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Olectra Greentech Bags Rs 1,800 Crore Order for 1,085 Electric Buses from TGSRTC
Olectra Greentech has secured a significant order worth approximately Rs 1,800 Crores for the supply of 1,085 electric buses to the Telangana State Road Transport Corporation (TGSRTC). The order comprises 1,025 non-AC and 60 AC 12-meter buses intended for intra-city operations. These buses will be delivered over a 20-month period, providing strong revenue visibility for the next two years. Additionally, Olectra will be responsible for the maintenance of these buses over a 12-year contract period under a Gross Cost Contract (GCC) model.
Key Highlights
Total order value estimated at approximately Rs 1,800 Crores for the supply of 1,085 buses.
Order includes 1,025 non-AC and 60 AC electric buses (12-meter variants).
Delivery timeline is set for 20 months, ensuring steady execution and revenue flow.
Maintenance contract extends for 12 years under the Gross Cost Contract (GCC) / OPEX model.
The contract was awarded by TGSRTC to Evey Trans Private Limited, which will procure the buses from Olectra.
💼 Action for Investors
This massive order win significantly strengthens Olectra's order book and market position in the EV bus segment. Investors should monitor the company's execution efficiency and the impact of the long-term maintenance contract on operating margins.
Olectra Greentech Appoints Industry Veteran K.N.M. Rao as VP - Product Development
Olectra Greentech has appointed Mr. Kallepalli Nagamalleshwar Rao as Vice President of Product Development for its e-Bus Division, effective February 5, 2026. Mr. Rao is a seasoned professional with over 30 years of experience in automotive platform development across both electric and conventional vehicles. His previous leadership stints include major industry players such as Tata Motors, Mahindra & Mahindra, and Ashok Leyland. This strategic hire is expected to bolster Olectra's R&D capabilities and product innovation in the competitive electric bus segment.
Key Highlights
Appointment of Mr. K. N. M. Rao as VP - Product Development (e-Bus Division) effective February 5, 2026.
Mr. Rao brings over 30 years of automotive industry experience to the company.
Previous leadership roles held at SWITCH Mobility, Ashok Leyland, Mahindra & Mahindra, and Tata Motors.
The appointment is designated under the Senior Management Personnel (SMP) category.
Focus will be on delivering successful vehicle platforms and innovative mobility solutions.
💼 Action for Investors
Investors should view this as a positive move to strengthen the company's technical leadership. Monitor for upcoming product innovations or improvements in the e-bus portfolio resulting from this leadership addition.
Olectra Greentech Q3 FY26 Revenue Grows 29% YoY to ₹663.6 Cr; Order Book at 9,400+ Units
Olectra Greentech reported a strong 28.8% YoY growth in consolidated revenue for Q3 FY26, reaching ₹663.6 crore. The Insulator division was a standout performer, with revenue surging 90.4% and EBITDA margins expanding to 33.9%. However, the core E-vehicle division faced margin pressure, with EBITDA margins dropping from 14.6% to 11.6% YoY. The company's growth outlook remains supported by a massive order book of over 9,400 electric buses and the operationalization of its new 5,000-unit annual capacity plant in Hyderabad.
Key Highlights
Consolidated Q3 FY26 revenue increased to ₹663.6 crore from ₹515.4 crore in Q3 FY25.
Insulator division revenue jumped 90.4% YoY to ₹89.6 crore with a PBIT growth of 136.6%.
E-vehicle division revenue grew 22.6% YoY, though segmental PBIT declined by 8.5% due to margin contraction.
Total order book remains robust at 9,400+ electric buses with 3,600+ vehicles already on Indian roads.
New greenfield plant in Hyderabad is partially operational with 5,000 units/year capacity, scalable to 10,000 units.
💼 Action for Investors
Investors should monitor the execution speed of the 9,400+ unit order book following the capacity expansion. While top-line growth is healthy, the focus should remain on whether EV segment margins can recover to previous levels of 14-15%.
Olectra Greentech Q3 Revenue Jumps 29% to ₹664 Cr; Order Book Stands at 9,400+ E-Buses
Olectra Greentech reported a strong 29% YoY growth in consolidated revenue for Q3 FY26, reaching ₹663.6 crore. While the Insulator division saw a massive 90.4% revenue surge and margin expansion, the core E-Vehicle division faced margin pressure, with EBITDA margins dropping from 14.6% to 11.6%. The company maintains a robust order book of over 9,400 electric buses, providing significant long-term revenue visibility. Profit Before Tax (PBT) grew marginally by 3% to ₹64.1 crore, impacted by higher costs in the EV segment.
Key Highlights
Consolidated revenue for Q3 FY26 grew 29% YoY to ₹66,360 Lakhs.
Insulator division revenue soared 90.4% YoY to ₹8,957 Lakhs with EBITDA margins improving to 33.9%.
E-Vehicle division revenue increased 22.6% to ₹57,403 Lakhs, though segmental PBIT fell 8.5% YoY.
Current order book remains strong with 9,400+ E-Buses pending delivery.
New greenfield plant in Hyderabad is operational with an initial capacity of 5,000 units per year, scalable to 10,000.
💼 Action for Investors
Investors should monitor the margin compression in the EV segment, which is the primary growth driver. The massive order book and capacity expansion suggest strong execution potential, making it a 'Hold' with a focus on delivery timelines.
Olectra Greentech Q3 FY26 Standalone Revenue Up 29% YoY to ₹654 Cr; Net Profit at ₹47 Cr
Olectra Greentech reported a strong 29% YoY growth in standalone revenue for Q3 FY26, reaching ₹654.40 crore. However, standalone net profit grew marginally by only 1.75% to ₹47.12 crore, primarily due to a sharp 79.5% increase in finance costs. While the Insulator division saw robust revenue growth of 90%, the core e-vehicle division experienced a slight dip in segment profitability despite higher sales. The company's nine-month standalone revenue stands at ₹1,639 crore with a net profit of ₹122 crore.
Key Highlights
Standalone Revenue from operations increased 29% YoY to ₹654.40 crore in Q3 FY26.
Net Profit after tax stood at ₹47.12 crore, a modest 1.75% increase from ₹46.31 crore in Q3 FY25.
Finance costs surged significantly to ₹19.25 crore from ₹10.72 crore in the same quarter last year.
Insulator division revenue nearly doubled YoY to ₹89.57 crore with segment profits rising to ₹28.97 crore.
E-vehicle division revenue grew to ₹564.83 crore, but segment profit before tax and interest fell to ₹54.08 crore from ₹59.27 crore YoY.
💼 Action for Investors
Investors should remain cautious as rising interest costs and margin pressure in the core EV segment are offsetting strong top-line growth. Monitor the company's ability to scale EV deliveries while managing operational expenses and debt servicing.
Olectra Greentech Starts Commercial Production at Hyderabad EV Plant; 2,500 Bus Annual Capacity
Olectra Greentech has officially commenced commercial operations at its Greenfield Electric Vehicle (EV) manufacturing facility in Seetharampur, Hyderabad, as of December 31, 2025. The Phase-I launch establishes an annual production capacity of 2,500 buses per shift. This milestone represents 50% of the total planned per-shift capacity of 5,000 buses per annum. The operationalization of this facility is a significant step in scaling the company's manufacturing capabilities to meet the rising demand for electric mobility in India.
Key Highlights
Commercial Operation Date (COD) for the Seetharampur Greenfield facility declared as December 31, 2025
Phase-I capacity achieved at 2,500 electric buses per annum on a single-shift basis
Current capacity represents 50% of the total planned per-shift capacity of 5,000 buses per annum
The commencement of operations has been formally communicated to the lender, State Bank of India
💼 Action for Investors
This is a significant operational milestone that should help Olectra execute its large order book more efficiently. Investors should monitor the production ramp-up and the timeline for the remaining 50% capacity expansion.
Olectra Shareholders Approve Mahesh Babu Subramanian as MD with 91.85% Majority
Olectra Greentech Limited has successfully passed all three resolutions proposed in its Postal Ballot notice dated November 19, 2025. Shareholders approved the appointment of Mr. Mahesh Babu Subramanian as Managing Director with 91.85% of the total votes cast in favour. Additionally, the re-appointment of Mrs. Chintalapudi Laksmi Kumari as an Independent Director received near-unanimous support at 99.75%. The overall voter turnout was 59.20%, representing 4,85,88,776 votes out of a total 8,20,80,737 shares.
Key Highlights
Mahesh Babu Subramanian's appointment as Managing Director approved with 91.85% total votes in favour.
Re-appointment of Independent Director Mrs. Chintalapudi Laksmi Kumari passed with 99.75% support.
Total voter participation recorded at 59.20% of the total 8.21 crore shares on the cut-off date.
Significant institutional dissent noted on the MD appointment, with 76.55% of institutional votes cast against the resolution.
Regularisation of Mr. Mahesh Babu Subramanian as a Director passed with a 96.05% majority.
💼 Action for Investors
Investors should take confidence in the leadership continuity and strong promoter backing, though the institutional dissent on the MD appointment warrants monitoring of future governance practices. No immediate action is required as the management transition is now formally ratified.