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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Electric two-wheeler and three-wheeler sales, Spare parts and components. Growth-stage, asset-light EV manufacturer scaling rapidly from a small base in low-speed electric two-wheelers.
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 311 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 15.14 |
| ROE % · ROCE % | — · 31.7 |
| Debt / equity (x) | — |
| Cash from operations | (11) |
| Capex | (10) |
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 135 | 176 |
| Profit before tax | 14 | 20 |
| Net profit | — | — |
| EPS (₹) | 7.18 | 7.87 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED | 3,26,400 | 27.7 | 8.12 | 22.7 | 26.3 | 23.1 | 17.8 | 24.1 |
| EICHER MOTORS LTD | 2,06,699 | 35.8 | 8.23 | 28.7 | 22.0 | 23.2 | 21.8 | 31.0 |
| TVS MOTOR COMPANY LTD | 1,95,979 | 57.2 | 18.29 | 26.7 | 29.7 | 19.9 | 23.6 | 15.4 |
| HERO MOTOCORP LIMITED | 1,04,482 | 19.2 | 4.79 | 13.1 | 26.5 | 29.9 | 8.9 | 16.8 |
| ATHER ENERGY LIMITED | 63,441 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 17,824 | — | 5.32 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited ◆ | 1,788 | 56.2 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 172 | 81.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Board approves auditor re-appointment, raises borrowing limit to 1000 cr | management changes | medium | — | — |
| 8 Sept 2026 · Newspaper publication for 05th AGM (Post-Dispatch) | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY26 and 5th AGM Notice - Web Link to Shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY26 and 5th AGM Notice submitted to BSE | results | medium | — | — |
| 7 Sept 2026 · Zelio E Mobility 5th AGM on Sep 30; FY26 Annual Report filed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board approves AGM items, raises borrowing limit to Rs 1000 crore | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Zelio E-Mobility to attend Emkay Confluence 2026 investor meet | investor communications | low | — | — |
| 3 Aug 2026 · Show cause notice from customs authority for Rs 6.72 crore differential duty | regulatory legal | high | — | — |
| 3 Aug 2026 · Zelio E-Mobility gets Customs demand notice over e-scooter imports | regulatory legal | high | — | — |
| 29 Jul 2026 · Zelio E-Mobility Q1 FY27 IPO Monitoring Report - No Deviations | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 1.14 |
| 11.7 |
| 1.3 |
| 1.8 |
| — |
| 6.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.2 | 35.8 | 5 of 7 | 33% |
| ROCE | 29.9 | 21.5 | 2 of 8 | 86% |
| Market cap | 1788 | 63441 | 7 of 9 | 25% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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