Vijay Kedia Stock Jumps 10% After Signing Deal to Manufacture 15,000 Electric Three-Wheelers

Synopsis: Small-cap company shares rose 10% after an MoU with Exponent Energy Private Limited to build 15,000 fast-charging electric three-wheelers in a ₹490.5 crore, 3-year domestic EV manufacturing deal.

The shares of the Small-cap company, specialising in the manufacturing and marketing of three-wheeled commercial vehicles, including auto-rickshaws, passenger carriers, and cargo carriers, are in focus upon signing the Rs. 490 Crore EV Deal to manufacture 15,000 Electric Three-Wheelers.

With a market capitalization of Rs. 1,401.16 Crores on the Day’s Trade, the shares of Atul Auto Ltd rose by 10.2 percent, reaching a high of Rs. 524.00 compared to its previous close of Rs. 475.35. The Ace Investor Vijay Kedia holds an 18.20 percent stake in the company as of March 2026.

What Happened

Atul Auto and Exponent Energy have announced a strategic partnership to jointly develop and deploy rapid-charging electric three-wheelers in India. As part of the collaboration, both companies have committed to rolling out at least 15,000 Exponent-powered passenger three-wheelers over the next three years, marking one of the largest planned scale-ups in the rapid-charging EV segment.

The partnership integrates Atul Auto’s established manufacturing expertise in three-wheelers with Exponent Energy’s advanced OTO mobility platform, which combines battery technology, powertrain systems, and vehicle software into a unified system. The total estimated value of the contract is approximately Rs. 490.5 crore, with each vehicle priced around Rs. 3.27 lakh (excluding GST). 

The platform, already proven in retrofit applications, will now be used in new OEM-integrated vehicles and remains compatible with both Exponent’s fast-charging network and standard public and home charging options.

Exponent Energy’s technology enables ultra-fast charging in about 15 minutes, designed for heavy daily commercial use, and comes with a 2 lakh km warranty aimed at improving battery reliability and resale value. For drivers and fleet operators, this is expected to improve earnings through reduced downtime, higher vehicle utilisation, and lower operating costs compared to traditional electric three-wheeler vehicles.

Management Commentary

Arun Vinayak, CEO and Founder of Exponent Energy, said the partnership with Atul Auto brings together rapid charging technology, financing access, and a proven vehicle platform at scale. He noted that their goal is to make electric vehicles the preferred choice by solving real adoption challenges. He added that Atul Auto’s strong manufacturing experience and deep understanding of the three-wheeler market make it an ideal partner to scale Exponent’s mobility platform through OEM-integrated vehicles.

Speaking on the announcement, Neeraj Chandra, Managing Director, said, Atul Auto has built a strong legacy of delivering reliable and high-quality three-wheelers to customers across India. This partnership with Exponent Energy allows us to bring cutting-edge rapid charging technology to our portfolio, enabling a significantly enhanced value proposition for our customers while accelerating our transition towards electric mobility.

Financials & Others

The company’s revenue rose by 18.40 percent from Rs. 195 crores in December 2024 to Rs. 231 crores in December 2025. Meanwhile, Net profit rose from Rs. 7 crores to Rs. 15 crores in the same period.

The company shows weak profitability with an ROCE of 6.48% and an ROE of 4.99%, indicating low efficiency in generating returns. It maintains a moderate debt-to-equity ratio of 0.32, suggesting controlled leverage. However, a PEG ratio of 0.95 indicates the stock may be fairly valued compared to its expected earnings growth.

Atul Auto Ltd is an Indian three-wheeler manufacturer known for producing passenger and cargo auto-rickshaws. The company has a strong presence in the small commercial vehicle segment, catering mainly to semi-urban and rural markets. It focuses on affordable mobility solutions and is increasingly expanding into electric three-wheelers, strengthening its position in India’s growing EV and last-mile transportation space.

It is amongst the fastest growing 3-Wheeler Companies in India, with the presence across 25 states with 300+ primary and secondary networks. Globally, Atul also exports to more than 20 countries. Around 1 million ATUL vehicles are plying on the roads. In the last five years, its production turnover has grown threefold.

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