Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,871.70 last close on 30 Oct 2026 +0.90%
Research updated
Olectra Greentech Ltd.
NSE: OLECTRAIndustrialsFarm & Heavy Construction Machinery
- Last close
- ₹951.10
- Day change
- −₹25.40 (−2.60%)vs
- Market cap
- ₹8,752 crIndian rupees
- Research updated
- 1 report
Follow Olectra Greentech
Create an account, then follow this company for weekday briefs. You will return to Olectra Greentech after signing in.
About Olectra Greentech
Olectra Greentech Ltd., a key player in the electric vehicle (EV) industry, primarily focuses on manufacturing electric buses and providing solutions for sustainable transport. The company, part of the MEIL Group, serves to address the increasing demand for environmentally friendly transportation options. Olectra Greentech's products are pivotal in transitioning public and private transport sectors towards reducing carbon emissions and dependence on fossil fuels. The firm is noted for its innovation in EV technology, particularly in the development of battery-powered buses suitable for urban and inter-city travel. As governments and organizations worldwide emphasize the importance of green energy solutions, Olectra Greentech Ltd.'s role grows increasingly significant in the market, especially within regions prioritizing sustainable urban development and clean energy initiatives. The company's contributions help shape the future of mass transit, aligning with global environmental goals.
- Sector
- Industrials
- Industry
- Farm & Heavy Construction Machinery
- Listing
- NSE: OLECTRA
- Employees
- 331
- Headquarters
- Hyderabad, India
- ISIN
- INE260D01016
- Website
- olectra.com
Public research · Report of
Business model & financial foundation
Olectra Greentech (NSE: OLECTRA), Electric commercial vehicles and composite polymer insulators: revenue of ₹2,312 crore in FY26 (+28.3% on FY25), an EBITDA margin of 14.3%, net profit of ₹177.5 crore and net debt of ₹208.3 crore.
- Revenue, FY26 (₹ crore)
- 2,312
- consolidated
- Revenue growth, FY26
- +28.3%
- on FY25
- EBITDA margin, FY26
- 14.3%
- EBITDA (revenue - cogs - employee - other expenses; excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 177.5
- to owners
- Return on equity, FY26
- 15.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 208.3
- Borrowings less cash + all bank balances
- Market capitalisation (₹ crore)
- 9,587
- at the close of 18 Oct 2026
Company profile
Olectra manufactures electric buses and tippers and composite polymer insulators. Mobility revenue includes vehicle sales and operating/service income through transit ventures; the dominant economics depend on tender awards converting to deliveries, depot readiness and SPV collections. MEIL Holdings owns 50.02% at March 2026. Phase-1 Seetharampur capacity is 2,500 EVs per single shift, with double-shift capacity of 5,000; capacity alone does not ensure demand absorption.
| Item | Value |
|---|---|
| Legal name | Olectra Greentech Limited |
| Exchange and ticker | NSE: OLECTRA; BSE: 532439 |
| ISIN | INE260D01016 |
| CIN | L34100TG2000PLC035451 |
| Sector | Industrials |
| Industry | Electric commercial vehicles and composite polymer insulators |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Sarath & Associates (since 2022-09-28) |
| Market capitalisation | ₹9,587 crore (18 Oct 2026) |
| Shares outstanding | 8.21 crore shares (FY26) |
| Price | ₹1,066 (close, 18 Oct 2026) |
| 52-week range | ₹866.6 - ₹1,574 (to 18 Oct 2026) |
| Website | https://olectra.com |
Corporate structure and shareholding
Parent: MEIL Holdings Limited.
| Entity | Holding | Business |
|---|---|---|
| Evey Trans (GTC) Private Limited | 51% | Owning and operating electric vehicles |
| SSISPL-OGL-BYD Consortium | 100% | Reported joint venture; owning and operating electric vehicles |
| Evey Trans (SMC), (SIL), (JAB), (MHS), (BLR), (TEL), (MAH) | 26% | Equity-accounted transit associates, each 26%; not fully consolidated subsidiaries |
| Evey Trans (UJJ) | 34% | Equity-accounted transit associate |
MSR is a promoter-group SPV with Olectra holding 1%; it is not a fully consolidated subsidiary. No material subsidiary under listing-rule definition. Associates shown in structure for completeness.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.02% | 50.02% | 50.02% | 50.02% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.90% | 7.11% | 7.95% | 7.35% |
| Domestic institutions | 0.82% | 0.68% | 0.58% | 0.61% |
| of which mutual funds | 0.28% | 0.33% | 0.36% | 0.40% |
| Other | 42.28% | 42.20% | 41.47% | 42.04% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Olectra Greentech (NSE: OLECTRA) builds electric buses and tippers (e-mobility, 86% of FY26 revenue of 2,312.2cr) and composite polymer insulators (energy, 325.4cr). Most buses are sold to Evey Trans SPVs, promoter-group and associate entities that hold gross-cost-contract concessions with state transport bodies (MSRTC 5,150 buses, BEST 2,100 + 2,400, TGSRTC); associate-category sales were 59.2% of FY26 revenue. Olectra therefore controls manufacturing and pricing of its bid, but not depot readiness, power connections, subsidy release or SPV project finance, which decide when buses are delivered and paid for. MEIL Holdings owns 50.02%. Technology was originally BYD-licensed; the company now develops in-house bus and truck platforms.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Energy / Insulators | 325.4 | 14.1% | 112.3 | 36.5% | 339.8 | 13.9% |
| E-mobility / Mobility Division | 1,987 | 85.9% | 195.1 | 63.5% | 2,103 | 86.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| JBM Auto (JBMA) | Closest listed electric-bus competitor; component operations and operator leverage limit comparability. |
| Ashok Leyland (ASHOKLEY) | Bus and commercial-vehicle OEM with Switch electric bus exposure; financing subsidiary distorts EV ratios. |
| Force Motors (FORCEMOT) | Commercial passenger vehicles and manufacturing cash-conversion benchmark; different product mix. |
| Tata Motors commercial vehicles (TMCV) | Post-demerger CV entity and electric-bus competitor; not Tata passenger vehicles/JLR. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 592.5 | 1,090 | 1,154 | 1,802 | 2,312 |
| Cost of revenue (vendor classification) * | 441.1 | 852.5 | 871.2 | 1,341 | 1,801 |
| Other operating costs (vendor classification) * | 32.2 | 29.9 | 38.7 | 121.9 | 80.4 |
| EBITDA (vendor classification) * | 89.0 | 153.0 | 175.0 | 276.3 | 329.0 |
| EBIT * | 57.2 | 108.4 | 132.6 | 239.0 | 283.9 |
| Finance costs | 4.86 | 18.9 | 43.1 | 51.2 | 61.3 |
| Profit before tax | 52.3 | 89.4 | 105.8 | 187.9 | 246.1 |
| Total tax expense | 17.0 | 22.5 | 27.1 | 48.7 | 66.6 |
| Profit for the year | 35.4 | 66.9 | 78.7 | 139.2 | 179.5 |
| Diluted EPS (₹) | 4.31 | 7.99 | 9.36 | 16.92 | 21.62 |
| Other income | 11.6 | 12.3 | 14.3 | ||
| Materials consumed + stock-in-trade purchases + inventory change | 824.2 | 1,341 | 1,755 | ||
| Employee benefits expense | 69.1 | 92.6 | 99.0 | ||
| Other operating expenses + other expenses | 94.9 | 107.3 | 128.6 | ||
| EBITDA (revenue - cogs - employee - other expenses; excl. other income) | 165.9 | 260.6 | 329.9 | ||
| Depreciation and amortisation | 36.7 | 37.3 | 44.8 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit of associates/JV | 7.99 | 3.39 | 8.07 | ||
| Profit attributable to non-controlling interests | 1.82 | 0.32 | 2.03 | ||
| Profit attributable to owners | 76.8 | 138.9 | 177.5 | ||
| Current tax | 25.6 | 51.3 | 62.1 | ||
| Deferred tax expense / credit | 1.49 | -5.84 | 3.33 | ||
| Tax for earlier years | 0.00 | 3.17 | 1.22 | ||
| Basic EPS (₹) | 9.36 | 16.92 | 21.62 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 777.3 | 841.1 | 916.6 | 1,053 | 1,233 |
| Non-current + current borrowings | 67.1 | 133.7 | 120.7 | 254.8 | 380.3 |
| Cash equivalents + other bank balances + liquid current investments | 19.3 | 6.36 | 174.5 | 170.3 | 171.9 |
| Trade receivables net | 365.6 | 630.5 | 513.2 | 693.5 | 987.2 |
| Inventories | 58.7 | 142.0 | 216.2 | 290.0 | 246.9 |
| Trade payables | 272.0 | 438.1 | 389.4 | 655.0 | 734.8 |
| Property plant and equipment | 1.50 | 1.71 | 318.3 | 340.8 | 563.6 |
| Capital work in progress | 3.17 | 4.10 | 72.3 | 186.9 | 82.4 |
| Total assets | 1,190 | 1,557 | 1,589 | 2,171 | 2,567 |
| Borrowings less cash + all bank balances | -53.8 | 84.6 | 208.3 | ||
| Non-controlling interests in equity | 3.13 | 3.45 | 5.49 | ||
| Paid-up equity share capital | 32.8 | 32.8 | 32.8 | ||
| Cash and cash equivalents only | 6.87 | 5.67 | 9.63 | ||
| Other bank balances | 167.7 | 164.6 | 162.3 | ||
| Closing product warranty provision | 31.8 | 39.0 | |||
| Trade receivables ECL allowance | 4.20 | 5.90 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow | -48.4 | -197.5 | 143.0 | 140.7 | 103.8 |
| Free cash flow (vendor definition) * | 121.4 | -74.8 | 64.0 | -36.3 | -55.3 |
| PPE intangibles and CWIP purchase (outflow) | -67.9 | -64.5 | -79.0 | -177.0 | -159.1 |
| Cash dividends paid | n.d. | n.d. | n.d. | ||
| Net long-term borrowing proceeds / repayment | -0.07 | 132.5 | 71.2 | ||
| Net short-term borrowing proceeds / repayment | -12.9 | 1.58 | 57.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 8.21 | 8.21 | 8.21 | 8.21 | 8.21 |
| Gross receivables ageing: not due | 214.7 | 462.0 | |||
| Gross receivables ageing: overdue less than six months | 359.9 | 418.9 | |||
| Gross receivables ageing: six months to one year | 51.6 | 64.8 | |||
| Gross receivables ageing: one to two years | 60.4 | 45.5 | |||
| Gross receivables ageing: two to three years | 10.8 | 1.53 | |||
| Gross receivables ageing: over three years | 0.39 | 0.39 | |||
| Warranty expense included in other expenses | 7.25 | 14.9 | |||
| Sum disclosed Evey Trans closing receivables | 557.1 | 669.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 523.7 | 515.4 | 448.9 | 347.2 | 656.6 | 663.6 | 644.7 | 575.5 |
| Cost of revenue (vendor classification) * | 387.8 | 388.1 | 383.8 | 244.3 | 511.6 | 523.4 | 475.5 | 429.1 |
| Other operating costs (vendor classification) * | 30.0 | 25.4 | 30.2 | 28.8 | 26.3 | 26.5 | 46.9 | 55.8 |
| EBITDA (vendor classification) * | 85.7 | 81.8 | 42.9 | 56.0 | 93.0 | 97.1 | 106.2 | 72.9 |
| EBIT * | 76.0 | 72.7 | 30.5 | 45.8 | 82.3 | 84.2 | 95.2 | 58.3 |
| Finance costs | 11.2 | 10.8 | 19.6 | 12.0 | 13.8 | 20.2 | 15.4 | 23.6 |
| Profit before tax | 64.8 | 62.0 | 29.3 | 33.8 | 68.5 | 64.1 | 79.8 | 34.7 |
| Tax | 17.2 | 15.3 | 8.57 | 7.77 | 19.0 | 17.4 | 22.4 | 8.03 |
| Profit after tax | 47.7 | 46.6 | 20.7 | 26.0 | 49.4 | 46.7 | 57.4 | 26.7 |
| Diluted EPS (₹) | 5.79 | 5.64 | 2.56 | 3.17 | 6.04 | 5.65 | 6.76 | 3.16 |
| Other income | 2.51 | 2.22 | 4.53 | 5.33 | 4.32 | 3.50 | 1.18 | 2.14 |
| Materials consumed + stock-in-trade purchases + inventory change | 387.7 | 388.1 | 335.7 | 244.3 | 511.6 | 523.4 | 475.5 | 429.1 |
| Employee benefits expense | 24.7 | 23.0 | 26.5 | 26.2 | 29.5 | 20.4 | 22.8 | 22.3 |
| Other expenses | 30.0 | 25.4 | 30.2 | 28.8 | 26.3 | 26.5 | 46.8 | 55.8 |
| EBITDA | 81.2 | 78.9 | 56.5 | 47.8 | 89.2 | 93.2 | 99.6 | 68.2 |
| Depreciation | 9.65 | 9.07 | 9.50 | 10.2 | 10.7 | 12.9 | 11.0 | 14.6 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates | 1.93 | 0.62 | -2.71 | 2.81 | -0.49 | 0.38 | 5.38 | 2.53 |
| Non-controlling interest | 0.09 | 0.29 | -0.32 | 0.00 | -0.12 | 0.28 | 1.87 | 0.71 |
| PAT to owners | 47.6 | 46.3 | 21.0 | 26.0 | 49.5 | 46.4 | 55.5 | 25.9 |
| Management adjusted EBITDA including other income and associates | 85.7 | 81.8 | 58.4 | 56.0 | 93.0 | 97.1 | 106.2 | 72.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 110.9% | 83.9% | 5.9% | 56.1% | 28.3% |
| EBITDA margin | 14.4% | 14.5% | 14.3% | ||
| Net margin | 6.7% | 7.7% | 7.7% | ||
| Return on equity | 8.7% | 14.1% | 15.5% | ||
| Return on capital employed | 7.2% | 11.9% | 13.2% | 20.4% | 19.4% |
| Return on assets | 4.9% | 7.4% | 7.5% | ||
| Net debt (₹ crore) | -53.8 | 84.6 | 208.3 | ||
| Net debt / EBITDA | -0.32x | 0.32x | 0.63x | ||
| Interest cover | 11.8x | 5.73x | 3.08x | 4.67x | 4.63x |
| Asset turnover | 0.56x | 0.79x | 0.73x | 0.96x | 0.98x |
| Receivable days | 225 | 211 | 162 | 140 | 156 |
| Inventory days (on revenue) | 36 | 48 | 68 | 59 | 39 |
| Payable days (on revenue) | 168 | 147 | 123 | 133 | 116 |
| Cash conversion | 1.86x | 1.01x | 0.58x | ||
| Capex intensity | 11.5% | 5.9% | 6.8% | 9.8% | 6.9% |
| Free cash flow (₹ crore) | -116.3 | -262.0 | 64.0 | -36.3 | -55.3 |
| EPS, diluted (₹) | 4.31 | 7.99 | 9.36 | 16.92 | 21.62 |
| Book value per share (₹) | 94.70 | 102.5 | 111.7 | 128.3 | 150.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue - cogs - employee - other expenses; excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash + all bank balances; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue - cogs - employee - other expenses; excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Olectra Greentech includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Olectra Greentech
- Research reportLatest
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,850.00 last close on 30 Oct 2026 −1.18%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,853.70 last close on 30 Oct 2026 −0.33%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹369.90 last close on 30 Oct 2026 −0.03%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,877.60 last close on 30 Oct 2026 +4.33%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹387.60 last close on 30 Oct 2026 −3.57%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.