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Greaves Finance Limited
NSE & BSE equity listed
Greaves Finance Limited (GFL) is a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Limited (GCL), a NSE & BSE listed company with market capitalization of 3910 crores as of 3rd Feb'26. It focuses on providing financing solutions for electric vehicles through its dedicated platform, evfin. GFL operates in 60 cities with AUM of INR3,130 million as of June 2025.
Sector Focus
Finance (NBFC)
Highest Credit Rating
A- Stable by Ind-Ra
Listing (Debt)
BSE
Date of NBFC License by RBI
2019 (Operation Started)
Business & Products
Financing – 2W Electric Vehicles
Promoter
Greaves Cotton Limited
Key Management Personnel
Mr. Sunil Kumar
Whole-Time Director & CEO
GFL
Bonds issued by Greaves Finance Limited
Financial Performance
| Particulars | 9MFY26 (₹ in cr) | FY25 (₹ in cr) | FY24 (₹ in cr) |
|---|---|---|---|
| AUM | - | 259.09 | 73.71 |
| NET WORTH | 103.80 | 80.27 | 25.17 |
| REVENUE | 31.08 | 18.16 | 6.08 |
| PAT | 1.42 | -7.99 | -14.42 |
| CAR% | 38.49 | 86.70 | 37.41 |
| GEARING (times) | 1.35 | 0.1 | 1.2 |
Credit Rating
| Credit Rating Agency | Rating | Rating Outlook | Date |
|---|---|---|---|
| India Ratings & Research | A- | Stable | as on 19th September, 2025 |
Top Lenders to Greaves Finance Limited
ICICI Bank Limited
AU Small Finance Bank
Ambit Finvest Private Limited
Mass Financial Services Limited
Strength
Linkages with and support from parent
Growing franchise in E2W finance
Comfortable capitalisation
Weakness
Unseasoned portfolio
Limited track record; loss-making operations
Important Links
Source:
Investor Presentation, Information Memorandum & Rating Rationale of Greaves Finance Limited
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India Bond Private Limited
CIN: U67100MH2008PTC178990
SEBI Registration No.: INZ000311637
NSE Member ID - Debt Segment: 90316
BSE Member ID - Debt Segment: 6811
CIN: U67100MH2008PTC178990
SEBI Registration No.: INZ000311637
NSE Member ID - Debt Segment: 90316
BSE Member ID - Debt Segment: 6811
Registered Address: 605, 6th Floor, Windsor, Off CST Road, Kalina, Santacruz - (East), Mumbai – 400 098.
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