Olectra Greentech Sees 29% Revenue Surge in Q3 FY26 Despite Flat Profit

Olectra Greentech reported strong top-line growth in the third quarter of FY26, even as profitability remained largely unchanged. The company posted a year-on-year revenue increase of around 29 percent for the quarter ended December 2025, supported by higher electric vehicle deliveries and steady execution of its order pipeline.

Total revenue for the quarter stood at approximately ₹664 crore, reflecting improved operational momentum compared to the same period last year. However, net profit after tax stayed nearly flat at about ₹47 crore, indicating that cost pressures and margin challenges offset the benefits of higher volumes.

Vehicle Deliveries Drive Revenue Growth

Olectra Greentech delivered 385 vehicles during Q3 FY26, marking a notable increase over the year-ago period. The rise in deliveries played a key role in boosting quarterly revenue, with the electric bus segment continuing to be the primary contributor.

By the end of December 2025, cumulative deliveries for the fiscal year crossed 3,600 units, highlighting consistent progress in fulfilling orders from state transport undertakings and other institutional customers.

Order Book Provides Strong Visibility

The company ended the quarter with a healthy order book of close to 9,400 vehicles pending execution. This sizeable backlog provides clear revenue visibility for the coming quarters, especially as demand for electric public transport solutions continues to grow across Indian cities and states.

Olectra remains focused on timely execution of long-term contracts while strengthening its position in the electric mobility ecosystem.

Margins Under Pressure Despite Higher Volumes

While operating performance improved on the back of higher volumes, profitability remained under pressure. Rising input costs, project-related expenses, and competitive pricing in large government tenders limited growth in net profit during the quarter.

The electric vehicle business continued to contribute the bulk of revenues, while non-EV segments helped provide some balance to the overall business.

Outlook for the Remainder of FY26

Olectra Greentech’s Q3 FY26 results reflect the broader dynamics of India’s electric vehicle sector, where demand remains strong but margin expansion depends heavily on cost control and scale efficiencies.

With a robust order pipeline and increasing adoption of electric buses across urban transport networks, the company is well positioned for volume-led growth. Improving profitability, however, will remain a key focus area in the coming quarters.