This document is a regulatory filing submitted to the BSE, containing the full transcript of an earnings conference call held on May 29, 2026, hosted by Hem Securities Limited. The call was conducted to discuss the Audited Financial Results (Standalone and Consolidated) for the half year and year ended March 31, 2026.

Key Financial Figures (Consolidated FY26)

  • Revenue from Operations: ₹310.71 Crores
  • Total Revenue: ₹313.68 Crores
  • EBITDA: ₹38.01 Crores (Margin: 12.2%)
  • Profit After Tax (PAT): ₹28.39 Crores (Net Margin: 9.1%)
  • Net Worth: ₹111.53 Crores
  • Debt-to-Equity Ratio: 0.18x
  • Current Ratio: 3.4x

Historical Financial Performance

  • FY22 Revenue: ₹12.89 Crores
  • FY23 Revenue: ₹51.25 Crores (297.5% YoY Growth)
  • FY24 Revenue: ₹94.42 Crores
  • FY25 Revenue: ₹172.19 Crores
  • FY26 Revenue: ₹313.68 Crores (81.8% YoY Growth)
  • The company claims a 4-year Revenue CAGR of approximately 121% and a PAT CAGR of 124% since FY23, with profitability maintained every year since inception.

Operational and Strategic Highlights

  • Market Position: The company operates in the low-speed electric two-wheeler segment, which it states constitutes 8-10 lakh units annually (40-45% of the total Indian EV two-wheeler market).
  • Capacity Expansion: Annual manufacturing capacity was increased from 72,000 units to 240,000 units in FY26 via four plants:
  • Ladwa, Haryana: 120,000 units (North & West India)
  • Cuttack, Odisha: 60,000 units (East & Northeast India; operational & GST registered since Dec 2025)
  • Patan, Haryana: For electric three-wheelers and two-wheeler chassis (commissioned July 2026)
  • Coimbatore, Tamil Nadu: 60,000 units (South India; commissioned July 2026, GST active)
  • Unit Sales: FY26 total unit sales were over 70,000 (H1: 30,000; H2: 40,000). Historical unit sales: FY22: 3,000+; FY23: 10,000+; FY24: 21,000+; FY25: 38,000+.
  • Guidance for FY27: Target of more than 125,000 units sold. Management is committed to sustaining 75-80% YoY revenue growth.
  • New Product Launches: Plans to launch two high-speed EV models in FY27.

Corporate Developments

  • Listing: Listed on the BSE SME platform in October 2025.
  • Brand Partnership: Became the official EV partner of Punjab Kings for IPL 2026.
  • Certifications: Received AEO T2 certification from Indian Customs for faster clearances.
  • Intellectual Property: Successfully registered Word Mark and Device Mark under Class 12 with IP India.
  • Subsidiary: Incorporated Zelio Auto Components Limited as a wholly-owned subsidiary to control component procurement. It is already contributing to consolidated revenue and profitability.
  • Banking: HDFC Bank extended a consortium-level banking relationship for the entire Zelio Group.

Balance Sheet Details (From Q&A)

  • Loans and Advances (₹43 Crores approx.): Breakdown provided by CFO Shubham Garg:
  • Advances to suppliers: ₹22.5 Crores
  • Capital advances: ₹0.25 Crores
  • Advances to GST and Customs authorities (for refunds): ₹19 Crores
  • Total: ₹42.6 Crores
  • Tax Rate: Current tax rate is 17% due to application for 115BAB benefits, which is expected to continue for five more years (10 years from 2021).

Management Commentary & Q&A Highlights

  • Governance: The management emphasized zero audit qualifications for four consecutive years (FY23-FY26) and zero investor complaints in FY26.
  • Competition & Strategy: The focus remains on the low-speed segment, with expansion into the high-speed and three-wheeler segments. The three-wheeler team is separate, led by a new hire, Divyanshu Agarwal. FY26 three-wheeler sales were 800 units, with a target of over 2,000 units in FY27.
  • Dealer Network: Current network exceeds 400 dealers, with a target to expand to over 550 dealers in FY27. 70% of showrooms are currently exclusive, with a goal of 100% exclusivity.
  • Funding & Customer Finance: The company has tie-ups with financiers like Bajaj, Kotak, and Trusera Finance for customer loans, primarily in Tier 1 and 2 cities.
  • Indigenization & Sourcing: Strategy to reduce dependency on imports (e.g., China) by increasing in-house fabrication and indigenous production. Goal to have 5-6 vehicles with 70-80% indigenous content by FY27.
  • Marketing Spend: Planned marketing spend for FY27 is over ₹1-2 Crores, excluding IPL expenses which will be accounted for proportionally in FY27.
  • Service Infrastructure: Strengthened PDI teams and spare parts availability via the new subsidiary to ensure quick service turnaround.
  • Government Policy: Noted that there is no direct company benefit from the government for low-speed EVs, but the no-registration, no-license policy benefits customers.
  • Average Selling Price (ASP): Currently around ₹44,000, expected to increase to ₹45,000-₹50,000.