Greaves Cotton Ltd

Dear Shareholders,

Greaves Cotton Limited continues its transformative journey - evolving from a diesel engine manufacturer into a comprehensive mobility solutions provider. Our commitment to innovation, sustainability, and inclusive growth has driven this shift, creating multiple revenue streams and a digitally integrated ecosystem that empowers lives, livelihoods & businesses across India.

At the heart of this transformation are our purpose-driven subsidiaries, each shaping the future of mobility and engineering solutions. From clean and smart mobility to financial inclusion and advanced R&D, we are creating sustainable value beyond numbers. Our robust financial foundation has enabled us to scale operations effectively, and we are well positioned to drive future growth through both organic expansion and strategic acquisitions.

With a legacy of 165+ years of engineering excellence & trust, Greaves Cotton has built a multi-fuel, multi-product, multi-industry ecosystem through five synergistic businesses:

1. Greaves Engineering - Advancing prime mover solutions with multi-fuel innovations.

2. Greaves Retail - Empowering livelihoods and businesses in clean mobility.

3. Greaves Electric Mobility Limited (GEML) - Democratising smart & sustainable mobility solutions.

4. Greaves Finance Limited - Supporting customers throughout the EV ownership lifecycle.

5. Greaves Technologies - Driving innovation with cutting-edge engineering solutions.

These businesses form a self-sustaining ecosystem, integrating consumers, business partners, and service providers seamlessly.

A leader in multi-fuel powertrain solutions, Greaves Engineering launched the CPCB IV+ compliant gensets for the domestic market and Euro V+ engines for the European market. At the Auto Expo 2025, under the aegis of the Bharat Mobility Global Expo 2025, we showcased our hydrogen engine concept, CNG engine, Euro V+ engine, & ePowertrain, reinforcing our commitment to future-ready, sustainable powertrain solutions.

Greaves Retail continues to empower businesses and livelihoods by building a structured aftermarket and retail network. Through Greaves Care, and Greaves Spares, we ensure accessibility, affordability, and superior service, while expanding exports and digital reach.

GEML is accelerating India's EV transformation, with a multi-brand portfolio spanning electric two-wheelers and three-wheelers. This year, we launched Ampere Nexus, our first premium family scooter, completing the Kashmir to Kanyakumari ride, proving its endurance and reliability. Our Magnus Neo upgrade further strengthened our market position. Additionally, with the filing of the Draft Red Herring Prospectus (DRHP), Greaves Electric Mobility Private Limited (GEMPL) has now transitioned to Greaves Electric Mobility Limited (GEML), marking a significant milestone in our journey towards strengthening our leadership in India's EV revolution.

Greaves Finance Limited is enabling affordable EV ownership through customer-centric and digital-first financing solutions, ensuring accessibility for individuals and small businesses.

Greaves Technologies is at the core of innovation, leading next-gen R&D, AI-driven solutions, and sustainable product design to drive future-ready mobility solutions.

Over the past five years, Greaves Cotton Limited has transformed into a purpose-driven mobility leader, expanding beyond diesel into electric, and alternate fuels. The Company has built an integrated ecosystem spanning engineering, retail, e-mobility, finance, and technology solutions, ensuring a seamless and interconnected customer experience. A strong focus on digital infrastructure has enabled improved operational efficiency and consumer engagement, while sustained investments in sustainability have reinforced our commitment to clean energy and responsible growth.

With the mobility industry evolving rapidly, Greaves Cotton is poised to lead the change. Our strategic focus includes scaling our electric vehicle (EV) business to accelerate mass adoption, expanding our multi-fuel capabilities in line with global energy trends, and enhancing financial services to support the growing EV consumer base. Strengthening our digital and retail ecosystems remains a priority to ensure a seamless and future-ready mobility experience. We look ahead with optimism, anticipating growth through a combination of organic development and strategic acquisitions.

Our success goes beyond numbers. It lies in our commitment to ensuring that every innovation, every investment, and every solution shapes a more sustainable, inclusive, and future-ready mobility landscape. Our steadfast focus on safety and adherence to best practices led to another year of zero incidents at our factories. Equally, our dedication to diversity stands strong with our new e-powertrain production line being operated entirely by a team of skilled and committed women workforce.

On behalf of the Board of Directors,

I extend my heartfelt gratitude to our valued shareholders. Your unwavering trust and support have been instrumental in our success. The momentum we have built reinforces our confidence in delivering long-term, sustainable value.

Together, we are not just building a Company - we are building a future-ready, purpose-driven ecosystem that empowers millions.

Thank you for being part of this journey.

Sincerely,

Chairman