Olectra Greentech (532439) Q3 25/26 earnings summary

Executive summary

• India’s EV industry is projected to grow at a 45% CAGR to 2030, with the company maintaining leadership in the electric bus segment and an order book exceeding 9,400 vehicles.

• Over 3,600 EVs are on the road, with a scalable Hyderabad plant and expanded product line including electric tippers and composite polymer insulators.

• Q3 FY26 saw 385 vehicles delivered, up 37% year-over-year, and the company achieved a 29% Q3 market share.

• Emphasis on R&D and new battery technologies, such as Blade Battery, to enhance safety and efficiency.

• Standalone and consolidated unaudited financial results for Q3 and 9M FY26 were reviewed and approved, with unqualified audit opinions.

Financial highlights

• Q3 FY26 consolidated revenue reached ₹66,359.99 lakhs, up 29% year-over-year; 9M FY26 revenue was ₹1,66,744.68 lakhs, up 23% year-over-year.

• Q3 FY26 EBITDA was ₹9,710 lakhs, up 19% year-over-year; 9M FY26 EBITDA was ₹21,797 lakhs, up 13%.

• Q3 FY26 PAT was ₹4,639.71 lakhs, flat year-over-year; 9M FY26 PAT was ₹12,213.74 lakhs, up 3%.

• Basic and diluted EPS for Q3 FY26 stood at ₹5.65; 9M FY26 EPS was ₹14.86.

• Insulator business order book at ₹3,000 lakhs+, targeting 15%-20% annual growth; margins benefited from export mix, expected to stabilize at 25%-30%.

Outlook and guidance

• FY 2026 bus delivery guidance revised to 1,500–2,000 units, dependent on market absorption and ecosystem readiness.

• CapEx of ₹30,000–35,000 lakhs planned over next two years for new product development; total CapEx to date is about ₹40,000 lakhs.

• Long-term EBITDA margin expected to stabilize at 10%-12% as volumes scale, with current margins at 14%.

• The company is evaluating the impact of new labour codes effective from November 2025 and has accounted for incremental employee liability.

• Focus on leveraging technology and market share to meet growing demand for electric buses and expansion into new geographies.