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Greaves Cotton Q2 FY27 results: net loss of ₹29.81 crore vs ₹6.32 crore profit, revenue up 44.2%
Greaves Cotton Limited reported consolidated Q2 FY27 revenue of ₹1,176 crore, up 44.2% from Q2 FY26, while EBITDA rose to ₹73.36 crore and the margin eased to 6.2%. The company reported a net loss of ₹29.81 crore for the quarter, against a net profit of ₹6.32 crore in the year-ago quarter, after an exceptional charge of ₹32.75 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹1,176 crore, up 44.2% from Q2 FY26 and 20.7% from Q1 FY27.
- EBITDA was ₹73.36 crore, up 41.4% from Q2 FY26, while the EBITDA margin was 6.2%, down 0.2 percentage points year on year.
- The company reported a net loss of ₹29.81 crore for Q2 FY27, compared with a net profit of ₹6.32 crore in Q2 FY26; basic EPS was ₹0.20.
- Engines and Engineering Products reported revenue of ₹772.74 crore and EBIT of ₹104.27 crore for Q2 FY27.
- H1 FY27 revenue was ₹2,150.03 crore, up 37.7%, while the company reported a net loss of ₹23.65 crore for the first half.
How did Greaves Cotton perform in Q2 FY27?
Greaves Cotton reported consolidated revenue of ₹1,176 crore in Q2 FY27, up ₹360.45 crore or 44.2% from Q2 FY26 and ₹201.79 crore or 20.7% from Q1 FY27. EBITDA increased by ₹21.48 crore to ₹73.36 crore from the year-ago quarter and by ₹17.03 crore from the previous quarter. The EBITDA margin was 6.2%, down 0.2 percentage points from Q2 FY26 but up 0.4 percentage points from Q1 FY27.
The company reported a loss before tax of ₹15.91 crore in Q2 FY27, compared with a profit before tax of ₹26.95 crore in Q2 FY26 and ₹27.05 crore in Q1 FY27. Net loss was ₹29.81 crore for the quarter against a net profit of ₹6.32 crore in Q2 FY26 and ₹6.16 crore in Q1 FY27. Profit attributable to owners was ₹4.82 crore, down ₹21.19 crore or 81.5% from the year-ago quarter, while basic EPS was ₹0.20.
On a standalone basis, revenue was ₹682.18 crore and profit after tax was ₹41.31 crore, compared with standalone profit before tax of ₹52.59 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,176 | 974.12 | 815.46 | +44.2% | +20.7% |
| Other income | 11.17 | 10.94 | 10.43 | +7.1% | +2.1% |
| Total expenses | 1,170 | 958.01 | 795.36 | +47.1% | +22.2% |
| EBITDA | 73.36 | 56.33 | 51.88 | +41.4% | +30.2% |
| EBITDA margin | 6.2% | 5.8% | 6.4% | −0.2 pp | +0.4 pp |
| Profit before tax | −15.91 | 27.05 | 26.95 | turned to loss | turned to loss |
| Tax | 13.90 | 20.89 | 20.63 | −32.6% | −33.5% |
| Net profit | −29.81 | 6.16 | 6.32 | turned to loss | turned to loss |
| EPS (₹) | 0.20 | 1.11 | 1.12 | −82.1% | −82.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Greaves Cotton's costs and profit?
Total expenses rose ₹374.88 crore to ₹1,170 crore from Q2 FY26. Cost of materials increased ₹311.24 crore to ₹832.71 crore, other expenses rose ₹21.34 crore to ₹144.67 crore, depreciation increased ₹26.27 crore to ₹53.22 crore and finance costs rose ₹9.64 crore to ₹14.47 crore. Employee cost increased ₹4.45 crore to ₹105.17 crore, while other income rose ₹0.74 crore to ₹11.17 crore.
The company recorded an exceptional charge of ₹32.75 crore in Q2 FY27, compared with an exceptional charge of ₹3.58 crore in Q2 FY26. Tax expense was ₹13.90 crore, down ₹6.73 crore from the year-ago quarter. The filing does not state the reasons for the year-on-year movements in these cost and profit lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 832.71 | 521.47 | +311.24 | +59.7% |
| Employee cost | 105.17 | 100.72 | +4.45 | +4.4% |
| Finance costs | 14.47 | 4.83 | +9.64 | +199.6% |
| Depreciation | 53.22 | 26.95 | +26.27 | +97.5% |
| Other expenses | 144.67 | 123.33 | +21.34 | +17.3% |
| Total expenses | 1,170 | 795.36 | +374.88 | +47.1% |
| Other income | 11.17 | 10.43 | +0.74 | +7.1% |
| Tax | 13.90 | 20.63 | −6.73 | −32.6% |
| Exceptional items | −32.75 (charge) | −3.58 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 consolidated revenue was ₹2,150.03 crore, up ₹589.14 crore or 37.7% from H1 FY26, while total income was ₹2,172.14 crore, up 36.7%. Profit before tax fell ₹58.83 crore to ₹11.14 crore, and the company reported a net loss of ₹23.65 crore for the first half against a net profit of ₹27.17 crore in H1 FY26. H1 FY26 basic EPS was ₹2.54.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,150 | 1,561 | +37.7% |
| Profit before tax | 11.14 | 69.97 | −84.1% |
| Net profit | −23.65 | 27.17 | turned to loss |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹3,195.25 crore on 30 September 2026, compared with ₹2,893.80 crore on 31 March 2026. Total equity was ₹1,536.10 crore, compared with ₹1,514.02 crore, while borrowings rose to ₹513.19 crore from ₹326.06 crore. Cash fell to ₹85.75 crore from ₹190.93 crore. Inventories were ₹455.19 crore, compared with ₹314.32 crore, trade receivables ₹416.66 crore against ₹344.81 crore, and trade payables ₹689.56 crore against ₹580.85 crore.
H1 FY27 operating cash flow was negative ₹211.82 crore, compared with negative ₹78.60 crore in H1 FY26. Investing cash flow was negative ₹84.30 crore against negative ₹34.18 crore, while financing cash flow was ₹190.94 crore against ₹25.88 crore. Capital expenditure was ₹35.09 crore, compared with ₹40.45 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,195 | 2,894 |
| Total equity | 1,536 | 1,514 |
| Borrowings | 513.19 | 326.06 |
| Cash and equivalents | 85.75 | 190.93 |
| Inventories | 455.19 | 314.32 |
| Trade receivables | 416.66 | 344.81 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −211.82 | −78.60 |
| Cash from investing | −84.30 | −34.18 |
| Cash from financing | 190.94 | 25.88 |
| Capital expenditure | 35.09 | 40.45 |
Source: Company's results filing (XBRL).
How has Greaves Cotton done over the last 8 quarters?
Revenue rose in each of the last eight quarters and reached ₹1,175.91 crore in Q2 FY27, the highest level in the reported series. It had bottomed at ₹745.43 crore in Q1 FY26 before increasing to ₹1,000.26 crore in Q4 FY26 and easing to ₹974.12 crore in Q1 FY27.
EBITDA margin reached its highest point at 7.6% in Q1 FY26 and its lowest at 5.3% in Q3 FY25. The margin was 6.2% in Q2 FY27, up from 5.8% in Q1 FY27 but below 6.4% in Q2 FY26. Profit was highest at ₹20.85 crore in Q1 FY26 and lowest at a net loss of ₹29.81 crore in Q2 FY27, following ₹6.16 crore in Q1 FY27.
Which businesses drove the quarter?
Engines and Engineering Products reported Q2 FY27 revenue of ₹772.74 crore and EBIT of ₹104.27 crore, with an EBIT margin of 13.5%. The filing does not provide the year-ago revenue, EBIT or growth rate for this reported segment.
Electric Mobility & Other Vehicles reported revenue of ₹410.06 crore and an EBIT loss of ₹48.67 crore, with an EBIT margin of -11.9%. Vehicle Finance reported revenue of ₹17.98 crore and an EBIT loss of ₹1.69 crore, with an EBIT margin of -9.4%. The filing does not provide year-ago segment comparisons.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Engines and Engineering Products | 772.74 | 104.27 | 13.5% | |
| Electric Mobility & Other Vehicles | 410.06 | −48.67 | -11.9% | |
| Vehicle Finance | 17.98 | −1.69 | -9.4% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026, following review by the Audit Committee. A separate filing said the board meeting commenced at 10:30 AM IST and concluded at 03:45 PM IST. The same-day investor presentation stated that Greaves Cotton had fully subscribed to the ₹331 Cr rights issue of GEML in July 2026 and completed the 100% acquisition of Excel Controlinkage for ₹113 Cr. No dividend, additional fund raise or appointment was disclosed in the listed same-day filings.
What did Greaves Cotton's management say?
Management said core revenue growth accelerated to 24% year on year in Q2 from 18% in Q1 FY27. Management reiterated a 13%-15% GREAVES.NEXT steady-state EBITDA-margin ambition on a mid-to-long-term basis and expected H2 FY27 margins to be better than H1 FY27. It said pricing actions should deliver their full company-wide benefit by Q4 FY27, while commodity inflation persisted.
Management said GEML two-wheeler volumes topped 37,000 and that its EBITDA loss per unit fell from roughly about 20,000 per unit to less than INR6,300 per unit. It said GEML break-even was expected fairly soon at the latest volume trajectory, without an exact date or break-even volume. Management also said rights funding covers 12-18 months, with no additional funding or firm IPO date specified. The call identified commodity inflation, lagged price pass-through, continued GEML losses and limited presence in the global data-centre power market as risks; no analyst concerns were recorded.
How did Greaves Cotton shares react?
Greaves Cotton initially traded 4.0% below the price when the filing appeared after five minutes, and was down 0.6% after 15 minutes and 0.4% after 30 minutes. On the reaction day, the stock closed 3.9% above its previous close. By the next day's close, it was up 8.8% from the pre-results close. The industry median was up 0.5% on the reaction day and down 1.8% by the next day's close, leaving the stock ahead by 3.4 percentage points and 10.6 percentage points on those closes.
Earlier results-day moves were mixed: the stock fell 13.9% on 4 August 2026, 2.7% on 6 May 2026, 0.5% on 6 February 2026 and 7.4% on 4 November 2025. It rose 7.0% on 30 July 2025 and fell 3.1% on 23 January 2025, 11.1% on 12 November 2024 and 3.1% on 8 August 2024.
| After the filing | Stock | Compressors Pumps & Diesel Engines median |
|---|---|---|
| 5 minutes | −4.0% | |
| 15 minutes | −0.6% | |
| 30 minutes | −0.4% | |
| Reaction day | +3.9% | +0.5% |
| Next day | +8.8% | −1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 August 2026 | −13.9% |
| 6 May 2026 | −2.7% |
| 6 February 2026 | −0.5% |
| 4 November 2025 | −7.4% |
| 30 July 2025 | +7.0% |
| 23 January 2025 | −3.1% |
| 12 November 2024 | −11.1% |
| 8 August 2024 | −3.1% |
Source: MarketPing price-reaction measurement.
How did other Compressors Pumps & Diesel Engines companies do?
Five other Compressors Pumps & Diesel Engines companies that had filed for the quarter had a median revenue growth of 19.0%. All five grew more slowly than Greaves Cotton, while none grew faster. Two of the five reported higher profit.
| Greaves Cotton revenue growth (YoY) | +44.2% |
|---|---|
| Median of 5 other Compressors Pumps & Diesel Engines companies | +19.0% |
| Companies with slower revenue growth than Greaves Cotton | 5 of 5 |
| Companies with faster revenue growth than Greaves Cotton | 0 of 5 |
| Companies whose net profit rose | 2 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Greaves Cotton's revenue in Q2 FY27?
Revenue from operations was ₹1,176 crore, up 44.2% from ₹815.46 crore in Q2 FY26 (consolidated).
Did Greaves Cotton make a profit in Q2 FY27?
No. It reported a net loss of ₹29.81 crore, against a net profit of ₹6.32 crore in Q2 FY26.
What was Greaves Cotton's EPS in Q2 FY27?
Basic earnings per share were ₹0.20, against ₹1.12 in Q2 FY26.
How did Greaves Cotton shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.9% from the previous close; the median Compressors Pumps & Diesel Engines stock moved +0.5%.
When did Greaves Cotton announce its Q2 FY27 results?
On 29 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September 2026 (BSE, 21 October 2026) · PDF
- Outcome of Board Meeting (NSE, 29 October 2026) · PDF
- Outcome of Board Meeting (NSE, 29 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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