Olectra Greentech is set to expand its commercial electric vehicle portfolio with the launch of a new electric bus platform during the third quarter of FY27, followed by an indigenous electric truck platform in the fourth quarter.
The new electric bus platform is being developed to meet evolving PM E-Drive requirements, while development of the company’s indigenous electric truck platform is progressing well, with commercial launch targeted for Q4 FY27.
“These investments will broaden our product portfolio and enable us to address emerging opportunities across the commercial electric vehicle segment,” said Olectra Greentech Managing Director, Mahesh Babu in his message to shareholders in the company’s Annual Report 2026.
“We remain focused on strengthening our leadership in India’s electric mobility ecosystem through continuous innovation and capacity expansion. Our robust order book provides strong revenue visibility, while ongoing investments in next-generation electric bus and truck platforms will further enhance our competitive positioning,” he said.
Deliveries rise 32%
Mahesh Babu said its performance in FY26 was supported by consistent execution, operational discipline and continuous process improvements despite geopolitical uncertainties, supply chain disruptions, challenges related to battery and magnet availability, and global market volatility.
The company delivered 1,280 electric vehicles in FY26, a 32% increase from 972 vehicles in the previous year.
During the latter part of FY26, Olectra consistently delivered nearly 350 vehicles per quarter, while maintaining healthy operating margins across its businesses. The company attributed the performance to cost optimisation initiatives and improvements in internal processes.
EV bus adoption gaining momentum
India’s overall electric bus penetration currently stands at 4.7%, while adoption in the strategically important 9-metre and 12-metre segments has reached nearly 9%, according to Mahesh Babu.
The company expects the pace of electrification to accelerate as electric bus adoption crosses the 10–15% threshold, potentially opening the next phase of large-scale public transport electrification in India.
With proven technology capabilities, a strong manufacturing base and an expanding order pipeline, he said the company is well positioned to capitalise on the growing commercial EV opportunity.
The company’s priorities include strengthening execution capabilities, scaling deliveries and introducing advanced products, while creating sustainable long-term value for customers, shareholders and other stakeholders.
“As we move ahead, we remain committed to driving innovation, strengthening our market leadership and contributing towards India’s vision of cleaner and greener mobility,” he said.