To capture a large share of India’s electric bus market, PMI Electro is targeting PM E-DRIVE Phase I orders.
PMI Electro Mobility is targeting orders for roughly 30% of the 10,900 electric buses to be tendered under Phase I of the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, as India accelerates efforts to deploy 50,000 electric buses by 2030. The scheme carries an outlay of ₹1.09 billion.
The company, India’s largest electric bus manufacturer, is leveraging localisation and vertical integration covering battery packs, motors, wiring harnesses, and control units to offer competitively priced buses. PMI currently holds a 26% share of the 2,114 e-buses sold during the first half of 2025 and maintains an order book of around 3,000 buses. It has already deployed all 1,200 buses awarded under the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) tender and secured approximately 750 e-buses under the PM e-Bus Sewa scheme.
PMI’s portfolio includes 12-metre, 9-metre, and 7-metre buses, with ranges of 180 km, 150 km, and 80 km respectively, along with a dedicated electric school bus. The company is also pursuing state government tenders in regions such as Uttar Pradesh and Maharashtra.
Despite ambitious targets, electric buses still account for a small fraction of India’s total bus fleet. In FY25, just 3,392 of 109,609 buses sold were electric, representing only 3.1% of total sales. Buses, while less than 1% of the total vehicle fleet, contribute nearly 15% of India’s transport-related CO₂ emissions, highlighting the critical role of electrification in decarbonisation efforts.
With a focus on timely deliveries and expanding product offerings, PMI Electro aims to drive revenue growth of 50% in FY26, building on a turnover of ₹8 billion in FY25 and a profit of ₹220 million in FY24.
