Olectra Greentech (532439) Q2 25/26 earnings summary

Executive summary

• Achieved highest-ever quarterly deliveries of 375 electric vehicles in Q2 FY26, with cumulative EV deliveries reaching 3,254 by September and a strong order book exceeding 9,000 vehicles.

• Maintained a top-three market position in electric buses, with a 63% CAGR since inception, outperforming the industry’s 35% CAGR.

• Consolidated revenue grew 25% year-over-year in Q2 FY26, reaching ₹65,662 lakhs, and 20% for H1 FY26 at ₹1,00,385 lakhs.

• Net profit for H1 FY26 rose to ₹7,546 lakhs, up from ₹7,191 lakhs in H1 FY25.

• Un-audited standalone and consolidated financial results for Q2 and H1 ended September 30, 2025, were approved and reviewed without qualification by auditors.

Financial highlights

• Q2 FY26 revenue rose 25% year-over-year to INR 656.62 crores, driven by higher deliveries and robust demand.

• EBITDA for Q2 was INR 93.01 crores, up 9%; PAT at INR 49.43 crores, up 4%; EPS at 6.04 versus 5.79 last year.

• H1 revenue crossed INR 1,000 crores for the first time, reaching INR 1,003.85 crores, up 20% year-over-year.

• Standalone Q2 FY26 revenue from operations: ₹64,700.89 lakhs, up from ₹51,407.28 lakhs in Q2 FY25.

• H1 FY26 consolidated EPS (basic/diluted): ₹9.21, up from ₹8.72 in H1 FY25.

Outlook and guidance

• Management reaffirmed guidance for FY26, expecting continued growth despite challenges in depot readiness and infrastructure.

• New greenfield plant operational with initial capacity of 5,000 EVs/year, scalable to 10,000 units.

• Focus on expanding into private staff transport and intercity/interstate segments.

• Emphasis on R&D and leveraging market share to capture growing EV demand.

• No explicit forward-looking guidance provided; management notes segment focus on composite polymer insulators and electric vehicles.