Greaves Cotton FY26 revenue rises 18% to ₹3,437 cr

Strong close to FY26, with focus on execution

Greaves Cotton said it delivered another quarter of “steady and all-round performance” in Q4 FY26, reporting 22% year-on-year consolidated revenue growth alongside improved profitability. Management attributed the quarter’s performance to disciplined execution, strong demand across key segments, and continued momentum on strategic priorities. The company also said it recorded its highest annual revenue in the last 10 years on both a consolidated and standalone basis.

While Greaves Cotton did not disclose the Q4 FY26 absolute revenue figure in the provided update, it did share full-year numbers and segment growth rates for FY26. The company’s commentary also points to a continued push to expand international revenues and build future-ready capabilities.

FY26 consolidated performance: revenue at ₹3,437 crore

For FY26, Greaves Cotton reported consolidated revenue of ₹3,437 crore, reflecting 18% year-on-year growth. The company described the performance as broad-based, supported by consistent execution across businesses.

Greaves Cotton also provided additional periodic data points for FY26. For the nine months (9M FY26), consolidated revenue was reported at ₹2,436 crore, up 16% year-on-year. For Q3 FY26, consolidated revenue was stated as ₹875 crore, up 17% year-on-year, with EBITDA of ₹62 crore (up 57%) and PBT of ₹37 crore. For 9M FY26, EBITDA was ₹171 crore and PBT was ₹111 crore.

Energy Solutions: growth continues, aftermarket outpaces

The Energy Solutions business continued to expand through FY26. In Q4, the segment registered 18% growth, while the aftermarket business grew 23% in the same quarter. For the full year FY26, Energy Solutions delivered 20% year-on-year growth, with the aftermarket segment outpacing at 35%.

Separately, the company also indicated Energy Solutions grew 21% year-on-year in the first nine months of FY26, with spares and service revenue up 40% year-on-year in that period. Greaves Cotton said it is pivoting to an integrated “four zones” structure covering sales, service, and spares, and has launched a nationwide retail AMC offering. It also cited an expected market CAGR of 10-12% for the genset market in the context of this focus.

Mobility Solutions: mix of automotive and broader demand

Greaves Cotton highlighted a strong Q4 for its automotive business, which delivered 48% year-on-year growth in the quarter. Management also referenced a “good” FY26 for the auto industry, citing 9% annual growth supported by structural tailwinds such as GST 2.0 and stable monetary conditions.

At the segment level, Greaves Cotton stated Mobility Solutions delivered 16% year-on-year growth for FY26. For 9M FY26, Mobility Solutions grew 15% year-on-year, and for Q3 FY26 the segment delivered 18% growth.

The company also reiterated its view that while EV adoption is accelerating, multifuel-based technologies are likely to coexist for an extended period, aligning with its stated “fuel-agnostic” approach (covering CNG, diesel, and electric).

Industrial Solutions: slower growth, plus defence order

The Industrial Solutions segment was reported to have grown 3% year-on-year in 9M FY26. The company also disclosed that it secured a defence supply order in the Industrial Solutions segment, without providing additional financial details.

Greaves Electric Mobility: revenue ₹786 crore in FY26

Greaves Electric Mobility reported FY26 revenue of ₹786 crore, up 19% year-on-year. The company also stated that it logged its “strongest quarter yet” in Q4.

Operationally, Greaves Electric Mobility reported several volume and market-share indicators: e-two-wheeler volumes were up 40% quarter-on-quarter to 18,000+ units, and e-three-wheeler L5 volumes were up 33% quarter-on-quarter. It also said cumulative electric vehicle sales crossed 2.5 lakh units.

In addition, VAHAN-based volume growth was reported at 51% year-on-year for FY26, with market share expanding from 3.6% in FY25 to 4.4% in FY26.

International business: higher contribution to revenue

Greaves Cotton said expanding international business remains a key priority. It reported that international revenues increased from approximately 9% of total revenue in FY25 to 13% in FY26. For 9M FY26, exports were indicated to be 14% of revenues.

The company said it strengthened and realigned international teams during the year, deepened Euro 5+ engine exports through partnerships, and expanded presence across Europe, the Middle East, and other markets. It also referenced customer relationships such as Ligier in Europe.

Capex and strategy: GREAVES.NEXT targets 16-20% CAGR

Under the GREAVES.NEXT strategy, the company outlined a ₹500-700 crore investment plan focused on capacity expansion, building core capabilities, R&D, manufacturing automation, and international growth. Management reiterated a mid-term growth ambition of 16-18% and also referenced a 16-20% organic CAGR target under the strategy.

The company’s “forward view” also included an EBITDA margin target range of 13-15% for the organic growth engine.

Key reported metrics snapshot

Market impact and why the numbers matter

The FY26 revenue growth, combined with faster growth in Energy Solutions and aftermarket, points to increasing traction in recurring spares and service-linked revenue streams. The higher share of international revenues, rising to 13% in FY26 and 14% in 9M FY26, indicates that exports are becoming a more meaningful contributor to the overall mix.

At the same time, Industrial Solutions’ 3% growth in 9M FY26 highlights an uneven growth profile across the three operating pillars. The company’s focus on capex and a medium-term organic growth target of 16-20% CAGR suggests management is prioritising scaled execution and portfolio shifts across energy, mobility, and industrial applications.

What to watch next

Greaves Cotton has indicated it will continue building capabilities, expanding into newer segments, and strengthening its global footprint. The company has also referenced its Greaves Electric Mobility IPO process, including that a DRHP has been filed with SEBI, and separately noted the IPO is “valid till May 2026” in the provided material. Investors are likely to track updates on segment execution, international scale-up, and how the planned ₹500-700 crore investments translate into sustained growth and profitability.