Zelio E-Mobility, one of India’s fastest-growing electric two- and three-wheeler manufacturers, has reported an exceptionally strong performance for the first half of FY26. In its first financial disclosure following a successful SME IPO, the company recorded consolidated revenue of INR 134.78 crore and net profit of INR 11.87 crore, cementing its reputation as one of the few consistently profitable EV makers in the country.
The consolidated results include the contribution of Zelio Auto Components, a subsidiary established in May 2025 to increase localisation, enhance cost control, and strengthen margins. On a standalone basis, Zelio achieved a 77% jump in revenue to INR 133.3 crore, while profit after tax climbed 69% year-on-year to INR 11.8 crore, up from INR 7 crore in the same period last year. Profit also rose 33% sequentially, supported by steady demand across its expanding dealer footprint.
Standalone income touched INR 134.3 crore, including INR 98 lakh in other income. Operating expenditure increased 78% to INR 119.9 crore due to higher production levels, inventory additions, and network expansion. Despite rising costs, the company maintained healthy margins—an uncommon feat in India’s highly price-sensitive electric mobility sector. At the consolidated level, total assets reached INR 85.33 crore and net worth stood at INR 38.55 crore, bolstered by prudent capital management. Operating cash flow for the half year came in at INR 10.20 crore, with capex of INR 5.23 crore directed toward tooling, machinery, and new manufacturing infrastructure.
The performance follows the company’s INR 78.34 crore SME IPO, which closed with 1.5x subscription. Zelio raised INR 62.83 crore via fresh issuance, while promoters sold shares worth INR 15.50 crore through the OFS route. As of November 14, 2025, roughly INR 36 crore of unused IPO funds remain in fixed deposits and are earmarked for capacity expansion and new facility development. A key step in this direction is the leasing of a new industrial site in Odisha to strengthen supply capabilities in eastern India’s growing EV market.
Zelio continues to widen its national footprint with more than 337 dealerships across 20+ states, driven by demand in Tier 2 and Tier 3 regions for affordable slow-speed EVs. Its product range—which includes EEVA, Gracy, Legender, Mystery, XMen and the Tanga e-Loader—caters to customers seeking simple, efficient, and economical mobility options. The newly launched Little Gracy, aimed at young riders aged 10 to 18, has received encouraging market response, highlighting the potential of the non-RTO EV category.
Investor sentiment remains positive, with the stock closing at INR 367.70, up 5% on the BSE. Commenting on the performance, Kunal Arya, Managing Director, said, “Our H1 FY26 results reflect the solid foundations of our business and the confidence our customers and investors have in us. As we enhance capacity, increase localisation, and expand our network, our priority is disciplined growth and delivering dependable electric mobility solutions nationwide.”
With strong financials, expanding manufacturing capabilities, and rising localisation through its new subsidiary, Zelio is positioned for an even stronger second half. The company enters FY26–FY28 with significant growth momentum and continues to establish itself as one of India’s most stable, operationally efficient, and fast-growing EV brands.
Founded in 2021 and headquartered in Haryana, Zelio E-Mobility designs durable, easy-to-use, and environmentally friendly electric scooters known for their performance, style, and value. With a network of around 300 dealers across India and a strong focus on research and development, the company is committed to delivering innovative, reliable, and customer-centric electric mobility solutions for the mass market.
