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Greaves Finance Limited
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 total market capitalization of 5,211 crores as of 3rd Jul'26. It focuses on providing financing solutions for electric vehicles through its dedicated platform named evfin.
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 | FY26 (₹ in cr) | FY25 (₹ in cr) | FY24 (₹ in cr) |
|---|---|---|---|
| AUM | 256.03 | 259.09 | 73.71 |
| NET WORTH | 103.62 | 80.27 | 25.17 |
| REVENUE | 39.61 | 18.16 | 6.08 |
| PAT | -4.90 | -7.99 | -14.42 |
| CAR% (Tier 1) | 38.41 | 86.70 | 37.41 |
| GEARING (times) | 1.88 | 0.1 | 1.2 |
Credit Rating
| Credit Rating Agency | Rating | Rating Outlook | Date |
|---|---|---|---|
| India Ratings & Research | A- | Stable | as on 25th March, 2026 |
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
