Olectra Greentech (532439) Q3 25/26 earnings summary

Executive summary

• Leading electric bus manufacturer in India with over 3,600 EVs on the road and a strong order book exceeding 9,400 units, supported by robust policy and market demand.

• State-of-the-art Hyderabad plant with scalable capacity up to 10,000 units per year; current production can scale up to 5,000 vehicles annually.

• Expanded product line includes electric tippers, composite polymer insulators, and new battery technologies such as Blade Battery.

• Insulator business shows rapid growth, with export focus boosting margins.

• Financials prepared in accordance with Ind AS and SEBI regulations, with unqualified audit opinions.

Financial highlights

• Q3 FY26 consolidated revenue was ₹66,359.99 lakhs (INR 663.6 crore), up 29% year-over-year; nine-month revenue at ₹1,66,744.68 lakhs (INR 1,667.5 crore), up 23%.

• Q3 FY26 EBITDA at ₹9,710 lakhs (INR 97.1 crore), up 19% year-over-year; nine-month EBITDA at ₹21,797 lakhs (INR 246.1 crore), up 13%.

• Q3 FY26 net profit after tax was ₹4,639.71 lakhs (INR 46.7 crore); EPS at ₹5.65.

• Q3 electric vehicle deliveries rose 37% year-over-year to 385 units; FY25 EV sales were 972, up from 541 in FY24.

• Insulator division Q3 FY26 revenue surged 90.4% year-over-year to ₹8,957.06 lakhs; EBITDA margin at 33.9%.

Outlook and guidance

• FY26 bus delivery guidance revised to 1,500–2,000 units, depending on market absorption and ecosystem readiness.

• Insulator business targets 15%-20% annual growth; margins expected to stabilize around 25%-30%.

• Long-term consolidated EBITDA margin expected to stabilize at 10%-12%.

• CapEx of INR 300–350 crore planned over next two years for new product development.

• The company is evaluating the impact of new labour codes effective from November 2025 and has accounted for incremental employee liability.