Zelio E-Mobility Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 Aug 2026 | Automobiles | Market Cap: ₹1.7K Cr
FY26 revenue expected between INR 260 to 280 crores, with H1 at INR 134.78 crores (80% YoY growth). FY26 revenue expected between INR 260-280 crores, with EBITDA and PAT margins hoped to remain constant.
From Zelio E-Mobility Ltd's Q2 FY26 earnings-call transcript · updated 26 Aug 2026.
Price
₹901
Market Cap
₹1.7K Cr
P/E Ratio
59.2
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📊 Revenue & Sales Performance
- →FY26 revenue expected between INR 260 to 280 crores, with H1 at INR 134.78 crores (80% YoY growth).
- →FY26 sales volume target for 2-wheelers: over 60,000 units.
- →FY27 sales volume target for 2-wheelers: approximately 1 lakh units; for 3-wheelers: around 3,000 units.
- →FY27 revenue projection: approximately INR 400 to 450 crores.
- →Long-term goal to double revenue annually, targeting 20%-25% market share in slow-speed EV 2-wheeler segment.
- →Expansion with new plants in Odisha and Patan to increase capacity and improve logistics, reducing costs and enhancing margins.
- →Focus on expanding dealer network, R&D, and product line to sustain growth.
- →Expect rural and Tier 1 city demand to grow significantly, supporting volume increases.
- →Margins expected to be sustainable at 7%-8% EBITDA for 3-wheelers and stable for 2-wheelers despite volume growth.
📈 Profitability & Margins
- →FY26 revenue expected between INR 260-280 crores, with EBITDA and PAT margins hoped to remain constant.
- →FY27 revenue guidance is approximately INR 400-450 crores, aiming to maintain stable margins.
- →Target sales volume for 2-wheelers in FY27 is 100,000 units; 3-wheelers target is around 3,000 units with potential upside as operations scale.
- →EBITDA margins for 2-wheelers currently at 13%, expected to remain stable; 3-wheeler margins to improve to 7-8% post own manufacturing plant operation starting April 2026.
- →Expansion plans include setting up the Odisha plant (operational from February) and Patan plant (April 2026) to increase capacity and reduce logistics cost, enhancing margin sustainability.
- →Long-term growth expects doubling business annually, with an aim to capture a 5-6% market share in the slow-speed EV segment by FY28.
- →Focus on R&D, improved localization (targeting 80% Indianization), and scaling operations to drive disciplined, profitable growth.
🏗️ Capital Expenditure Plans
- →Current capex includes less than INR 3 crores investment in the Odisha plant focused on 2-wheeler assembly.
- →A new 3-wheeler manufacturing plant in Patan (Hisar) is under construction and expected to be operational by April 2026, with capacity increasing from 2,000 units to 24,000 units annually.
- →Future capex will be planned for geographic expansion and setting up additional manufacturing facilities as needed.
- →The company raised funds through IPO to support the Patan plant and future capex requirements.
- →Capex for the Odisha 2-wheeler plant is primarily for assembly, requiring lower investment, supported by government subsidies.
- →Strategic focus on improving margins via in-house fabrication to reduce costs and increase market reach in 3-wheelers.
- →Planning continual capacity expansion aligned with demand growth and R&D initiatives for product development.
💰 Fundraising & Capital Structure
- →The company raised funds through its IPO, which has enabled capex investments, especially for the 3-wheeler plant.
- →For the 2-wheeler assembling plant in Odisha, the capex requirement is low, mainly for assembling rather than heavy manufacturing.
- →Regarding future fundraising, the company is currently working on expansion plans but has not disclosed specific details on new debt or equity fundraising.
- →When asked about how long expansion plans can run without fundraising, management replied they are working on it and will provide updates soon.
- →Overall, no explicit mention of imminent or planned new fundraising through debt or equity was provided during the call.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Zelio E-Mobility Ltd Q2 FY26 results?
FY26 revenue expected between INR 260 to 280 crores, with H1 at INR 134.78 crores (80% YoY growth). FY26 revenue expected between INR 260-280 crores, with EBITDA and PAT margins hoped to remain constant.
What is Zelio E-Mobility Ltd share price analysis?
Zelio E-Mobility Ltd currently shows a neutral. The stock trades at a P/E of 59.2 with a market cap of ₹1,659 Cr. Investors should review the full earnings analysis for detailed insights.
Is Zelio E-Mobility Ltd planning capital expenditure?
Current capex includes less than INR 3 crores investment in the Odisha plant focused on 2-wheeler assembly.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.