Greaves Cotton Ltd

NSE: GREAVESCOT | BSE: 501455 | Sector: Industrials / Diesel Engines & E-Mobility | Small-Cap

Business Overview

Greaves Cotton Ltd (part of the Greaves group since 1859) is a diversified engineering company manufacturing diesel/petrol/CNG non-auto engines (1.5HP-700HP) for gensets, pumps, farm and construction equipment, alongside a fast-scaling Electric Mobility business (Ampere e-2W/e-3W scooters) and an engineering components arm (Excel Controlinkage, made a wholly-owned subsidiary in August 2026). Under its “Greaves.Next” strategy the company is expanding internationally (Greaves International Trading FZE, Dubai) and diversifying its portfolio, with FY26 consolidated revenue up 18% YoY to ₹3,437 Cr. Promoter holding is stable at 55.8%. A large FY24 exceptional/impairment charge tied to the loss-making E-Mobility business had driven a consolidated loss of 367 Cr that year; losses narrowed sharply in FY25 (-6 Cr) and the company returned to consolidated profit in FY26 (35 Cr), with ROCE improving from 4% (FY24) to 10% (FY26), though overall profitability remains thin relative to the revenue base.

Financial Summary

Technical Snapshot

Greaves Cotton is trading at ₹199, well off its 52-week high of 272 (52-week low 120), and remains in a broader corrective phase after topping out earlier in the year. Price action is consolidating below its 100/200-day moving averages (roughly ₹205–210), which is capping near-term upside. Support is seen in the ₹185–190 zone (recent swing lows), with a break below opening room toward 170–175. A sustained move back above the ₹210–215 resistance would be needed to revive the broader uptrend, with the next hurdle near 230–240. Given the sharp FY24-FY26 swing between an exceptional loss and a modest return to profit, this setup is best treated as a technical/momentum trade over a 3–4 week horizon rather than a value re-rating call.