Greaves Cotton Limited · NSE:GREAVESCOT
Greaves Cotton — Q2 FY26 Earnings Presentation
33 slides from Greaves Cotton's earnings presentation, Nov 5, 2025
Slide 1: Cover letter to stock exchanges: Investor Presentation
05th November, 2025 The Manager - Listing The Manager - Listing BSE Limited National Stock Exchange of India Limited BSE Code - 501455 NSE Code - GREAVESCOT Dear Sir / Madam, Subject: Investor Presentation In furtherance to our intimation dated 30th October 2025 and pursuant to Regulation 30 of SEBI
Slide 2: Greaves Cotton Limited Q2 & H1 FY26 Earnings Presentation
Service, Spares & Accessories Retail Power Generation Charging GREAVES Engines & Technologies COTTON LIMITED Electric Vehicles Empowering Lives Building the Complete Sustainable Mobility Ecosystem. EV Financing Q2 & H1 FY26 Earnings Presentation
Slide 3: Agenda
1 About Greaves Agenda 2 Q2 & H1 Performance 3 New Strategy 2
Slide 4: Our Genesis, Purpose, Vision
Our Genesis Businesses 165+ Core Investee Years of rich engineering legacy businesses businesses ENGINEERING Purpose (Including Excel) Empowering lives across diverse businesses and customer constituencies with engineering products & services, promoting environmental stewardship and community well-b
Slide 5: Strong Management Team
Strong Management Team MR. PARAG SATPUTE MR. P. B. SUNIL KUMAR Managing Director & Group MR. VIKAS SINGH ED & CEO, Greaves Finance CEO, Greaves Cotton Limited Managing Director, Greaves and Director, Greaves (MBA, B.E. Mechanical Electric Mobility Technologies Engineering) (MBA) (Chartered Accountan
Slide 6: Transition from Single Product to Multi-product, Multi-business Company
Transition from Single Product to Multi-product, Multi-business Company We have evolved from being To a a pioneer in pioneer in fuel-agnostic, single cylinder multi-product, multi- diesel engine business Company Company building the complete Single product, single fuel sustainable mobility ecosystem
Slide 7: Leveraged Engineering Legacy and Diversified into 5 Businesses
We Leveraged our Established Engineering Legacy and Diversified into 5 Businesses R E V E Greaves Engineering Greaves Retail Greaves Technologies Greaves E-Mobility Greaves Finance N U Flagship legacy Greaves Retail Greaves GCL has been active Greaves Finance, E business of Greaves supports last-mil
Slide 8: Empowering Lives
With a clear purpose A clear purpose of of Empowering Lives
Slide 9: Manufacturing & Distribution Footprint
Manufacturing & Distribution Footprint 8 Factories 8 Regional Offices 10,000+ Retail 21,500+ Mechanic Network Network Aurangabad Talegaon Engine & Engine Nagpur Genset Motion Controls Components, ePowertrain Assembly Manufacturing Ranipet Greater Noida Hyderabad 2W E-Rickshaw 3W Auto & E-Cargo Manuf
Slide 10: ESG Commitment
ESG Commitment ▪ Commitment towards environmental sustainability is reflected across all aspects of Greaves’ operations — from Ranipet facility manufacturing processes to technological advancements — and is validated through ISO 14001:2015 certification. ▪ A significant stride in the “Go Green” jour
Slide 11: Agenda
1 About Greaves Agenda 2 Q2 & H1 Performance 3 New Strategy 10
Slide 12: Q2 Highlights
Q2 Highlights Engines Retail E-Mobility Greaves ramped up supply of Euro V+ Strong growth in Institutional business engines to Ligier, a leading European E2W market share climbs to 4.2% from (e.g. Railways) 3.2% as VAHAN volumes expand 54% YoY Microcar Company for their microcar application in H1 FY
Slide 13: GCL Standalone Q2 FY26 Business Highlights
GCL Standalone Q2 FY26 Business Highlights ₹ 552 Cr ₹ 406 Cr ₹ 146 Cr ₹ 78 Cr ₹ 75 Cr Revenue Engines Retail EBITDA Op PBT 18% 31% 8% 14.2% 13.6% Y-o-Y Margin Margin Y-o-Y Y-o-Y ▪ Q2FY26 and H1FY26 Revenues grew 18% and 20% Y-o-Y respectively aided by higher exports, and a diversified product mix ▪
Slide 14: GCL Consolidated Q2 FY26 Business Highlights
GCL Consolidated Q2 FY26 Business Highlights ₹ 815 Cr ₹ 552 Cr ₹ 199 Cr ₹ 57 Cr ₹ 52 Cr Revenue GCL E-Mobility Excel EBITDA 16% 18% v 14% 6% 6.4% Y-o-Y Y-o-Y Y-o-Y Margin ▪ Q2FY26 Consolidated EBITDA margin expanded by 310 bps on Y-o-Y basis reflecting strong operational efficiencies. ▪ H1FY26 Conso
Slide 15: Progress on Portfolio Diversification
Progress on Portfolio Diversification H1FY22 H1FY26 Excel E-Mobility Other 7% 17% 1% E-Mobility 22% Engines 51% Retail Engines 24% 59% Retail 19% ▪ The diversification strategy is contributing to the resilience in Revenues 14
Slide 16: Greaves Engines | Updates
Greaves Engines | Updates Highlights • Strong performance in both - Auto and Power Generation segments • Automotive segment grew 48% YoY, on the back of robust export demand 13.2% 13.8% • Power Generation registered 24% YoY growth 10.7% • Exports up due to strong traction in Euro V+ auto engines and
Slide 17: Excel Controlinkage | Updates
Excel Controlinkage | Updates Highlights • Excel has maintained a strong domestic OEM performance • New Sensors facility operational; development underway for enhancing Product capabilities 28.2% 26.0% 23.2% 61 60 57 Outlook • Re-energizing focus on Exports • Continuing focus on innovation, efficien
Slide 18: Greaves Retail | Updates
Greaves Retail | Updates Highlights • Strong growth in Institutional business (e.g. Railways) • Faced headwinds in the Core Auto A/M business in North and East region; however EBITDA margins maintained 16.5% 16.0% 16.2% • Witnessing growth in mechanic engagement; Mechanic Loyalty Program participati
Slide 19: Business Updates
Business Updates GCL + Excel GCL 12.6% 14.0% 14.2% 14.4% 15.2% 15.0% 541 552 601 608 468 528 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Revenues (Cr) EBITDA Margin (%) Revenues (Cr) EBITDA Margin (%) • GCL + Excel delivered 15% EBITDA margin in Q2FY26 18
Slide 20: Greaves Electric Mobility
Greaves Electric Mobility Performance & Demand Highlights Electric Two-Wheeler (E2W) Performance: • VAHAN volumes increased by 54% year-on-year in H1 FY26 o Growth was mainly driven by the product enhancements & network expansion o Market share improved from 3.2% in H1 FY25 to 4.2% in H1 FY26 • Main
Slide 21: Greaves Electric Mobility Key Developments
Greaves Electric Mobility Key Developments • Technology & Innovation: 100% LFP battery portfolio, IoT-enabled scooters, and battery swapping solutions (with TriEV ) for fleets – 850+ vehicles deployed in Delhi-NCR • Customer & Market Focus: Growing focus on fleet operators, delivery partners, and MS
Slide 22: Greaves Finance Update
Greaves Finance Update Key Highlights • Managed AUM of ~₹380 Cr (including co-lending) as of Sep 30th, growing 2.4× year-on-year. Crossed ~₹520 Cr in disbursements EV Marketplace – A one-stop platform • Received A-/Stable rating from India Ratings supporting the full EV ownership journey: • With 100
Slide 23: Financial Snapshot
Financial Snapshot Particulars (Consolidated) Q2 Growth (%) Q1 Growth (%) H1 Growth (%) (Rs. Cr.) FY26 FY25 Y-o-Y FY26 Q-o-Q FY26 FY25 Y-o-Y Income from Operations 815 705 16% 745 9% 1,561 1,345 16% RMC (%) 66.2% 69.0% 64.9% 65.6% 68.2% Other Expenses 224 196 205 429 377 EBITDA 52 23 125% 57 (9%) 10
Slide 24: Leverage Profile
Leverage Profile Consolidated (Rs. Cr.) Sept-24 Mar-25 Sept-25 Standalone (Rs. Cr.) Sept-24 Mar-25 Sept-25 Cash & Cash Equivalent 637 561 399 Cash & Cash Equivalent 354 379 187 Short Term Debt 57 53 0 Short Term Debt NIL NIL NIL Long Term Debt - - 142 Long Term Debt NIL NIL NIL Total Debt 57 53 142
Slide 25: Agenda
1 About Greaves Agenda 2 Q2 & H1 Performance 3 New Strategy 24
Slide 26: Redefining our Strategy
Redefining our Strategy Future Ready Engineering Company with: Reliable Products Sustainable Technologies Customer Centric Solutions 25
Slide 27: From Single-Product Led Player to Diversified Multi-business Company
From Then Till Now: Successfully Transformed from a Single- Product Led Player to a Diversified Multi-business Company Strategic Diversification to evolve to a Transformed Revenue mix at Till 2016 – Single product multi-business, fuel-agnostic H1FY26 with a balanced multi- focused company business p
Slide 28: GCL's Core Businesses Evolve Under GREAVES.NEXT
Going Forward: GCL’s Core Businesses will Evolve Under GREAVES.NEXT, Emphasizing our Future-ready Engineering Focus B2B Customer base GCL (Core Engineering solutions Energy Mobility Industrial solutions solutions solutions Business) Technology & innovation Trusted Future-ready Engineering company Su
Slide 29: Three Dimensions of our Growth Roadmap
Three Dimensions of our Growth Roadmap Expand into new horizons Build new muscle Expand into new segments guided by megatrends and leveraging our on to the core core strengths Build new muscle via new Accelerate the core products, capabilities and geographies Sustain growth in existing business segm
Slide 30: Multi-year Transformation Across Key Focus Areas to GREAVES.NEXT
Multi-year Transformation Across Key Focus Areas to GREAVES.NEXT Breakout growth in Strengthen Mobility Enhance Industrial Energy Solutions Solutions offering Solutions growth • Pivot from product company to • Deepen OEM collaborations by • Build new, compact platforms for solutions provider leverag
Slide 31: Anchored on 3 focus areas, the engines of our transformation
Anchored on 3 focus areas, the engines of our transformation Through innovation and disciplined execution, we’re redefining what’s possible Engineering a sustainable, high- performance future — together
Slide 32: Disclaimers
Disclaimers This presentation may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Greaves Cotton Limited and its subsidiaries/ associates ("Greaves").
Slide 33: Thank You
THANK YOU REGISTERED OFFICE For further information, please contact Greaves Cotton Limited Akhila Balachandar Suraj Digawalekar / Jenny Rose J-2, MIDC Industrial Area, Chikalthana, Aurangabad – 431 210 India Chief Financial Officer Kunnappally CIN – L99999MH1922PLC000987 Greaves Cotton Limited CDR I