Motilal Oswal Financial Services buys 1.65% stake in Zelio E-Mobility

Motilal Oswal Financial Services has acquired 3.5 lakh shares, representing a 1.65 per cent stake in Zelio E-Mobility, at a price of Rs 280 per share for a total consideration of Rs 9.8 crore. The transaction adds an institutional investor to the company’s shareholder base and comes amid continued trading activity in the stock.

Zelio E-Mobility had earlier raised Rs 78.34 crore through its IPO, comprising a fresh issue of ?58.84 crore and an offer for sale of 11.4 lakh shares worth Rs 15.50 crore. The issue was subscribed 1.5 times overall, with strong participation from both institutional and retail investors. The company’s shares debuted at Rs 154.90 on October 8, 2025, at a 13.9 percent premium over the issue price, and have continued to maintain an upward trajectory since listing.

In its first reporting cycle following an SME IPO, the BSE-listed EV manufacturer reported consolidated revenue of Rs 134.78 crore and profit after tax of Rs 11.87 crore for H1 FY26. On a standalone basis, revenue rose 77 percent year-on-year to Rs 133.3 crore, while profit after tax increased 69 percent year-on-year. For FY25, Zelio E-Mobility reported revenue of Rs 172 crore, EBITDA of Rs 21 crore and profit after tax of Rs 16 crore, with a net worth of Rs 26.67 crore.

Zelio offers one of the most comprehensive product portfolios in the segment. Under the ‘Zelio’ brand, it manufactures a wide range of electric two-wheelers, including low-speed models such as X Men, X Men 2.0, Gracy i, Gracy+, Gracy Pro, Little Gracy, Eeva, Eeva ZX+, Legender and the Logix cargo scooter, along with its high-speed model Mystery. In the three-wheeler category, the company produces e-rickshaw models under the ‘Tanga’ brand, including Tanga Butterfly and Tanga Fine, catering to the growing commercial and last-mile mobility market.

Supported by a strong dealer network of more than 350 outlets across over 20 states and union territories, Zelio continues to expand its footprint across urban and emerging markets. The breadth of its product lineup, combined with consistent profitability and rapid growth, has strengthened its investment appeal and reinforced its position as a rising player in India’s EV ecosystem.