Olectra Greentech (532439) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth in consolidated revenue and profitability for Q4 and FY25, with over 2,718 electric vehicles delivered to date, including 2,667 electric buses as of March 31, 2025.

• Ranked among the top two in industry deliveries for FY25, with a net order book exceeding 10,000 buses and a fleet of over 2,700 EVs on Indian roads.

• Expanded manufacturing capacity with a new greenfield plant, scalable up to 10,000 units per year, and commenced partial operations.

• Audited standalone and consolidated financial results for the quarter and year ended 31 March 2025 were approved, with an unqualified audit opinion from the statutory auditors.

• A final dividend of Rs 0.40 per equity share (10% of face value Rs 4) was recommended, subject to shareholder approval.

Financial highlights

• FY25 consolidated revenue from operations was INR 1,80,189.68 lakh, up 56% year-over-year; Q4 FY25 revenue up 55% to INR 44,892 lakh.

• FY25 EBITDA was INR 27,632 lakh, up 49%; Q4 FY25 EBITDA up 36% to INR 5,835 lakh.

• FY25 PAT was INR 13,921 lakh, up 77%; Q4 FY25 PAT up 39% to INR 2,069 lakh.

• EV division revenue up 60.4% year-over-year to INR 1,62,179 lakh; insulator division revenue up 26% to INR 18,011 lakh.

• Net working capital days reduced to 60, a 54-day improvement due to better collections and lower inventory.

Outlook and guidance

• FY26 delivery guidance set at 2,000–2,500 buses, reflecting ongoing supply chain challenges but strong demand.

• Q1 FY26 expected to be in line with Q4 FY25; normalization of supply chain anticipated from Q2 FY26.

• Capacity expansion to 5,000 buses underway, with potential to reach 10,000 buses within a year based on demand.

• Plans to leverage manufacturing experience and R&D to expand into adjacent EV markets and new geographies.

• Focus on strengthening intercity/interstate and staff transport segments, with scalable plant capacity for future growth.