GREAVESCOT
Micro CapGreaves Cotton Limited
Industrials
Greaves Cotton Limited, established in 1859, is an engineering solutions company. It has transformed from a single-product player to a diversified multi-business entity offering energy, mobility, and industrial solutions, including engines, gensets, electric mobility, and motion control systems.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +22% YoY · PAT +44% YoY · margin expansion · +14% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,000.3 Cr | +21.6% | +14.3% |
| EBITDA | ₹68.2 Cr | +49.0% | +9.7% |
| Operating margin | 6.8% | +126 bps | -28 bps |
| PAT | ₹2.2 Cr | +43.8% | -62.8% |
| PAT margin | 0.2% | +3 bps | -46 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Greaves Cotton is undergoing a multi-year transformation under 'Greaves.Next' strategy, aiming for a diversified revenue mix by FY30 with Energy Solutions becoming a dominant part of the portfolio and an overall 16-20% CAGR.
The company is executing a strategic pivot from a single-product focus to a diversified engineering solutions provider. The 'Greaves.Next' strategy targets significant revenue mix shifts and sustained organic growth, complemented by prudent investments and international expansion.
Revenue Mix at H1FY26
Latest issuer-disclosed distribution across 5 reported categories.
Energy Solutions Expansion
Increasing Energy Solutions share to make it a dominant part of portfolio, targeting 35-40% of FY30 revenues from 14% in FY25.
International Business Growth
Expanding beyond India with a focus on increasing International Business Share, currently 13% of core business revenue.
Aftermarket Potential
Ramp up underway to tap full spectrum of aftermarket revenue potential, including retail AMC schemes and allied business portfolio.
Advanced Motion Control Solutions
Acquisition of Excel Controlinkage marks strategic expansion into advanced motion-control solutions with 30+ years of OEM partnerships.
Automated Motor & Controller Line
Inaugurated an automated motor and controller conveyor line at the Shendra plant, operated 100% by women workforce (2024).
Sustained Genset Demand
Despite grid strengthening, strong industrial growth fuels power deficit with critical need for reliable power backup, driving 20%+ growth rate.
Infrastructure Investments
Construction engines poised to grow at 10-12% CAGR, driven by government focus & infrastructure investments.
Rising Industrial Safety
Firefighting market likely to grow at 12–15% CAGR, driven by rising industrial safety & rapid urbanization.
General Economic & Business Conditions
Forward-looking statements involve known or unknown risks and uncertainties that could cause actual results to differ materially.
Regulatory & Policy Changes
Changes in laws and regulations that apply to related industries, and changes in foreign exchange control regulations in India.
Competition & Market Dynamics
Increasing competition in and the conditions of the related industries, and market dynamics for EV IPO.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation outlines a multi-year strategic transformation with FY30 targets, making long-term CAGR and mix shifts crucial. However, underlying market growth rates and operational performance would typically be assessed YoY for momentum.
Core Businesses Revenue (FY26)
INR 2,600Cr+
Core Businesses EBITDA (FY26)
INR 380Cr+
International Business Revenue Share (FY26)
13% of Core Businesses Revenue
Genset Market Growth (FY25-FY30 CAGR)
Expected to grow at 10%, reaching ~INR 22k Cr by FY30.
Strategic Vision 'GREAVES.NEXT'
Reflects the Company’s current strategic vision and growth priorities across its core and emerging businesses.
Focus on Organic Growth & Capital Efficiency
Focused on sustained organic growth, complemented by selective inorganic opportunities, with priority on execution discipline, portfolio mix optimization and capital efficiency.
Investment in Future Readiness
Investing in product development, capability improvement, automation, and modernization, with a prudent investment plan of ₹500 – 700 cr.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Revenue CAGR | Not explicitly stated for current period, but FY30 target is 16-20%. | Progress towards 16-20% overall CAGR and achievement of FY30 revenue mix targets. |
| Energy Solutions Revenue Share | 14% (FY25) | Increase towards the FY30 target of 35-40% of total revenues. |
| International Business Share | 13% of Core Businesses Revenue (FY26) | Growth in international business revenue and share of total revenue. |
| EBITDA Margins | 13-15% (Target) | Sustained improvement and achievement of targeted EBITDA margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +3.6% / mo
Technical chart
GREAVESCOTdaily · 6M+5.7%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 68.
- SMA20 rising (~7.0% over last month) — short-term momentum positive.
- RSI(14) at 68 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 84th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 55.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 84th pctile, median 68 · Micro: 74th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 38.50
- P/B
- 3.09
- EV/EBITDA
- 13.85
- Market Cap
- 4426.00Cr
Profitability
- ROE
- 8.10%
- ROCE
- 10.10%
- ROA
- 1.21%
- Dividend Y
- 1.05%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 9.19×
- Altman Z
- 4.12
- Book Value
- 61.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 33.00 Cr
- EPS TTM
- 4.60
Shareholding
- Promoter Hold
- 55.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.