Zelio E Mobility Limited

Manufactures electric two-wheelers (low-speed and high-speed scooters) and is launching a three-wheeler line, sold under the Zelio brand through a dealer network that grew from 400 to 550+ outlets across 25+ states. Revenue of ₹310.71 cr in FY26 (consolidated ₹313 cr, +81.8% YoY) comes almost entirely from selling these vehicles to retail customers, with the company also earning a small stream from a wholly-owned subsidiary, Zelio Auto Components, that supplies spare parts to workshops. Annual manufacturing capacity was scaled 3.3x in FY26 from 72,000 to 240,000 units across four plants: Ladwa, Haryana (120,000 units), Cuttack, Odisha (60,000 units, operational Dec 2025), Patan, Haryana (three-wheelers, commissioning July 2026) and Coimbatore, Tamil Nadu (60,000 units, commissioned July 2026). Units sold crossed 70,000 in FY26, against an industry low-speed EV two-wheeler market of roughly 8-10 lakh units a year. The biggest cost line is materials at 81% of revenue (₹251.68 cr), reflecting the battery cells (still imported) and other components; employee costs are 2.4% and other operating expenses 6.4%. The company listed on BSE's SME platform in October 2025, raising ₹78.34 cr via IPO, and runs an IPL sponsorship with Punjab Kings for brand building in Tier 2/3 markets.