Greaves Cotton Limited Q2 Revenue Rises 44% to ₹1,176 Crore

Greaves Cotton Limited reported consolidated revenue of ₹1,175.91 crore in Q2 FY27, up 44% year-on-year, supported by record electric two-wheeler volumes and growth across its core businesses. The quarter also showed improvement in consolidated EBITDA margin, although commodity inflation and exceptional items resulted in a consolidated net loss.

What did Greaves Cotton Limited report for Q2 FY27?

Greaves Cotton Limited reported consolidated revenue of ₹1,175.91 crore for the quarter ended September 30, 2026, a 44% increase from the year-earlier period. Revenue for the first half of FY27 was ₹2,150.03 crore, up 38% year-on-year. The company said its core businesses grew 24% in the quarter and 20% in the first half.

Consolidated EBITDA rose 43% year-on-year to ₹73 crore in Q2 FY27. The consolidated EBITDA margin improved sequentially to 6.2% from 5.8% in Q1 FY27. For the first half, EBITDA stood at ₹130 crore, up 20% year-on-year, with a margin of 6.0%.

However, the company reported a consolidated net loss of ₹29.81 crore for the quarter, compared with a net profit of ₹6.32 crore in the corresponding quarter of the previous year. The reported result included exceptional items of ₹32.75 crore, while the earnings-call summary also cited accelerated amortisation and exceptional charges affecting reported profitability.

How did electric mobility drive the quarter's growth?

Electric mobility drove a substantial part of Greaves Cotton's volume momentum, with electric two-wheeler volumes exceeding 37,000 units in Q2 FY27, up 114% year-on-year. The company described this as its highest-ever quarter for both volumes and revenue across its electric two-wheeler and L5 electric three-wheeler businesses.

The L5 electric three-wheeler business recorded nearly 2,800 units during the quarter, representing 61% year-on-year growth. Greaves Cotton said its electric mobility market share improved to 4.8% in the first half of FY27. These figures point to increased sales activity in the company's electric vehicle portfolio during the period.

The earnings-call summary also indicated better unit economics in the EV business. EBITDA loss per electric two-wheeler unit narrowed 70% year-on-year to less than ₹6,300, while overall cash burn reached a record low, according to the company. Management said the business was moving closer to breakeven, but it did not provide a specific date or financial target for that milestone.

Which businesses supported Greaves Cotton's core revenue?

Greaves Cotton's core businesses supported growth outside the EV portfolio, with core revenue reported at ₹768 crore in Q2 FY27. Core-business EBITDA was ₹88 crore for the quarter, though it was 4% lower year-on-year as higher raw-material costs affected profitability.

The Energy Solutions segment grew 36% year-on-year, helped by 35% growth in the medium-horsepower Gen.Z portfolio. The company linked this performance to market-share gains. Mobility Solutions revenue rose 23%, with automotive engines growing 37% and Excel Control Linkages growing 30%, supported by new orders and customer wins.

On a standalone basis, Greaves Cotton reported revenue of ₹682.18 crore and net profit of ₹41.31 crore for Q2 FY27. Standalone revenue for the first half was ₹1,311.57 crore and standalone net profit was ₹91.15 crore. The difference between standalone profit and consolidated loss reflects the wider group's operating and accounting outcomes, including EV operations and exceptional items.

Why did profitability remain under pressure despite higher revenue?

Profitability remained under pressure because prices of key inputs, including aluminium, iron, copper and platinum group metals, increased during the period. The company said these costs weighed on margins in its core businesses despite higher volumes and revenue.

Core-business EBITDA margin declined to 11.5% in Q2 FY27 from 14.8% a year earlier. At the consolidated level, EBITDA margin still improved sequentially because the EV business reduced losses and the group generated higher operating scale. This shows that the quarter contained two separate trends: improving group-level operating leverage and pressure on the margin profile of established businesses.

The reported net loss also needs to be considered alongside exceptional items and accelerated amortisation. These charges affected the quarter's bottom line and mean that revenue and EBITDA growth did not translate into a consolidated profit. Investors assessing the result may therefore distinguish between recurring operating performance, EV-loss reduction and non-recurring or accelerated accounting charges.

What does the result mean for investors and the industry?

The result matters for investors because Greaves Cotton combined strong top-line growth with a significant reduction in EV losses, while its established businesses continued to face input-cost pressure. Revenue growth was broad-based across Energy Solutions, Mobility Solutions and electric mobility, rather than being limited to one operating segment.

For the electric vehicle industry, the company's record two-wheeler and three-wheeler volumes show continued sales expansion in these categories. But the disclosed loss per unit also underlines that volume growth and profitability remain separate measures for EV businesses. Greaves Cotton's narrower unit losses provide a measurable operating improvement, while the company has not disclosed a confirmed timeline for full EV-business breakeven.

The quarter was reported under the company's GREAVES.NEXT strategy, which management said focuses on product launches, engineering capabilities, international expansion and stronger business platforms. The available Q2 disclosures do not quantify the financial contribution of each of these initiatives. The immediate figures available to the market are the 44% revenue increase, a 6.2% consolidated EBITDA margin and the consolidated quarterly net loss.

Conclusion

Greaves Cotton Limited delivered a 44% year-on-year increase in Q2 FY27 consolidated revenue to ₹1,175.91 crore, led by record electric two-wheeler volumes and expansion in its core operating segments. The quarter also brought sequential consolidated margin improvement and lower EV unit losses, but higher commodity costs, exceptional items and accelerated amortisation kept the group in a reported net loss.

Investors will watch whether the company can protect core-business margins amid input-cost inflation and continue reducing EV cash burn. Management has stated that the EV business is approaching breakeven and that GREAVES.NEXT remains focused on product, engineering and expansion priorities, but the disclosures do not specify a breakeven date or quantified target.