🧠 At a Glance
Greaves Cotton Ltd is an old-school engine manufacturer now pivoting into electric mobility via Ampere scooters. FY25 revenue was ₹2,918 Cr, but net profit was just ₹1.5 Cr. ROE is negative, ROCE is just 5%, and other income (₹56 Cr) kept the lights on. EV dreams are draining the engine cash.
🎬 1. Intro – “From Diesel to Ampere, But Where’s the Juice?”
This is the story of a 165-year-old company trying to go Gen Z.
It made its name building engines and tillers. Then suddenly:
- ⚡ EV scooters via Ampere
- 🔋 Battery partnerships, swapping tech, rare-earth-free motors
- 🧍♂️3 lakh+ retail shareholders
- 🤯 And still, ₹1.5 Cr in profit on ₹2,918 Cr in revenue
So the question is: Is Greaves Cotton India’s Hero Electric — or a hero without horsepower?
⚙️ 2. WTF Do They Even Do? (Business Model)
1) Engine Division (61% of sales)
- Diesel/petrol/CNG engines
- Power tillers, gensets
- Mostly B2B, industrial/agri linked
2) Electric Mobility (via Greaves Electric Mobility Ltd – GEML)
- Ampere scooters
- Swapping infra (Indofast tie-up)
- Rare-earth-free motor JV with Chara Tech
- ₹95 Cr loan converted to equity in GEML (June 2025)
🧪 They’re trying to run a Tesla + Kirloskar hybrid. Spoiler: it’s not efficient.
📊 3.
