Greaves Cotton Q2 FY26 Concall Decoded: “GREAVES.NEXT” – From Diesel Dreams to Electric Ambitions!
1. Opening Hook
So, Greaves Cotton wants to go from making diesel engines to crafting “future-ready engineering ecosystems.” Bold. Especially when most people still think of them as the kings of 3-wheeler engines that sounded like lawnmowers. Now with a plan named GREAVES.NEXT, they’re talking sustainability, energy solutions, and… sensors? Somewhere, James Dyson just smiled.
And oh, their EV arm filed a DRHP with SEBI. Translation: they want public money to electrify your commute and their balance sheet. Stick around — the numbers get real, and the sarcasm earns interest later.
2. At a Glance
Revenue up 16% – Management calls it “broad-based growth.” Economists call it “finally catching up.”
EBITDA up 32% – Efficiency, or Excel sheet aerobics? You decide.
Standalone PBT up 44% – CFO officially declared the calculator her spirit animal.
Margins up 210 bps – Someone found the cost-cutting memo this time.
ROCE above 30% – That’s not Return on Capital Employed; that’s Return on Cautious Expansion.
Net worth dipped ₹100 crore – EV losses said “Hello darkness, my old friend.”
3. Management’s Key Commentary
Parag Satpute (MD & CEO): “Our diversified portfolio gives us resilience in a dynamic environment.” (Translation: Diesel’s still paying rent while we dream of electric sunsets.) 😏
Vikas Singh (MD, Greaves Electric): “VAHAN volumes grew 54% YoY. Market share up from 3.2% to 4.2%.” (Cool. But Ola sneezes and eats 10% market share before breakfast.)
Akhila Balachandar (CFO): “We remain net cash positive with ROCE above 30%.” (That’s CFO-speak for: ‘We’re solvent, stop asking about the EV losses!’)
