Zelio E MobilityShare price, financial results, shareholding and management
- Market cap
- ₹2,135 cr
- Stock P/E
- 75.2peers 11.2
- Book value
- ₹52.5
- Price to book
- 19.22
- EV / operating profit
- -
- Market cap to sales
- 6.87
- ROCE · FY26
- 38.5%
- ROE · FY26
- 41.1%
- ROE, 3-year average
- 68.3%
- Operating margin · FY26
- 11.0%peers 9.9%
- Sales growth, 3 years
- 82.6%
- Profit growth, 3 years
- 111.5%
- Debt to equity
- 0.18peers 0.15
- Borrowings
- ₹20 cr
- Interest cover
- 18.2×
- Cash from business / op. profit
- -31%
- Debtor days
- 4
- Pledged
- 0.00%
- Promoter holding
- 72.77%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 816
- 52-week high / low
- ₹1,159 / ₹222
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Zelio E Mobility share price chart
Close on 6 Nov 2026 · -2.96% on the day · Vol 16,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.2%
- 3 months
- +42.1%
- 6 months
- +115.5%
- 1 year
- +186.1%
- Traded a day, 20 days
- ₹1.43 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +81% | +77% |
| 3 years, a year | +83% | +112% |
| Latest half, H2 FY26 | +75% | +80% |
About Zelio E Mobility: business, products and customers
Zelio E-Mobility makes low-cost electric scooters, including slow models that need no licence or registration, and electric three-wheelers. Dealers carry them to students, homemakers, gig workers and small-town buyers.
Zelio E-Mobility assembles electric two-wheelers under the Zelio brand and three-wheelers under the Tanga brand. Most of its scooters are low-speed models priced between ₹50,000 and ₹75,000, sold through more than 400 dealers. At the time of its offer, most of its raw material was imported, mainly from China.
It went from one plant to four in FY26: Ladwa in Haryana, with room for 1.2 lakh units a year, Cuttack in Odisha for 60,000, and new plants at Patan in Haryana, for three-wheelers and scooter frames, and at Coimbatore in Tamil Nadu. The Managing Director puts total capacity at 2.4 lakh units a year, against 72,000 at the time of the offer.
Read more about the business
What is new: it set up Zelio Auto Components, a wholly owned subsidiary, to source parts and spares, plans two high-speed scooter models, and was the EV partner of Punjab Kings in IPL 2026. In September 2026 its board met to consider raising money through equity shares or warrants.
From the offer document (2025), the May 2026 earnings call and the company's September 2026 exchange announcement.
Read the deeper study ↓In its favour
- Sales have grown very fast: 83% a year over three years.
- It earns a high return on the money it uses: ROCE 39% in FY26.
- It has little debt for its size: debt to equity 0.18.
- The promoters own a large part of the company: 72.77%.
To watch
- Sales of more than 1.25 lakh vehicles in FY27, the Managing Director's aim (Earnings call, May 2026, p.5 and p.7).
- The first full year of the Cuttack, Patan and Coimbatore plants (Earnings call, May 2026, p.4, p.5 and p.8).
- The fund raising through equity shares or warrants taken up by the board on 23 September 2026 (Exchange announcement, 19 September 2026, p.1).
- Five to six models made 70% to 80% in India by 2027, as the Managing Director said (Earnings call, May 2026, p.10).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Zelio E Mobility revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Zelio E Mobility half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 75 | 97 | 133.32 | 170.22 |
| Expenses | 66 | 85 | 118.05 | 151.13 |
| Operating profit | 9 | 12 | 15.27 | 19.09 |
| OPM | 12.0% | 12.0% | 11.4% | 11.2% |
| Interest | 1 | 1 | 1.25 | 0.77 |
| Depreciation | 1 | 1 | 0.66 | 0.82 |
| Profit before tax | 9 | 11 | 14.34 | 19.58 |
| Net profit | 7 | 9 | 11.82 | 16.21 |
Zelio E Mobility profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 13 | 51 | 94 | 172 | 310.71 |
| Expenses | 11 | 47 | 85 | 151 | 275.71 |
| Operating profit | 2 | 4 | 9 | 21 | 35 |
| OPM | 12.0% | 8.0% | 9.0% | 12.0% | 11.0% |
| Other income | 0 | 0 | 0 | 2 | 2.97 |
| Interest | 0 | 0 | 1 | 2 | 2 |
| Depreciation | 0 | 0 | 1 | 1 | 1 |
| Exceptional and other items | · | · | 1 | -1 | · |
| Profit before tax | 2 | 4 | 8 | 19 | 34.41 |
| Tax rate | 50.0% | 25.0% | 25.0% | 15.8% | 17.5% |
| Net profit | 1 | 3 | 6 | 16 | 28.39 |
| EPS ₹ | 423.33 | 1,020 | 2,103 | 9.67 | 13.42 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Zelio E Mobility profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 12.0% | 8.0% | 9.0% | 12.0% | 11.0% |
| Tax rate | 50.0% | 25.0% | 25.0% | 15.8% | 17.5% |
| ROCE | · | 42.0% | 46.1% | 50.6% | 38.5% |
| ROE | · | 118.6% | 79.7% | 84.1% | 41.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Zelio E Mobility debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Zelio E Mobility balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.03 | 0.03 | 0.03 | 17 | 21 |
| Reserves | 1 | 4 | 11 | 10 | 90 |
| Net worth | 1.03 | 4.03 | 11.03 | 27 | 111 |
| Borrowings | 4 | 10 | 14 | 31 | 20 |
| Other liabilities | 3.97 | 0.97 | 3.97 | 8 | 24 |
| Total liabilities | 9 | 15 | 29 | 66 | 155 |
| Fixed assets | 0 | 1 | 8 | 8 | 14 |
| Capital work in progress | 0 | 4 | 1 | 4 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 9 | 10 | 20 | 54 | 134 |
Zelio E Mobility cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -3 | -1 | 1 | -7 | -11 |
| Cash from investing | 0 | -4 | -5 | -8 | -7 |
| Cash from financing | 4 | 5 | 3 | 15 | 44 |
| Net cash flow | 1 | 0 | -1 | 0 | 26 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 7 | 7 | 6 | 10 | 4 |
| Inventory days | 246 | 56 | 64 | 87 | 89 |
| Days payable | 72 | 7 | 13 | 9 | 24 |
| Cash conversion cycle | 182 | 56 | 57 | 88 | 69 |
| Working capital days | 65 | 25 | 32 | 43 | 79 |
Zelio E Mobility peers and competitors
Listed SME companies in the same industryBy sales, Zelio E Mobility is number 1 of the 8 listed SME companies in automobiles.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Zelio E Mobility | 2,135 | 75.2 | 311 | 28.4 | 11.0% | 0.18 |
| Tunwal E-Motors | 144 | 11.2 | 277 | 12.8 | 7.2% | 0.22 |
| Amba Auto Sales and Services | 212 | 15.1 | 269 | 14 | 10.4% | 2.14 |
| Delta Autocorp | 58 | 8.4 | 79.6 | 6.9 | 7.7% | 0.02 |
| Supertech Ev | 40 | 10.2 | 78 | 3.9 | 8.6% | 0.15 |
| Bikewo Green Tech | 173 | 52.8 | 54.5 | 3.3 | 10.3% | 0.15 |
| Victory Electric Vehicles International | 33 | 15.2 | 32.1 | 2.2 | 12.0% | 0.00 |
| Resourceful Automobile | 15 | 10.1 | 26.2 | 1.5 | 9.9% | 0.69 |
| Median of the 7 others | 58 | 11.2 | 78 | 3.9 | 9.9% | 0.15 |
Zelio E Mobility shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Zelio E Mobility shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 72.77% | 72.77% |
| Foreign investors (FIIs) | 3.42% | - |
| Indian institutions (DIIs) | 10.89% | - |
| Number of shareholders | 1,052 | 816 |
Zelio E Mobility study: the business from its own documents
Read from 5 of the company's own documentsZelio E Mobility key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹310.7 cr
- Consolidated revenue from operations in FY26, up from ₹172.2 cr in FY25.Earnings call, May 2026, p.3 and p.4
- Vehicles sold
- Over 70,000
- Two-wheelers sold in FY26, against more than 38,000 in FY25.Earnings call, May 2026, p.7
- Plant capacity
- 2.4 lakh units a year
- Across four plants, up from 72,000 units at one plant at the time of the offer.Earnings call, May 2026, p.4 and p.8; Offer document, p.129
- Dealers
- Over 400
- Dealers in FY26; the company plans more than 550 in FY27, and says about 70% of showrooms carry only Zelio.Earnings call, May 2026, p.7, p.9 and p.14
- Top ten dealers
- 29.5%
- Share of FY25 revenue from the ten largest dealers, down from 50.5% in FY23; the largest gave 5.8%.Offer document, p.39
Show 5 more facts
- Imported material
- 68.7%
- Share of FY25 raw material bought through imports, mainly from China.Offer document, p.45
- EBITDA margin
- 12.2%
- Consolidated EBITDA of ₹38.0 cr in FY26, as stated by the company.Earnings call, May 2026, p.4
- Three-wheelers
- 800 units
- Sold in FY26, while the Patan plant was not ready; the company aims for more than 2,000 in FY27.Earnings call, May 2026, p.14
- Loans and advances
- ₹42.6 cr
- Mostly ₹22.5 cr paid ahead to suppliers and about ₹19 cr of GST and customs refunds due, as the finance head explained.Earnings call, May 2026, p.7 and p.8
- Plant use at listing
- 52.6%
- Share of capacity used in FY25, when the one plant made 37,836 vehicles.Offer document, p.129
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call, Managing Director Kunal Arya said the company aims for sales of more than 1.25 lakh vehicles in FY27, to keep revenue growth at 75% to 80% a year, to reach more than 550 dealers and more than 2,000 three-wheelers in FY27, and to launch two high-speed scooter models, while keeping margins about the same. Kunal Arya also said that by 2027 five to six models would be 70% to 80% made in India.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Zelio E-Mobility earns its money assembling low-cost electric scooters, largely from bought-in parts, and selling them through a wide dealer network, and it has stayed profitable while growing fast.
Its weak spots are its reliance on imported parts, a price-sensitive market, and money tied up in stock and in advances to suppliers.
AverageCan it set its own prices?Its buyers are price conscious, so its scooters sit in a narrow price band. It tries to pass on currency changes in imported parts, but says it cannot always do so in full.
AverageHow strong is it against rivals?It works in the low-speed segment that the big electric scooter brands mostly leave alone. Its scooters are assembled largely from bought-in parts, so its edge rests on price, dealers and brand.
StrongWho are its customers?It reaches buyers through hundreds of dealers, and no single dealer brings in much of the revenue.
WatchDoes it need a lot of money?It has been adding plants quickly and pays suppliers and tax ahead of getting the money back, so cash is tied up as it grows.
StrongCan it keep finding new work?Sales have risen every year as it adds dealers and opens new parts of the country, and new plants in the East and South cut its delivery costs there.
WatchDo good and bad years swing a lot?Sales have grown every year so far, but the business leans on the rule that slow scooters need no licence or registration, and on parts brought in from abroad.
Who runs Zelio E Mobility?
Promoters, directors and officers; tap a name for the background
KAKunal AryaPromoter and Managing Director
Completed Senior Secondary (12th) from CBSE in 2013 and had five years in the electric vehicle and battery industry at the time of the offer. On the board since the company was formed; handles business planning, purchase, production, dispatch planning, and sales and marketing. The offer document states that Kunal Arya is the son of Niraj Arya.
Offer document, p.159 and p.170NANiraj AryaPromoter, Chairman and Whole Time Director
Completed Senior Secondary (12th) from the Board of School Education Haryana in 1989 and had 18 years in the electric vehicle and battery industry at the time of the offer. On the board since the company was formed; handles accounts and finance, legal and compliance.
Offer document, p.159DADeepak AryaPromoter and Whole Time Director
Holds a Bachelor of Arts from Dayanand College, Hisar (Kurukshetra University) and had 12 years in the electric vehicle and battery industry at the time of the offer; handles human resources and customer relationships. The offer document states that Deepak Arya is the brother of Niraj Arya.
Offer document, p.159, p.170 and p.171SASayuri AryaPromoter and Non-Executive Director
Completed a Post Graduate Diploma in Business Management from Narsee Monjee Institute of Management Studies in 2022, with one and a half years in the electric vehicle industry at the time of the offer. The offer document states that Sayuri Arya is the daughter of Niraj Arya.
Offer document, p.159 and p.171SJSulabh JainIndependent Director
A practising Company Secretary since 2016 with eight years in regulatory compliance and corporate law advice; also a director of Qualitek Labs, GMT Industries and other companies.
Offer document, p.159 and p.160MJMeenakshi JainIndependent Director
A practising Company Secretary since 2014 with around nine years in corporate and secretarial compliance.
Offer document, p.159 and p.160Zelio E Mobility latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹170 cr (+75%), net profit ₹16.2 cr (+80%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.77%.
Zelio E Mobility announcements
12 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Reg. 74(5) of SEBI(Depositories and Participants), Regulations 2018 for the quarter and half year ended September 30, 2026PDF ↗
- Company UpdatePursuant to Regulation 30 and 46 of the SEBI (LODR) Regulations, 2015, we are hereby submitting the Link for the Video Recording of the 05th Annual General MeetPDF ↗
- Company UpdateRe-appointment of M/s Jagsir Singh and Associates, Practicing Company Secretary as the Secretarial Auditor of the company for a period of 5 years commencing frPDF ↗
- Company UpdateRe-appointment of Mr. Kunal Arya(DIN: 09241630) who is liable to retire by rotation, by the shareholders of the company in the AGM held on today i.e. Wednesday,PDF ↗
- Company UpdateRe- Appointment of Mr. Kunal Arya (DIN: 09241630) who is liable to retire by rotation, by the shareholders of the Company in the Annual General Meeting held on PDF ↗
- AGM/EGMProceedings of the 05th Annual General Meeting of the Company held on Wednesday, 30th September 2026 through Video Conferencing/ Other Audio Visual Means at 4:0PDF ↗
- Company UpdateNewspaper Publication of information pertaining to the EGM of the Company scheduled to be held on Tuesday, October 20th, 2026(Post PDF ↗
- AGM/EGMThe Extra-ordinary General Meeting of the Company is scheduled to be held on Tuesday, 20th October, 2026 at 4 P.M. through Video Conference/ Other audio visual PDF ↗
- Company UpdateThis is in continuation of Board Meeting Outcome dated September 23, 2026, submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure RPDF ↗
- Board MeetingThe Board of the Directors of the Company in its meeting held today i.e., Wednesday, September 23, 2026, has inter-alia considered and approved the issuance of PDF ↗
- Insider Trading / SASTThe trading window of the company shall remain close from the date of intimation till 48 hours of the conclusion of the Board Meeting to be held on Wednesday, SPDF ↗
- Board MeetingZelio E Mobility Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 23/09/2026 ,inter alia, to consider and approve rPDF ↗
Zelio E Mobility annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 Nov 2025 ↗read
Zelio E Mobility share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Zelio E Mobility's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,11,50,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹303.5 cr of sales against ₹310.7 cr for the full year; both are shown as reported.
- !Earnings per share changes basis between FY24 (₹2,103.33) and FY25 (₹9.67) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Zelio E Mobility
What does Zelio E Mobility do?
Zelio E-Mobility makes low-cost electric scooters, including slow models that need no licence or registration, and electric three-wheelers. Dealers carry them to students, homemakers, gig workers and small-town buyers.
What is the share price of Zelio E Mobility?
₹1,009 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Zelio E Mobility?
₹2,135 cr at the close on 6 Nov 2026, on 2,11,50,000 shares.
What is the P/E of Zelio E Mobility?
75.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Zelio E Mobility's revenue and profit?
Revenue ₹311 cr and profit after tax ₹28 cr in FY26.
Who are the promoters of Zelio E Mobility?
Kunal Arya, Niraj Arya, Deepak Arya, Sayuri Arya; promoters held 72.77% at 31 March 2026.
What is Zelio E Mobility's website?
www.zelioebikes.com
More SME companies like Zelio E Mobility
Other listed SME companies in automobiles, the closest in size first, each read from its own documents.
- Amba Auto Sales and ServicesAMBAAUTO · NSE Emerge · Automobiles · listed 2026Market cap ₹179 cr
- Bikewo Green TechBIKEWO · NSE Emerge · Automobiles · listed 2024Market cap ₹173 cr
- Tunwal E-MotorsTUNWAL · NSE Emerge · Automobiles · listed 2024Market cap ₹132 cr
- Delta AutocorpDELTIC · NSE Emerge · Automobiles · listed 2025Market cap ₹57 cr
- Supertech EvSEVL · BSE SME · AutomobilesMarket cap ₹38 cr
- Victory Electric Vehicles InternationalVICTORYEV · NSE Emerge · Automobiles · listed 2026Market cap ₹31 cr
Built from 2 earnings call transcripts, 1 offer document, 1 investor presentation, 1 annual report, 12 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.