Zelio E Mobility Ltd

Expansion and capacity

• Inaugurated Coimbatore facility on July 13, 2026 (39,000 sq ft).
• Adds 60,000 units per annum, total capacity 240,000 units annually.
• Initial phase targets 24,000–30,000 annual units; ramp-up 12–24 months.

Investment and funding

• Capex up to INR 1 crore, funded by internal accruals.
• Annexure A confirms capex subject to board approval.

Market expansion and network

• Expands South India presence across Tamil Nadu, Karnataka, Kerala, Telangana, Andhra Pradesh, South Maharashtra.
• Dealer network now 400+; target 550+ by FY27.
• Plan to surpass 500 employees this financial year; 100+ hires anticipated.

Financial performance

• FY2025-26 revenue ₹313.68 crore, up 81.8% YoY.
• Four-year revenue CAGR 121%; profitable since inception.

Corporate and status

• BSE SME listing completed Oct 2025; raised ₹78.34 crore.
• Total installed capacity post-expansion 240,000 units; prior capacity 180,000.
• Current plants: Ladwa (Haryana), Patan (Haryana), Cuttack (Odisha).
• Coimbatore facility to manufacture e-scooters; initial workforce 30 direct workers.

Operational milestones

• Coimbatore facility to support southern markets including Tamil Nadu, Karnataka, Kerala, Telangana, Andhra Pradesh, South Maharashtra.

Dematerialisation/rematerialisation status

• No processing details on dematerialisation/rematerialisation are provided in this filing.

FY26 results

• Consolidated revenue reached ₹313.68 crore in FY26, up 81.8% year-on-year.
• Revenue from operations was ₹310.71 crore; EBITDA was ₹38.01 crore, margin 12.2%.
• PAT was ₹28.39 crore, with 9.1% net margin.
• Management said every financial year since inception has been profitable.
• Net worth stood at ₹111.53 crore; debt-to-equity was 0.18x; current ratio was 3.4x.
• Company reported zero audit qualifications across FY23-FY26 and zero investor complaints last year.

Operations and expansion

• FY26 unit sales exceeded 70,000; H1 was 30,000 and H2 was over 40,000.
• Annual capacity rose from 72,000 to 240,000 units in FY26.
• Haryana capacity is 120,000 units annually; Odisha capacity is 60,000 units annually.
• Coimbatore and Patan plants were commissioned in July 2026.
• Three-wheeler volume was 800 units in FY26; FY27 target is above 2,000 units.
• Dealer network is above 400; FY27 target is more than 550 dealers.

Guidance and strategy

• Management targets more than 125,000 units in FY27.
• Management said it aims to sustain 75% to 80% year-on-year revenue growth.
• Average selling price is expected to rise from ₹45,000 to ₹50,000.
• Management expects low-speed EV demand to remain larger than high-speed demand.
• Marketing spend excluding IPL is expected above ₹1 crore this year.
• Management plans to keep profitability and margins similar despite expansion.

Q&A Highlights

• Analysts asked about monsoon impact; management said rural income swings may delay sales, not reduce them.
• Analysts asked about financing; management said customers have tie-ups with Bajaj, Kotak, Trusera Finance, and others.
• Analysts asked about GST refunds; management said ₹19 crore relates to GST and customs refunds.
• Analysts asked about tax rate; management said 17% tax rate is linked to 115BAB for five more years.
• Analysts asked about 3-wheelers; management said the segment has separate plant, team, and funding.
• Analysts asked about competition and pricing; management said South plant lowers transport costs without hurting EBITDA.
• Analysts asked about China dependence; management said bulk components will be made in-house or sourced indigenously.
• Analysts asked about bikes; management said there are no current plans to enter the bike segment.

Appointment of Chief Executive Officer

• Mr. Divyanshu Agarwal appointed CEO effective April 15, 2026
• Appointment approved by Board based on Nomination and Remuneration Committee recommendation
• Mr. Agarwal is a Chartered Accountant with experience in finance, strategy, and business growth
• Previously led UPI Business team at NaviLimited since October 2024
• No relationship with any director, KMP, promoter, or promoter group of the company
• Not debarred from holding director office by SEBI or other authorities

Partnership Announcement

• Zelio Electric Scooters named Official EV Partner of Punjab Kings for 2026 season
• Partnership includes branding, digital media, and in-stadia activations
• Zelio's XMen+ and X Men 2.0 models to be featured by Punjab Kings

Business Strategy

• Partnership aims to build brand presence in key Indian markets, especially Tier 2 cities
• Cricket platform chosen for broad demographic and geographic reach
• Focus on long-term brand building alongside product excellence

Financial and Market Position

• Zelio raised ₹78.34 crore in IPO with 1.5x subscription
• Dealer network exceeds 350 outlets across 20+ states and union territories
• Customer base includes over 200,000 riders for two- and three-wheeler products

Product Portfolio

• Manufactures electric two-wheelers under 'Zelio' brand
• Offers three-wheeler e-rickshaws under 'Tanga' brand

Governance

• Managing Director Kunal Arya signed the disclosure
• Partnership complies with SEBI disclosure regulations and involves no related parties

Management and Auditor Appointments 🗓️

• M/s. Jagsir Singh & Associates appointed Secretarial Auditor for FY 2025–26, effective 09 March 2026.
• M/s. Jagsir Singh & Associates specializes in corporate laws, SEBI regulations, listing compliance, and secretarial audits.
• M/s. T S A & Co., Chartered Accountants, appointed Internal Auditor for FY 2025–26, effective 09 March 2026.
• M/s. T S A & Co. provides internal audit, statutory audit, taxation, financial advisory, and risk management services.
• Neither M/s. Jagsir Singh & Associates nor M/s. T S A & Co. have relationships with any Company director.

Strategic Expansion 📍

• Board approved ~39,000 sq. ft. warehouse and assembly facility in Coimbatore, Tamil Nadu, for South India expansion.
• Lease starts 01 April 2026; rent payable from 01 June 2026; 5-year lease with 5-year renewal option.
• Facility to support electric scooter assembly, storage, logistics; operations start April 2026; commercial operations July 2026.

Board Authorization ⚖️

• Directors authorized to negotiate, finalize, and execute documents for credit facilities from banks and NBFCs.
• Authorization covers working capital, term loans, and other credit facilities for ordinary business operations.