Greaves Cotton Q4 FY26: Revenue surges 21.5% to ₹1,000 crore despite 6% profit dip
Synopsis
Greaves Cotton's Q4 FY26 tells two stories at once: a 6% profit dip that masks a 48% EBITDA surge and a 21.5% revenue jump to ₹1,000 crore. With international revenues climbing from 9% to 13% of core business and OEM partnerships expanding, the company's operating engine is clearly firing — even if net profit hasn't caught up yet.
Key Takeaways
Greaves Cotton reported a consolidated net profit of ₹23 crore in Q4 FY26 , down 6.2% from ₹24 crore in Q4 FY25.
Revenue from operations rose 21.5% year-on-year to ₹1,000 crore , up from ₹823 crore .
EBITDA jumped 48% YoY to ₹68 crore ; operating margins improved to 6.8% from 5.6% .
Board recommended a dividend of ₹2 per share (100% on face value) for FY26 , payable within 30 days of the AGM.
International business contribution rose to 13% of core revenue in FY26, up from 9% previously.
MD & Group CEO Parag Satpute cited strong demand, disciplined execution, and global OEM partnerships as key growth drivers.
Greaves Cotton reported a 6.2% decline in net profit for the fourth quarter of FY26, even as revenue from operations surged 21.5% year-on-year to ₹1,000 crore, according to its stock exchange filing. The engineering conglomerate posted a consolidated net profit of ₹23 crore for the quarter ended 31 March 2026, down from ₹24 crore in Q4 FY25.
Revenue and Operating Performance
Despite the bottom-line dip, Greaves Cotton's operational metrics painted a stronger picture. Revenue from operations climbed to ₹1,000 crore from ₹823 crore in the year-ago quarter, driven by broad-based demand across its business segments. EBITDA surged 48% year-on-year to ₹68 crore, up from ₹46 crore in Q4 FY25, while operating margins improved to 6.8% from 5.6% in the same period last year — signalling that cost discipline and scale benefits are beginning to flow through.
Dividend Announced
The company's board has recommended a dividend of ₹2 per share, representing 100% on the face value of ₹2 each, for the financial year ended 31 March 2026. The payout, subject to shareholder approval at the annual general meeting, will be disbursed within 30 days of the AGM. The recommendation underscores management's confidence in the company's cash generation capacity despite the profit dip.
International Business Emerges as Key Growth Driver
International operations have emerged as a meaningful growth lever for Greaves Cotton, contributing 13% to the company's core business revenue during FY26, up from 9% in the prior year. This expansion was supported by traction across the company's energy, mobility, and industrial segments. Notably, the company has been strengthening partnerships with global original equipment manufacturers (OEMs), a strategic push that appears to be yielding measurable results.
What Management Said
Managing Director and Group CEO Parag Satpute said the company delivered robust growth at a consolidated level, aided by strong demand, improved profitability, and disciplined execution. He added that international business momentum, particularly in mobility, played a crucial role as the company strengthened partnerships with global OEMs. Management attributed the overall performance to strong execution and consistent growth across core businesses during FY26, with all segments contributing to growth supported by healthy demand conditions and strategic initiatives.
What to Watch
The divergence between a rising revenue trajectory and a declining net profit warrants attention. Analysts will likely scrutinise whether higher depreciation, finance costs, or one-off charges are compressing the bottom line even as operating leverage improves. With international revenues now accounting for a larger share and OEM partnerships deepening, Greaves Cotton's ability to convert operating gains into net profit growth will be the key metric for the quarters ahead.
Point of View
Finance costs, or exceptional items. Separately, the jump in international revenue share from 9% to 13% in a single year is a structural shift worth watching. If global OEM partnerships deepen further, Greaves Cotton could be quietly repositioning itself from a domestic engineering player to a meaningful global mobility supplier — a transition the market may not yet be fully pricing in.
NationPress
12 Aug 2026
Frequently Asked Questions
What were Greaves Cotton's Q4 FY26 results?
Greaves Cotton reported a consolidated net profit of ₹23 crore in Q4 FY26, down 6.2% from ₹24 crore in Q4 FY25. Revenue from operations surged 21.5% year-on-year to ₹1,000 crore, while EBITDA jumped 48% to ₹68 crore.
Why did Greaves Cotton's profit fall despite higher revenue?
The company's net profit dipped 6.2% even as revenue and EBITDA rose sharply, suggesting that costs below the operating level — such as depreciation, finance charges, or tax provisions — offset the operational gains. The company has not separately itemised the specific drag in its exchange filing summary.
What dividend has Greaves Cotton declared for FY26?
The board has recommended a dividend of ₹2 per share, representing 100% on the face value of ₹2 each, for the financial year ended 31 March 2026. The payout is subject to shareholder approval and will be made within 30 days of the annual general meeting.
How is Greaves Cotton's international business performing?
International operations contributed 13% to Greaves Cotton's core business revenue in FY26, up from 9% in the prior year. Growth was driven by traction across the energy, mobility, and industrial segments, supported by expanding partnerships with global OEMs.
What did Greaves Cotton's MD say about Q4 FY26 performance?
Managing Director and Group CEO Parag Satpute said the company delivered robust consolidated growth aided by strong demand, improved profitability, and disciplined execution. He highlighted that international business momentum, particularly in mobility, played a crucial role in the quarter's performance.
