Zelio E-Mobility, one of India’s fastest-growing electric two- and three-wheeler manufacturers, has announced its H1 FY26 financial results, posting record growth in both revenue and profitability. The BSE-listed company reported consolidated revenue of INR 134.78 crore and a net profit of INR 11.87 crore, reflecting strong operational execution and sustained demand across its dealer network.
Standalone and Consolidated Performance Highlights
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Standalone revenue: INR 133.3 crore, up 77% year-on-year (YoY)
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Standalone profit after tax (PAT): INR 11.8 crore, up 69% YoY
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Sequential PAT growth: 33%, demonstrating operational efficiency improvements
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Total consolidated assets: INR 85.33 crore, with net worth of INR 38.55 crore
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Operating cash flow: INR 10.20 crore
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Capital expenditure: INR 5.23 crore, focused on tooling, machinery, and new manufacturing facilities
The consolidated results include contributions from the newly incorporated subsidiary, Zelio Auto Components, launched in May 2025. The subsidiary enables greater localization, cost efficiency, and margin control, which are expected to be crucial as Zelio scales production.
IPO and Capital Deployment
Following its INR 78.34 crore SME IPO, which closed 1.5 times oversubscribed, Zelio raised INR 62.83 crore through fresh issuance while promoters divested shares worth INR 15.50 crore. Approximately INR 36 crore of unutilized IPO proceeds remain parked in fixed deposits, earmarked for capacity expansion and new facility development, including leasing new industrial premises in Odisha to strengthen access to eastern India’s growing EV market.
Dealership Network and Product Portfolio
Zelio now operates 337+ dealerships across 20+ states, with strong penetration in Tier 2 and Tier 3 cities. Its mass-market EV portfolio includes popular models like EEVA, Gracy, Legender, Mystery, XMen, and Tanga e Loader, offering affordable, practical, and energy-efficient mobility.
The recently launched Little Gracy, targeting riders aged 10–18, has seen encouraging adoption, reflecting the growing potential of the non-RTO EV segment.
Management Commentary
Kunal Arya, Managing Director of Zelio E-Mobility, stated:
“Our H1 FY26 results demonstrate the strong fundamentals of our business and the trust our customers and investors place in us. As we expand capacity, deepen localisation, and strengthen our network, we remain focused on disciplined execution and delivering reliable electric mobility across India.”
Outlook
With strong half-year financials, robust liquidity, expanding manufacturing capabilities, and increasing localization through Zelio Auto Components, the company is well-positioned for a stronger H2 FY26. Analysts view Zelio as one of India’s most stable and operationally efficient mass-market EV brands, poised for accelerated growth between FY26 and FY28.
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