BSE: 544563
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. 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.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 135 | 176 |
| Profit before tax | 14 | 20 |
| Net profit | — | — |
| EPS (₹) | 7.18 | 7.87 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED | 2,90,401 | 24.7 | 7.22 | 20.4 | 26.3 | 23.1 | 17.8 | 24.1 |
| EICHER MOTORS LTD | 1,96,679 | 34.0 | 7.84 | 27.3 | 22.0 | 23.2 | 21.8 | 31.0 |
| TVS MOTOR COMPANY LTD | 1,94,173 | 56.6 | 18.13 | 26.5 | 29.7 | 19.9 | 23.6 | 15.4 |
| HERO MOTOCORP LIMITED | 1,04,422 | 19.2 | 4.79 | 13.1 | 26.5 | 29.9 | 8.9 | 16.8 |
| ATHER ENERGY LIMITED | 64,131 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 16,560 | — | 4.94 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited ◆ | 2,157 | 67.8 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 99 | 46.9 | 0.66 | 9.0 | 1.3 | 1.8 | — | 6.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 67.8 | 34.0 | 7 of 7 | 0% |
| ROCE | 29.9 | 21.5 | 2 of 8 | 86% |
| Market cap | 2157 | 64131 | 7 of 9 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · EGM approves share and warrant issues and four related business deals | board shareholder meetings | low | — | — |
| 20 Oct 2026 · Zelio E-Mobility amends Articles to allow flexible share and securities issuance | corporate actions | high | — | — |
| 20 Oct 2026 · Zelio E-Mobility EGM: Rs 168 Cr preferential issue and RPTs tabled | board shareholder meetings | medium | — | — |
| 12 Oct 2026 · Routine compliance certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 2 Oct 2026 · 5th AGM: All 9 resolutions passed; borrowing limit hiked to 1,000 crores | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Video recording of 05th AGM submitted to BSE | investor communications | low | — | — |
| 30 Sept 2026 · Zelio E-Mobility re-appoints MD Kunal Arya and secretarial auditor | management changes | medium | — | — |
| 30 Sept 2026 · MD Kunal Arya and secretarial auditor re-appointed at AGM | management changes | medium | — | — |
| 30 Sept 2026 · Zelio E-Mobility: MD Kunal Arya re-appointed at AGM; auditor renewed | management changes | medium | — | — |
| 30 Sept 2026 · 5th AGM: Borrowing Hiked to Rs 1000cr, Director Pay Revised, No Dividend | board shareholder meetings | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.