Zelio E-Mobility Ltd (544563)
🎯 Key Takeaways
- Zelio E-Mobility is transitioning from a startup phase to a growth-oriented, profitability-focused EV manufacturer with ambitions to scale pan-India operations. The company achieved profitability in FY26 with a 12.
- ⚠️ Scaling capacity faster than current demand visibility could pressure utilization and margins. Dependence on new high-speed EV models for growth intro
- Market Cap
- ₹2,280
- P/B Ratio
- 20.44
- Debt/Equity
- 0.18
- Promoter
- 72.8%
📖 The Story
Zelio E-Mobility is transitioning from a startup phase to a growth-oriented, profitability-focused EV manufacturer with ambitions to scale pan-India operations. The company achieved profitability in FY26 with a 12.2% EBITDA margin and is targeting 75-80% YoY growth in FY27 driven by new product launches and dealer network expansion. It is building vertical integration through indigenous manufacturing and capacity expansion, signaling a strategic shift toward sustainable unit economics.
📰 What's Happening
In its FY26 earnings call, management highlighted revenue of ₹313.68 crores (121% CAGR over 4 years) and PAT of ₹28.39 crores (124% CAGR), marking sustained profitability without audit qualifications. The company expanded to four manufacturing plants with 240,000 annual capacity and plans a new 60,000-unit facility in Coimbatore. It also scaled its dealer network to over 550 and emphasized 70-80% localization by 2027. Management reiterated targets of >125,000 units and >550 dealers in FY27, supported by 10+ service engineers and INR1 crore marketing spend.
Source: Stock Announcements
🔮 Management Outlook & What's Next
Management projects 75-80% YoY growth in FY27, targeting over 125,000 units and a dealer network exceeding 550 across India. Key initiatives include launching new high-speed EV models, commissioning a new 60,000-unit capacity plant in Coimbatore, and achieving 70-80% localization by 2027. Marketing spend is planned to exceed INR1 crore to support brand penetration. These targets are underpinned by indigenous manufacturing and a pan-India service infrastructure rollout.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2026 | Mar 2026 |
|---|---|---|
| Equity Capital | 21 | 17 |
| Reserves | 90 | 22 |
| Borrowings | 20 | 29 |
| Total Liabilities | 132 | 68 |
| Fixed Assets | 21 | 17 |
| Investments | 0 | 0 |
| Total Assets | 132 | 68 |
Total assets have more than doubled from ₹68 crores to ₹132 crores, driven by equity infusion and asset buildup, while borrowings remain modest at ₹20 crores. Equity and reserves have grown from ₹17 crores to ₹111 crores, indicating strong internal capital accumulation. The low debt-to-equity ratio of 1.15 and absence of significant short-term liabilities suggest a conservative capital structure, supporting sustainable expansion without high financial risk.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -10 | -7 |
| Investing | -5 | -9 |
| Financing | +15 | +42 |
| Net Cash Flow | +0 | +26 |
👥 Shareholding Pattern
| Category | Q4FY25 | Q2FY26 | Q4FY26 |
|---|---|---|---|
| Promoters | 100.0% | 72.8% | 72.8% |
| FII | 0.0% | 3.4% | 0.1% |
| DII | 0.0% | 10.9% | 2.1% |
| Public | 0.0% | 10.3% | 20.2% |
| # Shareholders | 7 | 1,052 | 816 |
Promoter holding remains stable at 72.77% from Q4FY25 to Q4FY26, with no dilution observed. FII allocation rose from 0% to 0.09% in Q4FY26, while DII increased from 0% to 2.13%, suggesting modest institutional interest. The number of public shareholders grew from 7 to 20.17%, and total shareholder count rose from 7 to 816, indicating broader retail participation. No pledging or significant exits were disclosed.
⚖️ Peer Comparison — Automobile
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| MARUTI | 3.79 L Cr | 26.4 | 17.6% | — | 0.00 |
| M&M | 3.72 L Cr | 18.1 | 16.4% | — | 1.42 |
| BAJAJ-AUTO | 3.08 L Cr | 26.1 | 27.5% | — | 0.57 |
| EICHERMOT | 1.98 L Cr | 34.3 | 29.6% | — | 0.01 |
| TVSMOTOR | 1.94 L Cr | 56.6 | 18.6% | — | 3.30 |
| HYUNDAI | 1.67 L Cr | 33.7 | 31.9% | — | 0.05 |
| TMCV | 1.59 L Cr | 38.0 | 38.2% | — | 0.38 |
| HEROMOTOCO | 1.08 L Cr | 19.8 | 33.1% | — | 0.02 |
| TMPV | 1.04 L Cr | — | -0.5% | — | 0.62 |
| ASHOKLEY | 91,280 | 26.3 | 13.0% | — | 4.47 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
Scaling capacity faster than current demand visibility could pressure utilization and margins. Dependence on new high-speed EV models for growth introduces execution and timing risk. Rapid dealer network expansion may strain onboarding and service quality. High localization targets could face supply chain or regulatory headwinds. Limited FII/DII presence suggests low institutional validation so far.
📋 Recent Filings
- 🟡 Board Meeting2026-09-28Zelio E-Mobility Ltd convened an Extraordinary General Meeting on 20 October 2026 at 4:00 PM IST via video conference to approve key amendments to its…
- 🟡 Board Meeting2026-09-26Zelio E-Mobility announced a revised board outcome from its September 23, 2026 meeting, approving a preferential equity issue of up to 973,000 shares …
- Announcement2026-09-25Zelio E-Mobility Ltd announced that its trading window will close on October 1, 2026, and remain closed until 48 hours after the board meeting to appr…
- 🟡 Board Meeting2026-09-23Zelio E-Mobility announced a board-approved preferential issue of up to 973,000 equity shares at ₹853 each ([amount not verified]) and 996,000 convert…
- 🟡 Board Meeting2026-09-19Zelio E-Mobility announced a board meeting on September 23, 2026, to consider raising funds via equity shares or warrants through private placement or…
- Board Meeting2026-09-19Zelio E-Mobility announced a board meeting on September 23, 2026 to consider fund raising via equity shares or warrants through private placement or q…
- 🟡 Board Meeting2026-09-08Zelio E-Mobility's board approved the FY2025-26 annual report, reappointed secretarial auditor Jagsir Singh & Associates for five years, and reappoint…
- 🔴 annual report2026-09-07Zelio E-Mobility Limited (BSE: 544563) released its Annual Report for FY 2025-26 on September 7, 2026, alongside notice of its 5th AGM scheduled for S…
- 🔴 annual report2026-09-07
- 🟡 Board Meeting2026-09-07Zelio E-Mobility's board approved the FY2025-26 Board Report, re-appointed Jagsir Singh & Associates as secretarial auditor for five years, re-appoint…
🧠 Analyst's Read
Zelio is executing a capital-intensive growth strategy with clear milestones in capacity, localization, and distribution. Profitability has been achieved, but sustaining high growth rates will depend on market adoption of new models and operational scalability. Investors should monitor dealer network ramp-up, margin trajectory, and progress toward localization targets in the coming quarters.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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