# Greaves Cotton share price today (Greaves Cotton Ltd, NSE: GREAVESCOT)

> Greaves Cotton share price today: ₹198.16 at the NSE close on 3 November 2026, down 13.1% in a year. Greaves Cotton (NSE: GREAVESCOT) is worth ₹4,625 crore, trades at a P/E of 51.2 and has closed between ₹127.07 and ₹263.60 over the past 52 weeks. > Greaves Cotton Ltd's earnings have grown faster than its share price. Earnings per share grew +83.3% in a year while the price moved −13.1%. GREAVESCOT · Engines · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/greaves-cotton-ltd

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹198.16 (−13.1% in a year)
- P/E: 51.2× (higher than 62% of the last 11 years)
- Revenue (Sep 2026): ₹1,176 Cr (+44.3% on a year ago)
- Profit (Sep 2026): −₹30.0 Cr (−600.0% on a year ago)
- Operating margin: 6.0% (flat on a year ago)
- ROCE: 10%, FY26
- ROIC: −2.4%, against a 12.0% cost of capital: −14.4 points

The main question: profits are rising, but only 0% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Greaves Cotton share price today? Greaves Cotton Ltd's share price was ₹198.16 at the close on 3 November 2026. It has been rising for 18 weeks. That is 0.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹127 and ₹264, and at that close it sat 52% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row. Over the last 11 years the share price moved +67% while the NIFTY 500 moved +257%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Greaves Cotton this quarter? 2. Revenue up on a year earlier for 8 quarters in a row In the September 2026 quarter revenue was ₹1,176 crore, +44.3% on a year earlier. Why: Revenue rose because the electric mobility business sold far more two wheelers, with billing more than doubling from a year earlier. Next results: check whether the new rare earth free motor starts in two wheelers in Q4 FY27. From the earnings call on 29 Oct 2026. 3. Highest quarterly revenue in 16 quarters Revenue of ₹1,176 crore in the September 2026 quarter is the highest of the last 16 quarters. ## What are Greaves Cotton's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Greaves Cotton reported revenue of ₹1,176 crore, up 44.3% from ₹815 crore a year earlier, and a loss of ₹30.0 crore, down 600.0% from ₹6.00 crore. ### Greaves Cotton results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,176 crore | ₹815 crore | +44.3% |
| Profit | loss of ₹30.0 crore | ₹6.00 crore | −600.0% |
| Earnings per share | ₹0.21 | ₹1.12 | −81.2% |
| Operating margin | 6.0% | 6.0% | 0.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Greaves Cotton's management discussed these results on a call held on 29 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Greaves Cotton share price history? Greaves Cotton closed at ₹198.16 on 3 November 2026, down 13.1% from ₹228.03 a year earlier (31 October 2025) and up 46.5% over five years. Its highest weekly close since February 2016 was ₹288.75 on 7 February 2025. ### Greaves Cotton share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹183.52 | +8.0% |
| 1 month ago · 1 Oct 2026 | ₹225.98 | −12.3% |
| 6 months ago · 30 Apr 2026 | ₹165.18 | +20.0% |
| 1 year ago · 31 Oct 2025 | ₹228.03 | −13.1% |
| 3 years ago · 3 Nov 2023 | ₹128.30 | +54.5% |
| 5 years ago · 4 Nov 2021 | ₹135.25 | +46.5% |
| 10 years ago · 4 Nov 2016 | ₹134.70 | +47.1% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹118.70 | +66.9% |
| Highest weekly close since February 2016 · 7 Feb 2025 | ₹288.75 | −31.4% |
| Lowest weekly close since February 2016 · 3 Apr 2020 | ₹66.95 | +196.0% |
| 52-week high (weekly close) · 10 Jul 2026 | ₹263.60 | −24.8% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹127.07 | +55.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (566 weekly closes from 26 February 2016 to 3 November 2026.)

## What is the latest news on Greaves Cotton? 3 Nov 2026: Greaves Cotton closed at ₹198.16, up 8.0% on the week and down 12.3% on the month. 29 Oct 2026: Greaves Cotton held its results call for July to September 2026. Management guided: Pricing actions continuing through rest of year with full company-wide benefit by January to March 2027. ### Earlier

- Results for July to September 2026: Revenue up 44.3% and profit down 600.0% on a year earlier. - 28 Jul 2026: ex-date for a dividend of ₹2 a share. - Our read, 19 Jul 2026: The core improvement is driven by Energy service integration and Mobility domestic and export mix. GEM is scaling with lower loss per unit, but no profitability timetable is disclosed. ### Our read of the business

The core improvement is driven by Energy service integration and Mobility domestic and export mix. GEM is scaling with lower loss per unit, but no profitability timetable is disclosed. January to March 2026: Revenue and operating profit improved, but net-profit conversion remained weak. (Our read after the January to March 2026 results, written 19 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What dividend does Greaves Cotton pay? Greaves Cotton paid ₹2 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 1.01% at the ₹198.16 close on 3 November 2026. The last was a dividend of ₹2 a share, ex-date 28 July 2026. ### Greaves Cotton dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 28 Jul 2026 | ₹2 | Dividend |
| 23 Jul 2025 | ₹2 | Dividend |
| 1 Aug 2024 | ₹2 | Dividend |
| 3 Aug 2023 | ₹0.90 | Dividend |
| 3 Aug 2022 | ₹0.20 | Dividend |
| 3 Aug 2021 | ₹0.20 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Greaves Cotton Ltd paid out 43% of its profit as dividends in FY26, and it paid a dividend in 9 of its last 13 reported years. 3 of those years show a negative figure because profit itself was negative. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Greaves Cotton management say on the latest results call? On the call for July to September 2026, held on 29 October 2026, Greaves Cotton's management guided: Pricing actions continuing through rest of year with full company-wide benefit by January to March 2027. > “Our EBITDA losses per unit in 2-wheeler have come down by 70% in Q2, from roughly 20,000 per unit to less than 6,200 rupees per unit, indicating a strong and quick path to profitability.”
> Vikas Singh, on the call for July to September 2026

### What management guided

- Second-half margin to exceed first-half. - Operating margin 13-15% over mid to long term. - Rare-earth-free motor to operate very soon with new two-wheeler introductions in January to March 2027. - Monthly capacity about 40,000 with about 40% utilization covering needs for next couple years at observed growth. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/429-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of Greaves Cotton? What is changing in the business? What is changing at Greaves Cotton, from the latest results and calls: core operating leverage, energy service integration and mobility and gem scaling. - Core operating leverage. Growth, mix and cost actions are supporting core operating profit. ⚠ estimate
- Mobility and GEM scaling. Diesel, export and GEM volume gains can improve mix if unit losses keep narrowing. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the January to March 2026 results, written 19 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Greaves Cotton story? What are the risks? The case improves if Energy and Mobility sustain growth, GEM losses narrow and operating cash flow covers capital spending without higher debt. It breaks if price pass-through fails, service growth fades, GEM losses persist or cash remains negative while borrowing rises. ### Each change stops working if

- Core operating leverage: Core margin contracts despite positive revenue growth and management cannot bridge input costs to pricing. - Energy service integration: Energy growth slows and aftermarket contribution does not persist ahead of the core business. - Mobility and GEM scaling: GEM loss per unit stops improving or Mobility loses its domestic and export supports. ### The main risks

- Debt-funded cash deterioration: The multi-year cash record is negative after capital spending while debt increased. ⚠ estimate
- Guidance and technology execution: Goals have narrowed and e-powertrain was impaired after earlier commercial commentary. ✓ fact

(Our read after the January to March 2026 results, written 19 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Greaves Cotton's next results? When Greaves Cotton reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Core margin print next quarter to show sequential improvement from pricing and cost actions - per recovery priority flagged. - What to check (from the call)
- Core margin print next quarter to show sequential improvement from pricing and cost actions - per recovery priority flagged. - Electric per-unit loss to narrow further on scale and feature-led premium - per trajectory commentary on current strategy. - In-house rare-earth-free motor to start operating in two-wheeler range - per deployment timeline flagged on call. - Follow-on Middle East genset orders after initial enhanced batch to confirm traction - per export capability build. ## Which stock lists is Greaves Cotton on? Greaves Cotton is not on any of our India lists this week. ## Is Greaves Cotton profitable? Greaves Cotton Ltd posted a net loss of ₹30.0 Cr in the Sep 2026 quarter. Full-year FY26 profit was ₹35.0 Cr. Over 10 years profit has grown −16.0% a year on average. That loss is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr. 3 of the last 12 reported quarters were loss-making. Sep 2026 profit was −₹30.0 Cr, −600.0% on a year earlier. Why profit moved: revenue changed +44.3% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed −171.4% and revenue +28.3%. Profit is growing slower than sales: rising costs are taking part of the growth. FY27-Q1. revenue ₹974 Cr and profit ₹6 Cr as reported. FY27-Q2. revenue ₹1,176 Cr and profit ₹-30 Cr as reported. Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters. ## How much revenue does Greaves Cotton make, and is it growing? Greaves Cotton Ltd reported ₹1,176 Cr of revenue in the Sep 2026 quarter, +44.3% on the same quarter a year earlier. That is the 8th quarter in a row with growth on the year before. Over 10 years it has grown 7.8% a year on average. The last full year, FY26, came in at ₹3,437 Cr. Why this happened. Mobility has domestic and export support, while GEM loss reduction has volume and dealer-productivity co-movers. Profitability remains unproven. The last four reported quarters add to ₹4,025 Cr. FY26 revenue was ₹3,437 Cr, +17.8% on the year before. Recent pace: the last four quarters grew +28.3% on average, against 7.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +28.4%, against +22.5% a year over the last 8 quarters (accelerating). FY27-Q1. revenue ₹974 Cr and profit ₹6 Cr as reported. FY27-Q2. revenue ₹1,176 Cr and profit ₹-30 Cr as reported. Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Greaves Cotton keep? Greaves Cotton Ltd's operating margin was 6.0% in the Sep 2026 quarter, about the same as the same quarter a year ago. Across 13 years it has been between 1.5% and 15.0%. The latest quarter is within that range. Why this happened. Revenue growth supports fixed-cost absorption, while Energy service and Mobility mix corroborate the operating mechanism. Commodity pass-through is the next test. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed −0.1 percentage points on the year while gross margin changed −6.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged. FY27-Q1. revenue ₹974 Cr and profit ₹6 Cr as reported. FY27-Q2. revenue ₹1,176 Cr and profit ₹-30 Cr as reported. Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters. ## Is Greaves Cotton's profit turning into cash? Over the last 3 years, 0% of Greaves Cotton Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹33.0 Cr of operating cash against ₹35.0 Cr of profit. After ₹159 Cr of spending on assets, free cash was −₹126 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 0% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 2.6× depreciation over three years. The next section checks what that spending is building. ## Where does Greaves Cotton's cash go? Greaves Cotton Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −6 days in FY26, up from −11 days in FY21. It spent ₹783 Cr on assets over the last 3 years. Customers take 37 days to pay, and stock sits for 50 days on average. At FY26 sales of ₹3,437 Cr, each day of that cycle ties up about ₹9.4 Cr, so roughly −₹56.0 Cr is tied up in the business at any time. FY26: customers took 37 days to pay and stock sat for 50 days, about 1.6 months of sales sitting as stock, for a full cycle of −6 days, longer than FY21's −11. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 50 days. Customers pay about 37 days after that. Suppliers are paid at 92 days. Together that makes the −6-day cycle. Spending on assets: ₹783 Cr over the last 3 years, against ₹296 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹64.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Greaves Cotton's P/E ratio, and how does it compare with its own history? Greaves Cotton Ltd's P/E is 51.2×, in the middle of its own history: higher than 62% of past readings. Its usual P/E (the middle reading) is 36.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹3.39. Why the multiple is where it is: over the past year earnings per share moved +83.3% while the price moved −13.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +7.9% a year; about +36.8% a year came from earnings growth and about −28.9 percentage points from the multiple (the market paying less); over 10 years the price moved +3.9% a year; about −5.3% a year came from earnings growth and about +9.2 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Greaves Cotton business getting better or worse? Greaves Cotton Ltd's business is giving mixed signals. Revenue growth is rising at +28.4% while eps growth is falling at −24.2%, so the lines disagree and each one tells part of the story. This is based on 12 quarters of 3 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Greaves Cotton story, and has it been checked? Greaves Cotton Ltd's story is not scored yet against the checks our research set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our read, 19 July 2026. What is proven. What is not proven yet. The case improves if Energy and Mobility sustain growth, GEM losses narrow and operating cash flow covers capex without higher debt. It breaks if price pass-through fails, service growth fades, GEM losses persist or cash remains negative while borrowing rises. What would change our mind. The case improves if Energy and Mobility sustain growth, GEM losses narrow and operating cash flow covers capex without higher debt. It breaks if price pass-through fails, service growth fades, GEM losses persist or cash remains negative while borrowing rises. The test written in advance. The case improves if Energy and Mobility sustain growth, GEM losses narrow and operating cash flow covers capex without higher debt. It breaks if price pass-through fails, service growth fades, GEM losses persist or cash remains negative while borrowing rises. Measured by: the thesis as written as stated by the next result. The test written in advance. Debt-funded cash deterioration. Measured by: Debt-funded cash deterioration Operating cash flow remains below capex while debt rises. by the next result. The test written in advance. What the company does. The core improvement is driven by Energy service integration and Mobility domestic and export mix. GEM is scaling with lower loss per unit, but no profitability timetable is disclosed. What the surface reading misses. The surface reading is: Annual revenue growth was accompanied by faster EBITDA growth. The research reads it further: Management attributes the gap to operating leverage, cost optimization and Mobility mix. Energy service and Mobility growth are the co-movers that must persist. What the surface reading misses. The surface reading is: Energy growth and service contribution support a broader earnings engine. The research reads it further: Aftermarket growth and the institutional order corroborate service integration. Recurring service contribution is the quality test. Lever 1 · Operating leverage: building. Growth, mix and cost actions are supporting core EBITDA. What proves it keeps working: Core operating leverage. It stops working if Core margin contracts despite positive revenue growth and management cannot bridge input costs to pricing. Lever 2 · Value-added mix: building. Diesel, export and GEM volume gains can improve mix if unit losses keep narrowing. What proves it keeps working: Mobility and GEM scaling. It stops working if GEM loss per unit stops improving or Mobility loses its domestic and export supports. Sources: our stock research file (19 July 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Greaves Cotton management deliver what it promised? What Greaves Cotton Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY27 Margin Guidance No Longer Explicitly Reaffirmed · 29 October 2026. May 2026 established a 13%-15% EBITDA margin objective, and Aug 2026 explicitly said management remained committed to that margin on a full-year FY27 basis. In Oct 2026, management described the same range only as a steady-state, mid- to long-term commitment rather than reaffirming FY27, which shifts the timing relevant to a FY27 model. Further Write-offs After Prior Completion Assertion · 29 October 2026. In Aug 2026, management said the portfolio write-off exercise was effectively complete and that any remaining items would have been recognized then. In Oct 2026, the company nevertheless reported another review-driven acceleration of amortization and impairment charges, creating a material earnings-quality question that management did not specifically explain beyond referring to a further review. GEML Break-even Timing Pulled Forward Without a Quantified Date · 29 October 2026. In Aug 2026, management put the electric mobility business on a possible 4-to-6-quarter path to positive territory. GEML Break-Even Timeline Extended · 29 September 2026. In Aug 2026, management indicated that GEML could move into positive territory within 4 to 6 quarters. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Greaves Cotton earn on its capital? Greaves Cotton Ltd earned a ROCE of 10% in FY26. That is up from a low of −1% in FY22. Its return on capital used (ROIC) is 14.4 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 1.0% net margin and 1.20× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 1.0% net margin × 1.20× asset turnover × 2.00× leverage (assets divided by equity) ≈ 2.4% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: −2.4% − 12.0% = −14.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The −2.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 3.3%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Greaves Cotton have too much debt? Greaves Cotton Ltd has total debt of ₹569 Cr against shareholder equity of ₹1,536 Cr as of Sep 2026, so its debt is 0.37× its equity. Year by year, that ratio went from 0.34 in FY22 to 0.26 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Greaves Cotton shareholding pattern? No group of Greaves Cotton Ltd's owners changed its stake by a full percentage point over the last two years. Domestic institutions moved +0.9 points over the same period, to 4.7%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +0.9 points over 8 quarters, to 1.9%; Domestic institutions: +0.9 points over 8 quarters, to 4.7%; Promoters: −0.1 points over 8 quarters, to 55.8%. ## How far is Greaves Cotton from balance-sheet trouble? For Greaves Cotton Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Greaves Cotton rank in its industry? 43.1 out of 100, rank 3 of 4 in Engines, with 80% of the evidence available. Greaves Cotton Ltd scores 43.1 out of 100 against the 4 companies it is compared with in Engines, ranking 3. Relative strength against the index is 12.1%, and revenue and profit growth are weak. The four parts add up to the total exactly: 16.2 + 2.9 + 10 + 14 = 43.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Greaves Cotton compared with? Greaves Cotton ranks 3 of 4 Engines companies on the 4-Factor Sector Score, with 43.1 out of 100. 1. [Swaraj Engines Ltd](https://www.sectoralpha.in/stocks/swaraj-engines-ltd) SWARAJENG · turning · Most evidence points up · 97% evidence 68.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/35 · Revenue 25.4% · Profit 20.9% · Operating margin change 0 points · 100% evidence Capital efficiency 20.4/25 · ROCE 58.4% · Operating margin 14% · 100% evidence Valuation 14.1/20 · P/E 19.3× · PEG 1.16 · 85% evidence Relative strength 7.5/20 · Lead over its industry -7.6% · Lead over NIFTY 500 -2.1% · 1 year -14.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 26.3 + 20.4 + 14.1 + 7.5 = 68.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Federal-Mogul Goetze (India) Ltd](https://www.sectoralpha.in/stocks/federal-mogul-goetze-indialtd) FMGOETZE · quiet · Evidence leans up · 60% evidence 50.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.2/35 · Revenue 8.8% · Profit 0% · Operating margin change -2 points · 83% evidence Capital efficiency 17.4/25 · ROCE 18.6% · Operating margin 13% · 76% evidence Valuation 13.2/20 · P/E 13.2× · PEG n/a · 35% evidence Relative strength 9.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.2% · 1 year -6.3% · 25% evidence · 3 of 12 weeks ahead Exact sum: 10.2 + 17.4 + 13.2 + 9.9 = 50.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 3. Greaves Cotton Ltd this page GREAVESCOT · quiet · Evidence leans down · 80% evidence 43.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue 28.4% · Profit -80% · Operating margin change 0 points · 100% evidence Capital efficiency 2.9/25 · ROCE 10.1% · Operating margin 6% · 100% evidence Valuation 10.0/20 · P/E 51.4× · PEG n/a · 0% evidence Relative strength 14.0/20 · Lead over its industry 7% · Lead over NIFTY 500 12.1% · 1 year -12.6% · 100% evidence · 5 of 12 weeks ahead Exact sum: 16.2 + 2.9 + 10 + 14 = 43.1 · What this means: Relative strength against the index is 12.1%, and revenue and profit growth are weak. 4. [Kirloskar Industries Ltd](https://www.sectoralpha.in/stocks/kirloskar-industries-ltd) KIRLOSIND · quiet · Evidence leans down · 78% evidence 41.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.6/35 · Revenue 3.7% · Profit -26% · Operating margin change -1 points · 88% evidence Capital efficiency 7.5/25 · ROCE 7% · Operating margin 12% · 100% evidence Valuation 15.1/20 · P/E 10.8× · PEG 0.2 · 85% evidence Relative strength 9.2/20 · Lead over its industry n/a · Lead over NIFTY 500 -1.6% · 1 year -17.3% · 25% evidence · 5 of 12 weeks ahead Exact sum: 9.6 + 7.5 + 15.1 + 9.2 = 41.4 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Engines](https://www.sectoralpha.in/sectors/engines), all 4 compared on one page. ## Which companies are close to Greaves Cotton in size? Greaves Cotton is the largest of 4 Engines companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Swaraj Engines, Kirloskar Industries and Federal-Mogul Goetze (India). ### Engines companies close in size

1. Greaves Cotton Ltd ₹4,645 crore
2. [Swaraj Engines Ltd](https://www.sectoralpha.in/stocks/swaraj-engines-ltd) ₹4,161 crore
3. [Kirloskar Industries Ltd](https://www.sectoralpha.in/stocks/kirloskar-industries-ltd) ₹3,307 crore
4. [Federal-Mogul Goetze (India) Ltd](https://www.sectoralpha.in/stocks/federal-mogul-goetze-indialtd) ₹2,396 crore

[All 4 Engines companies, largest first](https://www.sectoralpha.in/sectors/engines#all-companies)

### Companies close in size in other industries

1. [Arvind Fashions Ltd](https://www.sectoralpha.in/stocks/arvind-fashions-ltd) ₹4,676 crore · Textiles - Readymade Apparel
2. [Stylam Industries Ltd](https://www.sectoralpha.in/stocks/stylam-industries-ltd) ₹4,649 crore · Plywood Boards/Laminates
3. Greaves Cotton Ltd ₹4,645 crore
4. [Lumax Industries Ltd](https://www.sectoralpha.in/stocks/lumax-industries-ltd) ₹4,645 crore · Auto Ancillaries - Head lamps lights
5. [Artemis Medicare Services Ltd](https://www.sectoralpha.in/stocks/artemis-medicare-services-ltd) ₹4,642 crore · Hospitals

## What else do people ask about Greaves Cotton? ### What is Greaves Cotton's share price today? Greaves Cotton Ltd's share price is ₹198.16, −13.1% over the past year. The whole company is worth ₹4,625 Cr on the market. In the last 52 weeks it traded between ₹127 to ₹264; today it is 52% of the way up from the low, 0.8% above its 200-day average (as of 3 November 2026). ### What were Greaves Cotton's latest quarterly results? Greaves Cotton Ltd reported revenue of ₹1,176 Cr and a net loss of ₹30.0 Cr for the Sep 2026 quarter. Revenue rose 44.3% and profit fell 600.0% compared with a year earlier. The operating margin was 6.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Greaves Cotton's market cap? Greaves Cotton Ltd's market capitalisation is ₹4,625 Cr at a share price of ₹198.16. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Greaves Cotton performing? Greaves Cotton Ltd's share price has been rising for 18 weeks. In its latest quarter, revenue rose 44.3% and profit fell 600.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running (as of 3 November 2026). ### Will Greaves Cotton's share price go up? This page does not forecast Greaves Cotton Ltd's share price. What it shows instead: the share price is ₹198.16, and it has been rising for 18 weeks. Its P/E of 51.2× is higher than 62% of its own last 11 years (as of 3 November 2026). ### Who owns Greaves Cotton? Promoters own 55.8% of Greaves Cotton Ltd, foreign institutions 1.9%, domestic institutions 4.7% and the public 37.6% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 3 November 2026). ### Does Greaves Cotton have too much debt? No, Greaves Cotton Ltd has little debt: its debt is 0.28× its equity, and its operating profit is 9 times its interest bill. FY26 borrowings were ₹394 Cr against equity of ₹1,431 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Greaves Cotton in its business cycle? Greaves Cotton Ltd's FY26 operating margin was 7.0%, against a 13-year range of 1.5% to 15.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 6.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Greaves Cotton story? The main question: profits are rising, but only 0% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Greaves Cotton a stock worth studying right now? What the numbers show: Greaves Cotton Ltd's earnings have grown faster than its share price. Earnings per share grew +83.3% in a year while the price moved −13.1%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Greaves Cotton share price forecast for 2026? What management itself guided: Pricing actions continuing through rest of year with full company-wide benefit by January to March 2027. What is changing at Greaves Cotton, from the latest results and calls: core operating leverage, energy service integration and mobility and gem scaling. What would change the story: The case improves if Energy and Mobility sustain growth, GEM losses narrow and operating cash flow covers capital spending without higher debt. It breaks if price pass-through fails, service growth fades, GEM losses persist or cash remains negative while borrowing rises. This is research, not advice. We’re not SEBI-registered.