ZELIOEMOBILITY Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹310.71 Cr
verification pending
Revenue YoY
81.8%
reported change
EBITDA
₹38.01 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Zelio E-Mobility delivered FY26 revenue of ₹310.71 crore (up 81.8% YoY), expanding from a mere ₹12.89 crore in FY22 to ₹313 crore—a 121% four-year revenue CAGR. EBITDA came in at ₹38.01 crore (12.2% margin) with PAT of ₹28.39 crore (9.1% net margin), and notably the company has been profitable every single year since inception—virtually unheard of among Indian EV startups. Management targets 75-80% revenue growth sustainability as the structural trajectory, not a one-time event, backed by a 3.3x capacity expansion to 240,000 units annually (from 72,000), dealer network scaling from 400 to 550+, and geographic expansion into South India via the Coimbatore plant. The company maintains zero audit qualifications across four consecutive years and a healthy debt-to-equity of 0.8x. Key risks include heavy rural/tier-2-3 exposure where monsoon-driven income disruptions could defer purchases, competitive pressure from new entrants in South India, and the nascent three-wheeler segment contributing only 800 units in FY26 while requiring dedicated management bandwidth.
Colored figures show movement against the previous available record.
Guidance to track
- Supported by Odisha capacity addition reducing transport costs into East India, Haryana's 120,000 unit capacity, and Coimbatore plant commissioning in July 2026.
- Management explicitly stated this as the structural trajectory—'not a one-time event but a repeatable engine'—driven by multi-plant, multi-geography, and diversified product portfolio.
- Expanding from 400+ dealers currently to 550+ dealers across 25+ states, with focus on South India and Northeast activation.
- Management committed to maintaining similar margin levels while doubling/tripling branding and promotional expenditure annually, prioritizing profitability over vanity volume.
Risks flagged
- 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.
Key quotes
- I am not here to read you a script. I am here to tell you the truth. The unsolicited numbers, audited sign—truth about what Zelio has built and exactly where this company is going.
- Not a single quarter of loss. Not a single year of EBITDA burn. Every financial year since inception has been profitable. That is virtually unheard of in the Indian EV startup ecosystem.
- We will acquire 20-30% of the EV market within two to three years, not five to ten years. Our reason is clear—every home like Zelio and Indian, and our focus is high-speed market as well as low-speed is the backbone of Indian market.
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