Greaves Cotton Q2 FY26: Revenue Up 18%, Margins Improve 160 bps
Greaves Cotton Limited, a leading diversified engineering company in India, has reported strong financial results for the period ended September 30, 2025, reporting healthy revenue growth, improved profitability, and sustained operational excellence across its businesses.
During Q2 FY26, the company reported standalone revenue of ₹552 crore, with EBITDA of ₹78 crore and PBT of ₹75 crore. Standalone revenue grew 18% year-on-year, while EBITDA increased 32% year-on-year, resulting in a 160 bps improvement in margins. For H1 FY26, standalone revenue stood at ₹1,092 crore, with EBITDA of ₹154 crore and PBT of ₹151 crore, reflecting a 44% year-on-year growth in PBT, and a 210 bps expansion in margins, supported by strong export demand, deeper market reach, a robust after-sales network, and ongoing cost-optimisation initiatives.
On a consolidated basis, Q2 FY26 revenue increased 16% year-on-year to ₹815 crore, with EBITDA of ₹52 crore and PBT of ₹31 crore. For H1FY26, consolidated revenue was ₹1,561 crore, up 16% year-on-year, with EBITDA of ₹109 crore and PBT of ₹74 crore.
The Automotive business recorded broad-based momentum, led by a 48% year-on-year increase. This was driven by increase in demand for our Euro V+ compliant diesel engines from our European automotive OEM partnership. The genset business witnessed 24% growth and there was a continued momentum in non-automotive applications of our engines. Combined revenue from GCL and Excel amounted to ₹608 crore, with EBITDA of ₹91 crore, driven by portfolio diversification and focus on application engineering. Excel Controlinkage achieved revenues of ₹117 crore in H1 FY26.
Greaves Electric Mobility business reported growth in H1 FY26, with Electric Two-Wheeler (E2W) VAHAN volumes increasing 54% year-on-year and market share improving from 3.2% in H1 FY25 to 4.2% in H1 FY26. The Three-Wheeler (L5) segment grew 9% year-on-year, supported by the launch of the ELTRA City Xtra.
Commenting on the results, Parag Satpute, MD and Group CEO, Greaves Cotton Limited said, “Greaves Cotton’s performance in Q2 FY26 reflects the continued strength, agility, and resilience of our business portfolio. Our core Engineering business has achieved strong growth. This has been driven by our customer-centric approach of developing products in close partnership with our customers, improved profitability, & is supported by efficiency enhancements that have strengthened our margins.”
He adds, “We remain steadfast in our focus on disciplined execution, operational excellence, and prudent capital allocation to drive sustainable value creation. Greaves continues to make a meaningful impact across Genset Solutions, Automotive and Industrial sectors through its diverse engineering portfolio, positioning us as a reliable partner in the application engineering space.”
