How did Zelio's profitability change in FY26?

Net profit rose 75% year-on-year to ₹28.03 crore, and earnings per share improved from ₹9.67 to ₹14.95 for the full year.

Was the growth concentrated in a specific part of the year?

Yes. Second-half revenue was ₹170.22 crore, meaning the first half was the remainder. This indicates sales accelerated significantly in the final two quarters.

What did Zelio do with the money from its IPO?

The company has fully utilised the IPO proceeds, using the funds to repay debt and invest in a new manufacturing unit. Any remaining surplus is parked in fixed deposits.

How has the IPO affected the company's balance sheet?

Post-IPO, Zelio's equity stands at ₹111.17 crore. The company has also reduced its debt load by using a portion of the proceeds for repayment.

Earnings · Two & Three Wheelers · Small cap

Zelio's profit more than doubles as EV sales accelerate in second half

The micro-cap EV maker's FY26 revenue surged 76% to ₹303.54 crore, with the second half generating ₹170.22 crore in sales.

— 1 earlier story on Zelio E-Mobility Ltd. →

ZELIO By Tipsheet Editorial 29 May 2026 · 2:30 PM IST Verify on BSE · NSE

Mkt cap₹1,077 cr

P/E67.30×

ROE60.02%

Debt / eq.1.15

₹28.03 cr FY26 net profit, up 75% year-on-year.

What's new

Zelio's FY26 net profit more than doubled to ₹28.03 crore as revenue grew 76% to ₹303.54 crore.
Second-half revenue of ₹170.22 crore was larger than the entire first half.
The company has fully utilised its IPO proceeds for debt repayment and a new manufacturing unit.

Why this matters

A 76% revenue jump for a micro-cap EV maker signals real demand, not just incremental growth. The fact that more than half the year's sales came in the second half suggests the company is still in an acceleration phase, not a plateau.

What we're watching

Whether the second-half momentum carries into FY27 as new manufacturing capacity comes online.
How margins evolve with the capital expenditure on the new plant.
The pace of growth after the IPO-driven balance-sheet clean-up.

The full read

Zelio E-Mobility's FY26 results are a clean beat. Revenue climbed 76% to ₹303.54 crore, and net profit rose 75% to ₹28.03 crore. The real story is in the second half. Sales of ₹170.22 crore in H2 meant the first half did the remainder. Profit of ₹16.21 crore in those two quarters was 58% of the full-year total. The acceleration is clear. Post-IPO, the balance sheet holds ₹111.17 crore in equity. The company has used the capital to clear debt and fund a new manufacturing unit, with the rest in fixed deposits. For a micro-cap, this is the kind of scaling that matters. Not yet a giant. But no longer small.

Questions answered

How did Zelio's profitability change in FY26?: Net profit rose 75% year-on-year to ₹28.03 crore, and earnings per share improved from ₹9.67 to ₹14.95 for the full year.
Was the growth concentrated in a specific part of the year?: Yes. Second-half revenue was ₹170.22 crore, meaning the first half was the remainder. This indicates sales accelerated significantly in the final two quarters.
What did Zelio do with the money from its IPO?: The company has fully utilised the IPO proceeds, using the funds to repay debt and invest in a new manufacturing unit. Any remaining surplus is parked in fixed deposits.
How has the IPO affected the company's balance sheet?: Post-IPO, Zelio's equity stands at ₹111.17 crore. The company has also reduced its debt load by using a portion of the proceeds for repayment.

Mentioned: ₹303.54 cr revenue · ₹28.03 cr net profit · ₹111.17 cr equity post-IPO

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on ZELIO →

29 May 2026 · 2:30 PM IST Zelio's profit more than doubles as EV sales accelerate in second half
1d ago Zelio E-Mobility targets 80% growth despite missing dealership targets