Greaves Electric Mobility recorded strong growth momentum in FY26, with 19% year-on-year growth in revenue at Rs 786 crore. The company achieved 51% growth in the electric two-wheeler segment and 17% growth in the L5 category due to the increasing demand for clean, sustainable and reliable mobility solutions.
This growth was supported by higher sales volumes, deep regional market penetration, continued product innovation and expanded customer reach across its electric two-wheeler and three-wheeler portfolio.
According to VAHAN data, GEML recorded 51% year-on-year growth in electric two-wheeler (E2W) volumes in FY26, demonstrating consistent quarter-on-quarter growth throughout the year. The company increased its market share from 3.6% in FY25 to 4.4% in FY26, also emerging among the top 6 players in the E2W segment in India.
Greaves Electric Mobility continued to strengthen its regional leadership in key EV markets, capturing approximately 12% market share in Tamil Nadu, Odisha, Bihar and West Bengal, these states collectively contribute approximately 23% of India’s total E2W market demand. Additionally, GEML consolidated its East India market share to around 8% in FY2026 from 5.7% in FY2025, reflecting growing consumer acceptance and strong network presence in the emerging EV markets. Supporting this momentum, Greaves Electric Mobility continued to expand and strengthen its retail footprint during FY26. The number of active dealers increased by 13% during the year, while showroom improvements and network growth initiatives led to approximately 30% improvement in per-dealer productivity, reflecting stronger consumer engagement and improved channel efficiency.
Commenting on the company’s performance, Mr. Vikas Singh, Managing Director, said, “FY26 has been a year of strong growth for Greaves Electric Mobility, driven by sustained market demand, product innovation and deep customer engagement. Our consistent QoQ growth in electric two-wheelers and three-wheelers reflects the growing acceptance of EVs that are purpose-built for Indian consumers and conditions. With continued investment in technology, network expansion, financing access and customer experience, we are driving adoption “Committed to democratizing the electric mobility ecosystem and driving the next phase of sustainable development.”
Supporting this growth, the company successfully expanded its product portfolio and gained recognition for innovation. The recently launched Ampere Magnus Grand received the “Electric Scooter of the Year 2026” award, extending Ampere’s string of four consecutive industry recognitions across Primus, Nexus, Magnus Grand and Magnus G-Max. During Q4 FY26, GEML launched the Magnus G-Max which won the ‘Family Scooter of the Year’, and also announced the upcoming Magnus 6th generation scooter, which aims to accelerate adoption among ICE scooter users.
Additionally, Ampere Nexus made the Asia Book of Records by conquering the 70-hairpin turn of Kolli Hills, its first internationally recognized achievement, demonstrating the reliability and endurance of Greaves Electric Mobility’s products in real-world conditions.
On the three-wheeler front, the company recorded a consistent turnaround with L5 VAHAN volumes growing 17% year-on-year in FY26, supported by strong Q4 FY26 momentum with 31% YoY growth. L5 electric three-wheeler volume and overall L5 three-wheeler volume grew by approximately 14% and 17% respectively during the year.
The company continued to strengthen its customer reach through strategic financing partnerships, including a tie-up with Hinduja Leyland Finance, enabling on-road LTV funding of up to 95% for L5 three-wheelers. Greaves Electric Mobility continues to strengthen its customer experience proposition beyond product ownership. The company has maintained one of the highest customer advocacy levels among EV competitors, with social net sentiment reaching 93%, supported by a strong after-sales ecosystem and focus on customer satisfaction.
Greaves Electric Mobility continues to build on its differentiated technology position through its 100% transition to LFP battery technology across the EV portfolio, strengthening safety, thermal stability, lifecycle performance and TCO for customers. The company’s LFP-powered platforms continue to demonstrate strong reliability in a variety of operating conditions.