Synopsis:
India’s electric bus market is expanding rapidly under the government’s push for clean mobility. Olectra Greentech leverages its BYD tie-up and strong domestic order book, while JBM Auto leads with global scale and diversified offerings. Both players present contrasting opportunities, Olectra with focused execution and JBM with aggressive international expansion.
India’s electric bus market is expanding rapidly, with government-led initiatives like the PM e-Bus Sewa scheme and rising urban mobility needs driving large-scale adoption. Two major listed players, Olectra Greentech and JBM Auto, are competing for leadership in this segment. Both have posted their Q1FY26 numbers, and their operational strategies offer investors a clear view of how they are positioning in the EV mobility race.
Olectra Greentech Limited
Olectra Greentech Limited, incorporated in 2000, is engaged in manufacturing composite polymer insulators and electric buses. The company was among the first to introduce homologated e-buses in India and has steadily built a strong presence across state transport undertakings. Olectra Greentech holds a market capitalization of Rs. 12,649.87 crore and currently trades at Rs. 1,541.15 per share, delivering a 43.66 percent return over the past six months.
In Q1FY26, revenue fell 22.7 percent quarter-on-quarter from Rs. 449 crore to Rs. 347 crore, while operating profit dropped 11.1 percent from Rs. 54 crore to Rs. 48 crore. However, profit before tax improved 17.2 percent from Rs. 29 crore to Rs. 34 crore, and net profit increased 23.8 percent from Rs. 21 crore to Rs. 26 crore.
On a year-on-year basis, revenue rose 10.5 percent from Rs. 314 crore, operating profit climbed 9.1 percent from Rs. 44 crore, PBT advanced 6.3 percent from Rs. 32 crore, and net profit expanded 8.3 percent from Rs. 24 crore.
Operationally, Olectra Greentech has established itself with over 2,800 e-buses already on Indian roads and an order book exceeding 10,000 units. The company has set up a greenfield plant in Hyderabad with a capacity of 5,000 buses annually, scalable to 10,000, and its product portfolio spans more than 135 variants, including seven-meter, nine-meter, and twelve-meter models with ranges from 150 km to 350 km per charge. In Seetharampur, a new production facility partially commenced operations in April 2024 with 2,500-unit capacity, expected to reach 5,000 EVs on a single-shift basis by the end of Q1FY26 and 10,000 units by FY27.
Olectra is at the forefront of India’s public e-bus rollout, supplying to major transport networks such as BEST in Mumbai, PMPML in Pune, and KSRTC in Karnataka. Its strategic technology sourcing agreement with China-based BYD, one of the world’s largest e-bus makers, gives it access to advanced platforms. The BYD partnership, extended till December 2030, not only strengthens Olectra’s product roadmap but also aids in localization efforts as the company gradually develops Indian vendors for non-battery components. However, its dependence on BYD for critical parts like batteries also presents a supply-chain risk, particularly in the case of geo-political or pandemic-related disruptions in China.
JBM Auto Limited
JBM Auto Limited, incorporated in 1983, is engaged in automotive sheet metal components, tools, dies, moulds, and buses, including after-sales services and spares. The company has evolved into one of India’s leading bus OEMs with growing international operations. JBM Auto holds a market capitalization of Rs. 14,106.88 crore and trades at Rs. 596.50 per share, recording a 15.52 percent return over the last six months.
For Q1FY26, revenue fell 23.8 percent quarter-on-quarter from Rs. 1,646 crore to Rs. 1,254 crore, while operating profit declined 35.1 percent from Rs. 185 crore to Rs. 120 crore. PBT dropped 43.3 percent from Rs. 90 crore to Rs. 51 crore, and net profit contracted 45.8 percent from Rs. 72 crore to Rs. 39 crore.
On a year-on-year basis, revenue rose 9.6 percent from Rs. 1,144 crore, PBT improved 13.3 percent from Rs. 45 crore, and net profit increased 14.7 percent from Rs. 34 crore, though operating profit slipped 7.7 percent from Rs. 130 crore.
Operationally, JBM Auto is scaling aggressively with more than 2,500 e-buses already on the road and an order book of over 11,000 units under execution as on March 2025. The company operates the world’s largest integrated dedicated e-bus manufacturing facility outside China, with an annual capacity of 20,000 units, and its bus portfolio spans 10 platforms, 18 models, and 23 variants covering city, intercity, airport, school, and luxury travel segments.
In Europe, the company marked its official entry in June 2025 with the launch of its all-electric ECOLIFE bus at the UITP Summit in Hamburg, supported by a new headquarters in Frankfurt and partnerships with German leasing firm KazenMaier to deliver tailored left-hand drive buses for Germany, France, Italy, the Netherlands, Greece, and Scandinavia.
JBM Auto has secured large-scale contracts domestically, including 2,411 e-buses worth Rs. 12,900 crore under the PM e-Bus Sewa scheme in FY24–25, reinforcing its role as a key implementation partner in India’s zero-emission mobility shift. The company also received USD 100 million funding from ADB and AIIB for the deployment of 575 e-buses, supporting asset-light expansion.
Its market leadership extends across niches, with more than 90 percent share in airport tarmac buses, 40–45 percent in luxury coaches, and about 30 percent in city and state transport segments. With 19 manufacturing locations, over 1,000 presses, 3,000 robots, and a 6 GWh battery manufacturing capacity, JBM has built strong backward integration and execution capabilities.
Outside Europe, the company is expanding in the Middle East, Africa, Singapore, and APAC through fleet leasing partnerships, local assembly, and distribution, enabling faster and cost-efficient EV rollouts.
Written by Manan Gangwar
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