Strong revenue growth masks profit collapse and margin miss

Consolidated revenue ₹974.1 Cr, +30.7% YoY (core only +16% YoY); bulk of growth driven by unprofitable GEML (101% growth)

PAT collapsed 70.5% YoY to ₹6.2 Cr (NPM 0.6%); Q1 clearly the trough per management; only 1.5% attributed to investments, rest commodity

No explicit FY27 margin target restated; prior guidance 13–15% EBITDA, current Q1 OPM 5.8%; sequential recovery assumed but unquantified

Q1 GEML revenue ₹270 Cr (101% YoY), but still unprofitable; ₹331 Cr capital raise expected to last ~2 years; timeline to positive EBITDA vague

Q1 OPM 5.8% vs prior medium-term 13–15% EBITDA target. No formal FY27 number restated, but delivery is clearly below expectation. Recovery to '13–15%' now pushed to multi-year horizon.

₹331 Cr rights issue (vs implied prior capex plan). Reflects Board confidence but also signals longer runway to profitability. Burn rate still single-digit % (unquantified).

Core business 16% YoY aligns with prior 16–18% CAGR target (medium-term). No change to medium-term revenue CAGR, but FY27 specifically is tracking below margin expectations.

Revenue ~₹66–70 Cr, 14% YoY (improved from prior flat). Russia-Ukraine war impact addressed; Europe/US opportunities cited. Capacity utilization 70–75% (pushpull cables). No acceleration.

OEM has indexing lag (auto-trigger but delayed); aftermarket has higher pass-through ability. Overall tried to absorb but passed on price increases where needed.

Targeting 16–20% CAGR per Greaves.Next; adjusted for portfolio exits, Q1 was 19%. Momentum seen across Energy, Mobility focus areas.

Consistent quarterly growth momentum; new products endorsed by industry (3x Scooter of Year). Network expanded 300→600, e-commerce boosted. Confident on maintaining or building share.

Staying committed to FY27 targets on full-year basis. Q2 marginally better than Q1; H2 better than H1. Cost and pricing measures kicking in Q2–Q3.

~1.5% attributable to investments (rent, SG&A, tech, org capabilities); rest is inflation partially mitigated by price increase lag.

Best effort to mitigate via cost cuts; where not possible, pricing taken. Measures and pass-through should bring us back on margin track.

Loss per unit halved vs year ago. Next 4–6 quarters to positive zone. Run rate maintained, very confident, team working toward it.

Growing ~1–1.5% market share every 3–4 quarters (now 5.6% from 3.2% a year ago). Ambition is double-digit fairly soon; in next 4–8 quarters likely.

Exited 2-wheeler spares, lead-acid batteries, multi-brand EV retail (wound down Q1). Vacated farm equipment (Chinese competition). Seen aftermarket margin improvement already.

Early-stage pilot. Want to ensure tech capability AND commercial attractiveness. Capturing energy savings data to go to market in subsequent quarters.

Launched 650 kVA own engine (quality, margin benefit). For larger, have strategic supply agreement with world's largest engine producer. Steadily expanding range.

Burn rates fallen substantially, now single-digit %. Capital should be good for ~2 years including capex. Hope to hit positive territory by then.

[Clarified: discussing Q1 vs Q4 sequential.] Lag in registrations vs inventory; realization has gone up, metrics improved. Q1 Vahan 101% YoY.

Motorcycles are clear opportunity. Prototypes underway. Scooter side is also large; prioritization under review; timing not yet decided.

2-wheeler production capacity ~480,000 units. Well covered for some time ahead.

Demand holding strong across segments despite crisis. On track to deliver revenue growth targets. Also pursuing AI data center engine opportunities.

Had sufficient liquidity as of Mar-2026 to fund ₹381 Cr (GFL ₹50 Cr + GEML ₹331 Cr) + capex + dividends. Enough levers (core cash generation) for FY27.

GFL is strategic ecosystem partner for GEML. AUM ₹560 Cr, growing well. Automated, tech-led approval (minutes). Key to EV customer/dealer financing.

Everyone has similar finance solutions. Objective is to give innovative service to be preferred partner. If GFL doesn't, GEML will partner elsewhere.

Area of interest. Engaged with strategic partners. Discussions evolving; can't reveal more at this stage.

Excel ₹66–70 Cr, 14% YoY growth. Margins >25% EBITDA (on track). Domestic growing double-digit; setback from Russia-Ukraine war; now Europe/US business starting.

Domestic double-digit growth ongoing. War setback addressed with new global markets. Transformed operations via automation/expertise. No capacity limitation for next 2 years.

Different plant areas. Rubber segment very low (early stage). Pushpull cables (main) 70–75% utilization.

Supplied engines for defence trucks (prestigious order, expected to repeat). Firefighting pumps FM-UL qualified, in active discussions Middle East/Europe. New 5C component business to global OEM North America.

First stabilized (was 2–3 large auto customer dependent, poor margins). Now seeking growth via international team. Received pilot order from global engine maker for design work.

Run rate ~2,000 units/quarter; Q1 ~10,000 units+ portfolio. 4 core states have high double-digit market share. Network expanded 300→600 in high-opportunity towns.

CSR, Director fees, corporate legal, corporate payroll. Allocated separately per regulatory practice. Also included in core business P&L (slide 27) for clarity.

Rights issue to all existing shareholders; would not change shareholding. Valuation not explicitly disclosed.

Q1 at 16% YoY (adjusted 19% excluding portfolio exits). No FY27-specific number; medium-term target.

Q1 consolidated +30.7% YoY (includes GEML 101% YoY growth, which is unsustainable in margins). Underlying core growth solid at 16%.

1–1.5% market share gain every 3–4 quarters (historical trend). Extrapolating to double-digit vague and dependent on execution.

Prior multi-year target; Q1 OPM 5.8%, clear miss. No FY27-specific target restated. Recovery pushed to 'H2' with no quantification.

Cost savings and pricing actions to show impact Q2 onward. Full benefits in H2. Sequential recovery implied but magnitude unspecified.

Suggests 1.5% reversion post-investment phase; rest dependent on pricing lag and cost controls.

Core business capex on track. GEML investment (₹331 Cr rights issue) separate. Automation at Excel, robotic cell at CSN (cited).

Commodity prices spiked post-West Asia geopolitical developments. OEM contracts have indexing lag (weeks to months). Aftermarket/retail can pass through but with lag. Pricing actions underway but full offset remains uncertain.

GEML revenue ₹270 Cr (+101% YoY) but unprofitable. Management targets EBITDA positive in 4–6 quarters; burn rate single-digit %. ₹331 Cr capital expected to last ~2 years. If timeline extends or burn accelerates, further capital injection needed.

NPM 0.6% is unsustainable and well below prior ~3%. Core business profit not separately disclosed; likely flat or slightly negative. Bulk of profit drag from GEML + GFL losses + commodity headwinds.

Excel ₹66–70 Cr (+14% YoY) but stalled for 3 years. Russia-Ukraine war hit export business. Greaves Tech heavily dependent on 2–3 auto customers; margins weak. Both businesses cite new initiatives (Europe/US for Excel; global pilots for Tech) but unproven.

Prior guidance cited 13–15% EBITDA margins (medium-term). Q1 OPM 5.8% is ~60% miss. Management says 'on track for FY27 targets' but does not restate FY27 margin number. Q2 'marginally better' is non-committal.