Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Oct - Ampere added 50+ experience centers across 15 states, doubling footprint to 600+ in a year.
Source: Bse
Greaves Cotton Limited (GREAVESCOT)
Micro CapIndustrials stocks · Micro cap · NSE
Greaves Cotton Limited is a diversified engineering company operating in energy, mobility, and industrial solutions, manufacturing engines, gensets, e-vehicles, and engineered components.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result04 Aug, 07:28 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 +10.4% / mo · MACD −
Stock trend: 58
Sector RS: 45
Sector 3M: -7.4% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GREAVESCOTD candles · FIT view+15.0%Latest close ₹192.08 on 2026-10-22
Bar
-0.0%
RSI
35
MACD hist
-3.18
52W pos
47%
2026-10-22O ₹192.10H ₹195.02L ₹188.58C ₹192.08Vol 10.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GREAVESCOTNifty India ManufacturingNifty 500
- GREAVESCOT
- -19.9%
- Nifty 500
- -6.2%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -13.7 pp
Chart stats
22 Oct 2026- From 52W high
- -29.4%
- 52W range position
- 47%
- ATR (14)
- 4.4%
- Volume vs 20D
- 0.40x
- Avg traded value
- ₹58.1 Cr
- 20D price channel
- ₹188.6 - ₹240.4
₹271.9
₹120 - ₹271.9
₹8.4
Latest completed session
20-session average
47.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +30.7% · PAT -70.5% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-13.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -70% YoY · margin compression · Rev +31% YoY
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹974.1 Cr | +30.7% | -2.6% |
| EBITDA | ₹56.3 Cr | -1.1% | -17.4% |
| Operating margin | 5.8% | -186 bps | -104 bps |
| PAT | ₹6.2 Cr | -70.5% | +180.0% |
| PAT margin | 0.6% | -217 bps | +41 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 47.80
- P/B
- 3.32
- EV/EBITDA
- 14.80
- Market Cap
- 4758.00Cr
Profitability
- ROE
- 8.10%
- ROCE
- 10.10%
- ROA
- 0.73%
- Dividend Y
- 0.98%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 7.21×
- Altman Z
- 4.40
- Book Value
- 61.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 33.00 Cr
- EPS TTM
- 4.30
Shareholding
- Promoter Hold
- 55.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 974-2.6% vs prev
Net Profit
₹ CrLatest: 6.2+180.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 35. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~9.4% over last month) — short-term momentum positive.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 29% off 52W high · 60% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 1 Base / Transition
1M return
-3.8%
3M return
-19.9%
6M return
+24.1%
1Y return
-17.5%
RS 1D
+2
RS 20D
-6
Sector rank
#3
Industry rank
#20
Stage evidence
- Price is within 0.3% of the 30-week proxy.
- The 30-week proxy changed +5.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 94.89-0.19%
RS vs Nifty 50095
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth13/25
Quality1/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Fair-value margin of safety is negative at -13.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
47.8
PB
3.3
EV/EBITDA
14.8
ROE
8.1%
ROCE
10.1%
FCF Yield
—
Debt/Equity
0.3
MoS
-13.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-13.7%
Previous: -14.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹77.07
-149.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹168.99
-13.7% MoS
PEG
2.37
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GMMPFAUDLR
Micro
GMM Pfaudler Limited
Industrial Machinery
match 4
22
44.8
6.7%
-1327%
OVERVALUED
SHAKTIPUMP
Micro
Shakti Pumps (India) Limited
Industrial Machinery
match 4
59
24.6
18.0%
+40%
FAIR VALUE
KRN
Micro
KRN Heat Exchanger and Refrigeration Limited
Industrial Machinery
match 2
36
71.2
14.1%
-75%
WATCHLIST
ANUP
Micro
The Anup Engineering Limited
Industrial Machinery
match 1
50
32.0
17.1%
+14%
FAIR VALUE
DEEDEV
Small
DEE Development Engineers Limited
Industrial Machinery
match 0
38
58.4
9.3%
-16%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T12:42:36.655Z
Management commentary snapshot
Consolidated revenues grew 31% YoY to INR 975 crores backed by strong demand, while margins faced pressure from input costs and growth investments.
Core revenue growth remains healthy at 16% (19% like-for-like), and EV subsidiary GEML has scaled volumes significantly. Margin pressures are recognized as temporary due to a price-hike lag and upfront investments, and management maintains its full-year targets.
Growth engines
Medium Horsepower Gensets
ActiveMedium horsepower genset business grew 32% year-on-year, supported by strong demand in industrial and commercial applications.
Automotive Engines
ActiveAutomotive engine business delivered a strong quarter, growing 36% year-on-year driven by domestic 3-wheeler segment momentum.
Greaves Electric Mobility (GEML)
ActiveGEML consolidated revenue came in at INR 270 crores (almost double YoY), with 2-wheeler and 3-wheeler portfolios growing 120% and 80% respectively.
Engineered Components (Excel)
ActiveExcel returned to growth, delivering a 14% year-on-year growth and adding new international customers.
Capacity and execution
Pilot BESS Facility
CompletedCommissioned a pilot Battery Energy Storage System (BESS) facility to develop capabilities in emerging energy solutions.
Robotic Gantry Cell at CSN
CompletedCommissioned a state-of-the-art robotic gantry cell at the CSN facility to improve quality and advanced manufacturing capability.
Tailwinds
Infrastructure and Industrial Demand
ActiveContinuing investments across infrastructure, manufacturing, commercial, and industrial applications supporting Energy Solutions demand.
EV Market Acceptance
ActiveStrong consumer response to new product launches like Magnus G-Max and Magnus Neo, alongside rising e-commerce sales channels.
Headwinds
Commodity Price Inflation
ActiveCommodity prices increased following geopolitical developments in West Asia, raising input costs across platinum, aluminum, and steel.
Risk radar
Price-Action Lag
ActiveA time lag exists between raw material cost inflation hitting the business and price increases taking effect or RM indexing mechanisms kicking in.
Investee Cash Burn
ActiveGreaves Electric Mobility remains in a cash burn phase, requiring capital infusions despite single-digit burn rates and narrowing losses.
Export Market Disruptions
ManagedPast disruptions in specific global export markets like Russia-Ukraine have impacted international component scaling.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Year-on-year comparisons are preferred to evaluate structural growth across consolidated revenues, core segments, and EV business expansion while neutralizing seasonal quarterly variations.
Sector KPIs management disclosed
Consolidated Revenue Growth
PositiveConsolidated revenue recorded at INR 975 crores, representing a 31% year-on-year growth.
Core Business Revenue Growth
PositiveCore businesses grew 16% year-on-year with revenue of INR 710 crores (19% on a like-to-like basis adjusting for portfolio rationalization).
Margin Performance
Under StressMargins across businesses were under pressure by 2% to 2.5% due to input costs and Greaves.Next upfront investments.
GEML Volume Growth
PositiveGreaves Electric Mobility delivered record volume growth of 101% YoY in Q1.
Management forward view
Margin Recovery Expectation
On TrackManagement expects price increases, operating leverage, and cost savings to reflect in Q2, with full benefits visible in H2 FY27.
Capital Allocation Commitment
ExecutedBoard subscribed to GEML rights issue with INR 331 crores and invested INR 50 crores in Greaves Finance to support long-term growth.
International Expansion Hub
ExecutedIncorporated Greaves International Trading FZE in Dubai as a regional hub to boost distribution and customer reach in the Middle East and Africa.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Margin Recovery | Under pressure by 2% to 2.5% in Q1 FY27 | Execution of price hikes and cost control measures to restore margins in Q2 and H2 FY27. |
| GEML Market Share and Breakeven | 5.6% exit market share in June; single-digit burn rates | Progress toward positive EBITDA territory over the next 4 to 6 quarters. |
| Excel Segment Utilization | 70% to 75% utilization in main pushpull cables area | Sustained export recovery in Europe and the U.S. and scaling of rubber components. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 67th percentile within Industrials. Main check: results consistency is weak at 47/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
144 docs text-extracted · 41 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Industrials: 67th pctile, median 68 · Micro: 50th pctile, median 73
Evidence depth
Financial-only
144 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
47
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Greaves Cotton Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Ampere launches Nexus EX+ scooter with 5-kW motor and IoT Intellipack, priced at ₹1,29,999.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - Greaves Cotton to hold virtual investor meet on 29 September 2026, 10:00-11:00 am, at Arihant Capital conference.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Investors and analysts to visit Ranipet plant on 11 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Sep - Ampere Magnus GMax begins 4,000 km endurance ride from Dong to Guhar Moti over 15 days across 8 states.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Sep - Greaves Cotton unveiled 750 HP 12V15 fire fighting engine at FSIE Expo 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 4 Sep - India Ratings affirmed Greaves Cotton’s IND AA-/Stable rating; INR 1,200 million and INR 830 million bank facilities rated.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.