Interim report
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Greaves Cotton Limited Email ID: investorservices@greavescotton.com I Website: www.greavescotton.com Registered Office: J-2, MIDC Industrial Area, Chikalthana, Chhatrapati Sambhajinagar - 431 006, Maharashtra, India. Tel.: (+91 240) 2479250, 2479232 Corporate Office: Unit Nos. 301 & 302, 3rd Floor, Tower B, Peninsula Business Park, Ganpatrao Kadam Marg, Off Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, India. Tel: +91 22 41711700 I CIN: L99999MH1922PLC000987 29th October, 2026 To The Manager - Listing The Manager – Listing BSE Limited National Stock Exchange of India Limited BSE Code - 501455 NSE Code – GREAVESCOT Dear Sir/Madam, Sub: Unaudited financial results for the quarter and half year ended 30th September, 2026. Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we hereby inform that the Board of Directors of Greaves Cotton Limited (“the Company”) at its meeting held today i.e., 29th October, 2026, inter-alia considered and approved the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended 30th September, 2026, (“Financial Results”) as reviewed and recommended by the Audit Committee. A copy of the said Financial Results together with Limited Review Report issued by the Statutory Auditors of the Company is enclosed herewith. The Board Meeting commenced today at 10:30 AM IST and is still in progress. The conclusion time of the meeting will be separately intimated to the Stock Exchanges upon completion of proceedings. The above-mentioned documents will also be available on the Company’s website www.greavescotton.com under ‘Investors’ Section. Kindly take the above information on record. Thanking You, Yours faithfully, For Greaves Cotton Limited Atindra Basu Group General Counsel and Company Secretary Membership No: F13799 Encl.: a/a
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Price Waterhouse Chartered Accountants LLP Review Report To The Board of Directors Greaves Cotton Limited Unit Nos. 301 & 302, 3rd floor, Tower B, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai Maharashtra, India-400013 1. We have reviewed the standalone unaudited financial results of Greaves Cotton Limited (the "Company") for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026, and the notes that include the Statement of Standalone Assets and Liabilities as on that date and the Statement of Standalone Cash Flows for the half year ended on that date which are included in the accompanying Statement of Standalone Unaudited Financial Results for the quarter and period ended September 30, 2026, (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 3. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion . 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/Nsooo16 ~\/ Neeraj Sharma Partner Membership Number: 108391 UD IN: 1-b \ 0 1$'"3 ~ \ \.).'I. M t ~ \-\ S 2..:1--\ Place: Mumbai Date: October 29, 2026 Price Waterhouse Chartered Accountants LLP, 7th Floor, Tower A- Wing 1, Business Bay, Airport Road, Yerwada Pune-411 006 T: +91 (20) 69050570 Registered office and Head office: 11-A, Vishnu Dig amber Marg, Sucheta Bhawan, New Delhi - 110002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N) I , I , I
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Sr. GREAVES Empowering Lives STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30,2026 {Rs In CroreJ Standalone Results Quarter Ended Half Year ended Year Ended No. Particulars September June September September September March 30,2025 30,2026 30,2026 30,2026 30,2025 31,2026 (Unaudited) {Unaudited) (Unaudited) (Unaudited) : (Unaudited} (Audited) I Revenue from Operat ions 682.18 629.39 551.66 1,311.57 1,092.20 2,364.56 II Other Income 4.48 11.18 9.68 15.66 22 .53 45.03 Ill Total Income (I+ II) 686.66 640.57 561.34 1,327.23 1,114.73 2,409.59 IV Expenses Cost of materials consumed 466.33 438.29 342.05 904.62 680.14 1,446.57 Purchases of stock-in -trade 26.79 23.53 26.31 50.32 53.13 107.39 Changes in inventories of finished goods, stoc k-in-trade and work-in- (9.35) (29.77) (5.60) {39.12) (20.00 ) 20.84 progress Employee benef its expense 52.37 50.35 46.76 102.12 95.04 186.52 Finance costs 1.52 1.01 0.63 2.53 1.15 2.83 Depreciation and amortisation expense 14.44 14.02 12.03 28.46 23.81 49.63 Other expenses 76.88 76.14 64.05 153.02 129.97 283.52 Total expenses 628.98 573.57 486.23 1.202.55 963.24 2,097 .30 v Profit before exceptional items and tax (Ill - IV) 57.68 67.00 75.11 124.68 151.49 312 .29 VI Exceptional Items (Refer Note 4) {1.72) (3.58) (1.72) (3.58} (35.31) VII Profit before tax (V + VI) 55.96 67.00 71.53 122.96 147.91 276.98 VIII Tax expense Current tax 15.09 17.59 18.65 32.68 37.94 76.87 Deferred tax (credit) I charge (0.44) (0.43) 0.29 (0.87) 0.74 0.04 Total Tax Expense 14.65 17.16 18.94 31.81 38.68 76.91 IX Profit for the period/ year (VII- VIII) 41.31 49.84 52.59 91.15 109.23 200.07 X Other Comprehensive Income Item that will not be subsequently reclassified to profit or loss Remeasurements of the defined benefit plans : Gains I (Loss) - (1.29 ) 0.55 (1.29) 0.02 0.81 Tax related to item above 0.34 (0.15) 0.34 (0.01) (0.22) Other Comprehensive Income for the period I year (net of tax) (0.95) 0.40 (0.95) 0.01 0.59 XI Total Comprehensive Income for the period I year (net of tax) (IX +X) 41.31 48.89 52.99 90.20 109.24 200.66 XII Paid up Equity Share Capital (Face value of Rs. 2 each) 46.59 46.59 46.57 46.59 46.57 46.58 XIII Other Equity 1,571.92 XIV Earnings per equity share of Rs. 2 each: Basic 1.77 2.14 2.26 3.91 4.69 8.59 Diluted 1.75 2.12 2.25 3.87 4.67 8.52 Greaves Cotton l...imiled Emaii iD: investorserW:es@greavescotton.oom I Wellsite: www..graavescotrcn.com Regisleled OCtic:e: .J-2. MIDC lnduslriat Area, Cllikalhafla , Chha1rapali SambltaJnagar- 431 006, Uaharasft1ra. lncia Tel: (-+91 240) 2479250. 2479232 Co1porafe Office: Unit Nos. 301 & 302. 3"" Roar. Tower B. Permsula Business Park. Ganpafrao K.adam Marg. 01 Senapati 8apat Marg. lower Palef. Uumbai- 4W 013. frda.. Tel: +91 22 41711700 I CIN: l99999MH1922PLC0009187
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Notes: 1 Statement of Standalone Assets and liabilities as at September 30, 2026 Particulars ASSEIS Non-current assets (a) Property, plant and equipmen t (b) Right-of-use assets (c) Capita l work- in -progress (d) Intangible assets (e) Intang ible assets under development (f) Financial Assets (i) Investments (ii) oans (iii) Other Financial Assets (g) I nco me Tax Assets (Net of provis ion) (h) Deferred tax assets (Net) (i) Other non - current assets Current assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank ba lances other than (iii) above (v) Other Financial Assets (c) Other current assets Total Assets EQUITY AND LIABILITIES EQUITY (a) Equity share capital {b) Other equity LIABiliTIES Non-current liabilities (a) Financial liabilit ies (i) Borrowings {ii) Lease liabilities (b) Provisions (c) Other non -current liab ilities Current liabilities (a} Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables Total non-<:urrent assets Total current assets Total Equity Total non-current liabilities -Total outstand ing dues of M icro Enterprises and Small Enterprises -To tal outstand ing dues of cred itor's other than Micro Enterpr ises and Small Enterpr ises !iv) Other financia l liabili ties (o) Provisio ns (cl Current Inco me Tax iabilities (Net of advance tax} (d) Oti1er curre nt liabilities T~l Equity and liabilities Total current liabilities GREAV ES Empowering Lives (Rs in Crore ) 1 Standalone l As at I As at I September 30, 2026 March 31, 2026 178 .14 62.76 29.37 57.58 31.10 1,222.15 8.40 21.53 27.12 21.27 19.17 1,678 .59 270.16 350.44 7.88 0.93 22J,3 33.31 684.85 2,363.44 46 .59 1,622.45 1,669.04 29.09 38.09 47.59 36.80 151.57 10.91 10.78 58.63 370 .58 38.88 2233 2.63 28.09 542.83 Z.363.44 179.93 69.05 18.58 65.65 28.16 727.57 106.10 18.70 33.44 20.39 20.95 1,288.52 196.56 30.47 284.57 140.05 277.17 24.52 40.65 993.99 2,282.51 46.58 1,571.92 1_618.50 37.71 45.12 39.87 122.70 - 16.10 65.17 359.04 43.15 20.97 6.14 30.74 541.31 2,282.51
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GREAVES Empowering Lives 2 Statement of Standalone Cash Flows for the period ended September 30, 2026 (Rs. in Cro re} Standalone l Particulars Period ended Period ended I September 30. 2026 September 30, 2025 Cash flows from operating activities Profit before tax 122.96 147.91 Adjustments for: Fin a nee costs 2.53 1.15 lnte rest ir:come (9.27} (13.21) (Profit) on sale of property , plant & equipment (Net) (0.48) (0.08) Financ ial assets measured at fair value t hrough profit or loss ( unrealised) 0.47 0.60 Finandal assets measured at fair value through prof it or loss (realised) (0.80) (1.18) Expense recognised in respect of equity-settled share based payments 6.92 4.63 Depreciation and amortisa t ion expenses 28.46 23.81 Liab ili"ies no longer required writte n back (0.13) Allowance for I (Reversal of) expected credit loss 3.62 1.26 Unrealised foreign exchange loss/(gainl 1.27 (0.91) Operating profit before working capital changes 155.68 163.85 Adjustment for movements in working capitol: (lncrease)/Decrease in trade receivables (70.76) 0.16 (Increase) in inventories (73.60) (37.23) (Increase) in other assets (0.83) (0.17) (Decrease) in trade payables & other liabilities (3.21) (37.11) Increase in Provisions 5.12 6.82 Cash generated from operations 12.40 96.32 Less: Income taxes paid (26.40) (22.60) Net cash (used in)/generated from operating activities (A) (14.00) 73.72 Cash flows from investing activities Purchase of property , plant and equipment (19.26} (29.02) Purchase of intangible assets (7.17) (19.51) Proceeds from sales of property, plant and equipment 1.31 0.44 Advance received towards sale of land 4.85 Proceeds from sale of Investments (Net) 30.80 22.18 Bank deposits placed (371.44) Bank deposits matured 644.84 69.86 Interest received 13.67 10.73 Loan given to subsidiaries (28.00) (94.70) Repayment of loans by subsidiaries 125.70 - Net cash generated from/( used in} investing activities (B) 390.45 (35.17) Cash flows from financing activities Payment towards additiona l acquisition of stake in subsidiary & right issue in subsidiary (Refer (494.58) (87.89) note c below) Dividends paid (46.58) (46.56) Proceeds from exercise of stock options 0.01 0.07 Proceeds from borrowing 40.00 - Payments of lease liabilities (7.06) (5.07) Interest paid (0.41) (0.04) Net cash (used in) finandng activities (C) (508.62) (139.49) Net decrease in cash and cash equivalents (A+B+C} (132.17} (100.94) Cash and cash equivalents at the beginning of the year 140.05 107.99 Cash and cash equivalents at the end of the period 7.88 7.05 cash and cash equivalents comprises of: Balances wit h banks: -In fixed deposit with mat urity less t han 3 mont hs at incept icn 3.50 -In current accounts 7.88 3.55 Balances as per st atement of cash flows 7.88 7.05 Note : a) The above Statemen t of 5tandalone Cash Flow has been prepare d under the "Indirect Method" as set out in the lnd AS -7 on Statement o· Cash Flow s. b) Additi o n t o non-cash financing and inveSi:ing activity - Right of Use Asset duri ng the curren t period is Rs. Nil (Previous period ended September 30, 2025 Rs 22.09Cr) . c} Toward s acqui sition of addit ional stake in an existin g subsidiaries, without loss of control, a.s per paragraph 42A of lnd AS 7
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GREAVES Empowering Lives 3 The Statement has been prepared in accordance with the recognit ion and measurement principles laid down in Indian Accounting Standards (lnd As) prescribed under Section 133 of the Companies Act. 2013 read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time ancf t1e provisions of the Companies Act 2013 and othe r accounting principles. 4 Except ional items : (a) During the period ended September 30, 2026, the Company's material subsidiary , Greaves Electr ic Mobi lity Limited (GEML), decided not to proceed with its proposed IPO and did not avail the one-time extension of SEBI observations , conside ring the proposed rights issue and related regulatory restrictions. Consequently , I PO-related expenses of Rs 1. 72 crore have been recognized in the Statemen t of Profit and Loss and disclosed as an exceptiona l item. (b) During the previous year ended March 31, 2026, the Government of India notified the four Labour Codes -the Code on Wages, 2019 , the Industrial Rei ations Code, 2020 , the Code on Social Security, 2020, and the Occupat ional Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labou r laws on November 21, 2025 . The Company had assessed the impact of these changes on the basis of best information available , consistent with the guidance provided by the Institute of Chartered Accountants of India. The Company had accrued a provision to the extent of Rs. 15.75 crore on account of this change. The Company cont inues to monitor the finalisation of Central I State Rules and clarifications from the Government on other aspects of the Labour Code. (c) During the previous year ended March 31, 2026, management had assessed certain tangible and intangible assets under development for impairment in accordance with lnd AS 36 - Impairment of Assets. An impa irment indicator was identified due to significant adverse changes in expected project execution and customer demand, impacting the future economic benefits from these assets. Accordingly, management had estimated the recoverable amounts based on the revised cash flow expectations . An impa irment provision of Rs 15.98 crore was recogn ised in this regard. (d) During the previous period ended September 30, 2025 a fee of Rs 3.58 crore was charged on the Company on account of non-adherence to land use regu lation 5 In accordance with lnd AS 108 'Operating Segments', segment inform ation has been given in the consolidated financial results of the Company and therefore, no separate disclosure on segment information is given in standalone financia l results. 6 During the period ended September 30, 2026 the Company acquired the rema ining 20% shareholding in Excel Controlinkage Private Limited ("Excel") through the secondary route for a considerat ion of Rs. 113.47 crore, taking its aggregate shareholding in the company to 100%. With the completion of this acquisition, effective August 13, 2026, Excel Controlinkage has become a wholly owned subsidiary of Greaves Cotton . The aforesaid acquisition was completed in accordance with the terms of the definitive agreement date April 06, 2023. 7 During the period ended September 30, 2026, the Company partic ipated in the rights issue of its subsidiary, Greaves Electric Mobility Limited, by subscribing to its proportionate entitlement amounting to Rs. 331.12 crore . Consequently , there was no change in the Company's shareholding percentage. 8 During the per iod ended September 30, 2026, the Company has made further investment of Rs.SO crore in its wholly owned subsidiary , Greaves Finance Limited by way of subscription to the equity shares offered on a rights basis. 9 The above financial results were reviewed by the Audit Committee on October 28, 2026, and thereafter approved by the Board of Directors on October 29, 2026 . Greaves Cotton Limited Place : Nagpur Date : October 29, 2026 1lr~l~-?)3 I o ;::;: v. 0 < '--"' Q ...
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Price Waterhouse Chartered Accountants LLP Review Report To The Board of Directors Greaves Cotton Limited Unit Nos. 301 & 302, 3rd floor, Tower B, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai Maharashtra, India-400013 1. We have reviewed the consolidated unaudited financial results of Greaves Cotton Limited (the "Holding Company"), and its subsidiaries (the Holding Company and its subsidiaries) hereinafter referred to as the "Group"),(refer paragraph 4 of the report) for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026, and the notes that include the Statement of Consolidated Assets and Liabilities as on that date and the Statement of Consolidated Cash Flows for the half year ended on that date which are included in the accompanying Statement of Consolidated Unaudited Financial Results for the quarter and period ended September 30, 2026, (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement , which is the responsibility of the Holding Company's Management and has been approved by the Holding Company 's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 ofthe Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. vVe conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. ·we also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended, to the extent applicable. Registered office and Head office: 11-A. Vishnu Digamber Marg, Sucheta Bhawan, New Delhi - 110002 Price Waterhouse (a Partner-ship Firm) converted into Price Waterhouse Chartered Accountants LLP (a Umited Uability Partnership with LLP identity no: LLPIN MC-5001) with effect from July 25,2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registrat ion number before conversion was 012754N)
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Price Waterhouse Chartered Accountants LLP 4. The Statement includes the results of the following entities: Name ofthe entity Relationship Greaves Cotton Limited Holding Company Greaves Electric Mobility Limited Subsidiary Bestway Agencies Private Limited Step down Subsidiary MLR Auto Limited Step down Subsidiary Excel Controlinkage Private Limited Subsidiary Greaves Technologies Limited Subsidiary Greaves Finance Limited Subsidiary Greaves International Trading FZE Subsidiary s. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The consolidated unaudited financial result of one subsidiary and standalone unaudited financial results of two subsidiaries reflect total assets of Rs. 1,546.92 crores and net assets of Rs. 606.69 crores as at September 30, 2026 and total revenues of Rs. 440.02 crores and Rs. 736.28 crores, total net loss after tax of Rs. 82.89 crores and Rs. 138.61 crores and total comprehensive loss ofRs. 82.89 crores and Rs. 138.61 crores, for the quarter ended and for the period from April 01, 2026 to September 30, 2026 , respectively , and cash flows (net) of Rs. 29.25 crores for the period from April 01, 2026 to September 30, 2026, as considered in the statement. These consolidated unaudited financial result and standalone unaudited financial results have been reviewed by other auditors , vide which they have issued an unmodified conclusion , have been furnished to us by the Management or other auditors and our conclusion on the Statement , in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
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Price Waterhouse Chartered Accountants LLP 7· The statement includes the financial information of one subsidiary which have not been reviewed by their auditors, whose financial information reflect total assets of Rs. Nil and net assets of Rs. Nil as at September 30, 2026 and total revenue of Rs. Nil and Rs. Nil, total net profit/ (loss) after tax of Rs. Nil and Rs. Nil and total comprehensive income/ (loss) of Rs. Nil and Rs. Nil for the quarter ended and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. Nil for the period from April 01, 2026 to September 30, 2026, as considered in the statement. According to the information and explanations given to us by the Management, this financial information is not material to the Group. Our conclusion on the Statement is not modified in respect of the above matters. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/Nsooo16 Neeraj Sharma Partner Membership Number: 108391 UDIN: 2.'-\0·1?>31\ \L~ S?"SQ ~~\ ~ Place: Mumbai Date: October 29, 2026
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GREAVES Empowering Lives STATEMENT OF CONSOUDATED UNAUDITED FlNANCIAL RESULTS FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30, 2026 (Rs ·n CrO<e) -·' Consolidated Results Sr. Quarter Ended Half Year ended l Year Ended No. Partlrulars September June September September September l March 30,2026 30,2026 30,2025 30, 2026 30,2025 31,2026 (Unaudited) (Unaudited} (Unaudited) (Unaudited! (Unaudited) (Audited ) I Revenue from Operations 1,175.91 97411 815.46 2,150.03 1 1,560.89 1 3,436 62 II Other Income 1L17 10.94 1043 22.11 28.47 49.99 Ill Total Income (I+ II} 1,187.08 985.06 825.89 2,172.14 1,589.36 3.486.61 IV Expe"ses Cost of materials consumed 832.71 668.90 521.47 1,501.61 969 .80 2,136.87 Purchases of stock-in-trade 40.51 28.40 33.94 68.91 69.19 141.38 Changes in inventor ies of finished goods, stock-in-trade and work-in-progress (20.51) (24.80) (15.88) (45.31} (15.57) 24 79 Employee benefits expense 105.17 102.52 100 72 207.69 190.93 374.53 Finance costs 14.47 1201 4.83 26.48 9.70 26.05 Depreciation and amortisation expense 53.22 2821 26 95 81.43 53.51 108.79 Other expenses 144 .67 142.77 123 33 287.44 237.73 519.95 Total expenses 1.170.24 958.01 795.36 2,128.25 1,515.29 3,332.36 v Profit before exceptional items and tax (Ill • IV) 16.84 27.05 30.53 43.89 74.07 154.25 VI Exceptional Items (Refer Note 5) (32.75) (3.58) (32.75) (4.10) (39.341 VII (Loss) I Profit before tax (V +VI) (15.91) 27.05 26.95 11.14 69.97 114.91 VIJI Tax expense Current tax 20.04 22.46 21.47 42.50 44.58 92.32 Deferred tax (credit) I charge (6.14) (1.57) (0.84) (7.71) (1.78) (12.70) TotalTax Expense 13.90 20.89 20.63 34.79 42.80 79.62 IX (Loss)/ Profit for the period I year (VI- VIII) (29.81) 6.16 6.32 (23.65) 27.17 35 29 X Other Comprehensive Income Item that will not be subsequently reclassified to profit or loss Remeasurements of the defined benefit plans: Gains I (Loss) (0.59) (1.26) (0.64) (1.85) (1.74) 1.03 Tax related to item above 0.16 0.33 (0.14) 0.49 0.14 (0.391 Other Comprehensive Income for the period I year (net of tax) (0.43) (0.931 (0.78) {136) (1.60) 0.64 XI Total Comprehensive Income for the period/ year (IX+ X) (30.2411 5.23 5.54 (25.01) 25.57 35.93 XII (Loss) I Profit attributable to: Owners of the company 4.82 25.77 26.01 30.59 59.10 10714 Non-Controlling interest (34.63) (19.61) (19.69) (54.24) (31.93) (7185) X Ill Other Comprehensive Income attributable to: Owners of the company (0.44) (0.93 ) (0.30) (1.37} (0.99) 0.77 Non-Controlling interest• 0.01 0.00 (0.48) 0.01 (0.61} (0.13) XIV Total Comprehensive Income attributable to: Owners of the company 4.38 24.84 25.71 29.22 58.11 107.91 Non .. con trolllng interest (34.62) (19.61) (20.17) (54.23) (32.54) (7198) XV Paid up Equity Share Capital (Face value of Rs. 2 each} 46.59 46.59 46.57 46.59 46.57 46.58 XVI Other Equity 1,384.14 XVII Earnings per equity share of R5. 2 each: E!asic 0.20 1.11 1.12 1.31 2.54 4.60 Diluted 0.20 1.10 1.11 1.30 2.53 456 • '-' lirtd:;~ : ~ bot"l .. w roundin oftcriter!a Greaves Colton Limited E.maiiiD: investorsemces@greavesartton.com I Website: www..greavesconcom Registered OHic:e: J-2. MIDC !ndustriai Area,. Chkaftttana. 01hatrapati Sambhajinagar- 431 006, P.faharashtra.. lnda Tef.; (+91 246) 2419250,. 2479232 Corporate Office: Unit Nos. 301 & 302. 3"' Aoor. Tower B. Penirlsula Busirless Park. Ganpatrao Kadam Marg. 01 Senapa1i 8apat Marg. Lower Patel. Mumbai - -400 013, fltdia.. Tel: +91 22 41711700 I CIN: l99999MH1922PLC000987
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GREAVES Empowering Lives Notes : 1 SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYEED FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30, 2026 (Rs in Crore) Consolidated Results Sr Quarter Ended Half Year Ended Year Ended No. Particulars September September September September March 30,2026 June 30,2026 30,2025 30,2026 30,2025 31,2026 run audited) (Unaudited) IUnauditedl I Unaudited! !Unaudited) lAt•d!t'!d) L Segment Revenue a. Engines and Engineer ing Products n2..74 705.31 622.49 1,478.05 1.232.96 2;554.74 b. Electric Mobility & Other Vehicles 410-06 269.82 198.93 679.88 335.64 786.19 c. Vehicle Finance 17.98 14.07 10.05 32..05 17.84 39.15 Total Revenue 1,200.78 989.20 831.47 2,189.98 I 1,586.44 3.480 .08 Less: Inter-Segment revenue 24.87 15.08 16 01 39.95 25.55 43.46 Total 1.175.91 974.12 815.46 2,150.03 1,560.89 3,436.62 2. Segment Results a. Engines and Engineering Products 104.27 106.28 103.88 210.55 209.67 416.52 b. Electric Mobility & Other Vehicles (48.67) (45.77) (49.70) (94.44) (90.21) (182.01) c. Vehicle Finance (1.69) (1.87) (1.02) (3.56) (1.74) (4.74) Total 53.91 I 58.64 53 .16 112.55 111.12 I 229.77 Less: Unalloc able Expenditure : (i) Finance costs (5.91) (5.77) (3.12) (11.68) (7.02) (15 48) (ii) Other expenditu re (Net of Other Income) (31.16) (25.82) (19.51) (56.98) (36.63) (60.04) Profit before exceptional items and tax 16.84 27.05 30.53 43.89 74.07 154.25 Exceptiona l Items: (Expense) I Income (Refer Note 5) (32.75) (3.58) (32.75) (4.10) (39.34) Profit before tax (15.91) 27.05 26.95 11.14 69.97 114.91 3. Segment Assets a. Engines and Engineer ing Products 1,537.55 1,803.26 1,537.86 1,537.55 1,537.86 1.801.90 b. Electric Mob ility & Other Vehicles 1,020.81 694.96 663.46 1,020.81 663.46 637.04 c. Vehicle Finance 516.85 429 .78 189.39 516.85 189.39 309.65 3,075.21 2,928.00 2,390.71 3,075.21 2,390. 71 2,748 .59 Unallocable Assets 120.04 161 .14 125.81 120.04 125.81 145.21 Total Assets 3,195.25 3.089 .14 2.516.52 3.195.25 2.516 .52 2,893.80 4. Segment Liabilities a. Engines and Engineering Products 629.39 595.76 409.87 629.39 409.87 580 .42 b. Electric Mobility & Other Vehicles 525.95 552.57 391.81 525.95 391.81 439.33 c. Vehicle Finance 366.63 277.89 88.80 366.63 88.80 202.89 1,521.97 1,426.22 890.48 1 1,521.97 890.48 1,222 .64 Unallocable Liabilities 137.18 139.85 127.61 137.18 127.61 157.14 Total liabilities 1.659.15 1.566 .07 1.o18.og I 1.659.15 1.018.09 1,379.78
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GREAVES Empowering Lives 2 Statetnent of Consolidated Assets and liabilities: (Rs. in Cmr.e) COnsolidated As at As at September 30, 2026 March 31, 2026 ASSETS ~on-cul'l1!nt .assets {a) Property, Plant and Equipment 357.05 362.63 (b) Right-of-use assets 74.39 88.27 {c) Capital work- in- prog ress 32.76 29.72 {d) Goodwill 194.22 211.82 {e) Intang ible assets 175.78 • 212.17 (f) Intangible assets under development 40.95 34.37 {g) Financial Assets {i] Investments 6.23 6.19 (ii) Loans 286.57 80.66 (ifi) Other Finandal Assets 122.34 69.57 (h) Inco me Tax Assets {Net of provision ) 33.92 38.40 {i) Deferred tax assets {Net) 28.38 27.57 (j) Other non -current assets 83.59 75.90 Total non-current assets 1,436.18 1,237 .27 Current assets {a) In ventories 455.19 314.32 (b) Financial Assets {i] Investments 59.75 60.36 {ii) Trade receivables 416.65 344.81 {iii) Cash and cash equ ivalents 85.75 190.93 {iv) Bank balances other than (iii) above 361.85 372.60 (v] Loans 147.57 194.74 (vi) Other financial assets 68 .39 33 .73 {c) Other current assets 163.91 145.04 Total current assets 1.759 .07 1,656 .53 Total Assets 3.195.25 2,893.80 EQUITY AND liABILITIES EQUITY (a) Equity share capital 46.59 46.58 {b) Other equity 1,319.00 1,384.14 Equity attributable to the owners of the Company 1.365.59 1,430.72 Non-Controlling interest 170.51 83 .30 Total Equity 1,536.10 1,514.02 LIABiliTIES Non-current liabilities (a) Financial liabilities (i) Borrowings 306.37 158.21 (ii) Lease liabilit ies 41.28 45.67 {iii) Other financ ial liabilities 1.21 0.37 (b) Provisions 58.22 53 .87 {c) Deferred tax liabilities (Net] 25.27 32.31 (d) Other non- current liabilities 36.80 39.87 Total non-current liabilities 469.15 330_30 Current liabilities (a) Rnancial Liabilities (ii 3orrowings 206.82 167 .85 (ii) Lease liabilities 14.04 22 .69 (iii) Trade payables - Tota l outstand ing dues of Micro Enterprises and Small i:nterpr ises 96.27 10054 -Tota l outstand ing dues of creditors other t. an Micro Enterpr ises and Small Enterprises 593.29 480.31 (iv) Oth er fin ancial liabilit ies 89.23 89.72 (b) Provisions CJ7 .02 85.45 (c) Current Income ax liatl ifities (Net of adva ce) 3.86 6-14 (d) Othe r current liabilities 39.47 96-17 Total current liabilities 1,190.00 I 1.049-48 l I !Total Equity and li ~Charterenr~ 3.19525 2.893.80 l a~AAC ~~ ~ " J. , :..:. ~ 1) ~ ~ ~ ~ .._ro <\ ~ ~ Ot2754N/t.t500~ lJ.~ -¥ -¥- ~Pune
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GREAVES Empowering Lives 3 State(Jlent of Consolidated Cash Flows for the period ended September 30, 2026: cash flows from operating act.ivities Profrt I (loss) before taK Adjustments for: Finance costs Impairment of intangible assets I goodwill Interest income Profit on sale of i)roperty, plant & equipment (Net) Financial ass~.s measured at fair value through profit or loss (unrealised) Financial assets measured at fair value through profit or loss (realised) Expense recognised in respect of equity-settled share based payments (Net of reversal) Deprec iation and amortisation expenses iabilities no longer required written back Allowance for expected credit loss Unrealised fore ign exchange loss Operating profit before working capital changes 4djustmentfor movements in working capital: (Increase) I Decrease in trade receivables (Increase) in inventories (Increase) in othe r assets Increase I (Decrease) in trade payables & other liabilities Increase in Provisions Cash generated from operations Less: Income taxes paid Net cash (used in) operating activit ies (A) Cash flows from investing activities Purchase of property, plant and equipment Purchase of intangible assets Proceeds from sales of property , plant and equipment Advance received towards sale of land (Purchase) I (reinvestment) of financial assets Bank deposits placed Bank deposits matured Interest received Net cash (used in} investing activities (B) Cash flows from financing activities Payment towards additional acquisition of stake in subsidiary & right issue in subsidiary (Refer note c below) Proceeds of Borrowings Repayment of borrowings Proceeds from exercise of stock options Dividends paid Interest paid Payment made towards lease liabiliti es Net cash generated from financing activities (C) Net (Decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year cash and cash equivalents at the end of the period cash and cash equivalents comprises of: Balances with banks: -In fixed deposit with original maturity cf less than 3 mont:-ts -In current accounts Cash on hand Total @ Represents amount less than Rs. 1 Lakhs Note: I (Rs in Crorel Consolidated Period ended Period ended September 30, 2026 September 30, 2025 11.14 69.97 26.48 9.70 20.09 (14.80) (13.25) (0.48) (0.08) 0.33 0.51 (2.04) (3.60) 8.26 (0.02) 81.43 53.51 (0.02) (3.00) 4.18 1.36 1.27 (1.21) 135.84 113.89 (77.30) 4.62 (140.87) (30.68) (205.08) (78 .96) 98.34 (65.33) 14.06 11.71 (175,01) (44.75) (36.81) (33.85) (211.82) (78.60) (35.09) (40.45) (12.67) (23.94) 1.32 0.40 4.85 2.28 28.20 (703.47) (21.92) 644.84 71.86 18.49 12.70 (84.30) 31.70 85.41 (65.88) 262.77 142.03 (75.64) (53.16) 0.01 0.07 (46.58) (46.56) (24.25) (8.65) (10.78) (7.85) 190.94 (40.00) (105.18) (86.90} 190.93 135.03 85.75 48.13 54.12 5.33 31.63 42.80 @ @ 85.75 48.13 a) The above Statemen• of consolidated Cash Flow has been prepared unde the "Indirect Method " as set cut in the lnd A5 -7 on Statement cf Cash Flows. b) Addition to non-cash finandng and investing activity- Right ;:sf Use Asset durin g the curre nt period is Rs. Nil (Previous year ended September 30, 2025 ~s. 24.97 Cr). c} Towards acquisition of additio nal stake in an existing st.bsidiaries. withcul less of control . as per paragraph 42A of lnd AS 7 I
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GREAVES Empowering Lives 4 The Statement has been prepared in accordance with th e recognition and measurement prindp les laid d{)wn in ·Indian Accounting Standards (lnd As) prescribed under Section 133 of th e Companies Act, 2013 read with Companies .(Indian Accounting Standards) Rules, 2015 as amended from time to '"ime and the provisions of th e Companies A.ct 2013 and other accounting prindp les. 5 Excepti onal items : (a) During the period ended September 30, 2026, Greaves Cotton Limited (th e Parent Company) mat erial subsidiary, Greaves Electric Mobility Limited (GEML), decide d not to proceed with its proposed IPO and did not avail th e one-time extension of SEBI observations, considering the proposed rights issue and related regulatory restrictions. Consequentl y, IPO refated expenses of Rs. 12.66 crore have been recognized in the Statement of Profit and Loss and disclosed as an exceptional item. (b) During the per iod ended September 30, 2026, the Group reassessed the recoverability of goodwill and brand relating to Bestway Agencies Private Limited (BAPL) based on revised business plans and operating outlook. Pursuant to the impairment assessment carried out in accordance with lnd AS 36, the Group recognized an impairment loss of Rs. 17.6 crore towards socdwill and Rs. 2.49 crore towards brand. (c) During the previous year ended March 31, 2026, the Government of India notified the four Labour Codes -the Code on Wages, 2019, the Industrial Relations Code , 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020- consolidating 29 existing labour laws on November 21, 2025. The Group had assessed the impact of th ese changes on the basis of best informat ion available, consistent with the guidance provided by the Institute of Chartered Accountants of India. The Compan y had accrued a pro•Jision to the extent of Rs. 19.26 crore en account of t his change. The Group c onti nues to monitor th e finalisation of Central I State Rules and clarifica tions from the Government on other aspects of the Labour Code. (d) During the previous year ended March 31, 2026, Group had assessed certain tangible and intangible assets under development for impairment in accordance with lnd AS 36- Impairment of Assets. An impairment indicator was identified due to significant adverse changes in expected project execution and customer demand, impacting t he future economic benefits from these assets. Accordingly, Group had estimated the recoverable amounts based on the revised cash flow expectations. An impairment provision of Rs 15.98 crore was recognised in this regard. (e) During the previous period ended September 30, 2025 a fee of Rs 3.58 crore was charged on the Parent Company on account of non-adherence to land use regulation (f) During the previous year ended March 31, 2026, Group wrote off its investment in a Greaves Technology Inc amounting to Rs. 0.52 crore During the period ended September 30, 2026, the Group has reorganised its segments by (a) merging Cables & Control levers segment as part of Engines and Engineering Products and (b) Separately reporting the vehicle finance business. The above change is in line with the manner i n which the Chief operating decision maker rev iews and evaluates perfomnance of the business of the Group. Pursuant to the above, in accordance with the requirement specified in lnd AS 108, the comparative period information has been recasted to give the effect of th is change. 7 During the period ended September 30, 2026, pursuant to the approval of the Board of Directors, the Parent Company subscribed to its ent itlement in the rights issue of its mater ial subsidiary, Greaves Electric Mobility Limited (GEML), amount ing toRs 331.12 crore. Further, Abdul Latif Jameel Green Mobility Solutions (minority stake holder) also participated in the rights issue, amounting toRs . 198.87 crore. Pursuant to the above right issue there was no change in the shareholding 3 During t he period ended September 30, 2026 th e Parent Company acquired the remaining 20% shareholding in Excel Controlinkage Private Limited ("Excel") through the secondary route for a considerati on of Rs. 113.47 crore, taking its aggregate shareholding in the company to 100%. With the complet ion of this acquisition , effective August 13. 2026, Excel Controlinkage has become a who lly owned subsidiary of Greaves Cotton. The aforesaid acquisition was completed in accordance with the terms of the definitive agreement date April 06, 2023. During the period ended September 30, 2026, the Parent Company has made further investment of Rs.SO crore in its wholly owned subsidiar( , Greaves Finance Limited (GFL) by way of subscription to the equity shares offered on a rights basis 10 The Battery Waste Management Rules, 2022, as amended from time to time, notified by the Ministry of Environment, Forest and Climate Change (MoEFCC), prescribe Extended Producer Responsibility (EPR) obligations on producers of batteries. As these regulations are applicable to the Group's subsidiary engaged in the electric mobility business, the subsidiary is assessing the potential obligations and compliance requirements under the said Rules and undertaking necessary measures t owards establishing an appropriate end-of life battery collection and recycling framework . 11 During the period ended September 30, 2026, Greaves Electric Mobi lity lim it ed reviewed the useful life of few tools which were used in discontinued 2-Wheeler vehides. Based on the review Greaves Electric Mobility Limited has revised the useful life of tools and accelerated the depreciation which amounted toRs. 7.75 crore. Greaves Eectric Mobi lity Limited also reviewed the useful life of one of its brand which was used in one of the 3-Wheeler vehicles. Consequent to the management plan to phase cut the existing 3-Wheeler vehicle (in which t he brand was used) and launch of new 3-Wheeler vehciles, Greaves Electric Mobi lity Limited has revised the useful life of the brand and accelerated the amort isation which amounted to Rs. 19.55 crore. 12 During the period ended September 30, 2026, Greaves Finance Limited raised Rs. 185 crore through the private placement of secured, rated, listed Non-Convertible Debentures (NCDs) carrying a coupon rate of 10.5% per annum, payable monthly, with a face value of Rs. 0.01 crore per NCO. The said NCDs are fully secured by way of hypot hecation of identified receivables. 13 Figures fer the corresponding previous period I year have been reg ouped wherever necessary, to make them comparable with the figuras of the current period. 14 The above financial results were reviewed by the Audit ComMittee on October 28. 2026, and thereafter approved by th e Board of Cirectors on October 29, 2026 Place : N'agpur Date : Octol:ter Z9, 2026