Slides
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Investor Presentation Q2 FY27
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Table of CONTENTS 1. Company at a Glance 2. Business Performance a. Consolidated b. Core businesses c. Investee businesses 3. Annexures a. Financial backups b. Greaves.Next Strategy 2
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Legacy, Reinvented 165 Years of Engineering. Now Powering India’s Energy & Mobility Future We have evolved primarily from being a pioneer in To a Trusted, Innovative Future-Ready, Engineering Solutions Company Single Product, Single Fuel Company 3 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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With long-standing global OEM relationships, international business remains a core growth engine, contributing a double-digit share across GCL and Excel and supported by a strong presence in diversified global markets. 13% INTERNATIONAL BUSINESS REVENUE* *H1FY27 Greaves: Leveraging Global Partnerships An Indian Company Transitioning its Presence to a Global Footprint STRONG AND GROWING RELATIONSHIPS WITH MARQUEE OEMS GROWING DISTRIBUTION NETWORK PRESENCE IN DIVERSIFIED GLOBAL MARKETS 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy 4
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5 About our Company India’s Best Workplace in Auto & Auto Compo SBDO Global Supplier Quality Award Source:: GPTW Manufacturing & Distribution Footprint 20,000+ Mechanic Network 8 Regional Offices 7,000+ Retail Network 9 Manufacturing Clusters Greaves for India Empowering Lives Across Every Mile of India’s Energy & Mobility Journey Recognition Highly Skilled Workforce Decades of expertise across engineering business Core Values • Transparency • Integrity • Responsibility • Passion for Excellence Respect Founded in 1859, One of India’s oldest engineering companies with deep brand trust and industry heritage Transforming into a Future-Ready Mobility & Engineering Leader Headquartered – Mumbai 55% with 5+ Years of Experience 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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6 Built on Legacy. Driving India Forward 1859 1939 1947 1976 2005 2006 2019 2023 2024 2025 Founded by James Greaves; later strengthened by George Cotton, forming Greaves Cotton & Company. Entered a joint venture with Ruston & Hornsby (UK) to manufacture diesel engines in India. Became an Indian company under industrialist Lala Karam Chand Thapar. Partnered with Lombardini Motori to set up a light diesel engine unit in Chhatrapati Sambhajinagar (CSN). Launched eco-friendly light diesel engines compliant with BS-II norms. Inaugurated the R&D Technology Centre in CSN. Acquired Ampere Vehicles expanding presence in last- mile e-Mobility space, subsequently renamed to Greaves Electric Mobility Ltd. Acquired Excel Controlinkage, marking strategic expansion into advanced motion-control solutions. Launched CPCB IV+ gensets and inaugurated an automated motor and controller conveyor line at the Shendra plant, operated 100% by women workforce. Launched G499W Euro V+ diesel engine for 4W microcar for Ligier. Ampere Nexus won Electric Scooter of the Year. 1998 Partnered with Piaggio Group for India business TRUSTED FUTURE-READY INNOVATIVE A Journey of Growth Since 1859 Engineering Solutions Company 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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7 Legacy backed by strong governance – Over 165 years of expertise in engineering and product development Built on strong governance practices, including transparency, accountability, and ethical conduct. Complete Engineering Solutions Provider– Providing adaptable & sustainable engine platforms across fuel types. Integrated Mobility Ecosystem – Building synergies across Engineering + EV manufacturing + Retail + Finance + Tech Services. Growing Focus on International Business – Expanding global footprint with increasing contribution from international markets- led by Excel and GCL businesses. Partner of Choice – Strong and growing marquee OEM relationships, anchored in reliability, long-term collaboration, and execution excellence. Wide Distribution Footprint – Strong pan-India presence supported by extensive dealer, retail, and aftermarket networks. What Defines our Uniqueness How Greaves is Different 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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8 Growth with Responsibility RANIPET FACILITY CSN FACILITY • Commitment towards environmental sustainability is reflected across all aspects of Greaves’ operations — from manufacturing processes to technological advancements — and is validated through ISO 14001:2015 certification. • Advancing the ‘Go Green’ journey, solar rooftop plants across locations collectively generate over 4 million units of clean energy annually, with zero liquid discharge. • Strengthened sustainable manufacturing practices through energy efficiency, water recycling, waste reduction and eco-friendly packaging, minimising environmental impact. • Expanded green cover through tree plantation initiatives, supporting carbon sequestration and biodiversity. • Recognized as the Best Governed Company (Listed Segment – Emerging Category) at the 25th ICSI National Awards for Excellence in Corporate Governance. GOVERNANCE - AWARD ESG at the Core 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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Business performance At a glance 9
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10 Long term initiatives Capital allocation towards future growth opportunities: • Fully subscribed to the ₹331 Cr rights issue of GEML in July 2026. • Completed the 100% acquisition of Excel Controlinkage for ₹113 Cr, expanding Greaves’ engineered-components platform New Product development / launches: • Greaves Electric Mobility launched Ampere Nexus EX+ and Magnus G- Max featuring with tech-enabled Intellipack connectivity suite • Launched industry’s highest-capacity 750 hp Fire Fighting Engine, reinforcing Greaves’ leadership in critical power and infrastructure applications. • Unveiled 160cc Greaves-developed Gasoline engine • Advanced next-generation product development through the launch of the larger G470A engine platform Greaves’ CSN Plants: Recognized for the 3rd consecutive time by the National Safety Council (Maharashtra Chapter) for excellence in safety 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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11 Q2 & H1 FY27 Business Update GEML – E2W and L5 Vahan registrations up 114% and 74% YoY in Q2FY27 E2W market share increases to 4.8% in H1FY27 compared to 4.1% in H1FY26, with established pockets of market leadership in highly challenging markets (Top 2 player in Bihar & Tamil Nadu) GEML Consolidated revenue grew 106% YoY in Q2FY27 (103% YOY in H1FY27) GCL Consolidated revenue grew 44% YoY in Q2FY27 (38% YOY in H1FY27), with strong growth across both Core and Investee businesses Core businesses grew 24% YoY in Q2FY27 (20% YOY in H1FY27), driven by favourable demand, strong execution and operational efficiencies Core – Energy Solutions grew 36% YoY in Q2FY27 (28% YOY in H1FY27) Core businesses margins have remained under pressure during the quarter due to continued commodity and input cost pressures GEML undertook portfolio rationalization resulting in one-off exceptional expenses/amortization 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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Greaves Cotton – Business Structure ENERGY SOLUTIONS INDUSTRIAL SOLUTIONS GREAVES ELECTRIC MOBILITY LTD GREAVES FINANCE LTD MOBILITY SOLUTIONS Core Businesses Investee Businesses Please refer to Annexure slides for corresponding Revenue breakdown for this Business structure 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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Partner in India’s growth by providing reliable generator solutions, ensuring dependable backup and prime power • Gensets • After Sales & Service Anchored in core engineering strengths, focused on scalable and adjacent growth opportunities • Automotive Engines & E-powertrain • Aftermarket Retail • Engineered Components (Excel/ECPL) • ER&D Services (GTL) Wide range of engines powering a various customer applications ENERGY SOLUTIONS INDUSTRIAL SOLUTIONSMOBILITY SOLUTIONS Core Business – 3 Focus Areas • Large engines (Fire pumps, marine) • Small engines (Agriculture, marine, construction) 13 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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14 Performance Highlights • Focus on MHP (160 to 750 kVA) continues; sub-segment grew faster than portfolio • Strengthening export-market presence with the completion of the first batch of enhanced gensets for a key Middle East market • Focus on offering better predictive maintenance and connected- service capabilities by enabling Remote Monitoring Unit across Greaves’s 10 to 2000 kVA range Partner in India’s Industrial and Infrastructure growth Energy Solutions 30% Revenue (% of total)* * Q2FY27 figures Q2 FY27 ₹ 229 Cr (YoY) 36% H1 FY27 ₹ 432 Cr (YoY) 28% 171 230 H1FY26 H1FY27 MHP segment (160 to 750 kVA) +35% 67 77 H1FY26 H1FY27 Aftermarket +15% Revenue Growth Across Key Segments 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy Figures in ₹ Cr Note: Decimals have been rounded off.
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15 Performance Highlights Auto: • Delivered 37% YoY growth in Q2 FY27 supported by robust domestic demand and stable export sales • Launched bigger G470A diesel engine Retail: • Stable performance during the quarter • Focused on strengthening core offerings and improving customer and channel engagement. Engineered Components: • Registered 30% YoY growth in Q2 FY27 • Secured new orders from Tata Motors for their international business Q2 FY27 ₹ 463 Cr (YoY) 23% H1 FY27 ₹ 890 Cr (YoY) 22% 111 106 H1FY26 H1FY27 Exports -4% 60% Revenue (% of total)* * Q2 FY27 figures Anchored in Core Engineering Strengths, Focused on Scalable and Adjacent Growth Opportunities Mobility Solutions 42% 58% 3W Diesel OEM Non 3W Diesel OEM Revenue Mix for H1: 3W vs Non 3W Exports (₹ Cr) 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy Figures in ₹ Cr Note: Decimals have been rounded off.
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16 10% Revenue (% of total)* * Q2 FY27 figures Performance Highlights • Advanced portfolio expansion with the launch of a 750 HP firefighting engine and unveiling of 160 cc gasoline engine prototype • Expanded customer base with 5 new major OEM additions in the Agri sector Capability Across Wide Range of Customer Applications and Engine Sizes Industrial Solutions Q2 FY27 Revenue ₹ 77 Cr (YoY) -2% (YoY) 9%^ H1 FY27 Revenue ₹ 157 Cr (YoY) -5% (YoY) 9%^ ^post portfolio rationalization 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy Figures in ₹ Cr Note: Decimals have been rounded off.
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Quarterly Core Businesses – Q2 & H1 FY27 Business performance 78 77 375 463 168 229 Q2FY26 Q2FY27 Energy Solutions Mobility Solutions Industrial Solutions 621 768 +24% 92 88 0 5 10 15 20 0 20 40 60 80 100 14.8% Q2FY26 11.5% Q2FY27 Ebitda margin EBITDA (LHS) 17 Revenues Figures in ₹ Cr EBITDA and margin Resilience, Recovery, Results Half yearly 1 Company at a Glance 2A 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy 166 157 731 890 336 432 H1FY26 H1FY27 Energy Solutions Mobility Solutions Industrial Solutions 1,233 1,478 +20% 184 178 0 5 10 15 20 0 50 100 150 200 14.9% H1FY26 12.0% H1FY27 Note: Decimals have been rounded off.
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18 Our Investee Cos – Complete EV ecosystem Brand-agnostic EV lending platform, powered by digitised and robust underwriting engine. • E2W financing • Beyond lending (insurance, RSA, extended warranty, and growing) Greaves Finance Ltd The electric mobility arm of Greaves, stands among the E-Mobility space, designing and manufacturing electric vehicles for over 18 years • Electric Two-Wheelers (Among Top 6 Players in India) • Three-Wheelers Greaves Electric Mobility Ltd 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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GEML Product Portfolio - Built For Bharat A broadening EV portfolio, backed by demonstrated product capability E2W Portfolio 3W Portfolio Nexus Magnus Reo L5 Passenger L5 Cargo Product Validation MAGNUS G-MAX, FAMILY SCOOTER OF THE YEAR 2026 May, 2026 The Ampere Magnus G-Max was awarded family scooter of the year at the Times Drive Auto Summit and Awards 2026, recognised for its 142 km IDC range, LFP battery, and practical design built for Indian households. MAGNUS GRAND, ELECTRIC SCOOTER OF THE YEAR 2026 April, 2026 Ampere’s Magnus Grand, A stylish and durable model in India’s City-Speed family scooter segment, was awarded the Electric Scooter of the Year 2026, by the Bike India awards. FIRST EV TO SCALE KOLLI HILLS, ASIA BOOK OF RECORDS February, 2026 Ampere Nexus took just 22 minutes to conquer Kolli hills, one of South India’s most challenging mountain routes, through A total of 70 hairpin bends, becoming the first-ever EV to do so. 8 National Records 1 International Record 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance - GEML 3A Financial backups 3B Greaves.Next strategy
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20 Manufacturing Footprint Adequate capacity headroom to support mid-term volume ramp-up E2W Manufacturing facility at Ranipet, Tamil Nadu 4,80,000 units Annual Manufacturing Capacity 3W Manufacturing facility at Toopran, Telangana 18,000 units Annual Manufacturing Capacity 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C 3A Financial backups 3B Greaves.Next strategy Investee business performance - GEML
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New Product Introductions: Nexus EX+ and Magnus G-Max Strengthening the E2W portfolio with Ampere’s tech-enabled “Intellipack” connectivity suite Nexus EX+ Magnus G-Max Introduced upgraded Nexus in 2 variants: Nexus EX+ @ ₹129,999 | Nexus EX+ with Intellipack Connectivity @ ₹135,999 • Real-time charging status & Charging history • Live tracking • Geo-fencing • Find My Scooter • Turn-by-turn navigation Upgrades on Nexus • More powerful 5kW motor • IP-65 Rated water-resistant charger • Peak wheel torque of 202 Nm, • Acceleration (0-40kmph) in 4.5 seconds Upgraded G-Max with Intellipack Connectivity @ ₹109,999 30+ Connected features through the Ampere connect App • Remote vehicle diagnostics • Trip reports • Ride statistics • Energy insights, battery health score • Service bookings 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C 3A Financial backups 3B Greaves.Next strategy Investee business performance - GEML
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Magnus G-Max: Embarks on an Ultimate Endurance Ride Validating the superior Durability, Reliability and Tech superiority of the upgraded G-Max through a 15-day ride from Dong Valley (Arunachal Pradesh) to Guhar Moti (Gujarat), covering 4,000+ KMs in the journey Campaign has garnered over 3 Mn views on Social Media Gujarat Arunachal Pradesh 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C 3A Financial backups 3B Greaves.Next strategy Investee business performance - GEML
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▪ Developed and patented a rare-earth free motor architecture for EVs, aimed at reducing dependence on critical minerals ▪ Designed by GEML’s Inhouse R&D Team ▪ New Motor architecture delivers torque, power and efficiency on par with conventional rare-earth motors and offers higher thermal stability ▪ Innovation marks a significant step towards a more resilient, sustainable and self- reliant EV ecosystem ▪ Deployment to commence with the E-2W portfolio, with our new product launches in Q4 FY27 Patented in-house motor improving BOM control and reducing rare-earth dependence 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance - GEML 3A Financial backups 3B Greaves.Next strategy
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Highest ever quarterly volumes till date for both businesses in Q2 FY27 17,591 37,649 Q2 FY26 Q2 FY27 E2W Volumes 1,742 2,796 Q2 FY26 Q2 FY27 L5 3W Volumes +114% +61% • 62,944 units sold in H1 FY27 (+116% YoY) • Top 6 E2W OEM with peak market share of 5.6% in Jun’26 • #1 ranked OEM in Bihar & #2 ranked OEM in Tamil Nadu, for Q2 FY27 • Expanded presence in Nepal market, with 10 touchpoints opened; plans for entry into Sri Lanka in Q3 FY27 Key Business Highlights • 4,994 units sold in H1 FY27 (+65% YoY) • 4.2% market share in L5 Diesel segment for Q2 FY27, leveraging the brand equity of ‘Greaves’ o Strong presence in Southern states, with 10% combined Diesel share in TN, KL & KA for Q2 FY27 • Ongoing investments into strengthening the L5 EV portfolio, with new variant and model launches planned in the upcoming quarters YoY Business Growth Note: All market share figures as per VAHAN 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C 3A Financial backups 3B Greaves.Next strategy Investee business performance - GEML
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All new showrooms opened with revamped Brand Guidelines Focus on delivering superior in- store + post-purchase aftersales experience ~20 new branches opened by existing E2W dealers in H1 FY27, reinforcing the trust in the Brand 10 dealers (3W) have opened E2W dealerships in H1 FY27 : Leveraging synergies across E2W & 3W Superior customer experience across every touchpoint 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C 3A Financial backups 3B Greaves.Next strategy Investee business performance - GEML
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Ampere has been steadily and consistently increasing volumes and market share over last 2 years 17.0 25.2 26.0 36.7 53.7 3.1% 3.7% 4.1% 4.4% 4.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 H1 FY25 H2 FY25 H1 FY26 H2 FY26 H1 FY27 GEML Volumes (‘000) and Market Share VAHAN Registrations (in '000s) Market Share (%) +107% YoY +46% YoY +53% YoY Strengthened Network key to volume growth Alternate channels : Play key role in GEML’s rapid growth 1 B2B / Fleet: Building a strong presence in fleet segments through reliable products and robust after-sales support, enabling superior uptime and ownership experience. • 20K+ Ampere fleet running for a food service major 2 E-Commerce: Strengthening our presence and brand visibility across digital platforms as E-Commerce emerges as an increasingly important channel for E2W purchases • 167% YoY growth in retails through E-Commerce channels; contributes to ~13% share of GEML retails Note: GEML has 600+ touchpoints which include Dealerships, Branches and Sub-Dealers GEML Registration Volumes & Market share as per VAHAN Peak of 5.6% Market share in June’263X Volume growth in 24 Months 320 418 Q2 FY26 Q2 FY27 Dealer Count +31% YoY 18 25 Q2 FY26 Q2 FY27 Dealer Throughput +39% YoY 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C 3A Financial backups 3B Greaves.Next strategy Investee business performance - GEML
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TIV: Total Industry Volumes All VAHAN volumes and Market Share are for H1 FY27 Market Share % North + West South + East Market Share in States contributing to 50%+ of the TIV South + East ~7% Market Share in States contributing to ~50% of the TIV North + West ~3% Focus Area: Ramp-up in Urban Markets (Extraction from existing dealers) Focus Area: Deepen Network Penetration (Expansion to new markets) Strong market positions in most competitive EV markets • Top 3 Ranked OEM in 300+ RTOs (~34% of RTOs Served) • Top 4 Ranked OEM in 5 States/ UTs (~14% of TIV) • 12%+ market share in 5 states, which contribute to ~23% of TIV Established Market Leadership in certain pockets of the country Top 2 Ranked OEM in Bihar & TN (~13.5% of TIV) 12%+ MS Tamil Nadu, Bihar, Odisha, West Bengal, Jharkhand, 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C 3A Financial backups 3B Greaves.Next strategy <2% 2-4% 4-6% >6% NA Investee business performance - GEML
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Business scale reflecting in strong financial performances Revenue growth of 106% YoY in Q2 FY27, driven by both E2W & L5 3W momentum, with underlying unit economics supporting the path to profitability 150 35049 60 Q2 FY26 Q2 FY27 Revenue (INR Cr.) E2W 3W -42 -24 Q2 FY26 Q2 FY27 EBITDA (INR Cr.) GEML Consolidated 199 410+106% 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy 85,100 93,100 Q2 FY26 Q2 FY27 Net Revenue per Unit (₹) -20,000 -6,300 Q2 FY26 Q2 FY27 EBITDA per Unit (₹) -23.5% -6.8% Q2 FY26 Q2 FY27 EBITDA (%) +9% +69% E2W Business +1670 bps +43% Note: Decimals have been rounded off. # GEML Consolidated= GEML Standalone + MLR + BAPL – IC Eliminations GEML Cons.
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29 Investee Business - GFL Providing Tech Enabled Smart Financial Solutions for EV Owners • Managed AUM increased 65% YoY to INR 630 Cr in Q2 FY27 • Expanded OEM financing footprint to 11 OEMs, with increased financing of Ampere assets and launch of a step-up EMI programme for the festive season. • Launched E3W L5 leasing product in Sep-26 • Raised INR 110 Cr of debt during Q2 FY27 for business growth OUR PRODUCTS Apply online in minutes- No norms, fully digital. Note: Included in GCL Consolidated financials Performance Highlights 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance - GFL 3A Financial backups 3B Greaves.Next strategy
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Disclaimers 30 This presentation may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Greaves Cotton Limited and its subsidiaries/ associates ("Greaves"). These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Indian Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the related industries, increasing competition in and the conditions of the related industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Greaves, nor our directors, or any of our subsidiaries/associates assume any obligation to update any forward-looking statement contained in this release. Greaves.Next reflects the Company’s current strategic vision and growth priorities across its core and emerging businesses. Any references in this presentation/document to projected revenues, EBITDA margins, growth trajectories, operational targets, strategic initiatives, or future performance are based on management’s current assumptions, internal estimates, forecasts and expectations. Such statements constitute forward-looking statements and are inherently subject to significant risks, uncertainties, market dynamics, regulatory developments, execution challenges and other factors, many of which are beyond the Company’s control, that may cause actual results, performance or outcomes to differ materially from those expressed or implied herein. No representation, warranty or assurance is made as to the accuracy, completeness or achievability of such projections or forecasts, and undue reliance should not be placed on them. The Company undertakes no obligation to publicly update, revise or reaffirm any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.
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Thank You Greaves Cotton Investor Relations investorservices@greavescotton.com Adfactors PR Mohit Upadhyay mohit.upadhyay@adfactorspr.com 31
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Annexures 32
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33 Financial snapshot (Business performance) Figures in ₹ Cr Core Businesses * Q2FY27 Q2FY26 Y-o-Y growth (%) H1FY27 H1FY26 Y-o-Y growth (%) Income from Operations 768 621 24% 1478 1233 20% RMC (%) 68.9% 64.4% 67.8% 63.9% EBITDA 88 92 -4% 178 184 -4% Margin (%) 11.5% 14.8% 12.0% 14.9% Business PBT ^ 76 87 -12% 160 179 -11 % Margin (%) 9.9% 13.9% 10.9% 14.5% ^ Business PBT attributable to business before impact of any exceptional or one-off items Kindly refer to slide 34 and 35 for exceptional and one-off items , change op PBT to PBT Show Reported PBT in next slide, show for clarity in the same three tables $ GCL Consolidated = Core Businesses + GEML Consolidated + GFL – IC Eliminations * Core Businesses = GCL Standalone + GTL + ECPL # GEML Consolidated= GEML Standalone + MLR + BAPL – IC Eliminations GCL Consolidated $ Q2FY27 Q2FY26 Y-o-Y growth (%) H1FY27 H1FY26 Y-o-Y growth (%) Income from Operations 1176 815 44% 2150 1561 38% RMC (%) 72.5% 66.2% 70.9% 65.6% EBITDA 73 51 43% 130 108 20% Margin (%) 6.2% 6.3% 6.0% 6.9% Business PBT ^ 44 31 44% 71 74 -3% Margin (%) 3.8% 3.8% 3.3% 4.7% GEML Consolidated # Q2FY27 Q2FY26 Y-o-Y growth (%) H1FY27 H1FY26 Y-o-Y growth (%) Income from Operations 410 199 106% 680 336 103% RMC (%) 86.0% 82.6% 85.7% 84.1% EBITDA (24) (42) 43% improvement (63) (78) 18% improvement Margin (%) -5.8% -21.2% -9.3% -23.1% Business PBT ^ (29) (55) 47% improvement (83) (100) 16% improvement Margin (%) -7.1% -27.5% -12.3% -29.7% 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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34 Exceptional items incurred during Q2FY27 ▪ IPO related expenses: 12.7 Cr ▪ Basis BAPL’s revised business plan and operating outlook, impairment loss towards ▪ Goodwill: ₹17.6 Cr ▪ ‘ELE’ brand: ₹ 2.5 Cr Other Exceptional items: ₹ 32.8 Cr ▪ Brand value of 3W ‘Teja’ brand, upon decision to discontinue the brand: ₹19.6 Cr ▪ Value of tools used in manufacturing of discontinued 2W vehicles: ₹7.6 Cr Accelerated Depreciation & Amortization: ₹ 27.3 Cr ₹ 60.1 Cr 2A 2B 2C 3A 3B1 Company at a Glance Consolidated performance Core business performance Investee business performance Financial backups Greaves.Next strategy3A Note: Decimals have been rounded off.
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35 Financial snapshot (post Exceptional items) Figures in ₹ Cr ^ Business PBT attributable to business before impact of any exceptional or one-off items GCL Consolidated $ Q2FY27 Q2FY26 H1FY27 H1FY26 Business PBT ^ 44 31 71 74 Less accelerated amortization (27) 0 (27) 0 Less Exceptional items (33) (4) (33) (4) PBT (16) 27 11 70 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy Core Businesses * Q2FY27 Q2FY26 H1FY27 H1FY26 Business PBT ^ 76 87 160 179 Less accelerated amortization 0 0 0 0 Less Exceptional items (2) (4) (2) (4) PBT 74 83 159 175 GEML Consolidated # Q2FY27 Q2FY26 H1FY27 H1FY26 Business PBT ^ (29) (54) (83) (100) Less accelerated amortization (27) 0 (27) 0 Less Exceptional items (31) 0 (31) 0 PBT (87) (54) (141) (100) $ GCL Consolidated = Core Businesses + GEML Consolidated + GFL – IC Eliminations * Core Businesses = GCL Standalone + GTL + ECPL # GEML Consolidated= GEML Standalone + MLR + BAPL – IC Eliminations
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36 Financial snapshot (reported numbers) GCL Consolidated Q2FY27 Q2FY26 Y-o-Y growth (%) H1FY27 H1FY26 Y-o-Y growth (%) Income from Operations 1176 815 44% 2150 1561 38% RMC (%) 72.5% 66.2% 70.9% 65.6% EBITDA 73 51 43% 130 108 20% Margin (%) 6.2% 6.3% 6.0% 6.9% PBT (16) 27 -160% 11 70 -84% Margin (%) -1.4% 3.3% 0.5% 4.5% Figures in ₹ Cr` GCL Standalone Q2FY27 Q2FY26 Y-o-Y growth (%) H1FY27 H1FY26 Y-o-Y growth (%) Income from Operations 682 552 24% 1312 1092 20% RMC (%) 70.9% 65.8% 69.8% 65.3% EBITDA 69 78 -11% 140 154 -9% Margin (%) 10.1% 14.2% 10.7% 14.1% PBT 56 72 -22% 123 148 -17% Margin (%) 8.2% 13.0% 9.4% 13.5% 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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37 Revenue reconciliation Sr. No. Business / Entity Q2 FY27 H1 FY27 A Core Businesses 1 Energy Solutions (forming part of Greaves Cotton Ltd / GCL Standalone) 229 432 2a Mobility Solutions (forming part of GCL Standalone) 377 723 2b Mobility Solutions (Excel Controlinkage Pvt Ltd / ECPL) 74 142 2c Mobility Solutions (Greaves Technologies Ltd / GTL) 12 25 2 Mobility Solutions Total ( 2a+2b+2c) 463 890 3 Industrial Solutions (forming part of GCL Standalone) 77 157 A Core Business Total (1+2+3) 768 1478 GCL Standalone (1+2a+3) 682 1312 B Investee Businesses 4a GEML Standalone 350 573 4b MLR Auto 59 104 4c Bestway Agencies Pvt Ltd (BAPL) 1 3 4 GEML Consolidated (4a+4b+4c) 410 680 5 GFL 18 32 GCL Consolidated ^ 1176 2150 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy ^ Post knocking-off Inter-Company Eliminations Note: Decimals have been rounded off. Figures in ₹ Cr
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38 Balance Sheet GCL - Consolidated Particulars 30-Sep-25 30-Sep-26 Particulars 30-Sep-25 30-Sep-26 Shareholder's Equity 1376 1366 Fixed Assets & Intangibles 909 875 Non Controlling Interest 123 171 Borrowings 142 513 Inventory & Trade Receivables 696 872 Trade Payables 454 690 Other Non Current Assets 196 561 Other Non Current Liabilities 118 163 Other Current Assets 315 281 Other Current Liabilities 305 294 Cash and Cash equivalents^ 401 606 Total Liabilities & Equity 2517 3195 Total Assets 2517 3195 GCL - Standalone Particulars 30-Sep-25 30-Sep-26 Particulars 30-Sep-25 30-Sep-26 Shareholder's Equity 1522 1669 Fixed Assets & Intangibles 319 359 Loans and investment in Subs. 825 1231 Borrowings 0 40 Inventory & Trade Receivables 528 621 Trade Payables 303 429 Other Non Current Assets 107 89 Other Non Current Liabilities 66 122 Other Current Assets 60 56 Other Current Liabilities 133 103 Cash and Cash equivalents^ 187 8 Total Liabilities & Equity 2025 2363 Total Assets 2025 2363 Figures in ₹ Cr 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy ^ includes Mutual Funds Investments Note: Decimals have been rounded off.
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So are New Expectations RISE OF EVS Quick Commerce & Public Transport INCREASING DEMAND FOR RELIABLE POWER SOLUTIONS due to Industrialization and housing projects Capital goods sector, core to Greaves’ business, CONTRIBUTES ~1.9% OF GDP, UNDERSCORING ITS STRATEGIC IMPORTANCE Aligned with India’s new expectations for SUSTAINABILITY AND ADVANCED MOBILITY STRINGENT EMISSION AND FUEL REGULATIONS like BS VII VIKSIT BHARAT VISION SPOTLIGHTS INFRASTRUCTURE AND ECONOMIC GROWTH MARKET LED EVOLUTION OF THE PRODUCT PORTFOLIO including hydrogen engines Policy-led government push boosting infrastructure EVOLVING MARKET TRANSLATING TO INCREASED OPPORTUNITIES A New India is Emerging 39 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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Positioned as a Trusted, Future-Ready, Innovative Engineering Solutions Company Our Response – GREAVES.NEXT 40 Build new muscle via new products, capabilities and geographies EXPAND INTO NEW HORIZONS BUILD NEW MUSCLE ON TO THE CORE Expand into new segments guided by megatrends and leveraging our core strengths Sustain growth in existing business segments via current product portfolio ACCELERATE THE CORE Note: This slide is to be read in conjunction with the Disclaimers slide 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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Multi Year Transformation across Key Focus Areas 41 • Strengthen leadership depth • Accelerate digital enablement and performance visibility • Embed operational excellence and superior R&D across the Group • Strengthen operational agility & capability development to enable long-term resilience • Advance innovation to develop energy-efficient, low-emission & sustainable products Organizational Enablement Future Readiness • Deepen OEM collaborations by leveraging manufacturing muscle Breakout growth in ENERGY SOLUTIONS • Pivot from product company to solutions provider Strengthen MOBILITY SOLUTIONS OFFERING • Expansion of product platforms into adjacencies for Engineered Components • Shape alternative fuel powertrain ecosystem • Strengthen distribution • Focus on customer life-time value Enhance INDUSTRIAL SOLUTIONS GROWTH • Build new, compact platforms for new applications • Strengthen OEM tie-ups & dealer networks • Sustain leadership in critical firefighting applications Focus on growing International business Note: This slide is to be read in conjunction with the Disclaimers slide 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy
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The Next Phase of Transformation 16 - 20 CAGR % 13 - 15% Organic Growth Engine ₹ 500 – 700 Cr Prudent Investment Plan Making structural shifts to build new muscle and focused push on multiple growth vectors Expanding Beyond India with a focus on increasing International Business Share Enhance market- orientation and drive growth by strengthening OEM partnerships Increasing Energy Solutions share to make it a dominant part of portfolio Advancing excellence in product quality and technology EBITDA margins Way Ahead Focused on sustained organic growth, complemented by selective inorganic opportunities Priority on execution discipline, portfolio mix optimization and capital efficiency Investing in product development, capability improvement, automation, and modernization 42 Note: This slide is to be read in conjunction with the Disclaimers slide 1 Company at a Glance 2A Consolidated performance 2B Core business performance 2C Investee business performance 3A Financial backups 3B Greaves.Next strategy