Q2 2026 Greaves Cotton Ltd Earnings Call Transcript
Key Points
- Greaves Cotton Ltd (BOM:501455) reported a 60% year-on-year increase in consolidated revenues for the second quarter, reflecting strong growth across its business segments.
- The company remains net cash positive and continues to invest in capacity expansion, modernization, and new product development, ensuring readiness for future growth.
- The electric two-wheeler segment saw a 54% year-on-year increase in volumes, with significant market share gains in key regions such as Tamil Nadu, Bihar, and Orissa.
- Greaves Cotton Ltd's Gen Z business witnessed a 24% growth, driven by reliable products and a widening customer reach.
- The company is investing in advanced technologies, such as multi-fuel gensets and rare earth-free motors, to enhance sustainability and cost efficiency.
- The export business for Excel Control Linkage has faced challenges due to heavy dependence on a single geography, leading to a reduction in export contribution from 35-40% to under 20%.
- The retail segment has not shown substantial growth in recent quarters, with a decline in the volume of the auto aftermarket spares and service business.
- The electric mobility division reported a loss of 50 crores in the quarter, impacting the overall profitability of the company.
- The company faces challenges in the electric vehicle market, with a current market share of 4%, making it difficult to compete with larger players like Ola and Bajaj.
- There is a concern about the increase in long-term debt, which rose from 60 crores to 142 crores, primarily due to additional loans taken for the EV finance side.
Ladies and gentlemen, good day and welcome to Grieves Cotton Limited Q2 and H1F526 earnings conference call. We have with us today Mr. Parak Saputte as managing director and group CEO, Ms. Akila Palchandra, CFO GCL, and Mr. Pika Singh, managing director, GEML. We would like to begin the call with brief opening remarks from the management, following which we will have the forum open for an interactive question-and-answer session. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance in the conference call, please signal an operator by pressing then 0 on your touchstone phone. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature. And a disclaimer to this effect has been included in the results presentation shared with you earlier. Further, as you are aware, reef's Electric Mobility Limited has filed a draft red herring prospectus with the Capital Markets regulator SEB to raise funds to an IPO. All discussions in
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