Greaves Cotton vs TD Power Systems: Share Price, Comparison and Key Differences
- August 11, 2026
- Posted by: Lakshit Sharma
- Category: News
Greaves Cotton MCap Rs 4,628 Cr, PE 225.74x (EV transition, thin earnings), ROE 8.03%. TD Power Systems MCap Rs 19,683 Cr, PE 82.45x, ROE 22.28%, D/E 0.02.
Greaves Cotton vs TD Power Systems is a comparison engine and power equipment investors look up when evaluating two listed Indian engineering companies in engine and generator manufacturing. Greaves Cotton, a 150+ year old Indian company, traditionally made diesel and CNG engines for 3-wheelers but is transforming into an EV mobility company through Ampere Electric (2-wheelers) and electric 3-wheelers. TD Power Systems, a Bengaluru-based company, manufactures electrical generators (AC generators, synchronous motors, turbo-generators) for industrial and infrastructure applications. Greaves Cotton vs TD Power Systems covers a legacy engine company in EV transition versus a high-ROE industrial generator specialist.
This Greaves Cotton vs TD Power Systems article covers reach and market position, key products, latest declared results and stock valuation. The Greaves Cotton vs TD Power Systems data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.
Greaves Cotton vs TD Power Systems: Reach and Market Position
On the Greaves Cotton side of the Greaves Cotton vs TD Power Systems comparison, Greaves Cotton supplies engines to 3-wheeler OEMs, sells Ampere EV scooters and provides electric 3-wheelers and aftermarket services. Market capitalisation is Rs 4,628 Cr.
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On the TD Power Systems side of the Greaves Cotton vs TD Power Systems comparison, TD Power Systems manufactures AC generators from 160 kW to 200 MW for industrial, power and defence customers globally. Market capitalisation is Rs 19,683 Cr.
Greaves Cotton vs TD Power Systems: Key Products and Business Mix
In the Greaves Cotton vs TD Power Systems product comparison, Greaves Cotton offers: Greaves earns from diesel and CNG engines, Ampere EV scooters, electric 3-wheelers and aftermarket services. EPS is Rs 0.88 (very thin from EV investment costs). PE is 225.74x, ROE 8.03 percent, D/E 0.28.
For TD Power Systems in this Greaves Cotton vs TD Power Systems breakdown: TD Power earns from synchronous AC generators, traction generators and drives for industrial, power plant and naval/defence applications. EPS is Rs 15.28. PE is 82.45x, ROE 22.28 percent, D/E 0.02.
Greaves Cotton vs TD Power Systems: Latest Results
The Greaves Cotton vs TD Power Systems results for Greaves Cotton: Greaves Cotton has a market cap of Rs 4,628 Cr and PE of 225.74x – artificially high because EV transition investments have compressed earnings to near-zero. Greaves Cotton is 4.25 times smaller than TD Power.
The Greaves Cotton vs TD Power Systems results for TD Power Systems: TD Power Systems has a market cap of Rs 19,683 Cr and PE of 82.45x. ROE is 22.28 percent – a high ROE for an industrial equipment manufacturer, reflecting capital-light, high-margin generator business.
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Greaves Cotton vs TD Power Systems: Stock and Valuation
The Greaves Cotton vs TD Power Systems stock comparison uses the latest available market data from Groww. Investors tracking Greaves Cotton vs TD Power Systems should verify current prices on NSE or BSE before trading.
Greaves Cotton vs TD Power at current valuations: Greaves Cotton trades at Rs 4,628 Cr market cap, PE 225.74x (thin earnings), ROE 8.03 percent. TD Power trades at Rs 19,683 Cr market cap, PE 82.45x, ROE 22.28 percent. TD Power is dramatically larger with higher earnings and ROE. Greaves Cotton’s PE is distorted by EV transition costs.
Greaves Cotton vs TD Power Systems: Quick Comparison Table
The Greaves Cotton vs TD Power Systems comparison table below summarises the key metrics covered in this article side by side.
| Parameter | Greaves Cotton | TD Power Systems |
|---|---|---|
| Sector | Diesel/CNG engines + EV mobility (Ampere, electric 3W) | AC generators + synchronous motors + traction generators |
| Market Cap | Rs 4,628 Cr | Rs 19,683 Cr |
| P/E Ratio | 225.74x (thin earnings) | 82.45x |
| ROE | 8.03% | 22.28% |
| Debt to Equity | 0.28 | 0.02 |
| Profitability | Near-breakeven (EV investment drag) | Profitable and growing |
| Dividend | 1.01% | None |
Conclusion
The Greaves Cotton vs TD Power Systems comparison above covers the key data points on reach, products, results and valuation. Greaves Cotton vs TD Power Systems covers two engineering companies at very different financial health points. Greaves Cotton is a legacy engine company whose EV transition is compressing near-term earnings to near-zero. TD Power is a high-ROE industrial generator manufacturer with a strong order book from power and industrial capex. Greaves vs TD Power investors should review Ampere EV sales, Greaves 3-wheeler engine volumes, TD Power order book and generator export growth. Greaves Cotton vs TD Power Systems represent contrasting engineering risk-return. Consult a SEBI-registered advisor.
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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What does Greaves Cotton make?
Ans. Greaves Cotton makes diesel and CNG 3-wheeler engines, electric 3-wheelers (last mile) and sells Ampere-brand electric 2-wheelers. It has a wide aftermarket service network and is transitioning its business from diesel to electric mobility.
What is Ampere Electric?
Ans. Ampere Electric is Greaves Cotton’s electric 2-wheeler brand making e-scooters for Indian urban and semi-urban consumers. It is one of the established EV 2-wheeler brands in India.
What does TD Power Systems make?
Ans. TD Power Systems manufactures AC generators (alternators), synchronous motors, traction motors and drives for power plants, industrial processes, naval applications and defence. It serves industrial and infrastructure clients in India and globally.
Why is Greaves Cotton PE so high?
Ans. Greaves Cotton’s PE of 225.74x reflects near-zero earnings due to EV transition investments, sales force buildup and product development costs. The high PE does not reflect a richly valued stock – it reflects thin near-term earnings.
Is Greaves Cotton loss-making?
Ans. No. Greaves Cotton is technically profitable but with very thin earnings (EPS of Rs 0.88), resulting in a very high PE. The company is investing in EV capabilities which is compressing current profits.
Are Greaves Cotton and TD Power in Nifty 50?
Ans. Neither is in Nifty 50. Both are tracked in smaller indices.
Which is larger, Greaves Cotton or TD Power?
Ans. TD Power Systems at Rs 19,683 Cr is approximately 4.25 times larger than Greaves Cotton at Rs 4,628 Cr.