Greaves Cotton Limited held its 107th Annual General Meeting (AGM) on August 4, 2026, securing shareholder approval for its financial statements and dividend declaration for the fiscal year ended March 31, 2026. The meeting, conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM) with a deemed venue at the company’s registered office in Chhatrapati Sambhajnagar, Maharashtra, concluded with no qualifications or observations from the statutory or secretarial auditors.

The AGM commenced at 3:00 p.m. IST and ended at 4:25 p.m. IST, including time allocated for e-voting. A total of 150 members attended the proceedings. The Board was represented by Chairman Karan Thapar, Managing Director and Group CEO Parag Satpute, and five independent directors: Raja Venkataraman, Ravi Kirpalani, Kavita Nair, Mangalath Unnikrishnan, and Jehangir Ardeshir. Group CFO Manish Poddar and Group General Counsel & Company Secretary Atindra Basu were also present. Representatives from the statutory auditor, secretarial auditor, internal auditor, cost auditor, and scrutinizer attended to address queries.

Karan Thapar chaired the meeting and provided an overview of the company’s operations and financial performance for FY26. He introduced Jehangir Ardeshir as a new director on the Board. Atindra Basu informed members that the notice was sent electronically to registered email addresses and that SGGS & Associates, Practicing Company Secretaries, were appointed as scrutinizers for remote e-voting and voting during the AGM.

Shareholders engaged in discussions covering corporate strategy, financial performance for Q1FY27, industry outlook, and growth opportunities in defence and electric mobility sectors. Additional topics included margin enhancement initiatives, digital technology adoption, aftermarket operations, retail strategies, and the impact of geopolitical developments. Management addressed all queries comprehensively.

The resolutions put forward for approval are detailed below:

The Company will separately disclose the consolidated results of remote e-voting and e-voting at the stock exchanges in due course. The full transcript of the AGM is available on the company’s website under the 'Investors' section.

Greaves Cotton reported a 31% year-on-year increase in consolidated revenue to ₹974 crore for the quarter ended June 30, 2026, driven by disciplined execution across its diversified engineering portfolio. Standalone revenue rose 16% to ₹629 crore. The results reflect robust demand in Energy and Mobility Solutions, alongside significant growth in its electric mobility segment, where two-wheeler volumes more than doubled. These figures underscore the company’s strategic pivot under its Greaves.Next initiative, balancing core engineering growth with investments in future-ready businesses.

The financial filing, submitted pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details the unaudited standalone and consolidated results. Parag Satpute, MD & Group CEO, attributed the performance to strong execution despite commodity price and supply chain pressures. The company also expanded its international footprint by incorporating Greaves International Trading FZE in Dubai, UAE, establishing a regional hub for the Middle East and Africa.

Financial Performance

Consolidated EBITDA stood at ₹56 crore, with operating profit before tax (PBT) at ₹27 crore. On a standalone basis, EBITDA was ₹71 crore and operating PBT was ₹67 crore.

Business Segment Highlights

Energy Solutions delivered 21% year-on-year revenue growth, supported by healthy demand in infrastructure and industrial applications. Domestic sales of the Medium Horsepower (MHP) genset portfolio grew by 32% YoY. The company also commissioned a Battery Energy Storage System (BESS) pilot.

Mobility Solutions recorded 18% year-on-year revenue growth. Automotive engines saw robust growth of 36% YoY, while Engineered Components grew 14% YoY, aided by new orders from OEMs such as Caterpillar UK and TAFE. Demand for Euro V+ compliant engines remained encouraging in export markets. Industrial Solutions sustained demand across defence, marine, and agriculture applications.

Electric Mobility and Finance Growth

Greaves Electric Mobility (GEML) strengthened its market position with VAHAN electric two-wheeler volumes growing 101% year-on-year in Q1 FY27. Market share increased from 4.3% in FY26 to 5.6% in June '26. Three-wheeler L5 VAHAN volumes grew 39% year-on-year, with electric L5 volumes nearly doubling.

The company informed that its ₹530 crore rights issue for GEML has been fully subscribed. Greaves Cotton subscribed to its full entitlement of approximately ₹331 crore, maintaining its shareholding at 62.48%. Additionally, Greaves Finance saw Assets Under Management cross ₹560 crore, up from ₹521 crore in March 2026. Greaves Cotton subscribed to ₹50 crore in Greaves Finance’s rights issue to support its next phase of growth.

What the Numbers Show

The divergence between consolidated and standalone margins highlights the capital-intensive nature of the group's investments in subsidiaries like GEML and Greaves Finance. While standalone operations generated ₹71 crore in EBITDA on ₹629 crore revenue (approx. 11.3% margin), consolidated EBITDA was ₹56 crore on ₹974 crore revenue (approx. 5.7% margin). This suggests that while core engineering businesses remain profitable, the high-growth EV and finance segments are currently reinvesting heavily or carrying higher operational costs as they scale volume, particularly evident in the 101% volume surge for EVs which may not yet translate proportionally to consolidated bottom-line profitability.