Atul Auto Limited has formally entered into a Memorandum of Understanding (MOU) with Exponent Energy Private Limited for manufacturing and supplying 15,000 electric three-wheelers integrated with Exponent's battery system and powertrain. The partnership, announced through regulatory filing under Regulation 30 on April 24, 2026, represents a significant commitment valued at Rs 490.50 crore, including the cost of battery system and powertrain procured from Exponent.

Partnership Overview

The collaboration spans three years from the date of state transport authority approvals, extendable by an additional grace period of six months. Atul Auto will act as the Original Equipment Manufacturer (OEM), responsible for manufacturing, assembly, quality control, end-of-line testing, and delivery of fully built vehicles to Exponent. The companies have agreed on a volume commitment of 15,000 Exponent Enabled Vehicles at approximately Rs 3.27 lakh per vehicle, exclusive of GST.

Technology Integration

The electric three-wheelers will feature Exponent Energy's pioneering 15-minute rapid charging technology for commercial electric vehicles. The battery system comes with a life warranted for up to 2,00,000 km. Exponent Energy, a Bengaluru-based energy company and pioneer in rapid charging technology, brings its proven energy ecosystem to this OEM-integrated deployment.

Regulatory Compliance and Structure

The partnership has been disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The collaboration includes comprehensive services covering manufacturing, supply, sales, servicing, and customer support of electric three-wheelers. The agreement confirms that this is a domestic partnership with no related party transactions involved.

Strategic Impact

The collaboration is expected to accelerate Atul Auto's presence in the electric vehicle segment significantly. Atul Auto Limited is among the fastest growing 3-wheeler companies in India, with presence across 25 states through 300+ primary and secondary networks. The company exports to more than 20 countries globally, with around 1 million ATUL vehicles plying on roads.

Source: Company/INE951D01028/7cbad47e-52ba-416b-93cf-05d04f457a06.pdf

Atul Auto has reported strong sales performance for March 2026, with total unit sales reaching 4,212 compared to 3,693 units in the same month last year. The three-wheeler manufacturer demonstrated solid growth momentum with a 14.05% year-on-year increase, driven primarily by robust performance in IC engine vehicles.

March 2026 Sales Performance Overview

The company's March 2026 sales figures show notable year-on-year improvement across different segments. The overall growth was primarily driven by IC engine three-wheelers, which recorded impressive performance in both domestic and export markets.

Domestic Market Performance

In the domestic market, Atul Auto achieved total sales of 3,404 units in March 2026, representing a modest 0.38% growth compared to 3,391 units in March 2025. The domestic IC engine segment remained nearly flat with 2,705 units versus 2,708 units, showing a marginal decline of 0.11%. However, the domestic EV segment showed positive momentum with 699 units compared to 683 units, registering 2.34% growth.

Year-to-Date Performance

For the full financial year 2025-26, Atul Auto has achieved total sales of 38,440 units compared to 34,012 units in FY 2024-25, marking a robust 13.02% growth. The IC engine segment led this growth with 30,537 units versus 25,375 units, representing a significant 20.34% increase. The EV segment recorded 7,903 units compared to 8,637 units in the previous year, showing an 8.50% decline.

The strong performance in IC engine vehicles, particularly in export markets, has been the key driver of the company's overall growth trajectory during March 2026 and the full financial year.