Zelio E-Mobility Ltd
Zelio E-Mobility is primarily engaged in the business of manufacturing, assembling and supplying of electric vehicles, offering a range of electric two-wheelers (E-2Ws) and three-wheelers (3Ws), available in a variety of design, color, speed variants etc.(Source : 202503 Annual Report Page No:26)
- Market Cap ₹ 2,157 Cr.
- Current Price ₹ 1,020
- High / Low ₹ 1,159 / 222
- Stock P/E 77.3
- Book Value ₹ 52.6
- Dividend Yield 0.00 %
- ROCE 38.3 %
- ROE 40.5 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 52.8%
Cons
- Stock is trading at 19.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 50.7 days to 77.6 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Automobile and Auto Components Automobiles 2/3 Wheelers
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 13 | 51 | 94 | 172 | 303 | |
| 11 | 47 | 85 | 151 | 269 | |
| Operating Profit | 2 | 4 | 9 | 21 | 34 |
| OPM % | 12% | 8% | 9% | 12% | 11% |
| 0 | 0 | 0 | 2 | 3 | |
| Interest | 0 | 0 | 1 | 2 | 2 |
| Depreciation | 0 | 0 | 1 | 1 | 1 |
| Profit before tax | 2 | 4 | 8 | 19 | 34 |
| Tax % | 18% | 17% | 17% | 17% | 17% |
| 1 | 3 | 6 | 16 | 28 | |
| EPS in Rs | 0.77 | 1.85 | 3.82 | 9.67 | 13.25 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 81% |
| TTM: | 76% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 109% |
| TTM: | 75% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 293% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 55% |
| 3 Years: | 53% |
| Last Year: | 40% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.03 | 0.03 | 0.03 | 17 | 21 |
| Reserves | 1 | 4 | 11 | 10 | 90 |
| 4 | 10 | 14 | 31 | 19 | |
| 4 | 2 | 4 | 8 | 23 | |
| Total Liabilities | 9 | 15 | 29 | 66 | 153 |
| 0 | 1 | 8 | 8 | 14 | |
| CWIP | 0 | 4 | 1 | 4 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| 8 | 11 | 20 | 54 | 132 | |
| Total Assets | 9 | 15 | 29 | 66 | 153 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| -3 | -1 | 1 | -7 | -7 | |
| -0 | -4 | -5 | -8 | -9 | |
| 4 | 5 | 3 | 15 | 42 | |
| Net Cash Flow | 0 | 0 | -0 | 0 | 26 |
| Free Cash Flow | -4 | -5 | -4 | -14 | -15 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -186% | -10% | 25% | -15% | -7% |
Ratios
Standalone / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 7 | 7 | 6 | 10 | 3 |
| Inventory Days | 246 | 56 | 64 | 87 | 87 |
| Days Payable | 72 | 7 | 13 | 9 | 24 |
| Cash Conversion Cycle | 182 | 56 | 57 | 88 | 66 |
| Working Capital Days | 65 | 25 | 32 | 43 | 78 |
| ROCE % | 44% | 45% | 52% | 38% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Mar 2027 (P) | Mar 2028 (P) | |
|---|---|---|---|---|---|---|---|---|
| Low-Speed EV 2W Market Share % |
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| E-2W Units Sold units |
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| Dealer Network dealers |
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| Installed Capacity units per annum |
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| Capacity Utilization % |
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| E-2W Revenue Share % of total revenue |
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| 3W Units Sold units |
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| Localization (Make in India) % |
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Extracted by Screener AI
Documents
Announcements
- Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
-
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association
- On 20 Oct 2026, shareholders approved AOA changes enabling further share and security issuances.
-
Shareholder Meeting / Postal Ballot-Outcome of EGM
- EGM approved Rs 168 crore preferential issue and five related-party transactions up to Rs 50 crore each.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Certificate under Reg. 74(5) of SEBI(Depositories and Participants), Regulations 2018 for the quarter and half year ended September 30, 2026.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
Concalls
-
Jun 2026Transcript REC
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Nov 2025Transcript PPT REC
-
Oct 2025PPT
Business Profile:[1]
Zelio E-Mobility Ltd is engaged in manufacturing,
assembling, and supplying electric vehicles focused
on electric two-wheelers (E-2Ws) and three-wheelers
(3Ws) under the brands Zelio (E-2Ws) and Tanga (3Ws).
The company is positioned in India's slow-speed segment: vehicles capped at 25 km/h that need no licence or registration, sold mainly in Tier-2, Tier-3 and rural markets [2]