Greaves Cotton Share Price Jumps 10% Despite 81% Fall in Q2 Profit: What Is Driving the Rally?

The Greaves Cotton share price jump looks odd against an 81% fall in profit, but the headline hides what happened underneath. This article explains the Q2 FY27 results, the exceptional expenses, the electric mobility losses, the margin recovery plan and how the Greaves Cotton share price compares with its recent range.

Three flags. Sources differ on consolidated EBITDA (Rs 73 crore against Rs 74 crore) and on one-off charges (Rs 32.75 crore as the exceptional line against Rs 60.1 crore including accelerated depreciation). One report says the electric mobility IPO was dropped, while another says no date is set. I found no brokerage target, so none is quoted.

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Greaves Cotton Share Price Today: The Rebound in Numbers

Greaves Cotton share price: item	Detail on 30 Oct 2026
Previous close (29 Oct)	Rs 186.80 on NSE
Open	Rs 193.08
Price at about 12:06 pm	About Rs 206, up about 10.3%
Intraday high	About Rs 207.70 on NSE; the headline article says up to 11.6%
Trading volume	About 1.74 crore shares by midday, against about 42 lakh on 29 October
52-week range	Rs 119.99 to Rs 271.90
Listing	NSE: GREAVESCOT; BSE: 501455

The Greaves Cotton share price had touched Rs 171.52 on 29 October, the day results were announced, before closing at Rs 186.80. It then gapped up on 30 October and kept rising, which shows that buyers of the Greaves Cotton share price accepted the revenue and EBITDA story over the headline profit fall.

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Q2 FY27 Results Behind the Greaves Cotton Share Price Jump

Greaves Cotton share price: Q2 FY27 consolidated metric	Q2 FY27	Year ago
Revenue from operations	Rs 1,175.91 crore	Rs 815.46 crore, up 44%
EBITDA	About Rs 73 crore (headline: Rs 74 crore)	About Rs 51 crore, up about 43%
EBITDA margin	About 6.2%	Not stated
Exceptional expenses	Rs 32.75 crore	Not stated
Net profit to owners	Rs 4.82 crore	Rs 26.01 crore, down 81.47%
Net result including minority share	Loss of Rs 29.81 crore	Profit of Rs 6.32 crore

Revenue and EBITDA improved sharply, so the Greaves Cotton share price rally has a base, and the profit fall comes from items below the operating line. H1 FY27 revenue was Rs 2,150.03 crore, up about 38%. Standalone revenue was Rs 682.18 crore, up about 24%, while standalone net profit fell about 21% to Rs 41.31 crore.

The gap between the Rs 4.82 crore owners' profit and the Rs 29.81 crore consolidated loss is about Rs 34.6 crore. My reading is that this is the share of subsidiary losses that belongs to minority shareholders, mostly in the electric mobility arm, but the filing should confirm it.

Exceptional Expenses: Why Profit Fell 81%

Greaves Cotton share price: one-off item	Amount
Exceptional expenses on the profit and loss line	Rs 32.75 crore
Impairment of Bestway Agencies goodwill and brand	About Rs 20.1 crore
Electric mobility IPO-related expenses	About Rs 12.55 to Rs 12.7 crore, depending on the report
Accelerated depreciation (Teja brand and two-wheeler tools)	About Rs 27.3 crore, shown within depreciation
Total one-off items quoted by one report	About Rs 60.1 crore

The Rs 32.75 crore exceptional line and the Rs 60.1 crore total reconcile once accelerated depreciation of about Rs 27.3 crore is added. Depreciation rose to Rs 53.22 crore from Rs 26.95 crore a year earlier, which fits. For the Greaves Cotton share price, these are accounting charges linked to a brand exit, an acquisition write-down and a postponed listing, not to weaker orders, and consolidated business profit before tax was about Rs 44 crore before one-offs.

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Segments and Core EBITDA Margin

Greaves Cotton share price: segment	Q2 FY27 revenue	Growth
Energy solutions	About Rs 229 crore	Up 36%
Mobility solutions	About Rs 463 crore	Up 23%
Industrial solutions	About Rs 77 crore	Down 2%; up 9% like for like
Core businesses together	About Rs 768 crore	Up 24%
Greaves Electric Mobility	About Rs 410 crore	Up 106%

Core businesses grew 24%, helped by gensets in energy solutions and automotive engines in mobility solutions, where automotive revenue rose 37%. Core EBITDA, however, slipped to about Rs 88 crore from about Rs 92 crore, so the core EBITDA margin fell to 11.5% from 14.8%. Management blamed higher aluminium, iron, copper and platinum group metal costs. Margin pressure on core EBITDA is the real weak spot for the Greaves Cotton share price this quarter.

Electric Mobility: Losses Narrow as Volumes Double

Greaves Cotton share price: electric mobility metric	Q2 FY27	Year ago
Revenue	About Rs 410 crore	About Rs 199 crore
EBITDA loss	About Rs 24 crore	About Rs 42 crore
EBITDA margin	About minus 6.8%	About minus 23.5%
Electric two-wheeler volume	37,649 units, up 114%	Lower base
Electric three-wheeler (L5) volume	2,796 units, up 61%	Lower base
Electric two-wheeler market share	4.8% in H1; peak 5.6% in June	4.1%

Greaves Electric Mobility, which sells Ampere scooters, more than doubled its revenue while cutting its EBITDA loss by about 43%. The EBITDA loss per two-wheeler fell from about Rs 20,000 to about Rs 6,300. Management says the arm needs no new capital for 12 to 18 months and expects it to turn cash generating in the same period. A Rs 331 crore rights issue was subscribed by the parent in July. Electric mobility progress is a key driver of the Greaves Cotton share price.

Margin Recovery Plan and Balance Sheet

Management targets a core EBITDA margin of 13% to 15% over the medium to long term, with margin recovery expected in the second half of FY27 and the full benefit of price increases visible by Q4 FY27. It also targets organic revenue growth of 16% to 20% a year and plans to invest Rs 500 crore to Rs 700 crore in products, automation and modernisation. These are management goals, not outcomes, and the Greaves Cotton share price will react to delivery.

At 30 September 2026, one report shows cash of about Rs 606 crore against consolidated borrowings of about Rs 513 crore, which implies net cash of about Rs 93 crore on my arithmetic. That report has some labelling errors elsewhere, so confirm the balance sheet in the filing.

Valuation and Price Path of the Greaves Cotton Share Price

Greaves Cotton share price: valuation metric	Value	Reference
Price to earnings (TTM)	About 213	Industry about 43; inflated by one-offs
Earnings per share (TTM)	About Rs 0.88	Trailing twelve months
Price-to-book	About 3.05	Book value about Rs 61.42
Return on equity	About 8.0%	Modest
Debt to equity	About 0.28	Moderate
Dividend yield	About 1.07%	Face value Rs 2

A price to earnings ratio near 213 looks extreme, but it reflects depressed trailing profit after one-off charges, not the business run rate. Market capitalisation was about Rs 4,369 crore at the pre-jump price. The Greaves Cotton share price rose from about Rs 206 on 23 September to a high of Rs 240.40 on 30 September, then fell about 25% to Rs 181.11 on 28 October. Today's jump recovers about two-fifths of that fall.

What to Watch Next on the Greaves Cotton Share Price

1. Core EBITDA margin. A move back toward 13% from 11.5% would support the recovery story.
2. Pricing benefit. Management expects the full effect by Q4 FY27.
3. Electric mobility losses. Further narrowing toward cash generation matters most.
4. Exceptional items. Fewer one-offs would let profit track EBITDA.
5. Volume follow-through. Strong volume on up days supports the Greaves Cotton share price rally; fading volume weakens it.

Risks for the Greaves Cotton Share Price

1. Commodity costs. Aluminium, copper and metal prices can squeeze margins again.
2. Electric vehicle competition. Scooter rivals can cap pricing and market share.
3. Volatility. The Greaves Cotton share price fell about 25% in a month before rebounding.
4. Valuation on earnings. A P/E near 213 leaves no cushion if profit stays low.
5. Data gaps. EBITDA and one-off figures differ by source, and no brokerage target is available.

Conclusion: Read the Greaves Cotton Share Price Rally Through EBITDA

The Greaves Cotton share price rose about 10% because Q2 FY27 revenue grew 44% and EBITDA about 43%, and the 81% profit fall was driven by exceptional expenses and depreciation. Core margins and the pace of electric mobility losses decide whether the rally lasts. Check the filing and invest in line with your own risk profile.

Frequently Asked Questions

Why did the Greaves Cotton share price jump 10% despite an 81% profit fall?

Ans. The Greaves Cotton share price rose about 10% to near Rs 206 on 30 October 2026 because revenue grew 44% and EBITDA about 43%, while the profit fall came mainly from Rs 32.75 crore of exceptional expenses and higher depreciation. Volume was far above normal.

What were Greaves Cotton's Q2 FY27 results?

Ans. Consolidated revenue was Rs 1,175.91 crore against Rs 815.46 crore. EBITDA was about Rs 73 crore, net profit to owners was Rs 4.82 crore against Rs 26.01 crore, and the consolidated result including minority share was a loss of Rs 29.81 crore.

What are the exceptional expenses in Greaves Cotton's Q2?

Ans. The exceptional line was Rs 32.75 crore, including an impairment of about Rs 20.1 crore on Bestway Agencies and about Rs 12.6 crore of electric mobility IPO-related expenses. Accelerated depreciation of about Rs 27.3 crore took total one-offs to about Rs 60.1 crore in one report.

Why did Greaves Cotton's core EBITDA margin fall?

Ans. Core EBITDA margin fell to about 11.5% from 14.8% because aluminium, iron, copper and platinum group metal costs rose. Management expects margin recovery in the second half of FY27 and the full pricing benefit by Q4 FY27.

How is Greaves Electric Mobility doing?

Ans. Revenue rose 106% to about Rs 410 crore, the EBITDA loss narrowed to about Rs 24 crore from Rs 42 crore, and electric two-wheeler volume grew 114%. Management expects it to turn cash generating within 12 to 18 months.

Is the Greaves Cotton share price expensive on a P/E of 213?

Ans. The trailing P/E of about 213 is inflated by low profit after one-off charges, and the industry figure is near 43. Judge valuation on EBITDA and the margin trend, not on the headline ratio alone.

Should I buy or sell the Greaves Cotton share price now?

Ans. This article does not recommend buying or selling any stock. After a 10% one-day move, check the filing, the margin trend and your own risk profile, or speak to a SEBI-registered adviser.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.