Greaves Cotton is entering a fresh growth phase under its new business strategy, transforming from an engine maker into a diversified engineering company. Parag Satpute, managing director and chief executive officer, Greaves Cotton, speaks to Akbar Merchant about the company’s FY26 performance, the ₹500-700 crore investment plan, Dubai expansion, export strategy, growing focus on energy solutions, and the roadmap to build a globally recognised automotive engineering and solutions company by 2030. Excerpts:
Q: Greaves Cotton posted double-digit revenue growth in FY26. What drove this performance? Also, how do you see the company evolving from here?
A: FY26 marked the transition from strategy to execution under our new Greaves Next strategy. Consolidated revenue grew 18% to ₹3,437 crore, while standalone revenue rose 19% to ₹2,365 crore. Consolidated EBITDA stood at ₹239 crore and Operating PBT (Profit Before Tax) at ₹154 crore, with margins improving by 210 basis points. On a standalone basis, EBITDA reached ₹320 crore and Operating PBT ₹312 crore.
Growth was broad-based, with energy solutions growing 20%, mobility solutions 16%, and industrial solutions 6%. We also crossed ₹1,000 crore in quarterly consolidated revenue during the fourth quarter — an important milestone. The performance reflects Greaves Cotton’s transformation from a 165-year-old single-cylinder engine manufacturer into a diversified engineering company.
Today, we operate across mobility, energy and industrial solutions, while also expanding into electric mobility through Greaves Electric Mobility and in financial services through Greaves Finance. India continues to remain the centre of our operations, engineering and manufacturing, with facilities at Chhatrapati Sambhajinagar, Talegaon and Nagpur serving both domestic and export markets.
International business contributed 13% of our core business revenue in FY26, up from 9% a year earlier, and we see significant opportunities across the Middle East, Africa and Europe. For FY27, our focus will remain on disciplined execution, expanding margins, scaling growth opportunities and maintaining prudent capital allocation as we continue to build a diversified engineering business.
Q: Greaves Cotton recently established Greaves International Trading FZE in Dubai. What is the strategic rationale behind this move?
A: The establishment of Greaves International Trading FZE (GITFZE) marks a key step in strengthening our international business under our new strategy. Based in Dubai, it will serve as a regional hub for trading, distribution, customer support and supply chain coordination across our mobility, energy and industrial solutions businesses. Initially covering the GCC markets, it will later expand into the Levant and Africa, reinforcing our strategy to deepen customer proximity and expand our global footprint.
Q: Energy solutions is becoming a bigger focus. How do you see the business mix evolving?
A: Mobility will remain a core business, but energy solutions offers significant long-term potential as India’s infrastructure, industrial and data centre ecosystems expand. The opportunity extends beyond gensets to integrated power solutions, lifecycle services, remote monitoring and battery energy storage systems. Energy solutions grew 20% in FY26, while the aftermarket business expanded around 35%. Going forward, all three verticals–mobility, energy and industrial solutions–will remain key growth engines.
Q: What are your investment plans and where will it be deployed?
A: We are planning an investment of Rs ₹500-700 crore to strengthen flexible manufacturing, multi-fuel platforms, advanced powertrain technologies and engineering capabilities across all three businesses. The objective is to build long-term competitiveness and multiple growth engines rather than simply add manufacturing capacity. Capital allocation will continue to be guided by strategic relevance and sustainable value creation.
Q: How important are exports to Greaves Cotton’s long-term strategy?
A: Exports are becoming an increasingly important growth driver. We already supply Euro V+ compliant diesel engines to Europe and see opportunities across Eastern Europe, the Middle East and Africa. Our energy solutions business is well positioned to benefit from growing infrastructure demand overseas, while Excel Controlinkage continues to expand globally. International business has increased its contribution from 9% to 13% of core business revenue, and we expect exports to play a larger role in future growth.
Q: How do you see geopolitical uncertainties affecting the business?
A: While geopolitical developments may create short-term volatility in logistics, commodity prices and trade flows, they are also encouraging global companies to diversify supply chains. This presents an opportunity for India as a trusted engineering and manufacturing base. Greaves Cotton’s diversified portfolio across multiple sectors and geographies positions us well to navigate these challenges while expanding our international presence.
Q: What are your goals with Greaves Cotton for 2030?
A: By 2030, we want Greaves Cotton to be recognised globally as a diversified engineering and solutions company. Through our new strategy, we are strengthening our technology capabilities, expanding internationally and moving beyond products to integrated engineering solutions, lifecycle support and long-term customer partnerships, while showcasing Indian manufacturing and engineering on the global stage.