Jindal Worldwide shares hit the 19.88% upper circuit limit on Thursday, reaching a high of ₹48.22 per share on the NSE after the announcement of its electric vehicle arm's ambitious expansion plans. The stock had previously opened at ₹40.52 per share compared to Wednesday's close of ₹40.19, with significant trading activity as around 9.71 crore shares changed hands during Thursday's session. As of September 3, Jindal Worldwide had a market capitalisation of approximately ₹4,832 crore. The stock has delivered 66.28% year-to-date returns, demonstrating strong investor confidence in the company's electric mobility strategy. According to The Economic Times, the stock has gained 25.24% since the announcement and has been trading at a 52-week high.
According to reports from Business Standard, Jindal Mobilitric, the electric vehicle arm and subsidiary of Jindal Worldwide, has announced plans to scale its retail network to approximately 100 showrooms across India by the end of FY28. This expansion strategy is designed to strengthen last-mile customer experience and accelerate EV adoption nationwide. The company is executing this aggressive retail footprint expansion with strong financial backing from its parent company, which recently approved a ₹650 crore rights issue to deleverage and target a debt-free balance sheet by FY27. As per multiple reports, this capital infusion will significantly improve interest coverage, allowing free cash flows to support the retail rollout. The parent company's diversification into the EV sector via its 92.5% subsidiary is entering the critical execution phase, with the commercial scaling of Jindal Mobilitric serving as a structural growth catalyst.
As reported by The Economic Times, the company aims to open around 40 showrooms by the end of FY27, with the remaining showrooms to be commissioned progressively through FY28. This calibrated roll-out is designed to ensure consistent quality of customer experience, robust after-sales support, and disciplined capital allocation as the network scales. According to recent updates, Jindal Mobilitric has already commenced commercial operations with its manufacturing facility in Ahmedabad fully operational and has opened its first two showrooms at Srinagar and Jaipur, marking the on-ground beginning of its pan-India retail expansion. The company has appointed 52 dealers across the country, building a wide and growing distribution network that will support the planned showroom expansion and ensure deeper market penetration across urban and semi-urban geographies. The company has also received strong early customer response to its EV product portfolio, with encouraging footfalls and conversions at existing locations reinforcing confidence in the market strategy.
As reported by Business Standard, the expansion is backed by an integrated plant in Ahmedabad with an annual assembly capacity of 2.5 lakh vehicles and an in-house automated battery plant. This vertically integrated model combines vehicle assembly with in-house automated battery manufacturing, designed to enhance quality control, optimize production margins, and address critical battery safety concerns. The company has already appointed 52 dealers across the country, building a wide and growing distribution network that will support the planned showroom expansion and ensure deeper market penetration across urban and semi-urban geographies. The Indian electric two-wheeler market remains highly competitive, but Jindal Mobilitric's vertically integrated model is designed to enhance quality control, optimize production margins, and address critical battery safety concerns, which are vital for consumer trust.
According to recent reports from The Economic Times, Amit Agarwal, Director at Jindal Mobilitric, stated that the response to their products from customers has been truly fantastic, reaffirming their belief that the brand resonates with Indian riders. Agarwal described reaching 100 showrooms by FY28 as an ambitious goal but one they are fully committed to, viewing the next two years as a defining growth phase for the company. He expressed confidence in delivering strong, sustained results for shareholders while building one of India's most trusted electric mobility brands. As per The Economic Times, Agarwal emphasized that with production already rolled out and first showrooms open, the company is now firmly focused on scaling retail and dealer network at pace. The company's structured approach to scaling from 35 to 100 showrooms aligns with the planned retail expansion timeline, with the phased rollout designed to maintain consistent quality standards across semi-urban locations during this aggressive scaling phase.
