Greaves Cotton Limited has completed a series of manufacturing projects under an investment programme of about 50 million rupees over the past 18 months, reinforcing its production capabilities across the engine, industrial and component businesses.
The company has commissioned new facilities at its subsidiary Excel Controlinkage, including a manufacturing and testing plant for mechatronic and electronic components and a modernised rubber components unit. Both projects are now operational and supplying components for the group’s marine and mobility segments. Management expects utilisation to reach between 70 and 80 percent as new domestic and export orders are fulfilled.
“Our new facilities are on stream and contributing directly to the marine and mobility segments,” said Parag Satpute, Managing Director and Group Chief Executive Officer. “This expansion enables us to maintain the high quality of our products while improving speed and delivery performance.”
The investments form part of a wider modernisation plan that includes automation upgrades and enhanced in-house production capability for critical components used in push–pull cables and control systems. Satpute stated that the facilities were designed “to support growth in adjacent categories where our design and production strengths can be applied to new customer needs.”
In the engine and genset business, demand remained strong during the first half of FY26, supported by infrastructure activity and industrial recovery. Sales of Euro V-plus single-cylinder engines to European microcar customers and CPCB IV-plus gensets to the domestic market continued to rise. “Our genset business has strengthened further, helped by reliable products and a widening customer reach,” Satpute said.
Excel’s domestic OEM partnerships in the automotive, construction equipment and marine sectors performed steadily, while export contributions—currently about one-fifth of segment revenue—are expected to increase as new international agreements progress. Across the group, exports now contribute a double-digit share of consolidated revenue.
Greaves Cotton remains net cash positive, with return on capital employed above 30 percent. The company continues to invest in emerging technologies, including multi-fuel gensets, rare-earth-free motors and e-powertrain components. “Our partnership with Chara Technologies is developing well, and we expect to begin commercialisation soon,” Satpute said.
The aftermarket and retail businesses are also stabilising as the three-wheeler vehicle base expands. The company anticipates annual growth of about eight to nine percent in this segment as recent engine sales begin translating into higher parts demand.
Looking ahead, Greaves Cotton intends to sustain its focus on capacity expansion, technology development and export diversification. These initiatives form part of its long-term transformation framework under the GREAVES.NEXT strategy, aimed at achieving 16 to 20 percent annual revenue growth through FY30 while positioning the group as a diversified, future-ready engineering enterprise.
