| Market Cap | ₹2,820 CrMid-cap |
|---|---|
| P/E TTM | 47.2xSector 21.3x |
| Promoter Holding | 58.3%Pledged: 25.7% |
| 1-Year Return | -11.6%Stock Performance |
| Execution period | 2 years |
Key highlights
- Deployment of 500 electric heavy commercial vehicles (e-HCVs) over a 24-month period
- Immediate implementation phase starting with 18 electric heavy vehicles at the JNPA ecosystem
- EIM to supply Ashwa 55-tonne electric tractors with integrated battery-swapping networks
- Sorigin Green Mobility to manage fleet operations via a zero-upfront-capex model
- Partnership aligns with a guided capex of Rs 3,500 to 4,000 crore for EV expansion through FY30
Strategic Infrastructure for Heavy Electric Mobility
Energy In Motion Limited (EIM) is scaling its integrated electric mobility platform through a strategic MoU with Sorigin Green Mobility Private Limited. Under this collaboration, EIM will provide its Ashwa 55-tonne electric tractors, which are designed for long-haul freight and heavy-duty logistics. The deployment is supported by a comprehensive ecosystem including charging infrastructure, battery-swapping networks, and energy-management solutions.
The primary goal is to optimize vehicle utilization and reduce refueling-related downtime, making zero-emission freight a practical alternative for large-scale fleet operators across India's primary cargo-intensive corridors.
Operational Scale and Deployment Roadmap
- Initial rollout commences immediately with 18 electric heavy commercial vehicles within the JNPA ecosystem
- Targeted deployment of 500 e-HCVs over the next two years across major Indian freight routes
- Focus on high-utilization routes to maximize energy cost savings and operational efficiency
- Sorigin Green Mobility provides a pay-per-move model, handling financing and maintenance with no upfront capex for customers
- Infrastructure development includes a 3 MW automated battery swapping and charging station already operational at JNPT
Management Perspective on Freight Decarbonization
By combining our Ashwa 55-tonne electric tractor with charging infrastructure, battery-swapping solutions and energy management capabilities, we aim to address critical operational requirements such as vehicle utilization, turnaround time and energy costs.
Expansion Strategy and Corporate Context
This partnership follows several strategic moves by EIM to dominate the electric heavy-duty trucking segment. Earlier in April 2026, EIM signed an MoU with Drivn for 1,000 electric trucks, and it holds exclusive rights for Foton e-HCVs in India through a KD Cooperation Agreement. The company is currently undergoing a structural shift, as Ravindra Energy approved a Scheme of Amalgamation in September 2026 to merge EIM into its own entity.
Despite recent quarterly financial volatility—where June 2026 revenue fell 26.2% year-on-year to ₹119.97 crore—the company maintained a high operating profit margin of 31.8%.
| Date | Announcement | Amount |
|---|---|---|
| 23 Sep 2026 | Board approval of Scheme of Amalgamation to merge joint venture / associate entity Energy In Motion Limited (jointly controlled with J M Baxi Group) into Ravindra Energy LimitedSource: sahi.com | – |
| 01 Sep 2026 | Strategic MoU between associate entity Energy In Motion Limited, Oil Field Warehouse & Services Limited, and Radiance Green Mobility Private Limited to deploy 500 electric heavy commercial vehiclesSource: sahi.com | – |
| 27 Jul 2026 | Strategic partnership between associate entity Energy In Motion Limited and Hindustan Petroleum Corporation Limited (HPCL) to set up battery swapping and fast-charging facilities at HPCL retail outletsSource: sahi.com | – |
| 03 May 2026 | Strategic partnership between associate entity Energy In Motion Limited and Nhava Sheva Freeport Container Terminal (NSFT) to operationalize a 3 MW automated battery swapping and charging station at JNPT and electrify the terminal fleetSource: NSE filing | – |
| 20 Apr 2026 | Strategic MoU between associate entity Energy In Motion Limited and Drivn to deploy approximately 1,000 electric heavy-duty commercial trucks across IndiaSource: scanx.trade | – |
| 29 May 2025 | Knock Down (KD) Cooperation Agreement between associate entity Energy In Motion Limited and Beiqi Foton Motor Co. Ltd. securing 6-year exclusive assembly, marketing, and distribution rights for Foton electric heavy commercial vehicles in IndiaSource: NSE filing | – |
What to watch next
- Investor conference call on November 5, 2026, to discuss Q2 and H1 FY27 financial results.
- Progress on the board-approved merger of Energy In Motion Limited into Ravindra Energy Limited.
- Milestone target of 40 battery swapping stations and 500 MW total solar capacity by March 2027.
- Expansion of the electric mobility order book beyond the 263 e-tractors recorded in previous periods.
“We are pleased to partner with EIM to scale electric heavy freight across India. Combining EIM’s integrated vehicle and energy platform with Sorigin Green Mobility’s fleet operations, we aim to make zero-emission freight the default choice for ports and industrial supply chains.”
“We believe the electrification of heavy commercial transport will be driven not just by the availability of electric vehicles, but by an integrated ecosystem that makes them practical and commercially viable for fleet operators.”
| Share price | ₹142 |
|---|---|
| Market capitalisation | ₹2,819.59 Cr |
| Revenue (annual) | ₹563.74 Cr |
| Net profit (annual) | ₹71.28 Cr |
| Revenue (latest quarter) | ₹119.97 Cr-9.84% vs previous quarter |
| Net profit (latest quarter) | ₹1.64 Cr-87.04% vs previous quarter |
| P/E (TTM) | 47.24×Sector 21.33× |
| Promoter holding | 58.26%0.00% QoQ |
| FII holding | 3.18%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Ravindra Energy Limited announcing a strategic MoU by its associate company for 500 electric heavy commercial vehicles. Market figures from a third-party data provider.
