GREAVESCOT

Greaves Cotton Limited

Diversified engineering group with diesel engines, gensets, farm equipment and e-mobility solutions

Industrials›Capital Goods›Industrial Products›Compressors, Pumps & Diesel Engines

greavescotton.com

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Key metrics

Price as of 2026-10-16

Stock price

₹204.30

Market cap

4,743 Cr

Stock P/E

47.5

P/B

3.32

Dividend yield

1.0%

ROE (FY26)

7.1%

ROCE (FY26)

7.7%

Operating margin (FY26)

3.8%

Debt / equity (FY26)

0.23

OCF / EBITDA (FY26)

13.6%

OCF / EBITDA (3Y)

-30.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Greaves Cotton makes engines, generator sets, cables and other engineering products for automotive and non-automotive OEMs (original equipment manufacturers), government and retail customers in India, and holds stakes in an electric two-wheeler business (Greaves Electric Mobility, Ampere) and an electric-vehicle financing arm (Greaves Finance).

Company snapshot

9thBy market cap

Ranked among 14 companies in Compressors, Pumps & Diesel Engines.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 60.7% of revenue

Segment	Revenue share	Revenue	PBT	Assets
Cables & Control Levers	8.6%	179 Cr	52 Cr	—
Electric Mobility & Other Vehicles	23.0%	481 Cr	-153 Cr	—
Engines	60.7%	1,272 Cr	210 Cr	—
Others	7.8%	164 Cr	-20 Cr	—

What we see

Positives

✓Debt-to-equity of 0.23x — the company is largely funded by its own money, not borrowed funds.

Concerns

✗Net margin is very thin at 1.0% — little room for error if costs rise.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	727 Cr	665 Cr	673 Cr	640 Cr	705 Cr	751 Cr	823 Cr	745 Cr	815 Cr	875 Cr	1,000 Cr	974 Cr
Operating expenses (approx.)	681 Cr	630 Cr	649 Cr	612 Cr	682 Cr	711 Cr	777 Cr	689 Cr	764 Cr	813 Cr	932 Cr	918 Cr
EBITDA	46 Cr	35 Cr	24 Cr	27 Cr	23 Cr	40 Cr	46 Cr	57 Cr	52 Cr	62 Cr	68 Cr	56 Cr
OPM %	6.3%	5.3%	3.5%	4.3%	3.3%	5.3%	5.6%	7.6%	6.4%	7.1%	6.8%	5.8%
Other income	15 Cr	14 Cr	13 Cr	17 Cr	14 Cr	12 Cr	12 Cr	18 Cr	10 Cr	8 Cr	13 Cr	11 Cr
Interest	2 Cr	2 Cr	3 Cr	3 Cr	4 Cr	3 Cr	6 Cr	5 Cr	5 Cr	6 Cr	10 Cr	12 Cr
Depreciation	19 Cr	20 Cr	28 Cr	26 Cr	26 Cr	26 Cr	25 Cr	27 Cr	27 Cr	28 Cr	28 Cr	28 Cr
Profit before tax	-341 Cr	74 Cr	3 Cr	15 Cr	2 Cr	29 Cr	27 Cr	43 Cr	27 Cr	17 Cr	28 Cr	27 Cr
Tax %	-10.0%	38.7%	482.5%	101.0%	891.7%	76.6%	94.3%	51.5%	76.5%	65.8%	92.0%	77.2%
Net profit	-375 Cr	46 Cr	-13 Cr	-0.16 Cr	-14 Cr	7 Cr	2 Cr	21 Cr	6 Cr	6 Cr	2 Cr	6 Cr
EPS (₹)	₹-8.22	₹2.50	₹0.11	₹0.44	₹0.14	₹0.90	₹1.03	₹1.42	₹1.12	₹1.10	₹0.97	₹1.11

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	1,819 Cr	1,840 Cr	2,015 Cr	1,911 Cr	1,500 Cr	1,710 Cr	2,699 Cr	2,633 Cr	2,918 Cr	3,437 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	1,576 Cr	1,584 Cr	1,743 Cr	1,701 Cr	1,421 Cr	1,683 Cr	2,566 Cr	2,542 Cr	2,783 Cr	3,198 Cr	Sign in free for the trailing twelve months
EBITDA	243 Cr	255 Cr	272 Cr	210 Cr	80 Cr	27 Cr	133 Cr	91 Cr	136 Cr	239 Cr	Sign in free for the trailing twelve months
OPM %	13.4%	13.9%	13.5%	11.0%	5.3%	1.6%	4.9%	3.5%	4.7%	7.0%	Sign in free for the trailing twelve months
Other income	50 Cr	46 Cr	42 Cr	20 Cr	8 Cr	22 Cr	67 Cr	65 Cr	55 Cr	50 Cr	Sign in free for the trailing twelve months
Interest	0.81 Cr	0.81 Cr	4 Cr	5 Cr	7 Cr	5 Cr	12 Cr	9 Cr	16 Cr	26 Cr	Sign in free for the trailing twelve months
Depreciation	47 Cr	52 Cr	52 Cr	61 Cr	60 Cr	59 Cr	57 Cr	84 Cr	103 Cr	109 Cr	Sign in free for the trailing twelve months
Profit before tax	252 Cr	295 Cr	240 Cr	169 Cr	-14 Cr	-19 Cr	113 Cr	-273 Cr	73 Cr	115 Cr	Sign in free for the trailing twelve months
Tax %	27.0%	31.5%	32.2%	24.7%	-36.2%	-82.6%	38.2%	-34.5%	108.7%	69.3%	Sign in free for the trailing twelve months
Net profit	181 Cr	202 Cr	163 Cr	127 Cr	-19 Cr	-35 Cr	70 Cr	-367 Cr	-6 Cr	35 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹7.40	₹8.28	₹6.74	₹5.40	₹-0.81	₹-1.53	₹3.37	₹-5.83	₹2.51	₹4.60	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	—	—	—	6.6%	—	—	131.9%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	49 Cr	49 Cr	49 Cr	46 Cr	46 Cr	46 Cr	46 Cr	46 Cr	47 Cr	47 Cr
Reserves	876 Cr	916 Cr	920 Cr	753 Cr	736 Cr	703 Cr	1,540 Cr	1,394 Cr	1,359 Cr	1,384 Cr
Borrowings	—	—	11 Cr	10 Cr	4 Cr	233 Cr	3 Cr	49 Cr	53 Cr	326 Cr
Other liabilities	325 Cr	381 Cr	462 Cr	440 Cr	504 Cr	662 Cr	753 Cr	741 Cr	913 Cr	1,054 Cr
Total liabilities	1,250 Cr	1,346 Cr	1,456 Cr	1,249 Cr	1,290 Cr	1,644 Cr	2,724 Cr	2,464 Cr	2,552 Cr	2,894 Cr
Fixed assets (net)	251 Cr	244 Cr	239 Cr	228 Cr	233 Cr	236 Cr	251 Cr	377 Cr	404 Cr	451 Cr
CWIP	8 Cr	4 Cr	11 Cr	12 Cr	24 Cr	26 Cr	22 Cr	32 Cr	18 Cr	30 Cr
Investments	411 Cr	506 Cr	423 Cr	3 Cr	0.51 Cr	16 Cr	123 Cr	157 Cr	121 Cr	67 Cr
Inventories	129 Cr	109 Cr	134 Cr	194 Cr	175 Cr	193 Cr	215 Cr	276 Cr	336 Cr	314 Cr
Trade receivables	270 Cr	253 Cr	342 Cr	255 Cr	209 Cr	186 Cr	166 Cr	236 Cr	334 Cr	345 Cr
Cash & bank	10 Cr	30 Cr	40 Cr	156 Cr	175 Cr	91 Cr	86 Cr	148 Cr	135 Cr	191 Cr
Other assets	171 Cr	200 Cr	266 Cr	401 Cr	474 Cr	896 Cr	1,861 Cr	1,239 Cr	1,203 Cr	1,497 Cr
Total assets	1,250 Cr	1,346 Cr	1,456 Cr	1,249 Cr	1,290 Cr	1,644 Cr	2,724 Cr	2,464 Cr	2,552 Cr	2,894 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	114 Cr	280 Cr	145 Cr	102 Cr	147 Cr	-63 Cr	-135 Cr	-153 Cr	-23 Cr	33 Cr
Cash from investing	36 Cr	-97 Cr	35 Cr	255 Cr	-108 Cr	-232 Cr	-758 Cr	232 Cr	50 Cr	-99 Cr
Cash from financing	-148 Cr	-162 Cr	-174 Cr	-241 Cr	-20 Cr	210 Cr	889 Cr	-32 Cr	-40 Cr	123 Cr
Net cash flow	2 Cr	20 Cr	7 Cr	116 Cr	19 Cr	-84 Cr	-4 Cr	47 Cr	-13 Cr	56 Cr
Free cash flow (OCF − Capex)	71 Cr	229 Cr	69 Cr	26 Cr	98 Cr	-129 Cr	-370 Cr	-312 Cr	-104 Cr	-63 Cr

Ratios

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	27.3%	30.7%	24.5%	21.5%	-0.9%	-1.4%	6.3%	-15.3%	5.4%	7.7%
ROE %	19.5%	21.0%	16.8%	16.2%	-2.4%	-4.7%	4.0%	-8.1%	3.7%	7.1%
Debtor days	54	50	62	49	51	40	22	33	42	37
Inventory days	48	36	38	60	67	61	41	60	66	54
Days payable	81	89	92	92	136	119	85	83	103	99
Cash conversion cycle	21	-3	8	17	-19	-18	-21	9	5	-9
OCF / EBITDA %	47.0%	109.5%	53.4%	48.4%	184.2%	n.m.	-101.3%	-167.3%	-16.6%	13.6%
OCF / EBITDA % (3 years)	—	—	70.0%	71.4%	70.1%	58.6%	-21.3%	-139.2%	-86.2%	-30.7%
Debt / equity	—	—	0.01	0.01	0.0046	0.31	0.0021	0.03	0.04	0.23
Current ratio	2.04	1.98	1.76	1.78	1.56	1.51	2.28	1.72	1.69	1.86
Net debt / EBITDA	-0.04	—	-0.11	-0.70	-2.15	5.22	-0.62	-1.08	-0.60	0.57