Synopsis: An electric vehicle stock that is held by Ace investor Mukul Agarwal almost hit the upper circuit soon after the company announced that it has witnessed a YoY revenue growth of 67 percent, and also expects its FY26 turnover to grow by more than 51 percent at the end of the fiscal year.
An EV company in the business of manufacturing slow speed two wheelers has announced that their company has witnessed a YoY revenue growth of 67 percent and is also expanding its capacity by 70 percent and more significant updates being announced leading to a jump in share prices.
With a market cap of Rs 712 Cr, Zelio E-Mobility Ltd saw its stock hit an intraday high of Rs 370 which is 4.3 percent higher than the previous close of Rs 354. The company got listed on BSE-SME on October 8 2025, at a listing price of Rs 154.9, and since then the stock has given a 120 percent return.
News
On Tuesday, The company announced strong financial and operational momentum in FY26, with Q3 FY26 revenue growing by around 67 percent YoY growth. The company has witnessed its revenue to rise sequentially from Rs 49.5 crore in Q1 FY26 to Rs 83.8 crore in Q2 and further to Rs 91.6 crore in Q3, reflecting sustained demand across segments.
Apart from the P&L, the company has expanded its Manufacturing capacity by nearly 70 percent to over 1.20 lakh units per annum, with projected capacity utilisation for this entire fiscal year to be at around 85 percent.
In Q3FY26, the company stated that during the 45 day Diwali festive season, the company sold 13,566 units, which had marked a 74 percent YoY increase, while revenue from festive sales grew by approximately 64 percent YoY to Rs 59 crore.
The company also gave out its expansion strategy, which included a new manufacturing facility in Odisha, that is expected to begin commercial operations from February 2026, while the Patan facility is targeted for commissioning by April 2026 which is in line with the RHP roadmap. Capacity optimization initiatives are likely to start yielding operational benefits from February 2026 with minimal incremental capital expenditure.
The announcement also stated that the company remains well positioned to achieve a turnover of over Rs 260 crore in FY26, representing more than 51 percent growth over FY25, this is also supported by a robust 2 year Profit CAGR of 124 percent and Sales CAGR of 84 percent.
Business Overview
Zelio E-Mobility is an Indian electric vehicle manufacturer engaged in the manufacturing, assembling and supply of electric two-wheelers and three-wheelers , offering a wide range of models across multiple designs, colours, and speed variants. Ace investor Mukul Agarwal holds 2 percent stake in this company since Q2FY26.
Recognised as one of India’s fastest-growing electric mobility companies, Zelio focuses on stylish slow-speed electric scooters and rugged electric three-wheelers tailored for Bharat, with a strong presence in Tier-2 and Tier-3 markets.
In FY25 it made 26 percent of its sales from Haryana, and 12 percent from Uttar Pradesh, 9.94 percent from Gujarat and the rest includes states such as West Bengal, Madhya Pradesh, and Punjab.
The company ranks among the top three players in the slow-speed EV two-wheeler segment and has sold over 70,000 units in the last three years, capturing a 4-5 percent market share. With two “Make in India” models and a strategy aligned with the Aatmanirbhar Bharat mission, the company continues to strengthen its position in India’s evolving EV ecosystem.
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