🟢 At a Glance

Ashok Leyland’s Switch Mobility has secured an order for 16 electric buses from Tamil Nadu State Transport Corporation (TNSTC).

• 🛻 Model: Switch EiV 12
• 🔌 Fuel Type: 100% Electric
• 🎯 Application: City operations (urban passenger transport)
• 📍 Buyer: TNSTC Villupuram Division

So yes — the state where Rajinikanth smokes on screen now wants zero emissions on roads.

🚀 What’s the Deal?

• This is TNSTC’s 1st formal order for electric buses from Switch
• Delivery scheduled in FY26
• Project part of Tamil Nadu’s ambitious EV transition roadmap
• Co-funded via state EV policy incentives + FAME-II

TL;DR: Ashok Leyland’s EV arm has officially entered the sarkaari race.

🧠 EduInvesting Take

“When the government starts buying your EVs, you don’t celebrate. You wait… and follow up 200 times to get paid.”

But jokes aside, this is a crucial signal:

• Tamil Nadu = one of the most EV-forward states in India
• Public orders = visibility + credibility boost for Switch
• Even a 16-bus order from TNSTC can snowball into 160

This could be a seed that grows into multi-city public contracts over the next 12–24 months.

🔋 About the Model: Switch EiV 12

• 🧑‍🤝‍🧑 Capacity: ~65 passengers
• 🔋 Battery: Advanced NMC chemistry
• ⚡ Range: 300–350 km per charge
• 🧠 Tech: Telematics, energy monitoring, regenerative braking
• 🔌 Charging Time: ~2–2.5 hours with fast charger

It’s no Tesla, but it gets the job done — with better AC than your office.

📦 Why It Matters for Ashok Leyland

🧮 FV Estimate (Edu Magic Zone)

Let’s break this into core + Switch (Sum of Parts):

• Core Ashok Leyland: EPS ~₹12, P/E 20–22×
• Switch (subsidiary): Valued separately at ₹7,000–₹8,500 crore

🎯 Consolidated FV Range (Edu View): ₹210 – ₹245/share

(CMP skipped, per usual rules. FV ≠ prediction.)

🚌 Industry Outlook

• State Transport Undertakings (STUs) are mandated to go electric
• Tamil Nadu, Maharashtra, Delhi, Gujarat — leading the charge
• Central subsidies + state PLI = robust ecosystem
• Global export plans for Switch still brewing in UK, MEA

🚩 Risks

• State payments = always delayed
• 16 buses = small order, big press release
• Infra readiness (charging stations) still a work in progress
• Private fleet players (Olectra, PMI) scaling faster

🎓 Final Edu Scorecard