Greaves Cotton Limited stands as a venerable engineering powerhouse in India, boasting a rich legacy of 165 years and a deeply entrenched brand trust. Founded in 1859 by James Greaves and George Cotton, the company was formally incorporated as a private limited entity in 1922. In 1947, it was acquired by Lala Karam Chand Thapar of the Thapar Group and subsequently transitioned into a public limited company in 1950. Greaves Cotton is actively traded on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
While initially renowned for its expertise in single-cylinder diesel engines, Greaves has strategically evolved into a fuel-agnostic, end-to-end mobility solutions provider. This transformation is underpinned by its guiding purpose of "Empowering Lives," with a clear ambition to drive a sustainable transition towards green mobility and positively impact a billion lives by 2030.
Greaves Cotton has successfully transitioned from being a dominant single-cylinder diesel engine manufacturer to a customer-centric, fuel-agnostic, multi-product, and multi-business enterprise. This strategic shift has led to the establishment of six distinct business units. In 2016, engines constituted 80% of its business; today, this segment represents less than 50%, with electric mobility now contributing a significant 23%. The company has achieved robust revenue diversification across various geographies and core competencies, driven by its overarching purpose of 'empowering lives.'
The Engineering Solutions division is at the forefront of providing fuel-agnostic power solutions. This includes a comprehensive range of diesel, CNG, and multi-fuel engines, bespoke prime movers, advanced ePowertrain systems, and motion control solutions. With an impressive portfolio of over 15 engine variants, this division has a cumulative production history of six million engines, one million gensets, and three million pump sets. The Engines segment (accounting for 61% in FY24 compared to 64% in FY22) is responsible for manufacturing diesel, petrol, and CNG engines, power gensets, and the trading of power tillers. It offers non-automotive engines ranging from 1.5 HP to 700 HP, catering to a diverse array of industrial applications.
Greaves Electric Mobility Private Limited (GEMPL), the dedicated electric mobility arm of Greaves Cotton Limited (GCL), is a leading force in India's Electric Vehicle (EV) technology landscape. Benefiting from comprehensive support from GCL's integrated EV ecosystem, GEMPL has been actively designing and manufacturing electric vehicles for over 16 years. The company has established a strong foothold in both the electric 2-wheeler and 3-wheeler segments. In the electric 2-wheeler market, the "Ampere" brand has emerged as a rapidly growing e-scooter brand, with a significant presence in both the B2C and B2B segments. It is recognized as the second most followed electric scooter brand on social media platforms.
Greaves Retail operates a widespread, fuel-agnostic retail and distribution network that includes over 10,000 retailers and 21,500 certified mechanics, offering comprehensive sales and service solutions. As of October 2023, the company had an extensive network comprising 200 distributors, a total of 8,000 retail stores, and 20,000 mechanics spread across India.
Greaves Cotton's market capitalization stands at ₹4,647 crore as of 2024. The company has demonstrated a notable financial recovery in recent quarters. Net profit for Greaves Cotton saw a significant surge of 839.45%, reaching ₹24.05 crore in the quarter ending March 2025, a substantial improvement from ₹2.56 crore in the corresponding quarter of the previous year (March 2024). Revenue also increased by 22.35% to ₹822.83 crore in the quarter ending March 2025, compared to ₹672.53 crore in the March 2024 quarter.
For the full fiscal year FY25, the company reported a net profit of ₹58.40 crore for the year ending March 2025, a significant turnaround from a net loss of ₹135.27 crore in the previous fiscal year ending March 2024. Sales for FY25 rose by 10.83% to ₹2,918.44 crore, up from ₹2,633.19 crore in FY24.
Key Financial Metrics:
- Revenue (FY25): ₹2,918.44 crore
- Net Profit (FY25): ₹58.40 crore
- Q4 FY25 Revenue: ₹822.83 crore
- Q4 FY25 Net Profit: ₹24.05 crore
- EBITDA Margin Q4 FY25: 5.6%
- Dividend per share: ₹2
Analyzing the segmental performance for the fourth quarter, engine revenue stood at ₹523.99 crore (a year-on-year increase of 20.79%). Electric mobility and other vehicles generated revenue of ₹169.29 crore (a significant increase of 41.46% year-on-year). Revenue from cables and control levers was ₹70.47 crore (an increase of 7.70% year-on-year).
Shareholders approved the appointment of Mr. Parag Satpute as Managing Director & CEO on July 4, 2025. Mr. Satpute succeeds Arup Basu, who resigned from the position of managing director, with his employment contract concluding at the close of business hours on May 9, 2025. In his new capacity, Mr. Satpute will lead the strategy and operations for Greaves Engineering, Greaves Retail, Greaves Technologies, and Excel Controlinkage. Mr. Satpute brings nearly three decades of experience in the mobility and manufacturing sectors and previously held leadership roles at Bridgestone Mobility Solutions, serving as president of their fleet business, and as managing director of Bridgestone India.
The company is making strategic investments in electric mobility and sustainable transportation solutions. Greaves Electric Mobility has received approval from SEBI to raise funds through an Initial Public Offering (IPO). The proposed IPO will comprise a fresh issue of equity shares worth ₹1,000 crore and an offer for sale (OFS) of 18.9 crore shares by existing shareholders.
As of September 30, 2024, Greaves Electric Mobility (GEML) operates three manufacturing facilities strategically located in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh), and Toopran (Telangana). The company's revenue from operations for fiscal year 2024 was ₹611.8 crore, and for the six months ended September 30, 2024, it was ₹302.2 crore.
Beyond its business transformation, Greaves Cotton is a champion of workplace diversity, with its Aurangabad plant featuring production lines entirely managed by women. The company continues to invest significantly in research and development. Recently, Greaves unveiled its diverse portfolio, which includes electric vehicles, hydrogen-powered engine concepts, and a Euro V+ compliant engine.
Greaves Cotton's strategic transformation from a traditional diesel engine manufacturer to a comprehensive mobility solutions provider positions it exceptionally well for India's evolving transportation landscape. With a robust financial performance, diversified revenue streams, and substantial investments in electric mobility, the company is poised to capitalize on the burgeoning demand for sustainable transportation solutions.
