Olectra Greentech Ltd. on Monday reported a 66% year-over-year increase in revenue for the first quarter of fiscal 2026, citing strong demand for electric buses in India’s public transport sector.
The company, which manufactures electric buses and related infrastructure, said revenue totaled 3.2 billion rupees ($38.6 million) in the quarter ended June 30, compared with 1.9 billion rupees a year earlier. The growth was attributed primarily to increased orders for zero-emission buses from state transport undertakings and municipal agencies.
Operating profit rose to 420 million rupees from 180 million rupees in the same period last year, reflecting improved margins amid higher production volumes. Olectra attributed the margin expansion to economies of scale and cost efficiencies in manufacturing.
The company did not provide specific earnings per share figures but noted that net profit had more than doubled year-over-year. Management highlighted ongoing government incentives for electric vehicle adoption, including subsidies and tax benefits, as key drivers of demand.
Olectra Greentech, listed on the National Stock Exchange of India, has expanded its order book in recent quarters, securing contracts for over 1,000 electric buses across multiple states. The company is also investing in charging infrastructure to support the growing fleet of electric buses.
Analysts tracking the Indian EV sector said the results underscore the accelerating shift toward sustainable public transport in the country, though they cautioned that execution risks remain, including supply chain disruptions and regulatory changes.
