Company Overview & Fundamentals
Greaves Electric Mobility Limited (GEML), formerly known as Ampere Vehicles, is the electric mobility flagship subsidiary of Greaves Cotton Limited. Incorporated in 2008 and acquired by Greaves Cotton in 2018, the company operates across both two-wheeler (E2W) and three-wheeler (E3W) electric segments.
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Key Brands & Portfolio:
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Ampere: E2W portfolio including flagship commuter scooters like the Nexus, Primus, and Zeal series.
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ELE & Teja / MLR Auto: Electric three-wheeler cargo and passenger mobility solutions.
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Manufacturing Capability: Operates three production facilities, with its primary megasite located in Ranipet, Tamil Nadu.
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Strategic Investors: Backed by Abdul Latif Jameel (ALJ), a global investor, which infused $150 million (~₹1,170 Cr) in 2022 to fuel platform expansion.
Financial Performance (FY23 – FY25 Trend)
After experiencing significant revenue contraction and elevated losses in FY24 due to FAME-II subsidy policy shifts, GEML/Ampere showed recovery in FY25 by improving cost structures and narrowing operating losses.
| Financial Metric | FY23 | FY24 | FY25 |
| Operating Revenue | ~₹1,124 Cr | ₹612 Cr | ₹659 Cr |
| Total Income | ~₹1,140 Cr | ₹641 Cr | ₹675 Cr |
| Profit After Tax (PAT) | -₹691.5 Cr | -₹691.5 Cr | -₹240 Cr (65% Loss Cut) |
| EBITDA Margin | Negative | Deep Negative | -30.5% (Improving) |
(Sources: Company ROC Filings & SEBI DRHP Disclosures)
DRHP & IPO Details
Greaves Electric Mobility officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on December 23, 2024, and secured regulatory approval in May 2025.
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Issue Structure:
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Fresh Issue: Up to ₹1,000 Crore
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Offer for Sale (OFS): Up to 18.94 Crore equity shares (by promoter Greaves Cotton Ltd and investor ALJ)
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Listing Venues: BSE & NSE
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Lead Managers: Motilal Oswal Investment Advisors and IIFL Capital Services
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Registrar: Link Intime India Pvt Ltd
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Objects of the Issue: Proceeds from the fresh issue will fund product/R&D development at the Bengaluru Tech Centre, expansion of in-house battery assembly setups, capacity growth at subsidiaries (Bestway & MLR Auto), and general corporate purposes.
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