Greaves Cotton 's subsidiary, Greaves Electric Mobility, crossed the milestone of 4 lakh electric scooters manufactured and sold in India on 25 Jun 2026. This achievement reinforces the company's leadership in the mass electric vehicle market, driven by a 51% year-on-year growth in FY26. The company's market share increased from 3.6% in FY25 to 4.4% in FY26, reflecting its growing presence among India's electric two-wheeler players.

Financial and Operational Performance

The significant sales volume underscores the brand's evolution in the mass mobility segment. Ampere, the electric two-wheeler brand of Greaves Electric Mobility, achieved this growth by focusing on products with a low total cost of ownership compared to internal combustion engine vehicles. The company strengthened its dealer network by 12% in FY26 compared to FY25, enhancing its retail presence across metros and emerging EV markets.

Strategic Focus and Product Portfolio

Vikas Singh, MD, Greaves Electric Mobility, attributed the milestone to growing customer trust in the sub-₹1 lakh segment. The company's strategy emphasizes a "Built for Bharat" approach, delivering solutions designed for local conditions with a focus on safety, durability, and cost of ownership. The product portfolio is based on a 100% LFP battery platform, offering superior safety, thermal stability, and a lifecycle of up to ~200,000 kms.

The Ampere Nexus, awarded "Electric scooter of the year 2025", and the Magnus Grand, named 'Electric Scooter of the Year 2026', are key products driving adoption. These vehicles cater to first-time EV buyers, families, and daily commuters, accelerating the shift from ICE to electric mobility at scale.

Greaves Cotton has established a deadline of July 23, 2026, for shareholders to submit necessary documentation to determine the appropriate tax deduction at source (TDS) on the recommended dividend of ₹2 per equity share for the financial year ended March 31, 2026. The record date to determine eligibility for the payout remains July 28, 2026, while the 107th Annual General Meeting is scheduled for August 4, 2026. The company emphasized that failure to provide the required details will result in tax deduction at the highest prescribed rate under the Income-tax Act, 2025.

The Board of Directors recommended the dividend at its meeting held on May 6, 2026. The payout is subject to shareholder approval at the AGM. Under the provisions of the Income-tax Act, 2025, dividend is taxable in the hands of shareholders, and the company is obligated to deduct TDS at applicable rates. The specific rate depends on the residential status of the shareholder and the valid documentation submitted.

For resident shareholders, the TDS rate is 10% if a valid PAN is registered. This rate increases to 20% if the PAN is invalid, inoperative, or not registered. Resident individual shareholders are exempt from TDS if the aggregate dividend during the Tax Year 2026-27 does not exceed ₹10,000 or if a valid Form 121 is submitted along with a valid PAN. The company has replaced the erstwhile Forms 15G and 15H with the new Form 121 for the current tax year.

Non-resident shareholders, including Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs), face a standard withholding tax rate of 20% plus applicable surcharge and cess. However, they may avail of beneficial rates under Double Tax Avoidance Agreements (DTAA) by submitting a Tax Residency Certificate, a self-declaration in Electronic Form 41, and other prescribed documents. The company reserves the right to seek additional information to verify eligibility for treaty benefits.

Shareholders must upload tax exemption forms with the company's Registrar and Share Transfer Agent, KFin Technologies Limited, or email them to the specified addresses. The company clarified that payable-at-par warrants, cheques, or demand drafts will not be issued for dividend payments. Shareholders holding shares in physical form must ensure their bank account details are updated and KYC compliant to receive payments electronically. TDS certificates will be emailed to registered addresses and reflected in Form 26AS or the Annual Information Statement.

Key Dividend and Tax Compliance Dates