Olectra FY26: Record revenue crosses INR 2,300 crore as deliveries rise and Energy division surges

Olectra Greentech ended FY26 with its strongest consolidated performance so far. Management highlighted that consolidated revenue crossed INR 2,300 crore for the first time, supported by a sharp rise in electric bus deliveries and a breakout year in the Energy division (composite polymer insulators).

For FY26, consolidated revenue from operations was INR 2,312.17 crore, up 28.3 percent over FY25. EBITDA rose 27.5 percent to INR 352.28 crore. Profit before tax increased 31.0 percent to INR 246.14 crore, while PAT came in at INR 179.53 crore. The company also pointed to improved capital efficiency, with ROCE rising to 21.1 percent in FY26.

A year of higher deliveries, but mix still drives margins

The Mobility division remained the main revenue contributor. FY26 Mobility revenue was INR 1,986.72 crore versus INR 1,621.79 crore in FY25, a 22.5 percent rise. Vehicle deliveries increased to 1,280 units from 972 units, a 32 percent jump. Management attributed the improvement in profitability and scale to more consistent production in the last three quarters, with around 350 vehicles delivered per quarter and 359 buses delivered in Q4.

Margins, however, were described as highly mix-dependent. In the Q&A, management and the CFO pointed out that Q4 saw a higher share of coach buses, which supported better margins, while the full-year Mobility EBITDA margin declined to 11.8 percent (from 13.9 percent in FY25). Management cautioned that margin expectations should be anchored in a band, rather than a single number.

The Energy division was the standout. FY26 Energy revenue was INR 325.44 crore, up 80.7 percent from INR 180.11 crore in FY25. The segment also delivered a sharp improvement in profitability, with FY26 EBITDA margin at 36.1 percent and Q4 margin at 39.3 percent. Management attributed this to product mix, export and domestic pricing, and efficiency improvements from sourcing and manufacturing actions. The CFO also stated that exports account for about 40 to 50 percent of the insulator business for the full year.

Financial summary (consolidated)

Segment mix shows why Olectra behaves like two businesses

The consolidated segment table clarifies the business structure. Mobility contributed INR 1,986.72 crore of revenue in FY26, while Energy contributed INR 325.44 crore.

This mix matters because the profit profile is different across the two segments. The Energy division is operating at significantly higher margins, while Mobility is a scale-driven business where tender mix and cost dynamics can move margins up or down.

The Q4 segmental results reinforce that point. Energy division revenue nearly doubled year on year in Q4 (up 94.2 percent), and EBITDA more than tripled (up 202.9 percent). Mobility also grew, but at a lower rate, with Q4 revenue up 36.7 percent and EBITDA up 44.9 percent.

Capacity, platforms, and the FY27 push to 2,500 vehicles

Management’s forward narrative was built around three levers: manufacturing capacity, new product platforms, and procurement scale through tenders.

On capacity, the company reiterated its greenfield EV facility, built on 150 acres acquired from Telangana State Industrial Infrastructure Corporation. The presentation notes initial capacity of 5,000 EVs per year scalable to 10,000 EVs per year. The CFO added that the first phase built about 2,500 capacity with approximately INR 400 crore capex.

On future investments, the CFO stated that around INR 400 crore is estimated to be spent in the next two years as the company introduces its own product platforms in buses and trucks.

The most direct operating guidance was on volumes. Management said FY27 planning is built around around 2,500 vehicles, with quarter-on-quarter increase through the year. At the same time, the MD repeatedly linked the deliverability of this plan to external constraints like geopolitics, raw material supply, and shipping availability.

In product roadmap, management said it is investing in two new platforms, one in buses and one in trucks. The next-generation bus platform, described as aligned to PM e-Drive requirements, is planned for launch in Q3. On trucks, management said the board has approved the program and the company expects to launch its own truck in the last quarter of FY27.

Technology decisions were also discussed. Management said the future platforms are being developed with the capability for megawatt charging and battery swapping. It also stated that the vehicle control and battery pack architecture is being developed as modular and battery-chemistry agnostic.

Finally, management emphasized that tender execution is not only about winning. It said depot availability, power readiness, and agreement signing can delay deliveries, and that tenders won today are often executed 18 to 24 months later. This is also why management stated it will remain selective and focus on profitable tenders and locations.

Takeaways: strong FY26, but FY27 depends on execution stability

Olectra’s FY26 story is clear: higher deliveries drove scale, Energy division delivered a sharp jump in revenue and margins, and the consolidated business reported record revenue, EBITDA, and PAT.

The FY27 setup is equally clear, but more conditional. Management has articulated a volume plan of around 2,500 vehicles, a product roadmap with timelines (bus platform in Q3 and own truck in last quarter of FY27), and a capex estimate of around INR 400 crore over two years to support platform expansion. At the same time, it has also flagged the biggest swing factor: supply chain and external disruptions.

For investors, the next few quarters will likely be judged on two metrics the company itself emphasized: consistent quarterly deliveries, and the ability to hold EBITDA margins within the stated 12 to 15 percent band while scaling up volumes.