Zelio E-Mobility has delivered impressive financial results in Q3 FY26, showcasing the company's strong position in India's expanding electric vehicle market. The manufacturer reported substantial growth across multiple operational metrics, demonstrating robust demand for its electric mobility solutions.

Strong Quarterly Revenue Performance

The company achieved remarkable financial growth during the third quarter of FY26, with revenue increasing by 67% compared to the same period in the previous fiscal year. This significant growth trajectory reflects the increasing adoption of electric vehicles and the company's effective market penetration strategies.

Exceptional Festive Season Sales

Zelio E-Mobility capitalized on the festive season demand, recording Diwali sales of ₹59.00 crores. This achievement highlights the company's ability to leverage seasonal buying patterns and demonstrates strong consumer acceptance of its electric vehicle offerings during one of India's most significant shopping periods.

Production Capacity Expansion

The company has made substantial investments in expanding its manufacturing capabilities to meet growing market demand. Production capacity has been increased by 70%, bringing the total annual manufacturing capacity to 120,000 units. This expansion positions the company to better serve the increasing demand for electric vehicles while maintaining operational efficiency.

Revenue Targets for FY26

Looking ahead, Zelio E-Mobility has established ambitious financial targets for the full fiscal year. The company is targeting revenue of over ₹260.00 crores for FY26, reflecting confidence in sustained market growth and the effectiveness of its expansion initiatives. This target demonstrates the company's commitment to supporting the broader electric vehicle ecosystem in India.

The combination of strong quarterly performance, successful festive season sales, expanded production capacity, and ambitious annual targets positions Zelio E-Mobility as a notable player in India's electric vehicle manufacturing sector.

Zelio E-Mobility Limited has delivered robust financial performance for Q3 FY26, reporting significant revenue growth and operational expansion in its latest business update. The slow-speed electric vehicle manufacturer demonstrated strong momentum across key performance metrics while advancing its nationwide manufacturing footprint.

Strong Revenue Performance Across Quarters

The company achieved remarkable revenue growth trajectory throughout FY26, with Q3 revenue reaching ₹91.62 crores compared to ₹54.94 crores in Q3 FY25, representing approximately 67% year-on-year growth. This performance reflects sustained demand momentum, improved dealer productivity, and disciplined execution across operations.

The consistent upward trajectory demonstrates the company's scalable business model and ability to convert demand visibility into revenue growth while maintaining operational and financial discipline.

Exceptional Festive Season Performance

During the 45-day Diwali period, Zelio E-Mobility recorded outstanding sales performance with significant improvements across both volume and revenue metrics compared to the previous year.

The festive season performance was supported by improved demand visibility, timely inventory availability across dealer locations, stable channel execution, and continued customer acceptance of the company's value-driven product offerings, particularly in Tier-2 and Tier-3 markets.

Major Capacity Expansion Initiative

Zelio E-Mobility has executed a substantial capacity expansion program, scaling its manufacturing capabilities by approximately 70% to over 1,20,000 units per annum. The company currently operates with installed manufacturing capacity of 72,000 units per annum at its existing facility and has received additional machinery for extended conveyor belt installation within the existing production line.

This enhancement is expected to improve throughput, enhance operating leverage, and reduce shift-related manpower and overhead costs, thereby strengthening cost efficiency and margins without requiring additional shifts or significant incremental capital expenditure.

Strategic Manufacturing Expansion

The company is advancing multiple facility development projects to strengthen its nationwide manufacturing footprint and improve regional supply efficiency.

Odisha Manufacturing Facility

Following the lease agreement execution disclosed in November 2025, the company has commenced installation of plant and machinery at its proposed Odisha facility. Commercial operations are targeted to begin from February 2026, which will enhance manufacturing capacity, improve regional supply efficiency, and support long-term scale-up with cost optimization.

Patan Manufacturing Facility

In alignment with the roadmap outlined in the Red Herring Prospectus, the Patan manufacturing facility is expected to become operational by April 2026, subject to completion of installation and stabilization activities. This facility will support incremental capacity addition and operational flexibility.

Southern India Evaluation

The company continues evaluating opportunities for establishing an additional manufacturing or assembly facility in Southern India through a phased, prudent, and capital-efficient approach aligned with demand visibility and return considerations.

Network Expansion and Operational Developments

Zelio E-Mobility has focused on expanding and strengthening its dealer network, which now spans 360+ dealers across 25+ states, improving pan-India reach and market penetration. The company has maintained its position among select EV companies in India to remain profitable since inception, reinforcing the sustainability and resilience of its business model.

Key operational focus areas include:

• Enhancing supply-chain resilience and localization
• Improving operational efficiencies without aggressive marketing spends
• Maintaining strong governance and profitability discipline
• Deeper penetration in Tier-2 and Tier-3 markets

FY26 Revenue Outlook

Based on current demand momentum, capacity expansion initiatives, and operational efficiency improvements, the company expects to remain positively positioned towards achieving a turnover of ₹260+ crores in FY26, subject to market conditions and execution. The company continues to prioritize profitable growth, capital discipline, and sustainable value creation for stakeholders while benefiting from increasing EV adoption and favorable policy environment in the slow-speed electric vehicle segment.