Greaves Cotton FY26: Growth in core businesses, steadier margins, and a clearer playbook

Income from operations (consolidated) was INR 3,437 crore in FY26, up 18% year on year.

Core businesses revenue was INR 2,665 crore in FY26 versus INR 2,301 crore in FY25. Core business EBITDA margin was 14.4% in FY26 versus 12.8% in FY25 (as presented).

For FY26, Energy Solutions revenue was INR 742 crore (28% of total), Mobility Solutions INR 1,584 crore (59%), and Industrial Solutions INR 339 crore (13%).

Management indicated mid-term aspirations for core businesses of 16% to 18% organic growth and 13% to 15% EBITDA margins, and a capex plan of INR 500 to 700 crore over 4 to 5 years.

GEML FY26 revenue was INR 786 crore, up 19% year on year, as disclosed in the presentation and reiterated in the call.

Yes. Management disclosed an impairment provision of about INR 16 crore in Q4 FY26 related to an ePowertrain technology investment that did not scale as expected.