As green transport shifts into top gear in India, EV maker Olectra hopes to double its revenue by 2027.
Indian electric vehicle (EV) manufacturer Olectra Greentech is planning an immediate capital expenditure (CapEx) of ₹4 billion to ₹6 billion over the next two years to scale up production and enter the heavy commercial EV segment.
The company is targeting an annual turnover of ₹40 billion to ₹45 billion for the 2026-27 financial year, following a recorded revenue of ₹23.12 billion in the previous fiscal period.
The investment will fund infrastructure at the company’s 150-acre (about 60.7 hectares) Seetharampur Industrial Park facility near Hyderabad. This expansion marks a strategic shift beyond passenger buses into heavy-duty freight transportation.
The firm is developing a 55-tonne electric tractor-trailer and a 38-tonne electric tipper, with commercial deliveries scheduled to commence in the final quarter of the 2026-27 financial year.
According to Managing Director Mahesh Babu, the strategy targets the heavier end of the commercial market, where high daily mileage yields a total cost of ownership advantage over conventional diesel fleets.
The company also projects the domestic heavy electric truck market, which stood at an estimated 600 to 800 units in 2025-26, will expand to exceed 3000 units annually by 2028-29.
To secure its supply chain, the manufacturer is exploring a localised blade battery pack assembly line utilising technology linked to BYD. It is also expanding its component sourcing to domestic suppliers in Pune to manage foreign exchange volatility, according to a report by The Hindu Businessline.
The firm currently holds an active order book of 10,161 vehicles and delivered 1280 electric buses in the last fiscal year. Revenue visibility has been reinforced by the reinstatement of a ₹100 billion contract with the Maharashtra State Road Transport Corporation to supply 5000 electric buses, of which approximately 1000 units have been delivered.
However, a legacy subsidy dispute involving a separate contract with Mumbai’s Brihanmumbai Electric Supply and Transport undertaking remains unresolved.
