Greaves Cotton

What Greaves Cotton does

Greaves Cotton is a publicly listed Indian diversified engineering company founded in 1859, headquartered in Mumbai with primary technology leadership based in Pune, and listed on the NSE under ticker GREAVESCOT. The company operates through three business segments under its Greaves.Next five-year strategy: Energy Solutions (compressors, pumps, diesel engines, power generation, +20% growth in FY26), Mobility Solutions (electric two-wheelers and three-wheelers under the Ampere brand via wholly-owned subsidiary Greaves Electric Mobility, +16% growth in FY26), and Industrial Solutions (engineering services and aftermarket, +6% growth in FY26). FY26 consolidated revenue reached ₹3,437 crore (up 18% YoY) with net profit of ₹107 crore (up 83% YoY), and operating PBT margins expanded by 210 basis points.

Greaves Cotton's technology portfolio spans multiple powertrain architectures including ICE, electric mobility (e-powertrain, software-defined vehicles with OTA update capability), and hydrogen-powered three-wheeler demonstrators. The company has co-developed rare-earth-free synchronous reluctance motors with Bengaluru-based Chara Technologies, manufactured at its Shendra, Aurangabad facility, claiming up to 50% energy savings and 30% CO2 reduction versus conventional EV motors. Other products include the Ampere Magnus G Max family scooter (142 km certified range, LFP battery, 5-year/75,000 km warranty), Greaves Xargo and Ampere Xpress commercial vehicles with IoT-enabled connectivity, and the Eltra all-electric three-wheeler line for last-mile connectivity. A hydrogen three-wheeler demonstrator and the Ampere 6th Gen software-defined scooter (FY27 launch, sub-₹1 lakh segment) are in the product pipeline.

Greaves Cotton monetizes primarily through hardware sales across B2B OEM partnerships (energy, automotive, industrial components) and B2C/B2B channels for Ampere EVs (dealer network for retail, distributor STC Auto Solution for Nepal, and B2B fleet operators for commercial logistics). Revenue is complemented by aftermarket service revenue from the legacy installed base. Distribution has expanded internationally via the UAE subsidiary Greaves International Trading FZE (incorporated June 2026) and the Ligier partnership for European quadricycles, with international revenue rising from 9% to 13% of core revenue. The company has committed ₹500-700 crore in capex over five years under Greaves.Next, targeting 16-18% revenue CAGR, while the EV subsidiary is pursuing a separate ₹1,000 crore IPO to unlock value in the high-growth vertical.

Name

Greaves Cotton

Legal name

Greaves Cotton Limited

Website

https://greavescotton.com

Company type

Public

Founded year

1859

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Greaves Cotton is a publicly listed Indian diversified engineering company operating through Energy Solutions, Mobility Solutions, and Industrial Solutions segments, with multi-powertrain capabilities spanning ICE, electric, and hydrogen, serving OEMs, fleet operators, and consumers across India and select international markets.

Ownership category

akta.pro rank

Product category

Diversified Engineering & Industrial Equipment

NAICS

Engine, Turbine, and Power Transmission Equipment Manufacturing (3336), Mechanical Power Transmission Equipment Manufacturing (333613), Fluid Power Pump and Motor Manufacturing (333996), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361)

SIC

Engines & Turbines (3510), Motors & Generators (3621), Pumps & Pumping Equipment (3561)

akta.pro primary industry

Powertrain, PTO & Implement Systems (Engines, Transmissions, Hydraulics, PTO Drives) (AFAAAAAF)

akta.pro secondary industries

Hybrid Powertrain Integration Manufacturing (ICE-HEV/PHEV modules) (IMACAHAJ), Industrial Material Handling & Warehouse Charging (forklift/AGV chargers, battery swapping) (IMAGAHAG)

Keywords

• Diesel engine manufacturing
• Electric two-wheelers
• Power generation equipment
• Industrial compressors pumps
• Last-mile mobility solutions

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Electric Mobility (Greaves Electric Mobility / Ampere): Revenue from electric two-wheelers, three-wheelers, and EV components sold under the Ampere brand. The EV division generated Rs 786 crore in revenue for FY26 with 51% annual growth and 61,597 E-2W registrations, positioning the company among top 6 in India's electric two-wheeler segment. The subsidiary has filed for an IPO targeting Rs 1,000 crore.
2. Energy Solutions: Revenue from power generation products including diesel gensets, compressors, and pumps. Greaves Cotton operates in the compressors, pumps, and diesel engines sector. Energy Solutions segment delivered 20% growth in FY26.
3. Industrial Solutions: Revenue from industrial equipment, engineering products, and aftermarket services. Industrial Solutions segment delivered 6% growth in FY26.
4. Mobility Solutions: Revenue from mobility products including ICE and EV two/three-wheelers, spare parts, and after-market services. Greaves Electric Mobility (part of Mobility Solutions) generated Rs 786 crore in FY26 revenue with 16% growth. Market share in electric two-wheelers increased from 3.3% to 4.4%.
5. Aftermarket / Service: Revenue from spare parts, maintenance, and after-market services for the installed base of Greaves products across energy, mobility, and industrial segments.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Greaves Cotton manufactures and markets diesel engines, compressors, pumps, and power generation equipment through its Energy Solutions segment, electric two-wheelers and three-wheelers through Greaves Electric Mobility (Ampere brand) under Mobility Solutions, and provides industrial engineering products and aftermarket services through Industrial Solutions. The company targets a multi-powertrain transition spanning ICE, electric, and hydrogen technologies for India's mobility and energy needs.

Product overview

Greaves Cotton is a diversified engineering company operating through three business segments under its Greaves.Next strategy: Energy Solutions (20% FY26 growth covering compressors, pumps, diesel engines), Mobility Solutions (16% FY26 growth via Greaves Electric Mobility subsidiary operating Ampere brand for electric two-wheelers and three-wheelers), and Industrial Solutions (6% FY26 growth for engineering services and aftermarket). The company has established a UAE subsidiary Greaves International Trading FZE for global expansion. Greaves Electric Mobility, operating the Ampere brand, offers a portfolio including Magnus G Max, Magnus Neo, Nexus electric scooters and Eltra three-wheelers, with the upcoming Ampere 6th Gen positioned as a software-defined vehicle for FY27. The EV division has filed for IPO while the parent company targets 16-18% revenue growth and 20% exports by FY30.

Differentiator

Problem solved

Functional benefit

Brands

• Ampere: Electric mobility brand under Greaves Electric Mobility, offering electric scooters including Magnus G Max, Magnus Neo, and Nexus models
• Greaves.Next
• Greaves Electric Mobility
• Eltra

Products and services

• Ampere Magnus G Max Electric Scooter Family-oriented electric scooter with certified 142 km range, LFP battery technology, 33-litre boot space, and 5-year/75,000 km warranty, targeted at Indian family commuters seeking affordable, reliable electric mobility.
• Ampere Nexus Electric Scooter Electric scooter designed for challenging terrains including high-altitude conditions (tested at 13,200 feet), launched in Nepal through STC Auto Solution partnership, featuring advanced connectivity and monitoring tools.
• Ampere Magnus Neo Electric scooter variant under the Ampere Magnus family, expanding the product portfolio with updated features and design for the Indian consumer market.
• Ampere Xpress Electric Scooter Electric scooter with IoT-enabled features and modular accessories, targeted at urban commuter markets. Won CII Global Design Summit award for design excellence.
• Greaves Xargo Electric Three-Wheeler Electric three-wheeler featuring IoT-enabled features and modular accessories, targeted at commercial and urban logistics markets. Won CII Global Design Summit award for design innovation.
• Eltra Electric Three-Wheeler Range All-electric three-wheeler product line driving EV penetration in India's last-mile connectivity segment, with hydrogen-powered demonstrator in development as part of the multi-powertrain roadmap.
• Energy Solutions - Diesel Gensets, Compressors, and Pumps Business segment delivering power generation, compression, and pumping solutions including diesel engines and gensets for industrial, agricultural, and infrastructure applications. Delivered 20% FY26 growth.
• Aftermarket Services and Spare Parts Revenue from spare parts, maintenance, and aftermarket services for the installed base of Greaves products across energy, mobility, and industrial segments, providing recurring service revenue.

Quantifiable outcome

• FY26 consolidated revenue of ₹3,437 crore, up 18% YoY; Q4 revenue ₹1,000 crore up 22% YoY
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• STC Auto Solution Private LimitedcoreChannel Partner/ Reseller/ Distributor · 26 February 2026Greaves Electric Mobility launched its Ampere Nexus electric scooter in Nepal through a partnership with STC Auto Solution Private Limited. The launch targets riders who navigate challenging altitudes and road conditions, with the scooter having proven performance at Shipki La Pass (13,200 feet above sea level). This partnership marks Greaves Electric Mobility's entry into the Nepali market and supports its international expansion plans.
• Chara TechnologiescoreTechnology or IntegrationGreaves Cotton partnered with Bengaluru-based startup Chara Technologies to manufacture rare-earth-free synchronous reluctance motors and controllers for electric mobility applications at Greaves' Shendra, Aurangabad facility. The technology eliminates rare-earth magnets, claiming up to 50% energy savings and 30% CO2 reduction compared to conventional motors. The collaboration enhances EV supply chain resilience and supports India's objective of building indigenous technological capabilities.
• LigiercoreStrategic or Co-development PartnerGreaves Cotton is entering the European quadricycle market through a partnership with Ligier, leveraging India's multi-powertrain transition and the China-plus-one opportunity for global manufacturing shifts. This partnership supports Greaves Cotton's international expansion and diversification beyond Indian markets.
• Vinay Pawar (CTO appointment)coreOthersVinay Pawar appointed as Group Chief Technology Officer effective May 4, 2026, bringing nearly three decades of experience in automotive electronics, embedded systems, and connected mobility. Previously held senior roles at Spark Minda Group, KPIT Technologies, Continental Automotive, Bosch, and ABB. Will lead product development, platform innovation, and expansion into E-powertrain and future mobility solutions under Greaves.Next strategy.
• Manish Poddar (CFO appointment)coreOthersManish Poddar appointed as Group CFO effective March 19, 2026, with over 25 years of experience overseeing finance and IT functions. Succeeded Akhila Balachandar who resigned for personal reasons. Supports Greaves Cotton's growth and expansion into electric vehicles, mobility solutions, and engineering services.

Scale indicators11 records

Recent moves8 records

Expansion highlights8 records

Direct peers

• Ola Electric: India's largest electric two-wheeler manufacturer, directly competing with Greaves' Ampere brand in the same Indian E2W market. Both target the sub-₹1.5 lakh scooter segment with comparable urban mobility positioning, though Ola operates at much larger scale and has already gone public.
• Ather Energy: Indian premium electric scooter OEM and direct Ampere competitor in the urban E2W segment. Comparable software-defined vehicle strategy, IoT-enabled features, and target premium-family customer profile.
• TVS Motor Company: Indian two-wheeler OEM with significant electric scooter presence (iQube) competing head-to-head with Ampere in India's E2W segment. Also shares the legacy ICE powertrain business overlap with Greaves' engine heritage and dealer-network distribution model.
• Mahindra Last Mile Mobility: Mahindra Group's electric three-wheeler subsidiary (Treo, Zor Grand) competing with Greaves Eltra and Xargo in India's electric three-wheeler and last-mile logistics segment.
• Piaggio Vehicles: Italian-Indian three-wheeler OEM (Ape, E-City) with significant Indian electric three-wheeler presence. Direct competitor to Greaves Eltra in last-mile commercial passenger and cargo mobility.
• Hero MotoCorp: India's largest two-wheeler OEM with Vida electric sub-brand competing in the same E2W segment. Both companies target family and commuter scooter use cases with comparable price-band positioning.
• Bajaj Auto: Major Indian two- and three-wheeler manufacturer with Chetak electric scooter and extensive three-wheeler portfolio (RE, Maxima) directly competing with Ampere scooters and Greaves Eltra electric three-wheelers.

Others

• Exide Industries: Indian battery and energy storage leader with LFP battery technology supply chain relevant to Ampere's LFP-equipped scooters. Adjacent ecosystem player rather than direct competitor, but a key input supplier for Greaves' EV product roadmap.

Broad incumbents

• Kirloskar Brothers: Leading Indian pump manufacturer with heritage in industrial and agricultural pumping solutions. Directly comparable to Greaves' pump products within the Energy Solutions portfolio and serves overlapping industrial and agricultural customers.
• Cummins India: Indian subsidiary of Cummins Inc. and a dominant manufacturer of diesel engines, gensets, and power-generation equipment. Direct overlap with Greaves' Energy Solutions segment in compressors, pumps, and diesel engine products for industrial and infrastructure customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/GreavesCottonIN

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greaves Cotton