Greaves Electric Mobility has added another accolade to its growing list of industry recognitions, with its family e-scooter, the Ampere Magnus G Max, being awarded the 'Family Scooter of the Year' at the prestigious Times Drive Auto Summit and Awards 2026. The announcement was made on 15 May 2026 from Bengaluru. The award reinforces the Ampere brand's growing position in India's electric mobility market, driven by its focus on dependable, family-oriented electric scooters designed for everyday commuting.

Award Recognition and Product Positioning

The Ampere Magnus G Max was launched in January 2026 as the newest addition to the Ampere Magnus portfolio, positioned as a next-generation family electric scooter. The vehicle is priced under ₹1 lakh, aiming to democratise access to electric mobility for Indian families. The award highlights Greaves Cotton subsidiary GEML's commitment to delivering a balance of performance, technology, and everyday usability.

Commenting on the recognition, Mr. Vikas Singh, Managing Director, Greaves Electric Mobility, said, "We are honoured to receive the 'Family Scooter of the Year' award for our Ampere Magnus G Max. At Greaves Electric Mobility, we build for real India - practical, safe, durable and dependable products that fit seamlessly into the lives of Indian families. The Magnus G Max reflects this vision, combining technology and user-centric design, built for real-world performance. The strong market reception of Magnus G-Max has only deepened our conviction in this direction - validating that customers are ready to embrace electric mobility when it is built around their real needs."

Ampere Magnus G Max: Key Specifications

The Magnus G Max is built on a dual-frame chassis engineered for stability and long-term durability. It is powered by an IP67-rated water-resistant Lithium Iron Phosphate (LFP) battery and is available in three premium dual-tone colours: Matcha Green, Monsoon Blue, and Cinnamon Copper, paired with gold-finish badging and a digital display.

The following table summarises the key technical specifications of the Ampere Magnus G Max:

Key Features at a Glance

• 3 kWh LFP battery with 5 Years/75,000 Kms battery warranty
• Over 142 km Certified Range
• 33-litre under-seat boot designed for daily storage needs
• Hub motor with Eco, City, and Reverse riding modes
• Top speed of up to 65 kmph for urban commuting
• Hydraulic telescopic front suspension and dual rear shock absorbers
• 3.5-inch LCD digital cluster with USB charging port
• LED headlamp and indicators with optional connected features via TCU

Consecutive Industry Recognitions for GEML

This latest award comes on the back of the Magnus Grand E2W scooter receiving the Electric Scooter of the Year 2026 award by Bike India. The four consecutive industry recognitions across Nexus, Magnus Grand, and now Magnus G Max affirm GEML's consistency across its product innovation pipeline. Greaves Electric Mobility, which has over 17 years of experience designing and manufacturing electric vehicles, operates three manufacturing plants located in Hyderabad, Noida, and Ranipet, and supports its network through 400 dealer touchpoints across India. GEML holds 8 India Book of Records and 1 Asia Book of Records titles, reflecting its focus on technology and design-led innovative and durable mobility solutions. The Ampere brand continues to enhance GEML's vision to democratise sustainable mobility and expand India's electric mobility adoption by offering products designed to address the real-world needs of Indian riders.

Greaves Cotton Limited has announced its audited standalone and consolidated financial results for the financial year and quarter ended March 31, 2026. The Board of Directors, which met on May 6, 2026, approved the financial results and recommended a dividend for the fiscal year. The company delivered a strong performance across businesses, underpinned by consistent execution, margin expansion, and strategic clarity through its GREAVES.NEXT strategy. The statutory auditors, Price Waterhouse Chartered Accountants LLP, have issued unmodified opinions on both the standalone and consolidated audited financial results. In compliance with Regulation 47 of the SEBI Listing Regulations, the audited financial results were published in newspapers on May 7, 2026, as detailed below:

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the earnings call for the quarter and financial year ended March 31, 2026, held on May 6, 2026, can be accessed through the company's website at www.greavescotton.com . The transcript of the earnings call was submitted to the exchanges on May 13, 2026.

Standalone Financial Performance

For the financial year ended March 31, 2026, Greaves Cotton reported a standalone net profit of Rs 200.07 crore, an increase from Rs 185.87 crore in the previous year. Total income for the year stood at Rs 2,409.59 crore, up from Rs 2,027.40 crore. Revenue from operations grew to Rs 2,364.56 crore from Rs 1,988.02 crore, reflecting a 19% YoY growth. Standalone EBITDA for FY26 was Rs 320 crore, with Operating PBT at Rs 312 crore, expanding margins by 40 bps. In the quarter ended March 31, 2026, the standalone net profit was Rs 47.75 crore, while revenue from operations was Rs 697.55 crore, up 22% YoY. Standalone Q4 EBITDA stood at Rs 87 crore and Operating PBT at Rs 87 crore.

The company recognised exceptional items amounting to Rs 35.31 crore for the full year, primarily comprising an impairment provision of Rs 15.98 crore assessed during the quarter ended March 31, 2026, and a provision of Rs 15.75 crore related to the new Labour Codes notified in November 2025. Additionally, during the quarter ended June 30, 2025, a fee of Rs 3.58 crore was charged on account of non-adherence to land use regulation.

The table below summarises the key standalone financial metrics for the year:

The standalone balance sheet as at March 31, 2026 reflects total assets of Rs 2,282.51 crore, with total equity of Rs 1,618.50 crore. Cash and cash equivalents stood at Rs 140.05 crore, up from Rs 107.99 crore at the end of the previous year. Net cash generated from operating activities was Rs 347.57 crore for the year.

Consolidated Financial Results

On a consolidated basis, Greaves Cotton reported a profit of Rs 35.29 crore for the year ended March 31, 2026, compared to a loss of Rs 6.28 crore in the previous year. Total consolidated revenue from operations increased to Rs 3,436.62 crore from Rs 2,918.44 crore, a growth of 18% YoY. The profit attributable to the owners of the company for the year was Rs 107.14 crore, up from Rs 58.40 crore in the previous year. Consolidated EBITDA for FY26 stood at Rs 239 crore, with Operating PBT at Rs 154 crore, expanding margins by 210 bps.

For the quarter ended March 31, 2026, consolidated revenue from operations stood at Rs 1,000.26 crore compared to Rs 822.83 crore in the same period last year, reflecting 22% YoY growth. Q4 EBITDA improved significantly to Rs 69 crore from Rs 45.70 crore YoY, with EBITDA margin expanding to 6.90% from 5.56%. Q4 consolidated Operating PBT stood at Rs 44 crore. Consolidated cash and cash equivalents rose to Rs 190.93 crore from Rs 135.03 crore, while net cash generated from operating activities stood at Rs 32.58 crore for the year.

The table below presents the key consolidated financial metrics for the year:

Dividend Recommendation

The Board of Directors has recommended a dividend of Rs 2 per share, representing 100% of the face value of Rs 2 each, for the financial year ended March 31, 2026. The total dividend payout is estimated at Rs 46.58 crore. This dividend is subject to the approval of shareholders at the ensuing Annual General Meeting and, if approved, shall be payable within 30 days from the date of the Annual General Meeting.

Management Commentary: Segment-Wise Performance

MD and Group CEO Parag Satpute highlighted that Greaves Cotton recorded the highest annual revenue on both a consolidated and standalone basis in the last 10-year period. The GREAVES.NEXT strategy is anchored around three areas — Energy Solutions, Mobility Solutions, and Industrial Solutions — each of which delivered measurable growth during the year.

Energy Solutions registered 18% growth in Q4, with the aftermarket business growing 23%. For the full year FY26, the segment delivered 20% YoY growth, with the aftermarket segment outpacing at 35%. The company also secured its single largest institutional order worth Rs 35 crore, covering supply, installation, commissioning, and long-term maintenance. A new 650 kVA genset, developed fully in-house by the R&D team, was also launched during the period.

Mobility Solutions, which includes automotive engines, aftermarket retail, Engineered Components, and associated services, delivered 48% YoY growth in Q4, driven by strong domestic demand for three-wheeler diesel engines and continued momentum in Euro V+ engine exports. For the full year, Mobility Solutions delivered 16% YoY growth. The company has successfully supplied the first pilot batch of rare-earth-free motors to a 3-wheeler L5 OEM customer and is in advanced discussions for a firm supply order. Within the aftermarket business, approximately 350 retailers were onboarded with a roadmap to scale to 3,000 by FY27. The company also exited non-core and low-return segments such as two-wheeler parts, construction equipment, and select battery and digital platform businesses as part of the GREAVES.NEXT strategy.

Industrial Solutions, covering special purpose engines for firefighting and marine applications, delivered 15% YoY revenue growth for the quarter. Execution of a defence order secured in the previous quarter has commenced, and new OEM customers in the agriculture segment have been onboarded.

On the international business front, revenues increased from approximately 9% in FY25 to 13% of total revenues in FY26, driven by deepened Euro V+ engine exports through partnerships such as Ligier and expanded presence across Europe and the Middle East.

Greaves Electric Mobility Update

Greaves Electric Mobility (GEML) MD Vikas Singh reported that Full Year FY26 was a period of strong progress for the EV business. As per Vahan data, volume growth of 51% YoY was delivered in FY26. Market share expanded from 3.6% in FY25 to 4.4% in FY26. The company achieved approximately 12% market share across four competitive states — Tamil Nadu, Orissa, Bihar, and West Bengal — which collectively contribute approximately 23% of overall E 2-wheeler market volumes in Q4 FY26. Market share in the eastern region increased to approximately 8% in FY26, up from 5.7% in FY25.

Full year FY26 revenue for Greaves Electric stood at Rs 786 crore, up 19% YoY. Active dealer count grew by 13%, and showroom revamps resulted in a 30% improvement in per dealer productivity. The Magnus Grand was launched in Q3 FY26 and received the Electric Scooter of the Year 2026 award. The Magnus G Max was launched in Q4 FY26 and was voted Family Scooter of the Year. The Magnus 6th Generation was also announced as an upcoming addition to the portfolio.

On the L5 3-wheeler side, volumes grew 17% YoY in FY26, with Q4 FY26 recording 31% YoY growth and exiting the year with 2,300-plus units. A new financing tie-up with Hinduja Leyland Finance was announced, offering a maximum of 95% on-road LTV funding to strengthen customer affordability.

Regarding the IPO of Greaves Electric Mobility, SEBI has extended the validity of observation letters for IPO filings expiring between April 1, 2026 and September 30, 2026 till September 30, 2026, pursuant to its circular dated April 7, 2026. The IPO committee will take a decision on timing once market conditions are deemed favorable.

Greaves Finance and Capital Allocation

Greaves Finance Limited (GFL) reported total assets under management of Rs 521 crore as on March 2026. Group CFO Manish Poddar noted that the balance sheet remains strong, with a healthy cash balance. The company's planned investments are aligned with its strategic priorities, focusing on R&D and technological upgrades, capacity expansion, and digital tools. The overall CAPEX plan for the next 4 to 5 years remains at Rs 500 crore to Rs 700 crore, directed towards product development, capability enhancement in operations, and international market expansion.

Management also confirmed that the remaining 20% stake in Excel Controlinkage is planned to be acquired in Q2, after which Greaves Cotton will own 100% of the company. The company's growth ambition for core businesses in the medium term remains at 16% to 18% organic growth YoY, with a target EBITDA margin of 13% to 15% for the core businesses.

The following table summarises key strategic and operational metrics shared during the earnings call: