engine technologies, retail/aftermarket Greaves Electric

Strengths Established engineering and automotive heritage with a long operating track record. Diversified exposure across powertrain/engineering, aftermarket and electric mobility. Core standalone business delivered strong Q1 FY27 growth, with standalone revenue of about ₹629 Cr, up from ₹541 Cr in Q1 FY26. Electric mobility provides exposure to India's growing EV two-wheeler market. Ampere is an established EV brand, with the company continuing to expand its electric-mobility portfolio. Weaknesses Consolidated profitability remains under pressure because the electric-mobility business is still loss-making. Q1 FY27 consolidated revenue increased 30.7% YoY to ₹974.12 Cr, but consolidated PAT was only ₹6.16 Cr. Q1 FY27 consolidated EBITDA declined about 10.3% YoY to ₹67.27 Cr, indicating margin pressure despite strong revenue growth. EV expansion requires significant capital and continued investment in products, distribution and technology. Traditional engine-related businesses face structural pressure from increasing electrification. Opportunities India's increasing electric two-wheeler adoption. Expansion of Ampere into additional customer segments and geographies. EV financing and distribution partnerships can improve accessibility; Ampere recently partnered with Muthoot Capital for EV financing. Growth in aftermarket, retail and service businesses provides potential recurring revenue. Export and international expansion can diversify the revenue base. New technologies and energy-transition applications could provide additional avenues for the engineering business. Threats Intense competition in India's electric two-wheeler market. Battery costs, technology changes and EV price competition. Continued losses in electric mobility could pressure consolidated cash flows and margins. Changes in government EV incentives and regulations. Commodity and input-cost volatility.