Zelio E-Mobility Limited IPO
Zelio E-Mobility Limited, incorporated in India, is primarily engaged in the manufacturing, assembling, and supply of electric vehicles (EVs), offering a diverse range of electric two-wheelers (E-2Ws) under the brand “Zelio” and electric three-wheelers (3Ws) under “Tanga”. The company focuses on environmentally sustainable transportation solutions, promoting lower emissions, reduced noise, and energy efficiency. The first range of electric scooters was launched in FY 2021-22.
Distribution and Dealer Network
Zelio operates primarily through B2B channels, supported by a network of 337 dealers across 20+ states and union territories. The company ensures broad market coverage and effective customer reach through both exclusive and non-exclusive dealerships. Its E-2W portfolio includes EEVA, EEVAZX, Gracy, Legender, Mystery, XMen, while the 3W portfolio includes Tanga and Tanga e-Loader.
Financial Performance
Zelio has demonstrated robust financial growth over the last three fiscal years, with revenue increasing from ₹5,125.07 lakhs in FY 2022-23 to ₹17,218.94 lakhs in FY 2024-25, reflecting a CAGR of 83.30%. The company’s positive financial trajectory is supported by efficient operations, expanding dealer network, and strong market demand for electric mobility solutions.
Competitive Strengths
i) Extensive Dealer Network: Coverage across key Indian states ensures product availability and strong customer reach.
ii) Geographically Diversified Revenue: Revenue streams span multiple regions, providing strategic advantages in market responsiveness and client base expansion.
iii) Proven Financial Success: Strong cash flow, sustained revenue growth, and profitability demonstrate the company’s operational and financial resilience.
iv) Experienced Promoters and Senior Management: Promoters’ expertise in EVs, battery solutions, business strategy, operations, and marketing underpins Zelio’s sustained growth and market presence.
Zelio E-Mobility Limited leverages its innovative product portfolio, advanced manufacturing capabilities, and strong dealer network to provide sustainable electric mobility solutions across India.
Objects of the Zelio E-Mobility Limited IPO:
Zelio E-Mobility Limited IPO Details:
| Open Date: | Sep 30 2025 |
| Close Date: | Oct 03 2025 |
| Total Shares: | 57,60,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 78.34 Cr. |
| Lot Size: | 1000 Shares |
| Issue Price: | ₹ 129-136 Per Equity Share |
| Listing At: | BSE SME |
| Listing Date: | Oct 08 2025 |
Promoters And Management:
Financials of Zelio E-Mobility Limited IPO:
| Particulars | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Revenue from Operations (Cr) | 172.18 | 94.42 | 51.25 |
| EBITDA (Cr) | 21.02 | 8.75 | 4.01 |
| EBITDA Margins | 12.21% | 9.27% | 7.84% |
| PAT (Cr) | 16 | 6.3 | 3.05 |
| PAT Margins | 9.30% | 6.68% | 5.96% |
| ROCE | 36.86% | 34.84% | 29.61% |
| Debt to Equity Ratio(In Times) | 1.15 | 1.32 | 2.2 |
| Operating Cash Flows (Cr) | -9.56 | 1.12 | -0.91 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| Zelio E-Mobility Limited | 172.18 | 12.21% | 9.30% | 36.86% | 1.15 | 287.64 | 17.98 |
| Delta AutoCorp Limited | 82.63 | 13.3% | 10.17% | 23.40% | 0.05 | 99 | 11.8 |
| Tunwal E-Motors Limited | 179 | 7% | 6.70% | 20% | 0.32 | 176 | 14.8 |
Lead Manager of Zelio E-Mobility Limited IPO:
Registrar of Zelio E-Mobility Limited IPO:
Discussion on Zelio E-Mobility Limited IPO:
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