Azad India Mobility Ltd(AZADIND)

NSE: AZADINDBSE: 504731

₹ 15.5-5.55%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 84 crWebsite: www.azadindiamobility.comUpdated: 26 Oct 2026

About

Azad India Mobility makes electric buses and coaches under contract for leading OEMs and large fleet operators. It moved its focus to making, assembling and trading electric buses, and its first batch of luxury EV buses rolled out in March 2025. It reported revenue of Rs 64.94 Cr in FY26.^[1][2][3]

Business model

As of FY26, the company is a pure-play contract manufacturer of electric buses and coaches, serving as the production base for leading OEMs and large fleet operators.^[1]
In FY25 the company moved its focus to manufacturing, assembling and trading electric buses. Its first batch of luxury EV buses rolled out in March 2025.^[2]

Products

As of FY26, its modular assembly lines build 9-meter and 12-meter city e-buses and high-capacity intercity coaches.^[1]
As of FY26, every vehicle goes through automated end-of-line testing and meets high-voltage battery integration standards.^[1]

Customers and orders

As of FY26, its customers are leading OEMs and large fleet operators.^[1]
In FY26 the company won large public tenders in core urban markets and expanded manufacturing capacity to meet a strong order book.^[1]

Supply chain

As of FY26, the company is building up local vendors for structural components and body fabrication to lower bill-of-materials costs and meet domestic localisation rules.^[1]

Expansion

In FY25 the company was setting up an EV bus plant and had paid advances of Rs.25158227 for land to expand its operating facilities.^[2]
Its FY26 focus areas were larger manufacturing footprints and economies of scale, product innovation, after-sales support, and alliances with ecosystem partners.^[1]

Related parties

As of FY26, related party Azad Coach Private Limited also makes electric buses and coaches. It supports the company with working capital, facilities, land and machinery.^[1]
In FY25, shareholders approved related-party transactions of up to Rs 100 crore a year with NAE Mobility Pvt. Ltd. and up to Rs 200 crore a year with Azad Coach Builders Pvt. Ltd.^[2]

Stated risks

The FY26 annual report says revenue depends on policy continuity and timely subsidy payments. It also names battery supply and price swings, and new domestic and foreign competitors, as risks.^[1]
The FY26 annual report says urban and intercity operations depend on charging infrastructure expanding and the power grid being ready.^[1]

Market Cap

₹84 Cr

High / Low

₹35 / 14

Stock P/E

27.2

Price / Book

0.6

Book Value

₹25

EPS

₹0.4

No. of Shares

5.44 Cr

ROCE

3.2%

ROE

2.5%

OPM

4.8%

Debt / Equity

0.00

Sales

₹65 Cr

Net Profit

₹2 Cr

Promoter holding

15.5%

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