1. Economic Review India
India continued to be the worlds fastest-growing major economy during FY2025-26, demonstrating remarkable resilience amid a challenging global environment characterised by geopolitical tensions, trade uncertainties and commodity price volatility. Supported by strong domestic demand, sustained public investment and policy continuity, the countrys nominal GDP reached approximately US$4.2 trillion.
The economy expanded by 7.7% during the year, driven by robust government capital expenditure, resilient private consumption and steady growth across the manufacturing and services sectors. Industrial activity remained strong, supported by continued infrastructure investments and policy-led initiatives, while the services sector recorded broad-based growth, led by financial services, trade, logistics and digital-driven industries.
Outlook
Indias economic outlook remains favourable, underpinned by strong domestic consumption, sustained infrastructure spending, expanding manufacturing capabilities and ongoing structural reforms. Continued growth across manufacturing, financial services, automotive, electronics, pharmaceuticals and digital industries is expected to further strengthen the countrys economic trajectory.
While geopolitical uncertainties, evolving global trade dynamics, commodity price volatility and climate-related risks may create near-term headwinds, Indias strong macroeconomic fundamentals, large domestic market, ongoing infrastructure development and accelerating digital transformation provide a solid foundation for sustainable long-term growth.
2. Industry Review
2.1 Electric Vehicles (E-buses and E-Tippers)
Global electric bus market
The global electric bus market was valued at approximately USD 54.1 billion in 2025 and is projected to grow to USD 255.1 billion by 2035, expanding at a CAGR of 16.5% between 2026 and 2035, according to Global Market Insights Inc.
Growth is being driven by the rapid shift towards clean public transportation, urban electrification, and investments in sustainable mobility. Modern electric buses incorporate high-capacity batteries, energy- efficient drivetrains, advanced thermal management systems, and intelligent charging technologies, enabling lower operating costs, reduced emissions, improved route efficiency, and enhanced passenger experience.
Government policies promoting public transport electrification, zero-emission mobility, and decarbonisation are accelerating fleet adoption across urban and intercity networks. Investments in charging infrastructure, smart depots, energy management systems, and predictive maintenance solutions are improving fleet reliability, optimising operational efficiency, and supporting the long-term sustainability of public transport systems.
At the same time, collaboration between bus manufacturers, battery suppliers, charging infrastructure providers, and digital mobility companies is strengthening the electric bus ecosystem. Advances in long-range battery technology, lightweight vehicle design, fast- charging solutions, and AI-enabled fleet management platforms are enhancing vehicle performance, maximising fleet utilisation, and accelerating the transition to zero-emission public transportation.
India electric bus industry
Indias public transportation ecosystem is undergoing a structural shift towards cleaner, more efficient, and sustainable mobility. Rapid urbanisation, rising passenger demand, environmental concerns, and decarbonisation goals are accelerating the adoption of electric mobility, with bus fleet electrification emerging as a key national priority.
The electric bus industry has progressed from pilot projects to commercial-scale deployment, supported by advances in battery technology, lower lifecycle costs, expanding charging infrastructure, and favourable government policies. As a result, transport authorities are increasingly adopting electric buses to reduce operating costs, lower emissions, and improve service quality.
The Indian bus market has historically recorded annual sales of 35,000-50,000 units, driven largely by replacement demand. Although the pandemic temporarily disrupted volumes, the market has rebounded strongly, supported by deferred purchases and the replacement of ageing fleets.
The industry comprises two distinct segments. The public segment accounts for 30-35% of annual bus sales, with demand driven by government budgets, policy priorities, and procurement through State Road Transport Undertakings (SRTUs/STUs). The private segment, representing 65-70% of the market, is led by independent operators serving intercity, staff, school, tourism, and contract transportation, with demand influenced by economic activity and passenger preferences.
Indias electric bus market remains predominantly public- sector driven, with over 90% of deployments undertaken by STUs. The award of nearly 46,000 electric buses for deployment over the next two to three years reflects a strong order pipeline and sustained momentum in public transport electrification. Government initiatives such as FAME-II, PM e-DRIVE, and PM eBus Sewa, supported by viability gap funding and Gross Cost Contract (GCC) models, have significantly improved the commercial viability of electric buses.
Private-sector adoption is still at an early stage due to higher upfront costs, evolving charging infrastructure, and financing constraints. However, declining battery costs, expanding charging networks, and innovative financing models are expected to accelerate adoption, unlocking the next phase of growth for Indias electric bus ecosystem.
Total eBus demand by segments (FY20-FY26) (‘000 Units)
| Year | Public | Private | Total |
| FY 2019-20 | 0.6 | 0.0 | 0.6 |
| FY 2020-21 | 0.4 | 0.0 | 0.4 |
| FY 2021-22 | 1.2 | 0.0 | 1.2 |
| FY 2022-23 | 2.0 | 0.1 | 2.1 |
| FY 2023-24 | 3.5 | 0.2 | 3.7 |
| FY 2024-25 | 3.2 | 0.3 | 3.5 |
| FY 2025-26 | 4.6 | 0.3 | 4.9 |
Role of buses in Indias mobility ecosystem
Buses are the backbone of Indias public transport network, accounting for approximately 57% of passenger-kilometres travelled. The private segment alone serves an estimated 22 crore passengers daily (FY2024-25), underscoring the sectors critical role in enabling affordable and accessible mobility. Given their scale, electrification of bus fleets presents one of the most effective pathways to reduce transport emissions, lower dependence on fossil fuels, and accelerate Indias transition to sustainable mobility.
Government initiatives driving electrification
The Government of India has progressively strengthened the policy framework for electric bus adoption, evolving from vehicle subsidies to a comprehensive ecosystem approach encompassing procurement, charging infrastructure, financing, domestic manufacturing, and supply chain development. Landmark initiatives such as FAME I, FAME II, the National Electric Bus Programme, PM e-Bus Sewa, PM e-Bus Sewa Payment Security Mechanism (PSM), and PM E-DRIVE have significantly accelerated deployment while creating a robust foundation for long-term industry growth.
PM E-DRIVE: Accelerating e-bus adoption
The PM E-DRIVE scheme is Indias flagship electric mobility programme, designed to accelerate large-scale electric bus deployment alongside supporting infrastructure.
• T4,391 crore allocated for deploying 14,028 electric buses across major metropolitan cities.
• T2,000 crore earmarked for installing 1,800 high- capacity (240 kW) fast chargers.
• T346 crore allocated for depot and charging infrastructure development.
• 10,900 electric buses awarded through tenders in January 2026, marking a significant milestone in programme implementation.
Supporting Indias net-zero ambitions
The electrification of bus fleets is central to Indias climate strategy and aligns with its target of achieving net-zero emissions by 2070 and 500 GW of renewable energy capacity by 2030. With buses accounting for nearly 57% of passenger travel, their transition to electric mobility
offers significant environmental and economic benefits. Electric buses are up to 70% more energy-efficient than diesel buses and can reduce lifecycle emissions by as much as 96% when powered by renewable energy. Under the PM e-Bus Sewa programme, the deployment of around 6,600 electric buses is expected to avoid 1-2 million tonnes of CO2 emissions while reducing oil imports by an estimated USD 2-3 billion over the concession period.
Market drivers
• Rapid urbanisation: Rising urbanisation and increasing intra-city travel are driving sustained demand for efficient public transportation, creating significant opportunities for electric bus deployment across urban mobility, last-mile connectivity, and employee transportation.
• Improving TCO economics: Electric buses have already achieved total cost of ownership (TCO) parity with diesel buses on high-utilisation urban routes (150-200 km/day). Continued reductions in battery costs are expected to lower the breakeven threshold to below 120 km/day by FY2035, expanding the addressable market.
• Expansion into private and intercity operations:
TCO parity in private and intercity applications is expected by 2030 at utilisation levels of around 300 km/day, unlocking adoption across staff transportation, tourism, airport shuttles, and long- distance passenger mobility.
• Rising fuel prices: Higher diesel and CNG prices continue to strengthen the cost advantage of electric buses, making fleet electrification increasingly attractive for operators.
• Declining battery costs: Sustained reductions in lithium-ion battery prices and advancements in LFP battery technology are improving vehicle affordability, extending driving range, and enhancing lifecycle economics.
• Decarbonisation agenda: Indias net-zero target for 2070 and renewable energy goals are driving stronger policy support, investment, and fleet electrification initiatives across the public transport sector.
• Large replacement opportunity: A significant proportion of State Transport Undertaking (STU) fleets are nearing the end of their lifecycle, creating a replacement opportunity of 50,000-60,000 buses by FY2030 and one of the worlds largest electric bus procurement pipelines.
Emerging opportunities
• Private intercity transportation: Representing nearly 50% of Indias bus fleet and 75% of annual vehicle kilometres travelled, the private intercity segment remains largely untapped, with electric bus penetration below 1%, presenting a significant long-term growth opportunity.
• Corporate mobility: Growing ESG commitments are driving demand for electric buses in employee transportation. Large corporates and multinational companies are expected to accelerate fleet electrification over the next few years, supported by centralised depot charging and favourable policy initiatives.
• Airport transportation: Airports provide an ideal operating environment for electric buses due to fixed routes, predictable utilisation, and dedicated charging infrastructure, creating opportunities across terminal shuttle and airside operations.
• Tier-2 and Tier-3 cities: Government programmes such as PM e-Bus Sewa are expanding electric bus deployment beyond metropolitan cities into 169 cities across 19 states, creating a broad, geographically diversified pipeline driven by fleet replacement and improved urban mobility.
Navigating Industry Transformation
• Accelerating electric bus adoption
Indias electric bus market continues to expand, supported by rapid urbanisation, favourable government policies, improving total cost of ownership, and growing sustainability commitments. Industry estimates indicate electric bus penetration could increase from approximately 7% in FY26 to 35-40% by FY35, with public transport remaining the primary growth driver.
The Company delivered approximately 1,280 electric buses during FY2025-26, securing over 20% market share, while maintaining a robust order book of around 10,000 buses, providing strong revenue visibility. •
• Rising fleet electrification
State Transport Undertakings (STUs) are accelerating the replacement of diesel buses with electric fleets. The industry expects over 10,000 additional electric bus tenders over the next 12 months, reflecting sustained momentum in public transport electrification.
During the year, the Company secured order for 1,085 electric buses from TGSRTC under the CESL - PM E Drive Scheme Phase I and continues executing large orders of existing customers including BEST and MSRTC.
• Driving technology-led innovation
Advances in battery technology, charging infrastructure, and vehicle platforms are improving range, efficiency, and lifecycle economics, strengthening the competitiveness of electric mobility solutions.
The Company continued to invest in next- generation bus and truck platforms featuring modular architecture, battery chemistry-agnostic designs, and compatibility with megawatt charging and battery-swapping technologies.
Segmental Performance
• Product portfolio and execution
Olectra offers a comprehensive portfolio of 7-metre, 9-metre, and 12-metre electric buses, addressing diverse intra-city and inter-city mobility requirements.
- Delivered 1,280 electric vehicles in FY2025- 26, a 32% YoY increase from 972 buses in FY2024-25.
- Achieved an EBITDA margin of 15.2%, supported by a favourable product mix with higher coach bus deliveries.
- Maintained an estimated 20%+ market share in Indias electric bus market.
- Ended the year with a robust order book of ~10,000 buses, providing strong revenue visibility.
- Order book comprised 55% 9-metre buses and 45% 12-metre buses and coach variants.
• Technology and innovation
The Company continues to invest in next- generation electric mobility platforms designed for enhanced flexibility, performance, and future readiness.
- Developing a modular, battery-agnostic electric bus platform compatible with evolving battery technologies.
- Designed to support megawatt charging and battery-swapping capabilities, subject to commercial viability.
- Expanded deployment of Blade Battery technology, enhancing vehicle safety, energy density, and operational performance.
- Platform engineered to international standards, supporting future export opportunities.
• Market leadership
The Company continues to strengthen its leadership position in Indias electric bus market through technology, execution, and customer partnerships.
- Maintained an estimated 20%+ market share in an industry with annual volumes of approximately 5,400 buses.
- Strong focus on product reliability, safety, and energy efficiency.
- Comprehensive after-sales support backed by predictive maintenance capabilities.
- Long-standing relationships with public and private sector customers.
- Proven execution capabilities supported by a large installed fleet and a healthy order pipeline.
Risks, concerns, and mitigation
The electric bus industry continues to benefit from favourable policy support and rising adoption of sustainable mobility solutions. However, it remains exposed to operational, financial, and market-related risks. The Company proactively manages these risks through disciplined execution, technology investments, and strong stakeholder engagement.
2.2 Insulator Industry
Indias power generation sector is undergoing a structural transformation, balancing rising electricity demand with the accelerated transition towards cleaner energy. While thermal power continues to provide the reliability and baseload capacity essential for grid stability, renewable energy is driving incremental capacity additions, supported by strong policy initiatives, declining technology costs, expanding energy storage, and the countrys decarbonisation agenda.
As of May 2026, Indias total installed power generation capacity stood at 542.35 GW, with coal and lignite accounting for 42.43% of the mix, followed by solar (28.96%), wind (10.47%), and large hydro (9.58%). Renewables, including large hydro, represented over 52% of the countrys installed capacity, underscoring the accelerating shift towards a cleaner energy portfolio.
Between FY2020 and FY2026, installed power capacity grew at a CAGR of 6.26%. Renewable energy (excluding large hydro) expanded at an impressive 17% CAGR, significantly outpacing conventional capacity growth of 1.31%, driven by supportive government policies, robust investments, competitive tariffs, and rapid project execution.
FY2026 marked a milestone for the sector, with a record 63.9 GW of new capacity added, of which nearly 51 GW came from renewable energy, reaffirming its position as the primary engine of capacity expansion. During FY2020-FY2026, electricity generation grew at a CAGR of 4.87%, with renewable generation increasing at 14.43% CAGR, substantially faster than thermal generation.
Operationally, thermal power plants experienced a moderation in plant load factors (PLFs) during FY2026, reflecting higher renewable integration and changing generation patterns. However, PLFs improved to 71.77% during April-May 2026, indicating sustained demand for thermal generation to support grid reliability alongside expanding renewable capacity.
Source: https://indianinfrastructure.com/2026/07/03/towards-
a-cleaner-mix-recent-trends-and-developments-in-the-power- generation-segment/
All India Installed Capacity (MW)
| Source | Capacity (MW) |
| Nuclear | 8,780 |
| Hydro | 51,970 |
| Thermal | 249,540 |
| RES | 231,810 |
| Total | 542,100 |
Positive Outlook for the Insulator Industry
The insulator industry is poised to benefit from increasing investments in transmission infrastructure, grid modernisation, renewable energy integration and railway electrification. Globally, the electric insulator
I dias peak power demand is projected to increase from approximately 256 GW in FY2026 to 458 GW by FY2032, driven by rising electricity consumption and the addition of nearly 500 GW of renewable energy capacity by 2030. To support this growth, the Government of India has approved a transmission expansion plan under the National Electricity Policy (NEP) 2022-32, with an estimated investment of Rs 9.16 lakh crore, including Rs 6.60 lakh crore for the Inter-State Transmission System (ISTS).
Under its Master Rolling Plan, the Central Transmission Utility of India Limited (CTUIL) has proposed the addition of 67,263 circuit kilometres (ckm) of transmission lines and approximately 630,000 MVA of transformation capacity across the ISTS by FY2031. The planned expansion will strengthen grid reliability, accelerate renewable energy integration and support the countrys growing electricity demand, while creating sustained demand for transmission and distribution equipment, including insulators. market is projected to grow from USD 23.3 billion in 2026 to USD 32.0 billion by 2031, at a CAGR of 6.5%, supported by the expansion of high-voltage transmission networks and rising adoption of advanced composite insulators. (Source: Mordor Intelligence)
I n India, the electric insulator market is expected to grow from USD 0.51 billion in FY2025 to USD 0.77 billion by FY2033, registering a CAGR of 5.3%. Continued investments in transmission and distribution infrastructure, expanding renewable energy capacity and the need for a resilient power grid are expected to sustain long-term demand for insulators.
Opportunities
• Renewable Energy Integration
Indias target of achieving 500 GW of renewable energy capacity by 2030 will require substantial investments in transmission and evacuation infrastructure. The resulting grid expansion is expected to drive sustained demand for insulators and other critical transmission components.
• Transmission Network Expansion
The transmission expansion envisaged under the National Electricity Policy (NEP) 2022-32, including significant additions to transmission lines and transformation capacity by FY2032, is expected to create long-term opportunities for insulators across transmission and distribution networks. •
• Export Growth
The Company has strengthened its international presence by securing orders from utilities in Nepal, Niger, Mozambique, Malawi and Tunisia. Continued investments in power infrastructure across emerging markets present opportunities to expand exports and diversify the global customer base.
• Urbanisation and Industrial Development
Rapid urbanisation, industrialisation and the development of new industrial corridors and smart cities are increasing electricity demand and accelerating investments in power transmission and distribution infrastructure, supporting long-term demand for electrical equipment, including insulators.
• Railway Electrification
With nearly the entire broad-gauge railway network electrified, the focus is shifting towards enhancing power infrastructure to meet rising electricity demand. Investments in traction systems, substations and transmission networks are expected to create additional opportunities for specialised insulator solutions.
• Technology-led Product Innovation
The increasing deployment of high-voltage and ultra-high-voltage transmission systems, together with grid modernisation and renewable energy integration, is accelerating the adoption of advanced composite insulators that offer superior reliability, durability and lower lifecycle costs.
To capitalise on this opportunity, the Company is developing composite hollow core insulators for substation applications through technical collaborations with international partners. These next-generation solutions offer enhanced mechanical strength, superior electrical performance and reduced maintenance requirements, strengthening the Companys position in the evolving power transmission market.
Risk and challenges
| Risk | Potential Impact | Mitigation |
| Raw material price volatility | Fluctuations in the prices of key raw materials such as silicone rubber and fibre-reinforced plastic (FRP), driven by supply chain disruptions, commodity price movements and geopolitical factors, may increase production costs and impact margins, particularly for long-term fixed-price contracts. | Diversified supplier base, strengthened procurement practices and strategic sourcing initiatives to enhance supply resilience and manage input cost volatility. |
| Quality and competitive pressures | The availability of substandard products in the market may affect industry quality standards, leading to equipment failures, higher maintenance requirements and increased pricing pressure. | Continued focus on quality, product reliability and customer awareness by engaging with utilities, including PGCIL and DISCOMs, to demonstrate the long-term performance and lifecycle cost benefits of composite insulators. |
| Project execution | Delays in government and public sector transmission projects due to land acquisition, regulatory approvals, environmental clearances or funding constraints may impact order execution, revenue recognition and capacity utilisation. | Transmission projects due to land acquisition, regulatory approvals, environmental clearances or funding constraints may impact order execution, revenue recognition and capacity utilisation. Expanded export presence to diversify revenue streams and reduce dependence on domestic project timelines, while maintaining close engagement with customers to support timely project execution. |
Segment-wise performance
The composite insulator segment continues to be among the fastest-growing segments within the global and Indian electric insulator industry. Increasing investments in transmission and distribution infrastructure, renewable energy integration and grid modernisation are driving the adoption of composite insulators due to their superior mechanical strength, excellent electrical performance, corrosion and pollution resistance, lightweight construction and lower lifecycle maintenance costs. These advantages make them the preferred choice for high-voltage transmission lines, particularly in renewable energy corridors, coastal regions and other challenging operating environments.
Financial and Operational Performance
The Company has established a strong position in the composite insulator market through its integrated capabilities in product design, engineering and manufacturing, serving both domestic and international customers with a diversified product portfolio.
During FY2025-26, the Insulators division delivered a strong performance, with revenue increasing to R325 crores from R180 crores in FY2024-25, driven by healthy demand across domestic and export markets. Operating margins improved during the year, supported by a favourable product mix and enhanced operating leverage. Exports continued to be a key growth driver, contributing approximately 37% of the divisions revenue during the year.
3. Company Overview
Olectra Greentech Limited (Olectra) is Indias largest pure electric bus manufacturer, with state-of-the-art manufacturing facilities in Hyderabad. As the countrys first electric bus manufacturer, Olectra has pioneered the development, production, and deployment of the full range of electric bus variants across India. Building on its leadership in electric public transportation, the Company is expanding its e-mobility portfolio to include electric trucks and electric tippers, further strengthening its presence in the commercial electric vehicle segment.
The Company is ISO 9001-certified, and its Research & Development Centre is recognised by the Department of Scientific and Industrial Research (DSIR), Government of India, reflecting its strong focus on innovation, quality, and technological excellence.
4. Financial Review
During FY 2025-26, the Company reported Revenue from Operations of ^2,31,216.8 lakhs, compared with R1,80,189.7 lakhs in the previous year, reflecting strong business momentum across its operations. Profit After Tax (PAT) increased to R17,952.9 lakhs from R13,921.0 lakhs in FY 2024-25, supported by higher revenues, improved operating efficiencies, and disciplined cost management.
Key Financial Ratios
Details of significant changes, representing variations of 25% or more compared with the previous financial year, in key financial ratios are provided below:
| Financial Ratio | FY 2025-26 | FY 2024-25 | Change (%) | Reasons for Change |
| Interest Coverage Ratio | 5.00 | 4.96 | 0.79% | No major change (negligible) |
| Current Ratio | 1.59 | 1.72 | -7.09% | The movement in current ratio is mainly due to increase in Trade Payables during the current financial year compared to the previous financial year. |
| Debt Service Coverage Ratio (DSCR) | 48.21 | 29.78 | 61.89% | The DSCR has improved during current financial year due to increase in PAT compared to previous financial year. |
| Debtors Turnover Ratio | 2.72 | 2.94 | -7.31% | The decrease in trade receivables turnover ratio during current financial year due to decrease in realisation of trade receivables as compared to previous financial year. |
| Inventory Turnover Ratio | 6.52 | 5.28 | 23.42% | The increase in inventory turnover ratio during current financial year due to decrease in inventory holding levels as compared to previous financial year. |
| Operating Profit Margin (%) | 14.67 | 14.87% | -1.35 | The decrease in operating profit margin ratio during current financial year due to lower operating margins in current financial year as compared to previous financial year. |
| Net Profit Margin (%) | 7.60 | 7.92% | -3.96% | The decrease in net profit ratio during current financial year due to lower operating margins in current financial year as compared to previous financial year. |
| Debt-Equity Ratio | 0.28 | 0.20 | 44.18% | The movement in Debt-Equity ratio due to repayment of term loan, increase in working capital & term loans and increase in other equity due to higher profits during the current financial year compared to the previous financial year. |
| Return on Net Worth (%) | 15.16% | 14.13% | 7.23 | The increase in return on equity during current financial year is due to increase in PAT compared to previous year. |
5. Strategic Expansion
The Company is strengthening its position in Indias electric commercial vehicle market by expanding beyond electric buses into electric trucks, while building capabilities for scale and international markets. The Company is targeting production of approximately 2,500 electric vehicles by FY27 and is developing a proprietary electric truck platform, with launch targeted for Q4 FY27.
Indigenous Electric Truck Platform
Building on learnings from its initial 100-truck pilot programme, undertaken through a technology partnership, the Company is developing an in-house electric truck platform. The proprietary architecture and core technology will be owned by the Company, while components will continue to be sourced from multiple suppliers. This approach is expected to enhance product differentiation, technology ownership and long-term competitiveness in the electric commercial vehicle segment.
Global Market Opportunities
The Companys next-generation electric bus and truck platforms are being developed with global market requirements in mind. The Company is evaluating export opportunities and engaging with potential international customers, with its products being designed to meet global standards and support future international expansion.
6. Human Resources and Industrial Relations
The Company recognises its employees as a key enabler of sustainable growth and remains committed to fostering a safe, inclusive, and performance-driven workplace. Continuous investment in capability development, employee engagement, and operational excellence supports the Companys long-term growth objectives. Industrial relations remained cordial and harmonious throughout the year. As of March 31, 2026, the Company had [] permanent employees.
7. Internal Control Systems and Their Adequacy
The Company maintains a robust internal control framework designed to safeguard assets, ensure the accuracy and reliability of financial reporting, promote operational efficiency, and ensure compliance with applicable laws, regulations, and internal policies. The internal audit function, together with established financial controls, provides reasonable assurance regarding the effectiveness of these systems, which are regularly reviewed and strengthened in line with the evolving business environment.
8. Cautionary Statement
The Statement in this section describes the Companys objectives, projections, estimates, expectations and predictions some of which may be "forward looking statements" within the meaning of the applicable laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting demand/supply and price movements in the domestic and overseas markets in which the Company operates, changes in the Government regulations, tax laws and other related factors.
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