Tunwal E-Motors Limited (TUNWAL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Tunwal E-Motors' revenue was ₹132 Cr (+26.9% year on year, -8.6% on the previous half-year), and net profit ₹4.0 Cr (-33.3% year on year); the operating margin was 6.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹132 | +26.9% | -8.6% |
| Operating profit | ₹8.0 | +60.0% | -33.3% |
| Net profit | ₹4.0 | -33.3% | -52.9% |
| EPS (₹) | 0.73 | -37.6% | -50.7% |
| Operating margin | 6.1% | — | — |
TUNWAL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 77.78% of the TUNWAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 67.79%. That is close to its usual level. Turnover was only ₹9 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 73.9% · 51.6% · 62.5% · 60.0% · 77.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tunwal E-Motors announced the voting results for its 8th Annual General Meeting held on September 29, 2026. Shareholders approved all 10 resolutions, including the adoption of FY financial statements, declaration of a ₹0.10 per equity share dividend, and the 5-year appointment of M/s H L Saini & Co. as statutory auditor. In addition, a special resolution was passed approving the preferential issue of convertible equity share warrants. A total of 982,029 public non-institutional votes were polled via e-voting, with 100% cast in favor.
- All 10 AGM resolutions approved with 100% favorable votes among the 982,029 votes polled
- Approval of a dividend of ₹0.10 per equity share
- Special resolution passed approving offer and allotment of convertible equity share warrants on preferential basis
- Ratification and 5-year appointment of M/s H L Saini & Co. as statutory auditor following casual vacancy resignation of previous auditor
Tunwal E-Motors announced the voting results for its 8th Annual General Meeting held on September 29, 2026. Shareholders approved all 10 resolutions, including the adoption of FY financial statements, declaration of a ₹0.10 per equity share dividend, and the 5-year appointment of M/s H L Saini & Co. as statutory auditor. In addition, a special resolution was passed approving the preferential issue of convertible equity share warrants. A total of 982,029 public non-institutional votes were polled via e-voting, with 100% cast in favor.
- All 10 AGM resolutions approved with 100% favorable votes among the 982,029 votes polled
- Approval of a dividend of ₹0.10 per equity share
- Special resolution passed approving offer and allotment of convertible equity share warrants on preferential basis
- Ratification and 5-year appointment of M/s H L Saini & Co. as statutory auditor following casual vacancy resignation of previous auditor
Tunwal E-Motors Limited announced the outcome of its 8th Annual General Meeting held on September 29, 2026. Shareholders approved the appointment of M/s H L Saini & Co., Chartered Accountants, as Statutory Auditors for a 5-year term commencing April 1, 2026, filling a casual vacancy created by the resignation of M/s Mittal Agarwal & Company. Additionally, members approved the appointment of Mr. Vijay Kumar Garg and Ms. Kiran Deora as Non-Executive Independent Directors for a 5-year tenure effective May 13, 2026, through May 12, 2031. These corporate governance appointments come as the SME-listed EV maker operates with a TTM revenue base of Rs 455 Cr.
- Approved appointment of M/s H L Saini & Co. as Statutory Auditors for a 5-year term starting April 01, 2026
- Casual vacancy had arisen from the resignation of prior auditor M/s Mittal Agarwal & Company
- Appointed Mr. Vijay Kumar Garg as Independent Director for 5 years ending May 12, 2031
- Appointed Ms. Kiran Deora as Independent Director for 5 years ending May 12, 2031
Tunwal E-Motors Limited announced the outcome of its 8th Annual General Meeting held on September 29, 2026. Shareholders approved the appointment of M/s H L Saini & Co., Chartered Accountants, as Statutory Auditors for a 5-year term commencing April 1, 2026, filling a casual vacancy created by the resignation of M/s Mittal Agarwal & Company. Additionally, members approved the appointment of Mr. Vijay Kumar Garg and Ms. Kiran Deora as Non-Executive Independent Directors for a 5-year tenure effective May 13, 2026, through May 12, 2031. These corporate governance appointments come as the SME-listed EV maker operates with a TTM revenue base of Rs 455 Cr.
- Approved appointment of M/s H L Saini & Co. as Statutory Auditors for a 5-year term starting April 01, 2026
- Casual vacancy had arisen from the resignation of prior auditor M/s Mittal Agarwal & Company
- Appointed Mr. Vijay Kumar Garg as Independent Director for 5 years ending May 12, 2031
- Appointed Ms. Kiran Deora as Independent Director for 5 years ending May 12, 2031
Tunwal E-Motors Limited announced the outcome of its 8th Annual General Meeting held on September 29, 2026. Shareholders approved the appointment of M/s H L Saini & Co., Chartered Accountants, as Statutory Auditors for a 5-year term commencing April 1, 2026, filling a casual vacancy created by the resignation of M/s Mittal Agarwal & Company. Additionally, members approved the appointment of Mr. Vijay Kumar Garg and Ms. Kiran Deora as Non-Executive Independent Directors for a 5-year tenure effective May 13, 2026, through May 12, 2031. These corporate governance appointments come as the SME-listed EV maker operates with a TTM revenue base of Rs 455 Cr.
- Approved appointment of M/s H L Saini & Co. as Statutory Auditors for a 5-year term starting April 01, 2026
- Casual vacancy had arisen from the resignation of prior auditor M/s Mittal Agarwal & Company
- Appointed Mr. Vijay Kumar Garg as Independent Director for 5 years ending May 12, 2031
- Appointed Ms. Kiran Deora as Independent Director for 5 years ending May 12, 2031
Tunwal E-Motors successfully concluded its 8th Annual General Meeting on September 29, 2026. Shareholders considered 10 agenda items, including the declaration of a Rs 0.10 per share dividend (face value Rs 2) for FY25-26 and approval for preferential allotment of convertible equity share warrants. Management also provided updates on operations, dealer expansion, and the upcoming Narayangaon manufacturing facility. The scrutinizer's report detailing final voting outcomes will be disclosed subsequently.
- AGM concluded on September 29, 2026, attended by 32 members via video conferencing
- Shareholder approval sought for a dividend of Rs 0.10 per equity share of face value Rs 2
- Special resolution proposed for issue and allotment of convertible equity share warrants on preferential basis
- Appointment of M/s H L Saini & Co. as statutory auditor for a period of 5 years placed for approval
Tunwal E-Motors has issued a revised AGM notice scheduled for September 29, 2026, seeking shareholder approval for a preferential issue of 34,00,000 convertible warrants at ₹30.00 per warrant (totaling ₹10.20 Cr) to the promoter/promoter group. The issue price of ₹30 represents a premium over its current market price of ₹25.20, injecting capital equal to ~7.7% of its ₹133 Cr market cap. The company also declared a final dividend of ₹0.10 per equity share (FV ₹2) with a record date of September 22, 2026, and approved the appointment of M/s H L Saini & Co. as statutory auditors following the resignation of its previous auditor.
- Proposed preferential issue of up to 34,00,000 convertible warrants at ₹30.00 each to promoters, raising up to ₹10.20 Cr.
- 25% subscription money payable on allotment with the remaining 75% payable within 18 months upon conversion into equity shares.
- Recommended final dividend of ₹0.10 per equity share of face value ₹2 for FY26.
- Fixed September 22, 2026, as the record date / cut-off date for dividend entitlement and e-voting.
- Appointed M/s H L Saini & Co. as statutory auditors for a 5-year tenure following casual vacancy from resignation of M/s Mittal Agarwal & Company.
Tunwal E-Motors has issued notice for its 8th Annual General Meeting (AGM) scheduled on September 29, 2026, setting September 22, 2026 as the record date for a ₹0.10 per share dividend (face value ₹2). The meeting will consider approving a preferential issue, ratifying the appointment of M/s. H L Saini & Co. as statutory auditors following the resignation of M/s. Mittal Agarwal & Company, and regularizing independent directors. Notably, the auditor report notes that ₹9.96 crore in additional customs duty paid due to tariff reclassification (from 15% to 25%) was not charged to the P&L pending a writ petition outcome, representing ~41.5% of TTM PAT (₹24 crore).
- 8th AGM scheduled for September 29, 2026 via VC/OAVM, with remote e-voting from September 26 to 28, 2026.
- Record date of September 22, 2026 fixed for ₹0.10 per share final dividend (Face Value ₹2).
- Appointment of M/s. H L Saini & Co. as statutory auditors for a 5-year term following the resignation of Mittal Agarwal & Co. on August 27, 2026.
- Customs duty dispute involving ₹9.96 crore paid under protest (reclassified from 15% to 25% duty) kept off the P&L subject to writ petition results.
Tunwal E-Motors Limited has notified the exchange regarding the closure of its Register of Members and Share Transfer Books. The closure will take place from September 23, 2026, to September 29, 2026 (both days inclusive). This is for the purpose of the 8th Annual General Meeting (AGM) and determining entitlement for the final dividend for FY26, subject to shareholder approval.
- Book closure scheduled from September 23, 2026 to September 29, 2026 (both days inclusive)
- Convening the 8th Annual General Meeting of the company
- Final dividend eligibility for FY ended March 31, 2026 subject to shareholder approval at the AGM
- Filing submitted pursuant to Section 91 of the Companies Act and Regulation 42 of SEBI LODR
Tunwal E-Motors Limited has informed the exchange regarding the closure of its Register of Members and Share Transfer Books from September 23, 2026, to September 29, 2026 (both days inclusive). The book closure is scheduled for the purpose of the 8th Annual General Meeting (AGM) of the company. It will also serve to determine eligibility for the final dividend for the financial year ended March 31, 2026, subject to shareholder approval at the AGM.
- Share transfer books and register of members to remain closed from September 23, 2026 to September 29, 2026
- Book closure scheduled for conducting the company's 8th Annual General Meeting
- Record determination for final dividend for FY ended March 31, 2026, subject to AGM approval
Tunwal E-Motors Limited has fixed Tuesday, September 22, 2026, as the record date for determining shareholder entitlement for a final dividend of ₹0.10 per share (face value ₹2 each) for FY25-26. The dividend is subject to shareholder approval at the upcoming Annual General Meeting. Upon approval, dividend disbursement will be completed within 30 days. Based on the current share price of ₹25.2, the dividend yield stands at approximately 0.40%.
- Fixed September 22, 2026 as the Record Date for final dividend entitlement
- Final dividend recommended at ₹0.10 per share on ₹2 face value (5% of FV)
- Payment to be executed within 30 days from the date of AGM approval
- Company reported TTM revenue of ₹455 Cr and TTM PAT of ₹24 Cr
Tunwal E-Motors' board has approved the issuance of 34,00,000 convertible warrants at Rs 30 per warrant (a premium over CMP of Rs 25.20) to promoters, raising up to Rs 10.20 Cr. Upon conversion, promoter shareholding will increase from 63.90% to 65.91%. The board also recommended a final dividend of Rs 0.10 per share (FV Rs 2) for FY26 with a record date of September 22, 2026. Additionally, M/s H L Saini & Co. was appointed as statutory auditor to fill the casual vacancy created by the resignation of M/s Mittal Agarwal & Company.
- Approved issuance of up to 34,00,000 convertible warrants at Rs 30 per warrant to promoters, raising Rs 10.20 Cr (~7.7% of market cap).
- Promoter holding to rise from 63.90% to 65.91% on a fully diluted equity base of 6.11 Cr shares.
- Recommended final dividend of Rs 0.10 per equity share (FV Rs 2) with Record Date set for September 22, 2026.
- Appointed M/s H L Saini & Co. as statutory auditors for 5 years following the resignation of M/s Mittal Agarwal & Company.
Tunwal E-Motors' board approved the issuance of up to 34,00,000 convertible warrants at ₹30 per share on a preferential basis to the promoter group, aggregating up to ₹10.20 crore (~7.7% of market cap). Upon full conversion within 18 months, promoter shareholding will increase from 63.90% to 65.91%. The board also recommended a final dividend of ₹0.10 per equity share (face value ₹2) with a record date of September 22, 2026. Additionally, M/s. H L Saini & Co. was appointed as statutory auditor to fill a casual vacancy following the resignation of M/s. Mittal Agarwal & Company.
- Preferential issuance of up to 34,00,000 convertible warrants at ₹30 per warrant (aggregating ₹10.20 crore) to promoters
- Promoter holding to rise from 63.90% to 65.91% on a fully diluted basis upon warrant conversion
- Recommended final dividend of ₹0.10 per share for FY26 with record date set for September 22, 2026
- Appointed M/s. H L Saini & Co. as statutory auditors for a 5-year term subject to AGM approval
Tunwal E-Motors approved the preferential issuance of up to 34,00,000 convertible warrants at ₹30 per warrant (premium of ₹28) aggregating ₹10.20 Cr to promoters, raising promoter holding from 63.90% to 65.91% on full dilution. The issue price of ₹30 is at a premium to the current market price of ₹25.20. The Board also recommended a final dividend of ₹0.10 per share (face value ₹2) with a record date of September 22, 2026. Additionally, M/s H L Saini & Co. was appointed as statutory auditor to fill the casual vacancy created by the resignation of M/s Mittal Agarwal & Company.
- Approved issuance of 34,00,000 convertible warrants to promoters at ₹30 each, raising up to ₹10.20 Cr (25% upfront, 75% on conversion within 18 months).
- Promoter and promoter group shareholding to increase from 63.90% (3,68,64,621 shares) to 65.91% (4,02,64,621 shares) on a fully diluted basis.
- Appointed M/s H L Saini & Co. as statutory auditors following the resignation of M/s Mittal Agarwal & Co., subject to shareholder approval for a 5-year term.
- Recommended final dividend of ₹0.10 per share of FV ₹2 for FY26, with the record date fixed as September 22, 2026.
- 8th Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026.
Tunwal E-Motors' Board has approved the issuance of up to 34,00,000 convertible warrants at ₹30 each (including a ₹28 premium) to promoters, aggregating to ₹10.20 crore. The issue price of ₹30 represents a ~19% premium over the latest closing price of ₹25.2, raising promoter holding from 63.90% to 65.91% on full dilution. Additionally, the Board recommended a final dividend of ₹0.10 per share (face value ₹2) with a record date of September 22, 2026, and approved the appointment of M/s H L Saini & Co. as new statutory auditors following the resignation of the incumbent auditor.
- Issuance of up to 34,00,000 convertible warrants at ₹30 each, raising up to ₹10.20 crore from promoters
- Issue price of ₹30 is at a premium to the current market price of ₹25.2
- Promoter holding to increase from 63.90% to 65.91% on fully diluted basis
- Recommended final dividend of ₹0.10 per equity share (face value ₹2) with record date September 22, 2026
- Appointed M/s H L Saini & Co. as statutory auditors to fill casual vacancy and recommended for 5 years
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 reached approximately INR 145.22 Cr, representing a 100.4% growth compared to INR 72.46 Cr in H1 FY25. The growth is driven primarily by the electric vehicle manufacturing segment and the integration of its subsidiary, Palsana E Vehicles Private Limited.
Geographic Revenue Split
Not specifically disclosed in available documents; however, the company operates out of Pune, Maharashtra, with a registered office in Mumbai, indicating a strong domestic focus in the Indian market.
Profitability Margins
Consolidated Net Profit Margin for H1 FY26 was 5.9% (INR 8.56 Cr profit on INR 145.22 Cr revenue), compared to a 7.45% margin in H1 FY25. The slight compression is attributed to a 105% increase in total expenses, which rose to INR 133.81 Cr.
EBITDA Margin
Consolidated PBT margin for H1 FY26 stood at 7.85% (INR 11.41 Cr), down from 9.96% in H1 FY25. Core profitability is impacted by a significant rise in 'Other Expenses' which reached INR 16.31 Cr in H1 FY26.
Capital Expenditure
The company invested INR 4.60 Cr in fixed assets during H1 FY26. This follows a larger historical expenditure of INR 16.32 Cr in FY25, primarily funded through IPO proceeds to expand manufacturing capabilities.
Credit Rating & Borrowing
Total borrowings as of September 30, 2025, stood at INR 32.76 Cr (INR 3.43 Cr long-term and INR 29.33 Cr short-term). Finance costs for H1 FY26 were INR 0.89 Cr, representing approximately 0.6% of total revenue.
Operational Drivers
Raw Materials
Electric vehicle components including batteries, motors, controllers, and scrap materials, which collectively contributed to an inventory increase of INR 40.01 Cr in H1 FY26.
Import Sources
Not specifically disclosed, though the company is under investigation by the Directorate of Revenue Intelligence (DRI) regarding import/customs matters, suggesting significant international sourcing.
Key Suppliers
Not disclosed in the provided financial statements or announcements.
Capacity Expansion
The company utilized IPO proceeds of INR 81.72 Cr (raised in July 2024) for expansion. Capital Work-in-Progress (CWIP) stood at INR 5.06 Cr as of September 2025, up 39% from INR 3.64 Cr in March 2025.
Raw Material Costs
Inventory of finished goods and stock-in-trade increased by INR 40.01 Cr in H1 FY26, indicating aggressive procurement or production scaling. Trade payables rose 100% to INR 91.01 Cr (non-MSME) to support this inventory build-up.
Manufacturing Efficiency
Not disclosed; however, the 100% YoY revenue growth suggests a rapid scale-up in production throughput.
Logistics & Distribution
Not specifically disclosed; however, the company operates a distribution network for its electric motors and vehicles across India.
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
Growth is being achieved through the utilization of INR 81.72 Cr in IPO funds for capacity expansion, the acquisition/integration of Palsana E Vehicles Private Limited, and aggressive market penetration in the Indian EV sector. The company doubled its revenue YoY in H1 FY26.
Products & Services
Electric two-wheelers, electric motors, and related EV components sold under the Tunwal brand.
Brand Portfolio
Tunwal E-Motors.
New Products/Services
Not specifically detailed, but the integration of Palsana E Vehicles suggests expansion into new EV categories or regional markets.
Market Expansion
Expansion is focused on the SME platform (NSE Emerge) to increase visibility and fund future manufacturing facilities.
Strategic Alliances
Subsidiary relationship with Palsana E Vehicles Private Limited (formerly ASG Mart India Private Limited).
External Factors
Industry Trends
The Indian EV industry is growing at a rapid pace driven by decarbonization goals. Tunwal is positioning itself as a listed SME player to capture this shift, though it faces increasing regulatory scrutiny regarding domestic value addition.
Competitive Landscape
Competes with other Indian EV startups and established ICE manufacturers entering the electric two-wheeler space.
Competitive Moat
The company's moat is based on its early-mover status in the SME EV space and its established manufacturing base in Pune. Sustainability is challenged by low barriers to entry in EV assembly and high regulatory risk.
Macro Economic Sensitivity
Highly sensitive to government EV subsidies (FAME-II/III) and interest rate changes affecting consumer vehicle loans.
Consumer Behavior
Shift toward eco-friendly transportation and lower total cost of ownership is driving demand for Tunwal's electric motors.
Geopolitical Risks
Trade barriers or import restrictions on EV components (especially from China) pose a significant risk to the assembly-heavy business model.
Regulatory & Governance
Industry Regulations
Subject to the Customs Act, 1962, and EV manufacturing standards. The company is currently facing a Seizure Memorandum from the DRI Mumbai under Section 110(1) of the Customs Act, dated August 6, 2025.
Environmental Compliance
Not specifically disclosed in INR values, though the company's core business is environmentally focused.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 24.9% (INR 2.84 Cr tax on INR 11.41 Cr PBT).
Legal Contingencies
The company reports contingent liabilities in Note 27 of its standalone financial statements. The most significant recent legal matter is the DRI seizure memorandum issued in August 2025 regarding alleged customs violations.
Risk Analysis
Key Uncertainties
The DRI investigation poses a high risk (potential impact >20% of profit) if it leads to heavy penalties or import bans. Working capital stress is also high due to the INR 40 Cr inventory build-up.
Geographic Concentration Risk
Concentrated in India, specifically the Maharashtra region for manufacturing and primary operations.
Third Party Dependencies
High dependency on component suppliers for batteries and motors; trade payables to non-MSME suppliers reached INR 91.01 Cr.
Technology Obsolescence Risk
High risk in the rapidly evolving battery technology space (e.g., shift from Lead-acid to Li-ion or Solid State).
Credit & Counterparty Risk
Trade receivables stood at INR 9.11 Cr for H1 FY26, with management noting that balances are subject to confirmation and reconciliation.
