Greaves Cotton Q2 FY27 Results: Consolidated Net Loss ₹29.81 Crore on Total Income of ₹1,187 Crore
Earnings
Engines and electric vehicles
Blacklitt Research3 min read
Greaves Cotton (NSE: GREAVESCOT) reported a consolidated net loss of ₹29.81 crore and total income of ₹1,187.08 crore for the quarter ended 30 Sep 2026, it said in a filing on 29 Oct 2026. Standalone net profit was ₹41.31 crore on total income of ₹686.66 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,187.08 crore, up 43.7% YoY and 20.5% QoQ
Net profit: Loss of ₹29.81 crore against profit of ₹6.32 crore a year earlier; EPS ₹0.20
Exceptional items: ₹32.75 crore expense, including IPO-related costs and impairment at Bestway Agencies
Finance costs: ₹14.47 crore, up 199.6% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹686.66 crore, up 22.3% YoY and 7.2% QoQ
Net profit: ₹41.31 crore, down 21.4% YoY; EPS ₹1.77
Exceptional items: ₹1.72 crore expense for IPO-related expenses at company level
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,187.08
825.89
+43.7%
985.06
+20.5%
Revenue from operations
1,175.91
815.46
+44.2%
974.12
+20.7%
Other income
11.17
10.43
+7.1%
10.94
+2.1%
-29.81
6.32
n/a
6.16
n/a
Profit before tax
-15.91
26.95
n/a
27.05
n/a
Finance costs
14.47
4.83
+199.6%
12.01
+20.5%
Depreciation
53.22
26.95
+97.5%
28.21
+88.7%
Tax expense
13.90
20.63
-32.6%
20.89
-33.5%
Net profit margin
-2.51%
0.77%
-3.28 pp
0.63%
-3.14 pp
EPS, basic (₹)
0.20
1.12
-82.1%
1.11
-82.0%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income rose 43.7% YoY, and revenue from operations rose 44.2%, against 7.1% growth in other income. Operating income is therefore the main source of the increase in total income.
Profit before tax fell into a loss of ₹15.91 crore after exceptional items of ₹32.75 crore. The notes name IPO-related expenses of ₹12.66 crore for Greaves Electric Mobility, and goodwill and brand impairment of ₹17.6 crore and ₹2.49 crore relating to Bestway Agencies Private Limited. Excluding these items, profit before exceptional items was ₹16.84 crore, against ₹30.53 crore a year earlier.
Depreciation rose to ₹53.22 crore from ₹26.95 crore a year earlier. The notes say Greaves Electric Mobility revised useful lives of tools and a brand, accelerating depreciation of ₹7.75 crore and amortisation of ₹19.55 crore. Finance costs of ₹14.47 crore are 1.2% of total income, compared with ₹4.83 crore a year earlier.
Of the consolidated loss after tax of ₹29.81 crore, the owners of the company received a profit of ₹4.82 crore and non-controlling interest a loss of ₹34.63 crore. The auditors' review report states a total net loss after tax of ₹82.89 crore for the quarter for one consolidated subsidiary and two standalone subsidiaries, and their conclusion is not modified.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
686.66
561.34
+22.3%
640.57
+7.2%
Revenue from operations
682.18
551.66
+23.7%
629.39
+8.4%
Other income
4.48
9.68
-53.7%
11.18
-59.9%
41.31
52.59
-21.4%
49.84
-17.1%
Profit before tax
55.96
71.53
-21.8%
67.00
-16.5%
Finance costs
1.52
0.63
+141.3%
1.01
+50.5%
Depreciation
14.44
12.03
+20.0%
14.02
+3.0%
Tax expense
14.65
18.94
-22.7%
17.16
-14.6%
Net profit margin
6.02%
9.37%
-3.35 pp
7.78%
-1.76 pp
EPS, basic (₹)
1.77
2.26
-21.7%
2.14
-17.3%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Other income of ₹4.48 crore is 0.7% of total income.
Standalone profit before tax fell 21.8% YoY to ₹55.96 crore, and net profit fell 21.4% to ₹41.31 crore. Standalone exceptional items of ₹1.72 crore are IPO-related expenses at company level. Tax expense of ₹14.65 crore is 26.2% of profit before tax.
Standalone finance costs were ₹1.52 crore, against ₹0.63 crore a year earlier, and depreciation was ₹14.44 crore, up 20.0% YoY.
Inference
The filing says the company acquired the remaining 20% of Excel Controlinkage Private Limited for ₹113.47 crore, making it a wholly owned subsidiary effective 13 Aug 2026. The company subscribed ₹331.12 crore to its entitlement in the rights issue of Greaves Electric Mobility Limited, with no change in its shareholding percentage, and invested a further ₹50 crore in Greaves Finance Limited.
Greaves Finance Limited raised ₹185 crore through secured, listed non-convertible debentures at a 10.5% coupon, payable monthly. Dividends paid in the half year were ₹46.58 crore. The filing does not say whether a dividend has been declared for the quarter or the year.
The notes say the subsidiary is assessing potential obligations under the Battery Waste Management Rules, 2022, and has not quantified them. The reason for the consolidated loss beyond the exceptional items and minority share is not stated.
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