Zelioemobility · risk themes across the available quarters.
Bear-case history
Analyst raised concern about customer income impact in rural/tier-3 exposed markets during bad monsoons affecting agricultural income. Management acknowledged impact causes 'delay, not cancellation' but did not quantify the historical hit to quarterly sales timing.
New entrants in South India could force pricing reductions. Management argued Coimbatore plant will reduce transport costs and enable competitive pricing without impacting EBITDA, but this remains unproven in new geography.
Analyst questioned whether three-wheeler expansion would divert management focus from two-wheelers. Management responded that teams, plants, and IPO proceeds are entirely separate, but three-wheeler contributed only 800 units against 70,000+ two-wheelers in FY26.
An analyst raised concerns about stock being repeatedly included in periodic call options due to exchange compliance rules, requesting management protest formally. Management agreed to email Sebi. This suggests elevated short-selling activity not directly addressed in main presentation.