Zelio E Mobility Net Profit Surges 164% to ₹31.4 Crore in H1-FY27 as Margins Expand

Key numbers

P/E TTM	83.98Sector PE 33.1
Market Cap	₹2,383.9 CrAutomobiles Sector
1-Year Return	254.8%Price Performance
Promoter Holding	72.77%No Pledge Reported

Key highlights

• Net profit increased 163.9% year-on-year to ₹31.4 crore in H1-FY27
• Revenue from operations grew to ₹297 crore, up from ₹135 crore in H1-FY26
• Operating margins expanded to 12.8% from 10.6% in the previous year
• The company utilized ₹59.62 crore of its ₹62.83 crore IPO proceeds by September 2026
• Net profit rose 90.3% on a sequential basis compared to H2-FY26
• Other income contributed ₹3.1 crore to the total income of ₹300 crore

Operational Scale-Up and Revenue Momentum

Zelio E Mobility Ltd recorded revenue from operations of ₹297 crore for the half-year ended September 30, 2026, representing a 120% increase over the ₹135 crore reported in the corresponding period last year. This strong operational performance aligns with management's earlier guidance targeting 75% to 80% annual revenue growth. The revenue surge is supported by the company's expansion in the 2/3 wheeler electric vehicle segment.

Total income for the period reached ₹300 crore, significantly higher than the ₹136 crore recorded in H1-FY26, reflecting a period of rapid commercial scaling.

Margin Expansion and Profitability Drivers

Profitability metrics showed significant improvement, with profit before tax reaching ₹38.3 crore compared to ₹14.4 crore a year ago. The company achieved an operating margin of 12.8%, up from 10.6% in H1-FY26 and 11.2% in H2-FY26. This expansion highlights better cost absorption as production volumes increase.

Net profit for the half-year stood at ₹31.4 crore, marking a 90.3% sequential jump from the ₹16.5 crore reported in the second half of fiscal 2026. Efficiency gains were realized despite the competitive landscape in the electric scooter and bike assembly industry.

Deployment of IPO Proceeds and Capacity Growth

• Repayment of ₹20 crore in borrowings using IPO proceeds as of September 2026
• Allocation of ₹16.35 crore towards capital expenditure for new manufacturing units
• Utilization of ₹8 crore for working capital requirements to support sales growth
• Remaining unutilized IPO proceeds of ₹3.21 crore parked in fixed deposits
• Commencement of production at the Patan plant on October 28, 2026, adding 72,000 annual units
• Board approval for preferential issues of equity and convertible warrants in October 2026

Management Declaration on Financial Integrity

The Statutory Auditors have expressed an unmodified opinion on the said Financial Results thereon is enclosed herewith as Annexure – A.

What to watch next

• Earnings conference call scheduled for November 14, 2026, at 2:00 PM IST
• Integration and output ramp-up from the newly commissioned Patan plant
• Progress toward the management target of over 125,000 unit sales for FY27
• Finalization of preferential allotment of equity shares and convertible warrants

“The Board of Directors of the Company at its meeting held today on Friday, 13th November, 2026, inter alia, considered and approved Un-audited Financial Results for the half year ended on September 30, 2026.”

Zelio E Mobility · financial snapshot

Share price	₹1127.15
Market capitalisation	₹2,383.92 Cr
Revenue (annual)	₹310.71 Cr
Net profit (annual)	₹28.39 Cr
P/E (TTM)	83.98×Sector 33.1×
Promoter holding	72.77%
FII holding	0.01%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.