Greaves Electric Mobility achieved 84% year-on-year retail sales growth in Q1 FY’26, significantly outperforming the industry average as India’s electric two-wheeler market reached 299,000 units with 34% growth during the period.
The company’s performance was driven by strong sales of its Magnus Neo model in the mid-speed segment and the Reo 80, which recorded 32% quarter-on-quarter growth in rural markets.
Greaves Electric Mobility has established market leadership positions in Bihar (15.3%) and Tamil Nadu (13.9%), expanding its overall market share from 3.4% to 4.2% within a year. The company’s product portfolio spans price points from Rs 50,000 to Rs 1.5 lakh across slow, mid, and high-speed segments.
Magnus Neo led the mid-speed segment with features focused on comfort and everyday practicality. The updated Reo 80 gained traction in rural and developing markets where affordability remains a key purchasing factor.
Addressing investors during the Q1 FY’26 investor call, Vikas Singh, MD, Greaves Electric Mobility Limited said “We are proud to share that today, we command strong leadership positions in states like Bihar (15.3%) and Tamil Nadu (13.9%), where we have expanded our market share from 3.4% to 4.2% in a year. Our diverse product portfolio, priced between INR 50,000 and INR 1.5 lakh, caters to a broad spectrum of Indian consumers across the slow, mid, and high-speed segments, driving both sales and market share growth. With this continuous momentum, we look forward to democratising smart, sustainable mobility, and enable every person to shift to an affordable, cleaner & purer way of travel and transportation.”
India’s electric two-wheeler market grew 34% year-on-year in Q1 FY’26, reaching 299,000 units. Legacy players like TVS and Bajaj led with a combined 46% market share. EV penetration rose to 6.1%, driven by affordable models, policy support, and rising demand across urban and semi-urban regions.
With increased traction in both urban and rural segments, and a product range spanning multiple speed categories and price points, the company has strengthened its presence in key states while contributing to overall market development.
Its performance during the quarter indicates steady progress in aligning with broader industry trends and consumer demand for affordable electric mobility solutions.