Greaves Cotton revenue jumps 44% to 1,175.91 crore rupees despite quarterly loss
Key Facts
Greaves Cotton reported on October 29 its unaudited results for the quarter and half-year ended September 30, 2026, showing consolidated revenue from operations of 1,175.91 crore rupees in the second quarter of fiscal 2026-27, compared with 815.46 crore a year earlier. The company said consolidated revenue grew 44% year on year, while earnings before interest, tax, depreciation and amortisation rose 43% to 73 crore rupees. But the group posted a consolidated net loss of 29.81 crore rupees, compared with a profit of 6.32 crore in the year-earlier quarter. The results reflect growth in revenue and activity alongside a sharp deterioration in the bottom line due to exceptional expenses. In the stock market, the shares rose 3.14% to 186.80 rupees when trading data was updated at 3:59 p.m. on October 29.
Consolidated profit before exceptional items and tax was 16.84 crore rupees for the quarter, after which the company recorded exceptional expenses of 32.75 crore, turning the result before tax into a loss of 15.91 crore. These figures show that exceptional expenses exceeded the profit generated before them, weighing on the group’s result for the period. Among those expenses, the company said Greaves Electric Mobility had decided not to proceed with the proposed initial public offering and had recorded 12.55 crore rupees in IPO-related expenses during the half-year ended September 30. Part of the exceptional burden was therefore tied to costs incurred for an offering that is no longer set to proceed. Meanwhile, consolidated “business profit” was 44 crore rupees in the second quarter, a measure the company presented separately from the net result after exceptional items.
Segment performance was mixed: revenue from the electric mobility and other vehicles segment rose to 410.06 crore rupees from 198.93 crore a year earlier, but the segment recorded a result loss of 48.67 crore for the quarter. This combines a clear increase in revenue with a continuing loss at the segment-result level. Revenue from the engines and engineering products segment rose to 772.74 crore rupees from 622.49 crore in the comparable period, while its segment result was 104.27 crore. This segment accounted for the larger share of quarterly revenue among the two segments reported in the results and posted a positive result for the period. The comparison shows that growth in electric mobility revenue was not accompanied by a segment profit, while engines and engineering products recorded higher revenue and a higher result than the other segment.
The picture differs on a standalone parent-company basis from the consolidated group figures: the company’s revenue from operations was 682.18 crore rupees for the quarter, compared with 551.66 crore a year earlier. Despite the higher revenue, standalone net profit fell to 41.31 crore rupees from 52.59 crore in the comparable period. The figures highlight an expansion in activity at the parent-company level alongside lower net profitability, while the consolidated accounts show a group loss. For the half-year ended September 30, consolidated revenue rose to 2,150.03 crore rupees from 1,560.89 crore in the same period a year earlier. The group posted a consolidated net loss of 23.65 crore rupees for the first half, compared with a profit of 27.17 crore a year earlier.
The audit committee approved the results before they were presented to the board, which considered and approved them at its meeting on October 29, 2026. The published figures cover the quarter and half-year ended September 30 and are unaudited. In its disclosure, the company provided revenue and operating-profit indicators alongside the net result and exceptional items, separating business performance from the effect of expenses recorded during the period. In the quarter, consolidated revenue rose from 815.46 crore to 1,175.91 crore rupees as the net result shifted from a profit of 6.32 crore to a loss of 29.81 crore. The next decision cited in the disclosure was the board’s approval of the results on October 29; the statement did not specify a later date in the information provided.