Greaves Electric Mobility and Ampere: what the filings show

Greaves Electric Mobility, the company behind Ampere electric scooters and Greaves 3 Wheelers, is growing fast and still runs at a loss. Greaves Cotton's audited results put its electric mobility segment at ₹786.19 crore of revenue in 2025-26, with a segment loss of ₹182.01 crore. In the June 2026 quarter, revenue nearly doubled from a year earlier and the loss for every ₹100 of sales fell to about ₹17.

Greaves Cotton is best known as a maker of small diesel engines. It owns 62.48% of Greaves Electric Mobility (GEML), so the EV business sits inside its consolidated accounts. Here is what those filings say.

How big is Greaves Electric Mobility?

Greaves Cotton reports the EV business as a segment called "Electric Mobility & Other Vehicles". Its figures, in ₹ crore:

Period	Segment revenue	Segment result
2024-25 (FY25)	658.61	loss 223.00
2025-26 (FY26)	786.19	loss 182.01
April–June 2025 (Q1 FY26)	136.71	loss 40.51
April–June 2026 (Q1 FY27)	269.82	loss 45.77

So revenue rose about 19% in FY26 and about 97% in the June 2026 quarter against the same quarter a year before. For comparison, the group's consolidated revenue from operations was ₹3,436.62 crore in FY26 and ₹974.12 crore in the June 2026 quarter.

In that same June quarter, Greaves Cotton's engines and engineering products segment reported a segment profit of ₹106.28 crore.

The auditors' report on the FY26 accounts adds one more set of numbers. It describes a subsidiary with FY26 revenue of ₹786.19 crore, the same as the EV segment, a net loss after tax of ₹204.51 crore, total assets of ₹625.42 crore and net assets of ₹59.65 crore at 31 March 2026.

Is the loss getting smaller?

In rupees, the loss has not moved much from quarter to quarter: ₹40.51 crore in the June 2025 quarter, ₹49.00 crore in the March 2026 quarter and ₹45.77 crore in the June 2026 quarter. What has changed is the size of the business around it.

Worked example: loss for every ₹100 of sales

Divide the segment loss by segment revenue and multiply by 100:

• FY25: 223.00 ÷ 658.61 × 100 = about ₹34 lost for every ₹100 of sales
• FY26: 182.01 ÷ 786.19 × 100 = about ₹23
• Q1 FY26: 40.51 ÷ 136.71 × 100 = about ₹30
• Q1 FY27: 45.77 ÷ 269.82 × 100 = about ₹17

The loss is roughly the same in rupees, but spread over quarterly revenue that has nearly doubled, so each ₹100 of sales carries less of it. The filings do not give a date by which the segment expects to break even, and we do not guess one.

How many Ampere scooters does it sell?

The company reports volumes as VAHAN registrations, the government's vehicle registration data:

• FY26: 61,597 electric two-wheeler registrations, up 51% on FY25.
• Market share: 3.6% in FY25 and 4.4% in FY26, according to the Ampere release of 25 June 2026. Greaves Cotton's June-quarter release puts the FY26 figure at 4.3% and says the share reached 5.6% in June 2026.
• June 2026 quarter: electric two-wheeler registrations up 101% year on year.
• Three-wheelers: L5 registrations up 39% year on year in the June 2026 quarter.
• Cumulative: Ampere said in June 2026 that it had made and sold more than 4 lakh scooters in India. That figure includes slow-speed scooters, which do not need registration and so are not in VAHAN.

The Ampere range named in the releases includes the Nexus, the Magnus Grand, the Magnus G-Max and the sixth-generation Magnus. Vikas Singh, GEML's managing director, described Ampere's market as the "sub-₹1 lakh segment". The company says all its scooters use LFP (lithium iron phosphate) batteries.

Where are the plants and dealers?

GEML says that, with its subsidiaries, it runs three plants, in Hyderabad, Noida and Ranipet in Tamil Nadu, and has 400 dealer touchpoints across India. Ampere says it grew its dealer network by 12% in FY26. MLR Auto and Bestway Agencies are GEML subsidiaries.

What happened to the Greaves Electric IPO?

The planned public issue has lapsed for now. The timeline from the filings:

1. 23 December 2024: GEML filed its draft red herring prospectus with SEBI, BSE and NSE.
2. 17 February 2025: NSE and BSE gave in-principle approval.
3. 8 May 2025: SEBI issued its final observations. The issue had to open within 12 months, by 7 May 2026.
4. 7 April 2026: a SEBI circular offered a one-time extension for observation letters expiring between 1 April and 30 September 2026.
5. 31 July 2026: the lead managers wrote to SEBI that GEML would not use the extension because of its planned rights issue, that the SEBI observations had lapsed, and that it would not proceed with the offer.

GEML said on 3 August 2026 that it "remains committed to pursuing a public listing at an appropriate time", subject to market conditions and approvals.

The ₹530 crore rights issue

Instead of public money, GEML raised ₹530 crore from its existing shareholders through a rights issue, announced as fully subscribed on 3 August 2026. Greaves Cotton put in about ₹331 crore, its full entitlement, and its stake stayed at 62.48%. Abdul Latif Jameel Green Mobility Solutions is the other shareholder named in the release.

GEML says the money is for next-generation products, battery management systems, power trains and technology development.

Why this matters on an engine site

Greaves Cotton describes itself as one of India's largest makers of single-cylinder diesel engines, the kind explained in our story on how a diesel engine works. It also sells gensets and automotive engines. The electric business is reported alongside these engine segments in the same accounts. The company's quarterly numbers are on the Greaves Cotton page, and you can set them against Kirloskar Oil Engines, Cummins India and Swaraj Engines on compare.

Sources: Greaves Cotton Limited, statement of consolidated audited results and segment information for the year ended 31 March 2026, with the independent auditor's report (filed with BSE and NSE, 6 May 2026); Greaves Cotton, consolidated unaudited results and segment information for the quarter ended 30 June 2026 (4 August 2026); Greaves Cotton press releases on FY26 results (6 May 2026) and Q1 FY27 results (4 August 2026); Greaves Cotton, press release on the proposed GEML rights issue subscription (10 July 2026); Greaves Electric Mobility press releases "Ampere Crosses 4 Lakh Milestone" (25 June 2026) and "Rights Issue offer of INR 530 Crore fully subscribed" (3 August 2026), filed by Greaves Cotton with the exchanges; Greaves Cotton Regulation 30 intimation of 31 July 2026, enclosing the lead managers' letter to SEBI. Growth rates and loss per ₹100 of sales are our arithmetic from these filings.