Olectra Greentech (532439) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth in consolidated revenue and profitability for Q4 and FY25, with 2,718 electric vehicles delivered to date, including 2,667 electric buses as of March 31, 2025.

• Ranked among the top two in industry deliveries for FY25, despite industry-wide supply challenges.

• Expanded manufacturing capacity with a new greenfield plant, scalable up to 10,000 units per year, and commenced partial operations.

• Maintained a robust order book exceeding 10,000 units, reflecting strong demand and a shift from demand to supply constraints.

• Audited standalone and consolidated financial results for the quarter and year ended 31 March 2025 were approved, with an unqualified audit opinion from the statutory auditors.

Financial highlights

• FY25 consolidated revenue: ₹1,80,189.68 lakhs, up 56% year-over-year; Q4 FY25 revenue: ₹44,892 lakhs, up 55% year-over-year.

• FY25 consolidated PAT: ₹13,921 lakhs, up 77% year-over-year; Q4 FY25 PAT: ₹2,069 lakhs, up 39% year-over-year.

• FY25 adjusted EBITDA: ₹27,632 lakhs, up 49% year-over-year; Q4 FY25 EBITDA: ₹5,835 lakhs, up 36% year-over-year.

• Net working capital days reduced to 60, a 54-day improvement due to better collections and lower inventory.

• Basic and diluted EPS (standalone) for FY25 was Rs 17.00, up from Rs 8.97 in FY24.

Outlook and guidance

• FY26 delivery guidance set at 2,000–2,500 buses, reflecting ongoing supply chain challenges but aiming for higher output as constraints ease.

• Q1 FY26 expected to be in line with Q4 FY25; normalization of supply chain anticipated from Q2 FY26.

• Capacity expansion to 5,000 buses underway, with potential to reach 10,000 buses within a year based on demand.

• Plans to leverage manufacturing experience and R&D to expand into adjacent EV markets and new geographies.

• Dividend payout is subject to shareholder approval and will be paid within 30 days of the AGM.