Electric bus maker Olectra Greentech is planning a significant scale-up in vehicle deliveries through the current financial year, backed by an order book of more than 8,000 vehicles to be executed over the next two years. Managing Director Mahesh Babu told NDTV Profit that the company invoiced 358 vehicles in Q1 FY27, higher than the corresponding period last year, and is targeting a steep jump in quarterly output as the year progresses. "We start with Q1 with 350. We want to exit with 500 plus 600 vehicles," Babu said, indicating the company expects to nearly double its quarterly delivery run-rate by the fourth quarter. For the full year, Olectra is aiming to close between 2,000 and 2,500 total deliveries, with further scale-up planned beyond FY27 as well.
The company reported mixed financial results for the June quarter. As reported by Essential Business Intelligence, net profit declined 0.4% year-on-year to ₹25.9 crore, compared to ₹26 crore in the corresponding period last year. However, revenue from operations rose by 66% year-on-year to ₹576 crore from ₹347 crore. EBITDA increased 46.6% to ₹69.2 crore, compared with ₹47.2 crore a year ago, but the EBITDA margin narrowed to 12% from 13.6% year-on-year. The latest results show revenue grew 66% YoY to ₹575.5 crore in Q1 FY27, compared to ₹347.2 crore in Q1 FY26, with EBITDA growing 30% YoY to ₹72.9 crore. Managing Director Mahesh Babu clarified that the 65% year-on-year revenue growth was driven by higher vehicle deliveries rather than a shift toward a richer, higher-margin product mix.
Olectra Greentech delivered 358 electric vehicles during Q1 FY27, representing a 122% year-on-year increase from the previous year. According to the company's latest announcement, this brings the cumulative electric vehicle deliveries to more than 4,000 vehicles as of June 30, 2026. The strong delivery performance was driven by healthy electric vehicle demand across State Transport Undertakings and public transportation networks, with the company successfully navigating global forex volatility and supply chain issues during the quarter. With over 4,000 electric vehicles deployed nationwide, an order book exceeding 8,500 vehicles, and more than 740 million green kilometres clocked, Olectra continues to strengthen its position in India's growing electric mobility ecosystem.
While the e-bus business itself saw minimal impact on margins during the quarter, Managing Director Mahesh Babu said the broader profitability pressure — largely stemming from the company's energy division — was expected to ease as deliveries ramp up. "The business was 'on the right path,' with capacity expansion already underway to support the higher order execution planned through FY27 and beyond," Babu said. The comments come as Olectra continues to lean on its electric bus segment as the primary growth driver, even as its energy division works through near-term cost pressures tied to forex and raw material prices. With over 8,000 vehicles currently in its order pipeline, the company expects to execute this backlog over the next two years, pointing to sustained visibility on the mobility business even as near-term profitability faced pressure.
Olectra Greentech shares fell nearly 4% in early trade on Friday following the company's Q1 results announcement. According to reports from Essential Business Intelligence, the stock was trading at ₹1,342.6 on the NSE around 10 am, down from its previous close of ₹1,393.5. The decline came despite the company reporting strong revenue growth, as investors focused on margin compression concerns. Recent market data shows the stock is currently trading at a market capitalisation of ₹11,438 crore, down 5.13% over the past year, with the company maintaining a promoter holding of 50%. Despite the recent decline, Olectra Greentech shares have gained around 11.8% so far in 2026, as reported by Essential Business Intelligence.
