Zelio E Mobility Ltd

BSE: 544563

₹ 1,019.85-2.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,157 crWebsite: www.zelioebikes.comUpdated: 24 Oct 2026

About

Zelio E Mobility Ltd is an Indian electric vehicle manufacturer focused on low-speed electric two-wheelers and electric three-wheelers, operating four assembly plants across North, East and South India. In FY26 the company recorded consolidated revenue from operations of ₹310.71 crore, an 81.8% increase over the prior year, with a revenue CAGR of approximately 121% since FY22. It held a 4 - 5% share of the slow-speed EV two-wheeler market as of H1 FY26, up from 2 - 3% the prior year.^[1][2][3]

Products and segments

Core business is low-speed electric two-wheelers, sold at an average selling price of ~₹44,000 in FY26, with a separate and newly seeded electric three-wheeler vertical launched in FY26.^[1]
Three-wheeler average selling price was ~₹1,10,000 in H1 FY26, targeting a distinct last-mile and commercial use case separate from the two-wheeler range.^[3]
Two high-speed EV scooter models are planned for launch in FY27, adding a new product category to the existing low-speed portfolio across 25+ states.^[1]

Manufacturing capacity and plants

Annual production capacity reached 240,000 units across four plants in FY26, up 3.3x from 72,000 units at the start of FY26.^[1]
Ladwa, Haryana flagship plant anchors North and West India at 120,000 units per annum.^[1]
Cuttack, Odisha plant (60,000 units/year) is fully operational and GST-registered since December 2025, serving East and Northeast India.^[1]
Patan, Haryana plant (dedicated three-wheeler fabrication with own paint shop, ~24,000 units/year) and Coimbatore, Tamil Nadu plant (60,000 units/year) were both commissioned in July 2026.^[1][3]

Key operating volumes

FY26 total unit sales exceeded 70,000 units (H1: 30,000; H2: 40,000+), up from more than 38,000 units in FY25.^[1]
Three-wheeler units sold in FY26 were 800, with 400 of those in H1 FY26, representing the first full year of the segment.^[1][3]
Slow-speed EV two-wheeler market share was 4 - 5% in H1 FY26, up from 2 - 3% in FY24.^[3]

Distribution and reach

Dealer network grew to 400+ dealers across 25 states in FY26, up from 335+ in H1 FY26 and 94 dealers in FY21.^[1][3]
70% of showrooms were exclusive to Zelio as of FY26; management targets 100% exclusivity and 550+ total dealers by end of FY27.^[1]

Supply chain and localisation

Wholly-owned subsidiary Zelio Auto Components Limited (incorporated May 2025) handles component procurement and spare parts, already contributing positively to consolidated revenue and profitability in FY26.^[1][3]
Localisation level was ~30% in H1 FY26, with 70%+ of raw materials imported; the internal target is 80% localisation by FY28, excluding battery cells.^[3]
5 - 6 vehicle models are targeted to reach 70 - 80% Make-in-India indigenisation by end of FY27.^[1]

Expansion and capex

Odisha 2-wheeler assembly plant was built for less than ₹3 crore investment at 50,000 units/year capacity, designed to lower logistics costs for East and South India.^[3]
FY27 is the first full year with simultaneous East India (Cuttack) and South India (Coimbatore) revenue; combined target is 125,000+ total units in FY27.^[1]

FY27 targets

FY27 total volume target is 125,000+ units across all segments, with three-wheeler volumes targeted at 2,000+ units from the Patan plant.^[1]
Average selling price is targeted to increase from ~₹44,000 to ₹45,000 - ₹50,000 in FY27 through product mix improvement.^[1]
Long-term market share target is 20 - 30% of the low-speed EV two-wheeler segment within 2 - 3 years.^[1]

Market Cap

₹2,157 Cr

High / Low

₹1,159 / 222

Stock P/E

76.0

Price / Book

0.0

Book Value

₹53

EPS

₹13.4

No. of Shares

2.12 Cr

ROCE

27.8%

ROE

25.4%

OPM

11.7%

Debt / Equity

0.18

Sales

₹311 Cr

Net Profit

₹28 Cr

Promoter holding

72.8%

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