Greaves Cotton Limited, India’s leading diversified engineering company, reported a strong financial performance for the quarter and nine months ended December 31, 2025, driven by healthy demand across its core businesses, growing momentum in international markets and disciplined execution across operations.
On a consolidated basis, revenue for Q3 FY26 grew 17% year-on-year to ₹875 crore. EBITDA grew sharply by 57% to ₹62 crore, while profit before tax (PBT) stood at ₹37 crore. For the nine-month period ending December 2025, consolidated revenues grew 16% year-on-year to ₹2,436 crore, supported by EBITDA of ₹171 crore and PBT of ₹111 crore.
During the third quarter, the company’s standalone operations recorded revenue of ₹575 crore, EBITDA of ₹78 crore and PBT of ₹74 crore. Standalone revenue increased 14% year-over-year, EBITDA increased 18%, reflecting improved operating leverage.
For the nine-month period, standalone revenue reached ₹1,667 crore, while EBITDA and PBT stood at ₹232 crore and ₹226 crore, respectively. PBT recorded a strong growth of 33% year-on-year due to strong export performance, a well-established aftersales network and continued operational efficiency and cost optimization initiatives under the company’s new strategic framework.
Commenting on the performance, Mr. Parag Satpute, MD & Group CEO, Greaves Cotton Limited, said: “Greaves Cotton’s strong performance in Q3FY26 reflects strong execution across all our businesses. We are seeing continued demand across our energy, mobility and industrial solutions, supported by momentum in international business, aftermarket growth and application-based innovation. I am pleased to report that we remain firmly on track for our strategic priorities. And through GREAVES.NEXT, we are strengthening our operations, building strong client partnerships and making selective investments to build a future-ready engineering company.
business performance
Core businesses continued strong growth during the quarter, reflecting Greaves Cotton’s application-led approach and strong execution.
• Energy Solutions revenue grew 21% in 9M FY26 and 6% in 3QFY26, supported by continued genset demand and strong momentum in the aftermarket business. The spares and service segment grew 40% year-on-year during the same period.
The company strengthened execution through a new regional structure integrating sales, service and parts and launched a retail annual maintenance contract to enhance customer response, value and service access. Going forward, energy solutions will become a major part of the portfolio.
• Mobility Solutions recorded a strong performance driven by strong export demand for Euro V+ compliant diesel engines and healthy domestic volumes. Mobility Solutions delivered 15% YoY revenue growth in 9M FY26 and 18% for the quarter.
Engineered Components business Excel ControlEngage delivered healthy domestic growth, supported by new product launches and expansion of its offerings and applications in the automotive, agricultural and industrial sectors.
• Industrial solutions supported by demanding defence, marine and special purpose engine applications are continuously progressing. While the business saw flat revenue growth, the company won new defense orders and expanded its marine engine portfolio.
International business, a key growth lever across our businesses, accounted for 14% of revenues in 9M FY26, indicating continued traction in global markets through strong customer relationships such as Ligier in Europe.
investee business
GEML – VAHAN volumes for E-2W grew 40% quarter-on-quarter to over 18k units in Q3 FY26, driven by new product launches and network expansion, resulting in market share increasing from 4.1% in Q2 to 5.0% in Q3. This is a result of growing customer acceptance, continuous dealer network expansion and showroom renovation in key markets, thereby strengthening our retail presence.
GFL – Expanded to 74 locations, served more than 51,000 customers, and launched EV-focused financing and insurance products. Managed AUM as of December 31 stood at ~₹445 crore, while cumulative disbursements crossed ~₹640 crore.
The company received two prestigious awards, the Best Governed Company in the ‘Listed Segment: Emerging Category’ by the Institute of Company Secretaries of India, and the Best Process Control Award from Stanley Black & Decker among its global suppliers in recognition of strong governance standards and process excellence.
strategic progress
During the quarter, GREAVES Cotton continued to execute GREAVES.NEXT, its multi-year strategy to build a trusted, innovative and future-ready engineering company. Under this strategy, we have outlined a medium-term investment plan of ₹500-700 crore to strengthen core capabilities and support new product development in line with long-term growth priorities. We continue to make targeted investments in R&D and manufacturing, including fuel-agnostic engines, advanced gensets and rare-earth-free motors. With international business being a key strategic priority, we have established a dedicated international team and are strengthening client relationships and staying close to customer needs.
Progress under GREAVES.NEXT remains steady, with a clear path to achieve 16-20% CAGR by accelerating core strengths, adding new capabilities and selectively expanding into adjacent areas. A disciplined operating system and governance cadence ensure clear goals and accountability.
outlook
Looking ahead, Greaves Cotton remains cautiously optimistic, supported by industrial and infrastructure-led demand, the growing need for reliable power solutions and expanding global opportunities. The company will continue to focus on execution, margin improvement and capital efficiency to drive sustainable long-term value creation.
