Motilal Oswal Acquires 1.65% Stake in Zelio E-Mobility for ₹9.8 Crore

Motilal Oswal Financial Services has acquired 3.5 lakh shares of Zelio E-Mobility, representing a 1.65 percent stake in the BSE-listed electric vehicle manufacturer. The transaction, recorded in exchange data, was executed at ₹280 per share, amounting to a total consideration of ₹9.8 crore.

Zelio E-Mobility's shares were trading at approximately ₹338 at the time of the transaction, up around 10 percent in early trade, reflecting continued market interest in the company. Its market capitalisation stood at ₹716 crore.

IPO Background and Listing Performance

The Haryana-based company completed its SME IPO in late 2025, raising ₹78.34 crore through a combination of a fresh issue of ₹58.84 crore and an offer for sale of 11.4 lakh shares valued at ₹15.50 crore. The issue was subscribed 1.5 times, drawing participation from both institutional and retail investors.

Zelio's shares debuted on October 8, 2025, at ₹154.90 — a 13.9 percent premium over the issue price — and have maintained an upward trend since listing, more than doubling from that level.

Financial Performance

In its first half-year results following the IPO, Zelio E-Mobility reported consolidated revenue of ₹134.78 crore and a profit after tax of ₹11.87 crore for H1 FY26. On a standalone basis, revenue rose 77 percent year-on-year to ₹133.3 crore, while profit after tax grew 69 percent over the same period.

For the full year FY25, the company posted revenue of ₹172 crore, EBITDA of ₹21 crore, and profit after tax of ₹16 crore, against a net worth of ₹26.67 crore.

Product Portfolio and Distribution

Zelio manufactures a broad range of electric two-wheelers under its flagship brand, covering both low-speed models — including X Men, X Men 2.0, Gracy series variants, Eeva, and the Logix cargo scooter — and the high-speed Mystery model. In the three-wheeler segment, the company produces e-rickshaws under the 'Tanga' brand, targeting commercial and last-mile mobility applications.

The company distributes its products through a dealer network of more than 350 outlets spread across over 20 states and union territories, serving both urban centres and emerging markets.

Founded in 2021 and headquartered in Haryana, Zelio E-Mobility has positioned itself as a mid-tier player in India's rapidly expanding electric vehicle sector, with consistent year-on-year revenue and profit growth underpinning investor interest.