Zelio E Mobility Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Zelio E Mobility Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Zelio E-Mobility reported full-year FY26 consolidated revenue of INR313 crore, up 81.8% year-on-year, with EBITDA of INR38.01 crore at a 12.2% margin and PAT of INR28.39 crore at a 9.1% net margin. Management said the company expanded from one plant to four during the year, raising annual capacity from 72,000 to 240,000 units, and sold more than 70,000 units in FY26 versus 38,000 the prior year. Management also outlined plans for FY27 including new plants in Coimbatore and Patan, a target of 550+ dealers, and guidance of over 125,000 units for the year.
Numbers mentioned
Consolidated revenue: INR313 crores (FY26)
p. 3
“we have crossed INR300 crores, delivering a full-year consolidated revenue of INR313 crores and 81.8% growth on an already large base”
Kunal Arya, page 3 of the filed PDF · View the filing
Revenue from operations: INR310.71 crores (FY26)
p. 4
“our financial year 2026 revenue from operations stand at INR310.71 crores with a total revenue of INR313.68 crores”
Kunal Arya, page 4 of the filed PDF · View the filing
EBITDA: INR38.01 crores (FY26)
p. 4
“Our EBITDA for the year is INR38.01 crores at a margin of 12.2%, and that margin is expanding as operating leverage kicks in”
Kunal Arya, page 4 of the filed PDF · View the filing
Profit after tax: INR28.39 crores (FY26)
p. 4
“Our profit after tax is INR28.39 crores, representing a net margin of 9.1%”
Kunal Arya, page 4 of the filed PDF · View the filing
Net worth: INR111.53 crores (FY26)
p. 4
“Our consolidated net worth now stands at INR111.53 crores, a balance sheet fortified by our IPO proceeds and disciplined capital allocation”
Kunal Arya, page 4 of the filed PDF · View the filing
Debt-to-equity ratio: 0.18x (FY26)
p. 4
“Our debt-to-equity ratio is a mere 0.18x”
Kunal Arya, page 4 of the filed PDF · View the filing
Current ratio: 3.4x (FY26)
p. 4
“Our current ratio is 3.4x, giving us substantial firepower to fund the next leg of expansion without stretching our balance sheet”
Kunal Arya, page 4 of the filed PDF · View the filing
Units sold: more than 70,000 (FY26)
p. 7
“in this financial year '25-'26, we have done more than 70,000”
Kunal Arya, page 7 of the filed PDF · View the filing
Units sold H2: more than 40,000 (H2 FY26)
p. 7
“in H1, we did 30,000, and in H2, we did more than 40,000”
Kunal Arya, page 7 of the filed PDF · View the filing
Annual capacity: 240,000 units (FY26)
p. 4
“we went from one plant to four, and from 72,000 to 240,000 units of annual capacity, a 3.3x expansion in a single year”
Kunal Arya, page 4 of the filed PDF · View the filing
Haryana plant capacity: 120,000 units per annum
p. 7
“The capacity in Haryana, sir, is 120,000 per annum”
Kunal Arya, page 7 of the filed PDF · View the filing
Odisha plant capacity: 60,000 units per annum
p. 7
“And Odisha is 60,000 per annum”
Kunal Arya, page 7 of the filed PDF · View the filing
Dealer count: more than 400
p. 7
“Currently, we have more than 400 dealers”
Kunal Arya, page 7 of the filed PDF · View the filing
Three-wheeler volume: 800 numbers (FY26)
p. 14
“In FY26, sir, we have done 800 numbers, sir”
Kunal Arya, page 14 of the filed PDF · View the filing
Short-term loans and advances: around INR42.6 crores
p. 8
“the advances to suppliers are around INR22.5 crores, and capital advances are of INR25 lakh”
Shubham Garg, page 8 of the filed PDF · View the filing
Current tax rate: 17%
p. 8
“Yes, the current tax rate is 17%. Actually, we have applied for 115BAB.”
Shubham Garg, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 75% to 80% year-on-year · FY27 onward
stated firmly by Kunal Arya
p. 5
“I am committed to sustaining 75% to 80% year-on-year revenue growth as our structural trajectory”
Kunal Arya, page 5 of the filed PDF · View the filing
Unit sales — more than 125,000 units · FY27
stated firmly by Kunal Arya
p. 5
“We are targeting more than 125,000 units scale for this year”
Kunal Arya, page 5 of the filed PDF · View the filing
Dealer network — more than 550 dealers · FY27
stated firmly by Kunal Arya
p. 7
“Currently, we have more than 400 dealers. And this year, we are planning to expand it to more than 550 dealers.”
Kunal Arya, page 7 of the filed PDF · View the filing
Three-wheeler volume — more than 2,000 · FY27
stated firmly by Kunal Arya
p. 14
“More than 2,000.”
Kunal Arya, page 14 of the filed PDF · View the filing
EV market share — more than 20%-30% of the EV market · within 2 to 3 years
stated as an aspiration by Kunal Arya
p. 10
“within 2 to 3 years, we will acquire more than 20%-30% of the EV market”
Kunal Arya, page 10 of the filed PDF · View the filing
Indigenous vehicle content — five to six vehicles which will be properly 70%, 80% Make in India · by 2027
stated firmly by Kunal Arya
p. 10
“By 2027, I clear this to you, we will have five to six vehicles which will be properly 70%, 80% will be Make in India”
Kunal Arya, page 10 of the filed PDF · View the filing
Average selling price — INR45,000 to INR50,000
stated as an aspiration by Kunal Arya
p. 13
“It will go from INR45,000 to INR50,000, sir, in the upcoming time.”
Kunal Arya, page 13 of the filed PDF · View the filing
Marketing spend — more than INR1 crores · this year
stated firmly by Kunal Arya
p. 11
“This year, sir, more than INR1 crore, INR1 crores to INR2 crores after IPL expenses.”
Kunal Arya, page 11 of the filed PDF · View the filing
Reporting frequency — quarterly reporting
stated as an aspiration by Kunal Arya
p. 6
“In the future, we will surely move to quarterly reporting, but it will take some time.”
Kunal Arya, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said monsoon impact on agriculture is a recurring factor but has never impacted overall sales, only possibly delaying them.
Answered by Kunal Arya
Asked by Agastya Dave: Will a bad monsoon affect rural discretionary spending and thus growth?
p. 6
“But sales are never impacted by that. It might get delayed -- if not this month, then next month -- but the numbers have never been impacted, sir.”
Kunal Arya, page 6 of the filed PDF · View the filing
Management gave a year-by-year unit sales history and confirmed the 125,000 unit target for FY27.
Answered by Kunal Arya
Asked by Kushal Kasliwal: What was the total unit sales in FY26 and guidance for FY27?
p. 7
“For next year, as I mentioned in my script, our projection is more than 125,000 units.”
Kunal Arya, page 7 of the filed PDF · View the filing
CFO explained the breakdown between supplier advances, capital advances and GST/Customs refund receivables.
Answered by Shubham Garg
Asked by Kushal Kasliwal: What does the INR43 crore loans and advances figure relate to?
p. 8
“Actually, the advances to suppliers are around INR22.5 crores, and capital advances are of INR25 lakh.”
Shubham Garg, page 8 of the filed PDF · View the filing
CFO confirmed the reduced tax rate is due to a 115BAB election valid for 10 years, with five years remaining.
Answered by Shubham Garg
Asked by Kushal Kasliwal: Is the current 17% tax rate sustainable?
p. 8
“10 years from 2021. So, we have five more years left.”
Shubham Garg, page 8 of the filed PDF · View the filing
Management said the three-wheeler team, plant and funding are entirely separate from two-wheelers.
Answered by Kunal Arya
Asked by Rajesh Gupta: Will the new three-wheeler line distract from the two-wheeler business?
p. 8
“So, 2-wheeler sales will never be affected because of 3-wheelers.”
Kunal Arya, page 8 of the filed PDF · View the filing
Management said the focus is on exclusive showrooms for brand visibility rather than simply adding dealer count.
Answered by Kunal Arya
Asked by Rajesh Gupta: What is the plan for exclusive showrooms versus dealerships?
p. 9
“As for showrooms, 70% of our showrooms currently are exclusive showrooms.”
Kunal Arya, page 9 of the filed PDF · View the filing
Management said branding and promotion spend will not be allowed to impact EBITDA or PAT growth.
Answered by Kunal Arya
Asked by Darshil Jhaveri: Will margins be maintained as the company scales and spends more on marketing?
p. 12
“we won't let it impact our EBITDA or PAT CAGR”
Kunal Arya, page 12 of the filed PDF · View the filing
Management said three-wheeler volumes were low in FY26 due to plant readiness but should scale after the Patan plant starts.
Answered by Kunal Arya
Asked by Subhanu Bangal: How much volume did the three-wheeler vertical do in FY26 and what is the FY27 target?
p. 14
“In FY26, sir, we have done 800 numbers, sir.”
Kunal Arya, page 14 of the filed PDF · View the filing
Management said there are currently no plans to enter the bike segment due to battery cost and range constraints.
Answered by Kunal Arya
Asked by Gagandeep Singh: Will Zelio enter the electric bike segment?
p. 14
“So currently, the company has no plans for the bike segment.”
Kunal Arya, page 14 of the filed PDF · View the filing
Risks flagged
Monsoon and climatic changes affecting agricultural income in North India, a recurring seasonal factor
p. 6
“Every year, there is some impact on agriculture due to monsoon and climatic changes.”
Kunal Arya, page 6 of the filed PDF · View the filing
Lack of consumer awareness about the low-speed EV segment
p. 10
“The only hurdle we are facing right now is the lack of awareness among people.”
Kunal Arya, page 10 of the filed PDF · View the filing
Supply chain and shipping line disruptions affecting component sourcing from foreign countries
p. 11
“if there are shipping line or supply chain issues in any month, they don't affect our business”
Kunal Arya, page 11 of the filed PDF · View the filing
No government subsidy support for low-speed EV companies
p. 13
“So far, there is no support from the government for the time being.”
Kunal Arya, page 13 of the filed PDF · View the filing
High battery costs limiting the ability to scale into the electric bike segment
p. 14
“Until the government brings a policy on battery prices -- until a subsidy comes on Lithium-ion batteries or LFP batteries -- scaling the bike segment is a bit difficult, sir.”
Kunal Arya, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.