%13.20%12.22%
61963275-24435017837178
Interest11346222233
Depreciation4752495248423841465052
Profit before Tax2522962461971839161366250277268
Tax %26.98%31.45%31.27%25.00%43.91%31.04%28.38%22.25%25.65%27.77%27.77%
Net Profit1842031691481027115284186200193
EPS7.408.306.936.160.451.164.9412.267.998.59—
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

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
8729129208428538799921,2581,4011,559
071935282830435178
Trade Payables220273319279318239244274337424
1051011028066168174117111155
Total Liabilities1,2461,3421,4091,2831,3101,3611,4861,7391,9462,262
288273258306267230210257259315
Capital Work in Progress8491223121681219
407503492177177177210488664758
129109115171155140154138205197
0000000201286285
Cash & Bank1333421882767839216336417
400419493429412724856430185273
Total Assets1,2461,3421,4091,2831,3101,3611,4861,7391,9462,262

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
19237125719019438183184112348
Cash from Investing33-979234-146-115-164-91139-171
Cash from Financing-148-162-165-238-10-12-11-27-243-144
320911616-102-3466832

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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