Olectra Greentech Ltd(OLECTRA)

NSE: OLECTRABSE: 532439

₹ 952.4-0.44%refreshed 26 Oct, 02:00 pm ISTMarket cap: ₹ 7,817 crWebsite: www.olectra.comUpdated: 24 Oct 2026

About

Olectra Greentech Ltd is India's largest pure electric bus manufacturer and the country's first to homologate an electric bus (2017), operating two segments: Mobility (electric buses and tippers) and Energy (composite polymer insulators). In FY26 the company reported consolidated revenue of ₹2,312.17 crore and delivered 1,280 electric vehicles, a 32% year-on-year increase. Olectra holds an estimated 20%+ market share in India's electric bus market and has crossed 4,000 cumulative electric bus deliveries as of Q1 FY27.^[1][2][3]

Business segments

Mobility Division contributed ₹1,986.72 crore (85.9% of FY26 revenue), manufacturing electric buses in 7m, 9m and 12m formats plus electric tippers, with an EBIT margin of 9.8% in FY26.^[4][2]
Energy Division contributed ₹325.44 crore (14.1% of FY26 revenue) making composite polymer insulators, with an EBIT margin of 34.5% in FY26 - the higher-margin segment.^[4]

Products

Electric bus portfolio covers three lengths - V2 (7m), iX (9m), X2 (12m) and CX2 coach variant - with ranges from 150 to 350 km, plus an electric tipper truck.^[5][2]
Energy division makes composite polymer insulators with in-house silicone rubber compounding, FRP manufacturing, and high-voltage testing; developing 400 kV and 765 kV composite cross-arm insulators.^[2]
GFRP rebar business was discontinued as of Q1 FY27, citing competitive intensity and thin margins.^[3]

Manufacturing and capacity

Greenfield EV plant at Seetharampur/Hyderabad commenced partial operations with initial capacity of 5,000 EVs/year (2,500 units/shift), with infrastructure in place to scale to 10,000 EVs/year.^[6][7]
Energy division facility includes dedicated R&D and testing laboratory for silicone rubber and FRP, in-house silicone rubber compounding, and high-voltage testing capabilities.^[2]
R&D Centre is recognised by the Department of Scientific and Industrial Research (DSIR), Government of India; company is ISO 9001-certified.^[2]

Key operating numbers

EV deliveries: 358 units in Q1 FY27 vs 161 in Q1 FY26 (+122% YoY); 1,280 units in FY26 vs 972 in FY25 (+32% YoY). Comprising 1,215 electric buses and 65 electric tippers in FY26.^[3][2]
Order book stood at 8,000+ buses as of Q1 FY27, down from 10,000+ buses at Q4 FY26, as deliveries exceeded new order intake in the quarter.^[3][6]
Mobility EBITDA margin: 14.7% in Q1 FY27 vs 12.6% in Q1 FY26 (+210 bps YoY); PBIT margin 8.2% vs 9.4% (-120 bps YoY) due to higher depreciation from the greenfield plant.^[3]
Insulator (Energy) EBITDA margin fell to 24.1% in Q1 FY27 from 34.6% in Q1 FY26 (-1,050 bps YoY), driven by 40 - 70% raw material price increases from geopolitical disruptions.^[3]
EV penetration in India's bus segment (TIV) was ~7% in Q1 FY27, up from ~4.7% in FY26; Olectra's e-bus market share was 29% in Q3 FY26 and ~24% YTD 9M FY26.^[3][7]
Insulator order book was ~₹300 crore as of Q1 FY27; export mix fell below 36% in Q1 FY27 from 36% in FY26.^[3]
ROCE was 21.1% in FY26, up from 19.2% in FY25 (+190 bps YoY).^[3]

Customers and distribution

EV segment customers are primarily State and Central Government bodies in cities including Pune, Hyderabad, Mumbai, Ahmedabad, Nagpur, Surat, Tirupati, Kochi, Kullu, Panjim and Dehradun.^[2]
Private-sector EV adoption is nascent: delivered 8 buses to Microsoft for employee transport in Q3 FY26; intercity operator Fresh Bus has run 8 lakh km on Olectra vehicles.^[7]
Insulator division exports to utilities in Nepal, Niger, Mozambique, Malawi and Tunisia; export mix was approximately 40% of insulator revenues in Q3 FY26.^[2][7]

Subsidiaries and SPVs

Evey Trans (NSK) Pvt Ltd (WOS of Evey Trans Pvt Ltd) is contracted to supply, operate and maintain 1,085 electric buses for TGSRTC under PM E-Drive Scheme Phase I.^[2]
Evey Trans (KAR) Pvt Ltd is contracted for supply and operation of 700 electric buses for BMTC (Bengaluru).^[2]
Evey Trans (MSR) Pvt Ltd is an SPV for supply and operation of 5,150 electric buses to Maharashtra State Road Transport Corporation (MSRTC).^[2]
Evey Trans (MAH) Pvt Ltd is an SPV for supply and operation of 2,400 electric buses to BEST (Mumbai); the first BEST order (~2,100 buses including variation) is under dispute as of Q1 FY27, with ~2,000 buses pending on the second BEST order.^[2][3]

Expansion and capex

OEM (Mobility) capex of ~₹450 crore for next-generation bus and truck platform development (tangible + intangible: prototyping, design, testing, validation) plus ₹100 crore for building and equipment, over ~18 months.^[3]
Energy division capex of ~₹50 crore over 18 months for a new manufacturing shed and equipment to support new insulator products (hollow core and solid core insulators with combined addressable market of ₹500 - 1,000 crore).^[3]
Greenfield EV plant is scalable from 5,000 to 10,000 units/year; Phase-II expansion to be triggered only when market demonstrates 5,000-unit absorption, with a 12-month construction lead time.^[7][6]

Recent developments

Olectra became the first company in India to deliver 4,000 cumulative electric buses, crossing the milestone in Q1 FY27; consistently delivering 350+ buses per quarter for the last four quarters.^[3]
Next-generation electric bus and truck platforms, integrating localised batteries to comply with PM E-DRIVE and eSewa requirements, are targeted for launch from Q4 FY27, with 1 - 2 new products per quarter for the following four quarters.^[3]
In FY26, Olectra was awarded orders for 1,085 electric buses from TGSRTC under CESL PM E-Drive Scheme Phase I and received a Letter of Confirmation of Quantity for 700 buses from BMTC.^[2]
In Q3 FY26, Olectra emerged L1 in a CESL tender for 1,785 electric buses; formal order conversion was expected within ~3 months.^[7]
Energy division is targeting 5x revenue growth in three years via new products (hollow core and solid core insulators) and capacity expansion, per a Board-approved strategy disclosed in Q1 FY27.^[3]

Market Cap

₹7,817 Cr

High / Low

₹1,571 / 868

Stock P/E

44.1

Price / Book

6.4

Book Value

₹150

EPS

₹21.6

No. of Shares

8.21 Cr

ROCE

20.5%

ROE

15.6%

OPM

12.9%

Debt / Equity

0.31

Sales

₹2,312 Cr

Net Profit

₹180 Cr

Promoter holding

50.0%

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Olectra Greentech Ltd(OLECTRA)

About

Business segments

Products

Manufacturing and capacity

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Customers and distribution

Subsidiaries and SPVs

Expansion and capex

Recent developments

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