Strong renewable growth offset by EV unit losses; turnaround path outlined

Delivered ₹190.3 Cr: ₹31 Cr generation + ₹26 Cr trading + ₹133 Cr EPC

Delivered ₹19.0 Cr; RE standalone PAT ₹26 Cr vs ₹24.4 Cr YoY

Claimed 59% EBITDA growth, but consolidated PAT fell 38% YoY due to EIM losses

MOUs signed ~1500 vehicles but not yet conversion to sales; current run rate 142 Q2

Charging stations 8→15 by Dec, 40 by Mar; vehicle sales 58 (Q1)→142 (Q2) units; MOUs ~1500 vehicles

Still loss-making Q2; management guides Q3–Q4 narrowing significantly but no specific numbers provided

ASP ~₹60 lakh (95% trucks without battery). Energy packages ₹14–33 lakh/year service fee. Can't disclose order book but MOUs ~1500 vehicles with large transporters.

Designed for 5,000 vehicles/year. Trial production ongoing; 200 basis/month from January. Battery plant at similar scale, full production January.

Aggressive indigenization plan via Talegaon facility. Battery cell and motor imports temporary; medium–long term localized. Indian auto component sector competitive on cost/quality.

Current 261 MW, +231 MW u/c, target 500 MW by Mar '27. FY27 EPC revenue ~₹600 Cr (₹200 Cr H1 booked). Electricity sales ₹141–150 Cr FY27 vs ₹89 Cr FY26.

Strategic review ongoing. 200–300 MW solar planned for charging network support. Monetization via government/corporate PPAs targeted for '27–'28, not immediate.

Stock exchange filing November '26. SEBI review expected by month-end. NCLT approval typically 3–4 months post-SEBI. Target September '27. Post-merger network value ~₹900 Cr.

Existing capacity tied up on long-term PPAs. New projects built for EIM charging support. Battery swapping stations 2.5 MVA outdoor; 100 swap stations = 200–300 MW solar dedicated.

Current margin ~6% (was 8%). Payback 2.5 years on ₹25 lakh upfront + ₹10 lakh/year battery service. Target 2,000 vehicles/year to reach positive. Volume growth + network utilization critical.

Network post-merger target ₹900 Cr. Exact equity dilution to be provided later.

Full-scale production January 2027. First truck assembled Oct 30. Battery plant commissioned next quarter. Analyst visits and demonstrations organized next quarter.

Based on 200 MW capacity addition plan; 100 MW added last year establishes execution track record

vs ₹89 Cr FY26; capacity additions and higher utilization drive growth

No specific PAT target; management expects margin inflection from volume + network utilization

Funded via project advances and equity; land already acquired

EIM Q2 loss ~₹7 Cr on consolidated basis. Vehicle sales 142 units Q2; target 2,000 units/year to reach positive. Execution risk on production ramp and volume conversion.

September '27 merger completion subject to SEBI, NCLT approvals. Post-merger integration of ₹900 Cr EIM network requires aligned capital allocation and governance.

EV battery cells and critical motor components imported (China/Korea). Localization on 18–24 month horizon. Supply disruption or policy changes (e.g., China tech ban) could impact product cost/availability.

MOUs ~1500 vehicles claimed but conversion timeline unclear. Q2 sales only 142 units; 6-month engagement-to-conversion cycle noted. Risk of order slippage or slower uptake.

200–220 MW capacity addition FY27 (vs 100 MW FY26). Higher capex required; land already acquired, PPA signed. Execution risk moderate given track record.