Bikewo Green Tech Ltd
Incorporated in December 2006, Bikewo Green Tech Limited is an electric two-wheeler retailer in India.[1]
- Market Cap ₹ 20.2 Cr.
- Current Price ₹ 15.5
- High / Low ₹ 34.1 / 13.6
- Stock P/E 23.2
- Book Value ₹ 30.2
- Dividend Yield 0.00 %
- ROCE 4.04 %
- ROE 2.39 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.51 times its book value
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 5.19% over last 3 years.
- Company has high debtors of 160 days.
- Working capital days have increased from 141 days to 334 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 Auto Dealer
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 22.28 | 13.68 | 20.57 | 24.85 | 23.48 | 31.47 | |
| 21.63 | 12.66 | 19.88 | 22.00 | 21.96 | 29.61 | |
| Operating Profit | 0.65 | 1.02 | 0.69 | 2.85 | 1.52 | 1.86 |
| OPM % | 2.92% | 7.46% | 3.35% | 11.47% | 6.47% | 5.91% |
| 0.25 | 0.11 | 0.05 | 0.15 | 0.11 | 0.11 | |
| Interest | 0.23 | 0.60 | 0.29 | 0.33 | 0.40 | 0.11 |
| Depreciation | 0.06 | 0.31 | 0.33 | 0.34 | 0.35 | 0.53 |
| Profit before tax | 0.61 | 0.22 | 0.12 | 2.33 | 0.88 | 1.33 |
| Tax % | 22.95% | 31.82% | 16.67% | 27.90% | 25.00% | |
| 0.47 | 0.15 | 0.10 | 1.67 | 0.66 | 0.87 | |
| EPS in Rs | 4.70 | 0.74 | 0.49 | 1.82 | 0.51 | 0.67 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 20% |
| TTM: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 64% |
| TTM: | -52% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -50% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 5% |
| Last Year: | 2% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 1.00 | 2.04 | 2.04 | 9.16 | 13.04 | 13.04 |
| Reserves | 2.65 | 5.09 | 5.19 | 7.61 | 25.50 | 26.36 |
| 7.36 | 6.88 | 7.61 | 7.53 | 0.45 | 1.33 | |
| 1.16 | 0.97 | 4.78 | 7.21 | 1.77 | 1.68 | |
| Total Liabilities | 12.17 | 14.98 | 19.62 | 31.51 | 40.76 | 42.41 |
| 1.67 | 3.28 | 2.34 | 1.99 | 3.66 | 15.25 | |
| CWIP | 2.76 | 4.62 | 7.07 | 9.55 | 9.60 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7.74 | 7.08 | 10.21 | 19.97 | 27.50 | 27.16 | |
| Total Assets | 12.17 | 14.98 | 19.62 | 31.51 | 40.76 | 42.41 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 2.11 | 2.63 | 2.67 | -4.46 | -13.67 | |
| -4.11 | -3.77 | -1.84 | -2.46 | -2.08 | |
| 2.13 | 0.98 | -0.82 | 6.96 | 19.54 | |
| Net Cash Flow | 0.14 | -0.16 | 0.02 | 0.04 | 3.79 |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 29.16 | 1.33 | 19.34 | 11.31 | 159.80 |
| Inventory Days | 65.01 | 179.00 | 148.69 | 189.46 | 93.77 |
| Days Payable | 14.49 | 2.80 | 17.06 | 38.99 | 12.01 |
| Cash Conversion Cycle | 79.68 | 177.54 | 150.97 | 161.78 | 241.56 |
| Working Capital Days | 51.60 | 41.62 | -7.10 | 95.62 | 334.38 |
| ROCE % | 6.55% | 2.84% | 13.59% | 4.04% |
Documents
Announcements
-
Statement of deviation(s) or variation(s) under Reg. 32
11 November 2025 - No deviation in use of IPO proceeds of Rs. 2,409.32 lakhs as of September 30, 2025.
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Outcome of Board Meeting
11 November 2025 - Approved H1 Sep 30, 2025 unaudited results; postal ballot for promoter reclassification; IPO fund utilization certified.
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Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter
21 October 2025 - BIKEWO: CG report not applicable for quarter ended 30 September 2025 (listed on NSE Emerge).
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
14 October 2025 - RTA certificate under Reg. 74(5) for quarter ended 30 Sep 2025; shares fully dematted.
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General Updates
14 October 2025 - NSE granted no-objection for reclassification of 20 promoters, application dated Aug 25, 2025.
Business Model[1] Bikewo Green Tech Ltd operates as an electric vehicle (EV) dealership, primarily focusing on two-wheelers. The company has a dealership-driven business model where it sells electric vehicles from multiple major OEMs (Original Equipment Manufacturers) through a network of franchise dealers.