Greaves Cotton Limited — Q2FY27 earnings call summary

Filed 04 November 2026 · Official transcript

New rare-earth-free motor developed in-house to launch in Q4 FY27, improving cost and performance
Capacity for EV at ~40k units/month, utilization ~40%; breakeven expected soon
Commodity cost pressures (Al, Cu, PGM) persist; price hikes underway, full benefit expected by Q4 FY27
Strategic focus on MHP gensets (160-750 kVA) with 35% growth and increased market share
EV EBITDA loss per unit down 70% Q2 to INR6,300; EBITDA loss narrowed from -24% to -7%
Management prioritizes profitability improvement and disciplined capital allocation
Consolidated Q2 revenue grew 44% y-y to INR1,176 Cr; H1 revenue up 38% to INR2,150 Cr
Core Business Q2 revenue +24% y-y; Energy Solutions grew 36%, Mobility Solutions 23%, Industrial Solutions +9% like-for-like