Please find attached herewith Earning Call transcript.
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Zelio E-Mobility held its first post-IPO investor call to discuss H1 FY26 results. Revenue came in at INR 134.78 crores (up 80% YoY), EBITDA at INR 15.36 crores (up 71% YoY), and PAT at INR 11.8 crores (up 70% YoY), with strong ROE of 85.8% and ROCE of 51.8%. The company guided for FY26 revenue of INR 260-280 crores and FY27 revenue of INR 350-450 crores, targeting 1 lakh 2-wheeler units annually by FY26-27. Management highlighted a new Odisha 2-wheeler assembly plant (operational Feb 2026, capex under INR 3 crores) and a Patan 3-wheeler plant (April 2026, capacity 24,000 units), aimed at reducing logistics costs and improving margins. Current 2-wheeler EBITDA margin is 13%; 3-wheeler margins are currently low but expected to reach 7-8% once in-house fabrication starts. Zelio targets moving from 30% to 80% localization and aspires to 20-25% market share in the slow-speed EV segment over time.
Positive near-term: strong 80% YoY revenue growth and clear capacity expansion roadmap could support sentiment. Margin guidance was vague on exact numbers, but logistics savings from Odisha plant and in-house 3-wheeler production are potential margin levers. Investors should watch Feb 2026 Odisha plant commissioning and April 2026 Patan 3-wheeler ramp-up for execution proof.