Look at the ticker for Greaves Cotton limited share price today and you’ll see a number that doesn't quite tell the whole story. As of mid-January 2026, the stock is hovering around the ₹170 mark. That’s a far cry from the ₹305 highs we saw about a year ago. Honestly, if you’ve been holding this since the 2025 peak, you’re probably feeling a bit of that "investor's fatigue." It’s been a rough slide.
But here is the thing about Greaves. It isn't just an engine company anymore.
You’ve got a 165-year-old engineering giant trying to sprint like a tech startup. They’re deep into electric vehicles (EVs), fuel-agnostic engines, and international exports. Yet, the market is treating them with a massive dose of skepticism. Why the disconnect? Basically, it comes down to the "EV dream" meeting the "Engineering reality."
The Numbers Game: Q2 FY26 and Beyond
If we look at the most recent official data from the November 2025 earnings call, the company isn't actually "dying." Far from it. Consolidated revenue hit ₹815 crore for Q2 FY26. That’s a 16% jump year-on-year.
Their core engineering business—the stuff that actually pays the bills—grew by 31%.
It's weird.
The business is growing, but the Greaves Cotton limited share price has been trending downward, losing roughly 30% of its value over the last twelve months.
- Revenue is up: ₹815 crore (Q2 FY26).
- Profitability is tricky: Net profit for that same quarter was around ₹6.3 crore.
- The contrast: Compare that to the losses they were posting a year prior, and it looks like a turnaround. But compared to the previous quarter (Q1 FY26), where they cleared over ₹20 crore in profit, it feels like a stumble.
Investors hate volatility in earnings. When your profit drops 60% or 70% from one quarter to the next, the "buy" button becomes much harder to press.
The EV Pivot: Ampere and the IPO Buzz
The big elephant in the room is Greaves Electric Mobility (GEML). This is where the hype lives. Everyone wants to know if Ampere can actually take on the likes of Ola Electric or TVS.
GEML saw its market share in the electric two-wheeler space tick up to about 4.2% recently. That’s decent, but it’s not dominant. They’ve had some wins, though. Their Ampere Nexus scooter recently made it to 13,200 feet at Shipki La Pass, and their ELTRA City 3-wheeler set a record for distance on a single charge.
The real kicker for the Greaves Cotton limited share price might be the rumored ₹1,000 crore IPO for the electric mobility arm. If that happens in 2026, it could unlock a massive amount of value that is currently buried under the parent company’s "boring" engineering label.
What's Really Moving the Needle?
It’s not just about scooters. Greaves is leaning into a strategy they call "GREAVES.NEXT." It sounds like corporate speak, but it's basically a roadmap to stop being "the diesel engine guys."
They are moving into:
- Energy Solutions: Transitioning from selling gensets to providing complete power-as-a-service.
- Industrial Solutions: Firefighting equipment and compact power platforms.
- Alternative Fuels: Euro V+ compliant engines for the European market.
Exports used to be a massive chunk of their revenue—nearly 40% a couple of years back. Now? It’s dropped significantly. Fixing that export pipeline is going to be crucial if they want the stock to break out of this ₹170–₹190 range.
Dividend Reality Check
For the "income hunters" out there, Greaves is actually still paying out. They recently declared an interim dividend of ₹2.00 per share. With the price sitting where it is, the dividend yield is roughly 1.1% to 1.2%. It’s not going to make you rich overnight, but it shows the management isn't panicked. They have a history of rewarding shareholders, even when the transition to EV is eating up their cash reserves.
The Bear Case vs. The Bull Case
Let’s be real for a second.
The bears will tell you that the P/E ratio is still too high (it’s been sitting around 38x to 43x recently). They'll say the competition in the EV space is too fierce and that Greaves is getting squeezed by bigger players with deeper pockets.
The bulls? They see a company with zero promoter pledge, a 55.8% promoter holding (which is very solid), and a diversified portfolio. They see a "legacy" company that survived two World Wars and is now reinventing itself for the green era.
Technical signals are currently bearish. The price is trading below its 200-day Simple Moving Average (SMA). In trader talk, that’s usually a "stay away" sign. However, the stock is also approaching its 52-week low of ₹168.25. Historically, that’s where the "value buyers" start to step in.
Actionable Insights for Investors
If you are watching the Greaves Cotton limited share price, don't just stare at the daily charts. You've got to watch the "leading indicators."
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First, keep an eye on the VAHAN registration data for Ampere. If their market share stays stuck at 4%, the stock stays stuck. If it hits 6% or 7%, things get interesting.
Second, watch for news on the Greaves Electric Mobility IPO. That’s the most likely catalyst for a sudden 20% or 30% jump.
Finally, check the "Greaves Finance" (ev.fin) numbers. They’ve grown their Assets Under Management (AUM) to ₹380 crore. Financing is where the real margin is in the EV world. If they can fund the vehicles they sell, they win twice.
Right now, Greaves is a "wait and see" story for many. It’s a classic turnaround play. You’re betting on whether a century-old engine maker can successfully trade its pistons for batteries without losing its shirt in the process.
Next Steps for You:
- Monitor the ₹168 support level: If it breaks below this 52-week low, the next floor could be significantly lower.
- Analyze the Q3 FY26 results: Expected in early 2026, these will reveal if the export decline has finally bottomed out.
- Evaluate your portfolio's EV exposure: Greaves is a high-risk/high-reward way to play the Indian EV theme compared to steadier blue-chips like M&M or Tata Motors.