Zelio E-Mobility Ltd (H1 FY26) – India’s EV upstart that plugged in and powered past the big boys! 🚗⚡

1. At a Glance

Zelio E-Mobility Ltd — the new-age EV manufacturer that went from assembling scooters in Hisar to rubbing shoulders with giants like Bajaj and TVS — is currently trading at ₹438, up a juicy 4.99% on the day this was written. With a market cap of ₹925 crore, this BSE SME stock has been the quiet storm of FY25–FY26, postingsales of ₹133 crore and PAT of ₹11.8 crorefor the half year ended September 2025 — a YoY growth of77% in salesand68% in profit.

The company’sROE stands at 85.8%(no, that’s not a typo), while ROCE is51.8%— figures that make even seasoned automobile veterans look like they’re driving in neutral. With aP/E ratio of 44.5x, Zelio is priced like a premium EV dream, not a garage startup.

Zero dividends, modest borrowings of ₹27 crore, and a fiery 154% profit growth make it the kind of number soup analysts love to sip slowly. Oh, and it just raised₹74.5 crore through its IPOin October 2025. Because why not charge up while the market’s hot?

2. Introduction

Every few years, India gets a new EV messiah. First, it was Ather. Then Ola zoomed in. And now, from the dusty industrial lanes of Hisar, Haryana, arrivesZelio E-Mobility— a company whose scooters sound less like an engine and more like a mosquito humming near your ear, but whose profits roar louder than the average motorcycle.

Founded with a dream of electrifying two-wheelers (and maybe three, when it’s not too tired), Zelio is the kind of company that gives small investors FOMO and large investors sleepless nights.

While the Bajajs and Heros of the world keep conducting “EV pilot programs,” Zelio is already running full-fledged manufacturing withover 52% capacity utilizationand presence in20+ states. The company has71 dealers in UP,50 in Haryana, and28 in Punjab, which basically means if you throw a stone in North India, there’s a chance it’ll hit a Zelio showroom.

FY25 revenue stood at₹172 crore, up from ₹94 crore in FY24 — that’s an82.6% sales growth. Profit jumped 154%. Elon Musk would call that “respectable.”

3. Business Model – WTF Do They Even Do?

Zelio isn’t a tech startup pretending to be an EV company — it’s an actualmanufacturer and assembler of electric two- and three-wheelers. Its bread and butter: scooters and e-loaders that appeal to everyone from college kids to kirana store delivery heroes.

Under brandZelio, they sell e-scooters like EEVA, EEVAZX, Gracy, Legender, Mystery, and XMen (yes, that’s an actual model name — we wish Wolverine came standard). UnderTanga, they push their electric 3-wheelers and loaders — because who doesn’t love a name that sounds like it could both carry cargo and start a dance-off?

Their Hisar facility sprawls across24,458 sq. meters, with acapacity of 72,000 vehicles annually, and they’ve already churned out 37,836 units in FY25. Anew manufacturing unit near Patan, Hisaris on the way, courtesy of IPO funds — proof they’re not just driving, but overtaking.

Revenue split:96.5% from E-2Ws,2% from E-3Ws, and the rest from spare parts and accessories — batteries, chargers, lights, and everything that makes your EV not die mid-traffic.

Their model is part make-in-India, part assemble-in-Hisar, and part hustle-from-everywhere.

4. Financials Overview (Half-Yearly Results)

Figures in ₹ crore (Standalone)

Note:Half-Yearly results; Annualised EPS = 7.15 × 2 = ₹14.3.

P/E (annualised)= 438 / 14.3 =30.6x— a fair discount to its reported TTM multiple of 44.5x, showing strong earnings momentum.

Commentary:When your profit nearly doubles and your sales jump 77%, investors tend