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Zelio E-Mobility Limited, incorporated in 2021, is an ISO-certified company engaged in the manufacturing, assembly, and supply of electric vehicles in India. Operating from its facility in Hisar, Haryana, the company offers a range of electric two-wheelers under the 'Zelio' brand and three-wheelers under the 'Tanga' brand. Zelio E-Mobility Limited distributes its products through a network of 280 dealers across more than 20 states, focusing on providing environmentally sustainable transportation solutions.
Opening Date
Sep 29, 2025
Closing Date
Oct 03, 2025
Listing Date
Oct 08, 2025
IPO Type
SME
IPO Status
Closed
Issue Size
78.34 Cr
Fresh Issue
62.83 Cr
Offer for Sale
15.5 Cr
Price Band
₹129 - ₹136
Lot Size
1000
The main objectives of the issue are to utilize the net proceeds from the fresh issue for the following purposes:
Full or partial repayment and/or prepayment of certain borrowings availed by the company, which will help reduce outstanding indebtedness and debt servicing costs.
Funding capital expenditure for setting up a new manufacturing unit, including costs for building, civil works, plant, and machinery to expand production capacity.
Meeting the incremental working capital requirements of the company to support business growth and expanded operations.
Financing general corporate purposes, including funding growth opportunities, strategic initiatives, brand building, and meeting business exigencies.
P/E Ratio
21.09
EPS
12.5
ROE
85.75%
ROCE
36.86%
RONW
60.02%
Debt to Equity Ratio
1.32
PAT Margin
9.3%
EBITDA Margin
12.21%
P/B
21.09
Extensive network of 280 dealers providing wide geographical coverage across major parts of India.
Strong focus on quality assurance, backed by ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.
Geographically diversified revenue base with a presence in over 20 states and union territories.
Experienced promoters and a senior management team with significant industry expertise.
Limited operating history since its incorporation in 2021 makes future performance evaluation challenging.
Heavy reliance on the growing but nascent Indian EV market, making it vulnerable to shifts in adoption rates.
Dependence on third-party domestic and international suppliers for critical components, posing supply chain risks.
High concentration of ownership among promoters and promoter group.
Capitalizing on the rapidly growing Indian EV market, supported by government incentives like the FAME scheme.
Leveraging the government's ambitious target to achieve 80% EV penetration in two-wheelers and three-wheelers by 2030.
Expanding into new domestic markets to increase geographical footprint and customer base.
Tapping into the expanding EV financing ecosystem to make products more accessible to customers.
Intense competition from established automotive players entering the EV market and new-age EV startups.
Potential reduction or elimination of government subsidies, which could adversely affect vehicle affordability and demand.
Vulnerability to changes in government policies, tax structures, and environmental regulations impacting the EV sector.
Global economic uncertainties, supply chain disruptions, and raw material price volatility affecting production costs.
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