What’s new

• Zelio is guiding for 75-80% revenue growth in FY27, targeting over 125,000 unit sales.
• The company has commissioned a four-plant network with an annual capacity of 240,000 units.
• Plans to indigenize 80% of key components by 2027 to cut import reliance.

Why it matters

Zelio is a rare profitable EV startup. It has now built the physical capacity to scale dramatically. The bet shifts from whether it can make money to whether it can sell 125,000 units, filling just over half its new capacity in a single year.

What we’re watching

• FY27 unit sales against the 125,000-unit target.
• The ramp-up timeline for the newly commissioned South India plant.
• Gross margin impact from the local sourcing push.

The full read

Zelio E-Mobility is a profitable EV startup with a 121% revenue CAGR. Its FY26 revenue was ₹313 crore at a 9.1% net margin. The earnings call transcript outlines the next move: a tripling of production capability. The company has built a four-plant network with 240,000 units of annual output. Management is guiding for sales of over 125,000 units in FY27, implying revenue growth of 75-80%. The physical plants are built. The challenge is commercial. The target requires filling just over half the new capacity in the first year. A secondary initiative is to source 80% of key components locally by 2027. Investor Mukul Agrawal was on the call.

Primary source: BSE · NSE