Mukul Agrawal-Backed Stock Jumps 9% After Expanding Its Manufacturing Capacity by 150%

Synopsis: A microcap stock has announced an EV capacity expansion of more than 1 lakh units, boosting annual capacity to 1.8 lakh units across two plants. Ace investor Mukul Agrawal holds a 2 percent stake in this company.

An EV company in the business of manufacturing slow-speed two-wheelers has announced a major capacity expansion, raising annual production from 72,000 to 1.8 lakh units. The move includes upgrading its Haryana plant and commissioning a new Odisha facility to meet the rising demand in the industry. 

With a market cap of about Rs 600 Cr, Zelio E-Mobility Ltd saw its stock almost hit its upper price band with an intraday high of Rs 285, which is 9 percent higher than the previous close of Rs 260.8. Since the company’s listing on 8th October 2025, the stock has gone up by 85 percent from its listing price of Rs 154

News

Zelio E-Mobility Limited announced a major capacity expansion, increasing its total electric vehicle production capacity from 72,000 to 1,80,000 units per annum. The existing Haryana plant was upgraded to 1,20,000 units using process optimisation, while a new Odisha facility added 60,000 units annually, effective February 23, 2026.

The Odisha manufacturing plant, located in Cuttack district, commenced commercial production on February 23, 2026. This expansion aims to strengthen the company’s pan-India manufacturing footprint, improve supply chain efficiency, meet rising demand for electric vehicles, and enhance operational performance with minimal incremental capital expenditure.

Revenue Mix

In FY25 it made 26 percent of its sales from Haryana, and 12 percent from Uttar Pradesh, 9.94 percent from Gujarat, and the rest includes states such as West Bengal, Madhya Pradesh, and Punjab.

Business & Financial Overview

Zelio E-Mobility is an Indian electric vehicle manufacturer engaged in the manufacturing, assembling, and supply of electric two-wheelers and three-wheelers, offering a wide range of models across multiple designs, colors, and speed variants. As of Q2FY26, Ace investor Mukul Agrawal has 2 percent stake in Zelio E-Mobility Ltd.

Recognized as one of India’s fastest-growing electric mobility companies, Zelio focuses on stylish, slow-speed electric scooters and rugged electric three-wheelers tailored for Bharat, with a strong presence in Tier-2 and Tier-3 markets. 

The company ranks among the top three players in the slow-speed EV two-wheeler segment and has sold over 70,000 units in the last three years, capturing a 4-5 percent market share. With two “Make in India” models and a strategy aligned with the Aatmanirbhar Bharat mission, the company continues to strengthen its position in India’s evolving EV ecosystem.

In the latest half, the company saw a YoY revenue growth of 77 percent, going from Rs 75 Cr in H1FY25 to Rs 133 Cr in H1FY26. The YoY Net Profits growth is at 71 percent, going from Rs 7 Cr in H1FY25 to Rs 12 Cr in H1FY26. The company also has an ROCE of 52 percent, while the ROE is at 86 percent.

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