Greaves Cotton financials: balance sheet, profit and loss, cash flow

NSE: GREAVESCOTBSE: 501455Industrial ProductsSmall Cap

Greaves Cotton Limited · Formerly Greaves · Face value ₹2 · Listed May 1958 on BSE, Sep 2004 on NSE

₹199.40₹12.60 (6.75%)BSE ₹199.40

Share price at the NSE close on 30 Oct 2026. Previous close ₹186.80.

30 Oct: open ₹193.08, high ₹207.70, low ₹189.10

52-week range of traded prices to 30 Oct 2026

₹119.99Low, 30 Mar 2026₹271.90High, 14 Jul 2026

Market cap: ₹4,645 Cr867th largest listed
P/E: 59.08
P/E without one-offs: 31.68
P/B: 3.40
Dividend yield: 1.00%
ROE: 5.7%
ROE without one-offs: 10.7%
ROCE: 6.0%
Debt to equity: 0.33
Volume, NSE: 2,59,87,9098.4% delivered

Greaves Cotton's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Greaves Cotton annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹35 CrA loss in 4 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 9.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,437
Materials and goods−2,303
Employee costs−375
Other expenses−520
Operating profit239
Depreciation−109
Other income+50
One-off items−39
Finance costs−26
Profit before tax115
Tax−80
Net profit35

What the company owns

Plant, investments and other assets₹1,611 Cr
Cash and bank₹564 Cr
Receivables₹345 Cr
Inventory₹314 Cr
Current investments₹60 Cr

What pays for it: net worth and liabilities

Net worth₹1,514 Cr
Owed to suppliers₹581 Cr
Other liabilities₹473 Cr
Borrowings₹326 Cr

Greaves Cotton business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Greaves Cotton segment results by quarter

Revenue by segment

₹3,490 CrTotal

Engines₹2,241 Cr64.2% of total
Electric Mobility & Other Vehicles₹786 Cr22.5% of total
Cables & Control Levers₹252 Cr7.2% of total
Others₹211 Cr6.0% of total

Profit by segment

Engines₹377 Cr87.5% of total
Cables & Control Levers₹54 Cr12.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Engines
Revenue, ₹ crore
1,866
1,669
1,243
1,069
1,425
1,615
1,796
2,241
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
312
248
68
70
165
265
303
377
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Electric Mobility & Other Vehicles
Revenue, ₹ crore
596
650
786
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−683
−223
−182
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Cables & Control Levers
Revenue, ₹ crore
246
250
252
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
71
72
54
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
149
115
79
119
150
177
223
211
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
−3
−1
1
−2
124
−26
−8
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,015	1,911	1,500	1,710	2,699	2,633	2,918	3,490
Company revenue, as in its results	2,015	1,911	1,500	1,710	2,699	2,633	2,918	3,437
Revenue	1,866	1,669	1,243	1,069	1,425	1,615	1,796	2,241
Revenue growth	–	−10.6%	−25.5%	−14.0%	33.3%	13.3%	11.2%	24.8%
Profit	312	248	68	70	165	265	303	377
Profit growth	–	−20.3%	−72.6%	3.5%	134.6%	60.1%	14.7%	24.1%
Margin	16.7%	14.9%	5.5%	6.6%	11.6%	16.4%	16.9%	16.8%
Return on capital	–	–	22.5%	–	74.8%	113.8%	105.6%	50.8%
Assets	–	–	642	–	594	562	696	1,227
Liabilities	–	–	340	–	373	330	409	486
Capital employed	–	–	302	–	221	232	287	741
Revenue	–	–	–	–	–	596	650	786
Revenue growth	–	–	–	–	–	–	9.2%	20.9%
Profit	–	–	–	–	–	−683	−223	−182
Margin	–	–	–	–	–	−114.7%	−34.3%	−23.2%
Return on capital	–	–	–	–	–	−139.2%	−71.1%	−105.7%
Assets	–	–	–	–	–	749	673	638
Liabilities	–	–	–	–	–	258	359	466
Capital employed	–	–	–	–	–	491	314	172
Revenue	–	–	–	–	–	246	250	252
Revenue growth	–	–	–	–	–	–	1.7%	0.8%
Profit	–	–	–	–	–	71	72	54
Profit growth	–	–	–	–	–	–	1.5%	−25.5%
Margin	–	–	–	–	–	28.9%	28.9%	21.3%
Return on capital	–	–	–	–	–	19.5%	17.2%	11.8%
Assets	–	–	–	–	–	397	458	489
Liabilities	–	–	–	–	–	32	38	34
Capital employed	–	–	–	–	–	365	420	455
Revenue	149	115	79	119	150	177	223	211
Revenue growth	–	−22.7%	−31.4%	50.7%	26.5%	17.8%	25.7%	−5.4%
Profit	−2	−3	−1	1	−2	124	−26	−8
Margin	−1.2%	−2.4%	−0.7%	0.7%	−1.3%	69.7%	−11.5%	−3.8%
Return on capital	–	–	−2.4%	–	−28.7%	145.3%	−14.8%	−5.1%
Assets	–	–	48	–	32	123	215	376
Liabilities	–	–	24	–	25	38	42	218
Capital employed	–	–	24	–	7	85	173	158
Revenue	–	127	178	522	1,124	–	–	–
Revenue growth	–	–	40.6%	192.9%	115.3%	–	–	–
Profit	–	−25	−32	−34	1	–	–	–
Margin	–	−19.4%	−17.7%	−6.6%	0.1%	–	–	–
Return on capital	–	–	−24.7%	–	0.1%	–	–	–
Assets	–	–	197	–	1,382	–	–	–
Liabilities	–	–	69	–	281	–	–	–
Capital employed	–	–	128	–	1,101	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Greaves Cotton quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 Apr	Mar 2026	Sep 2026Twelve months
Revenue from operations	1,819	1,840	2,015	1,911	1,500	1,710	2,699	2,633	2,918	3,437	4,026
	1,576	1,584	1,743	1,701	1,421	1,683	2,566	2,542	2,783	3,198	3,766
Materials and goods bought	1,060	1,210	1,382	1,318	1,080	1,259	1,970	1,799	1,988	2,303	2,805
Employee costs	–	–	178	173	142	170	212	311	325	375	391
Other expenses	–	–	184	211	199	254	384	431	470	520	570
Operating profit before depreciation	243	255	272	210	80	27	133	91	136	239	260
Operating margin	13.4%	13.9%	13.5%	11.0%	5.3%	1.6%	4.9%	3.5%	4.7%	7.0%	6.5%
Materials, % of revenue	–	–	68.6%	68.9%	72.0%	73.6%	73.0%	68.3%	68.1%	67.0%	69.7%
Employee costs, % of revenue	–	–	8.8%	9.0%	9.5%	9.9%	7.9%	11.8%	11.1%	10.9%	9.7%
Other expenses, % of revenue	–	–	9.1%	11.0%	13.3%	14.8%	14.2%	16.4%	16.1%	15.1%	14.2%
Depreciation and amortisation	47	52	52	61	60	59	57	84	103	109	137
Operating profit after depreciation	197	203	220	149	19	−32	77	7	32	130	123
Other income	50	46	42	20	8	22	67	65	55	50	44
Finance costs	1	1	4	5	7	5	12	9	16	26	43
Profit before one-off items and tax	246	248	258	164	21	−15	132	63	71	154	124
One-off items	6	47	−18	5	−34	−2	−13	−335	2	−39	−68
Profit before tax	252	295	240	169	−14	−17	120	−272	73	115	56
	68	93	77	42	5	16	43	94	79	80	72
Current tax	–	–	90	63	20	14	45	100	84	92	90
Deferred tax	–	–	−13	−22	−15	2	−2	−6	−5	−13	−19
Share of profit of joint ventures and associates	–	–	–	–	–	−3	−7	−1	–	–	–
	181	202	163	127	−19	−35	70	−367	−6	35	−16
Belonging to the company's shareholders	181	202	165	129	−19	−35	78	−135	58	107	79
Belonging to outside owners of subsidiaries	–	–	−2	−2	0	0	−8	−232	−65	−72	−94
Other comprehensive income	–	–	1	1	1	2	2	−1	0	1	1
Total comprehensive income	–	–	164	128	−18	−33	71	−368	−6	36	−15
Net margin	9.9%	11.0%	8.1%	6.7%	−1.3%	−2.1%	2.6%	−13.9%	−0.2%	1.0%	−0.4%
Net margin without joint ventures and associates	–	–	–	–	–	−1.9%	2.8%	−13.9%	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 Apr	Mar 2026	Sep 2026Half year
	983	799	783	749	1,968	1,674	1,585	1,514	1,536
	969	799	783	749	1,587	1,440	1,406	1,431	1,366
Share capital	49	46	46	46	46	46	47	47	47
Reserves	920	753	736	703	1,540	1,394	1,359	1,384	1,319
Belonging to outside owners of subsidiaries	14	–	0	–	381	234	180	83	171
	11	10	4	233	3	49	53	326	513
Repayable after a year	5	0	0	169	0	0	0	276	306
Repayable within a year	6	10	4	64	3	49	53	50	207
	426	400	463	677	713	690	861	932	1,190
Trade payables	324	299	356	379	441	386	522	581	690
Other financial liabilities	39	44	39	42	35	90	104	112	103
Other liabilities	31	18	27	144	155	78	73	97	89
Provisions	20	25	32	42	69	82	103	85	97
Tax owed	5	5	5	5	10	5	5	6	4
	47	50	45	218	44	100	105	448	469
Other financial liabilities	4	15	11	14	18	20	17	46	42
Other liabilities	15	24	22	24	17	32	45	40	37
Provisions	1	1	2	2	2	6	6	54	58
Deferred tax	22	9	11	9	7	43	38	32	25
	1,456	1,249	1,290	1,644	2,724	2,464	2,552	2,894	3,195
Held for sale or for a demerger	9	–	–	12	13	–	–	–	–
	699	535	567	610	1,088	1,278	1,096	1,157	1,436
Plant in use, after depreciation	239	228	233	236	251	377	404	451	–
Plant being built	11	12	24	26	22	32	18	30	–
Intangible assets	66	87	90	79	69	236	230	212	176
Goodwill	30	30	49	49	49	212	212	212	194
Intangible assets being developed	61	56	51	56	61	31	25	34	41
Property held to earn rent	3	–	0	0	0	0	0	0	0
Investments	228	0	0	16	10	0	0	6	6
Loans given	0	0	0	0	20	0	0	0	287
Other financial assets	10	9	9	9	506	265	46	70	122
Deferred tax	25	10	23	20	20	21	21	28	28
Other assets	26	103	88	119	81	104	140	114	118
	747	714	723	1,022	1,623	1,186	1,456	1,737	1,759
Inventories	134	194	175	193	215	276	336	314	455
Trade receivables	342	255	209	186	166	236	334	345	417
Cash and cash equivalents	40	156	175	91	86	148	135	191	86
Other bank balances	5	34	105	351	453	166	67	373	362
Current investments	191	3	0	0	114	157	120	60	60
Loans given	0	0	0	0	0	0	0	0	148
Other financial assets	11	15	14	154	483	110	350	309	68
Other assets	24	57	45	46	106	93	113	145	164
Net debt	−225	−183	−277	−209	−650	−422	−269	−298	6

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 Apr	Mar 2026	Sep 2026Half year
	147	−63	−135	−153	−23	33	−212
	169	−48	−89	−39	66	112	−175
	105	−84	−263	−160	−74	−129	−311
Receivables	46	23	2	−40	−99	−16	−77
Inventories	28	−19	−22	−3	−59	21	−141
Payables	54	64	63	−202	173	76	98
Other working capital	−23	−152	−306	86	−89	−211	−191
Tax paid	−22	−15	−46	−114	−89	−79	−37
Capital spending	36	66	235	104	42	37	35
Free cash flow	111	−129	−370	−257	−65	−4	−247
	−108	−232	−758	232	50	−99	−84
Plant and property sold	9	15	51	87	3	2	1
Companies bought	−5	−27	0	0	0	0	0
Interest received	7	7	38	50	31	31	18
Dividends received	0	0	0	0	0	0	0
	−20	210	889	−32	−40	123	191
Borrowings raised	0	229	0	5	4	318	263
Borrowings repaid	−7	0	−229	0	0	−46	−76
Interest paid	−5	−3	−9	−6	−13	0	−24
Lease payments	−8	−11	−10	−13	−14	−16	−11
Dividends paid	0	5	5	21	47	47	47
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	1,141	3	29	0	0
Net change in cash	19	−84	−4	47	−13	56	−105

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Greaves Cotton dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 Apr	Mar 2026
Earnings per share	₹7.40	₹8.28	₹6.74	₹5.40	−₹0.81	−₹1.53	₹3.37	−₹5.83	₹2.51	₹4.60
Diluted earnings per share	₹7.40	₹8.28	–	₹5.40	−₹0.81	−₹1.53	₹3.35	−₹5.83	₹2.50	₹4.56
Dividend per share	₹5.50	₹5.50	₹4.00	–	₹0.20	₹0.20	₹0.90	₹2.00	₹2.00	₹2.00
Book value per share	–	–	₹39.69	₹34.55	₹33.85	₹32.37	₹68.49	₹62.08	₹60.46	₹61.43
Dividend payout	74.3%	66.4%	59.3%	–	–	–	26.7%	–	79.6%	43.5%
Shareholder yield	–	–	–	–	0.0%	0.1%	−38.9%	0.6%	0.3%	1.7%
Market cap at the year end (₹ crore)	4,263	2,778	3,399	1,608	2,951	4,416	2,919	2,937	4,994	2,808

Ratios

Consolidated, years to March.Greaves Cotton PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 Apr	Mar 2026
Revenue growth	12.4%	–	–	−5.2%	−21.5%	13.9%	57.9%	−2.5%	10.8%	17.8%
Operating profit growth	−9.9%	4.9%	6.6%	−22.8%	−62.1%	−65.9%	390.4%	−31.4%	48.4%	76.2%
Net profit growth	−9.9%	11.9%	−19.6%	−21.7%	–	–	–	–	–	–
Earnings per share growth	−9.9%	11.9%	−18.6%	−19.9%	–	–	–	–	–	83.3%
	–	–	17.0%	14.6%	−2.4%	−4.6%	6.7%	−8.9%	4.1%	7.6%
	–	–	–	−2.4 pts	−17.0 pts	−2.2 pts	11.3 pts	−15.6 pts	13.0 pts	3.5 pts
From the net margin	–	–	–	−2.9 pts	−17.3 pts	−1.5 pts	11.1 pts	−18.6 pts	12.4 pts	2.3 pts
From asset turnover	–	–	–	0.3 pts	0.4 pts	0.1 pts	0.4 pts	2.1 pts	0.5 pts	0.5 pts
From borrowing	–	–	–	0.3 pts	−0.1 pts	−0.7 pts	−0.2 pts	0.8 pts	0.1 pts	0.6 pts
Return on capital employed	–	–	22.1%	18.5%	2.5%	−3.2%	3.9%	0.4%	2.0%	7.1%
Cash conversion	–	–	–	–	–	–	−193.8%	–	–	92.3%
Interest cover	242.6	250.5	54.5	29.4	2.8	–	6.6	0.8	2.0	5.0
Debt to equity	–	–	0.01	0.01	0.00	0.31	0.00	0.03	0.03	0.22
Receivable days	–	–	62	49	51	40	22	33	42	37
Inventory days	–	–	35	54	59	56	40	56	62	50
Payable days	–	–	86	83	120	110	82	78	96	92
Cash conversion cycle, days	–	–	12	20	−11	−14	−19	10	8	−6
Working capital days	–	–	17	25	−4	−7	35	10	41	25
Asset turnover	–	–	1.38	1.41	1.18	1.17	1.24	1.01	1.16	1.26
Assets per rupee of net worth	–	–	1.50	1.53	1.61	1.92	1.87	1.71	1.76	1.92
Sales per rupee of plant	–	–	8.42	8.39	6.43	7.26	10.77	6.98	7.22	7.62
Capital spending to depreciation	–	–	–	–	0.60	1.12	4.15	1.23	0.41	0.34
Plant being built, % of plant in use	–	–	4.5%	5.3%	10.3%	11.1%	8.8%	8.4%	4.5%	6.6%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Interest cover is left blank for the year to Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.9%
Cash from operations against operating profit: 13.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	18.0%	8.4%
Profit growth, yearly rate	−6.1%	–	11.1%
Return on equity, average	–	1.0%	0.9%
Return on capital employed, average	–	2.0%	3.2%
Operating margin, average	7.9%	4.3%	5.0%
Net margin, average	2.2%	−2.5%	−4.4%
Asset turnover, average	–	1.17	1.15
Cash conversion cycle, days, average	–	−4	4
Interest cover, average	66.0	3.6	2.6
Debt to equity, average	–	0.12	0.09

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−341	−143	33
Cash from investing	−807	183	−99
Cash from financing	1,149	51	123
Capital spending	483	182	37
Dividends paid	123	114	47
Shares bought back	0	0	0
Shares issued for cash	1,174	32	0
Borrowings raised	557	328	318
Borrowings repaid	275	46	46

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	1	6	2	4	6
Altman Z-scorePublished threshold 1.81	–	–	7.40	5.28	5.67	4.83	4.66	3.98	5.38	3.57
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.21	−2.67	−1.66	−2.58	−2.28	−2.55
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.56	17.66	44.07	−17.22	−1.33	3.75
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−3.26	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−20.33	3.43	−24.76	−68.74	44.74	30.65	−14.66
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	50.00	7.90	−5.93	−45.30	37.12	11.06	−22.20
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.94	−0.89	8.27	14.41	−14.66	8.93	−0.27
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.24	0.37	0.43	0.31	0.15	0.14	0.19
Effective tax ratePublished threshold 17.16 per cent	26.97	31.50	32.21	24.69	–	–	35.99	–	108.66	69.29
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−2.66	–	−14.07	0.30

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
4 Sep 2026	India Ratings and Research Private Limited	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	83
4 Sep 2026	India Ratings and Research Private Limited	Issuer Rating	IND AA-Review, Re-affirm	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.