OLECTRA - Olectra Greentec

📊 NSE: OLECTRA 🏢 Automobiles - LCVs / HCVs 📅 Last Updated: 12/14/2025 10:40

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 reached INR 1,003.85 Cr, up 20% YoY. The e-vehicle division grew 15.1% YoY to INR 873.50 Cr, while the Insulator division saw robust growth of 65.6% YoY to INR 130.35 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains a pan-India delivery presence including MSRTC and Puducherry.

Profitability Margins

Consolidated PAT margin for H1 FY26 was 7.5% (INR 75.46 Cr), up 5% YoY in absolute terms. The Insulator division PBIT margin improved significantly to 33.2% from 26.9% YoY, while the e-vehicle division PBIT margin compressed to 9.7% from 12.7% YoY due to product mix shifts.

EBITDA Margin

Consolidated EBITDA for H1 FY26 was INR 148.98 Cr, up 9% YoY. The EV segment EBITDA margin was 11.8% (down from 14.9% YoY), while the Insulator segment EBITDA margin reached 35.0% (up from 29.5% YoY).

Capital Expenditure

The company acquired 150 acres of land in Telangana for a Greenfield electric vehicle manufacturing plant. Capacity was increased from 1,500 vehicles in FY24 to 2,500 in FY25, with ongoing expansion targeting 5,000 units per annum in FY26.

Credit Rating & Borrowing

ICRA revised the long-term rating outlook to Positive from Negative. Finance costs for H1 FY26 were INR 25.82 Cr, representing a 24% increase YoY from INR 20.81 Cr.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Lithium-ion cells, Blade batteries (cell-to-pack technology), and composite materials for insulators. Cost of materials consumed reached INR 758.22 Cr in H1 FY26.

Import Sources

Not disclosed in available documents, though technology is sourced via a strategic alliance with BYD.

Key Suppliers

BYD is the primary technology and component partner for battery and bus platforms.

Capacity Expansion

Current capacity is 2,500 units per annum; expanding to 5,000 units per annum in FY26, with scalability to 10,000 units per annum at the new Telangana plant.

Raw Material Costs

Cost of materials consumed represented 75.5% of total revenue in H1 FY26, compared to 76.0% in H1 FY25.

Manufacturing Efficiency

Inventory turnover ratio improved to 5.28 in FY25 from 4.57 in FY24, reflecting better inventory holding levels.

📈 Strategic Growth

Expected Growth Rate

40%

Growth Strategy

Growth will be driven by scaling the Greenfield plant to 5,000-10,000 units, entering the electric tipper and staff transport segments, and leveraging the renewed BYD technology alliance through 2030.

Products & Services

Electric buses (9m, 12m, intercity coaches), Electric tippers (92 units delivered), and Composite insulators for power transmission.

Brand Portfolio

Olectra

New Products/Services

Electric tippers (highest quarterly delivery of 25 units in Q2 FY26) and entry into the staff transport private segment (e.g., Microsoft).

Market Expansion

Expanding into intercity/interstate private transport and corporate staff mobility segments.

Market Share & Ranking

Ranked #1 in deliveries for FY25 and maintained a top 3 position in H1 FY26.

Strategic Alliances

Strategic alliance with BYD for electric vehicle technology and battery systems renewed until 2030.

🌍 External Factors

Industry Trends

The Indian EV bus market is expected to grow at a 40% CAGR, supported by rising ESG standards and government mandates for clean public transport.

Competitive Landscape

Intense price competition in public procurement tenders; Olectra competes as a top 3 player in the evolving industry landscape.

Competitive Moat

Moat is built on a first-mover advantage with 3,000+ EVs on road, a 480+ million clean kilometer track record, and exclusive access to BYD's Blade Battery technology.