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Olectra Greentech Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤2nd Feb 26

Summary : Olectra Greentech shows strong Q3 and 9M financial growth, driven by e-vehicle segment, with a clean limited review report.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Q3 2025: Cost of materials consumed Rs. 49,926.60 Lakhs.
  2. Standalone Q3 2025: Employee Benefit Expenses Rs. 1,935.59 Lakhs.
  3. Standalone Q3 2025: Finance costs Rs. 1,924.81 Lakhs.
  4. Standalone Q3 2025: Depreciation and amortization expense Rs. 922.81 Lakhs.
  5. Standalone Q3 2025: Insulator division Rs. 8,957.06 Lakhs, E-vehicle division Rs. 56,483.36 Lakhs.
  6. Consolidated Q3 2025: Insulator division Rs. 8,957.06 Lakhs, E-vehicle division Rs. 57,402.93 Lakhs.
  7. Standalone Q3 2025 Total Segment Assets: Rs. 2,45,870.18 Lakhs.
  8. Standalone Q3 2025 Total Segment Liabilities: Rs. 1,28,332.08 Lakhs.
  9. Consolidated Q3 2025 Total Segment Assets: Rs. 2,50,500.16 Lakhs.
  10. Consolidated Q3 2025 Total Segment Liabilities: Rs. 1,33,268.83 Lakhs.
  11. Consolidated results include subsidiary, joint venture, and associates.
  12. Inter-segment revenues and profits from parent to subsidiaries are excluded from consolidated results.
  13. Both standalone and consolidated financial results are presented.
  14. Consolidated results include subsidiary, joint venture, and associates.
  15. Consolidated revenues and profits may be lower due to exclusion of inter-segment sales.

Corporate Overview

  1. Primarily India, with registered office in Hyderabad, Telangana.
  2. Evaluating full impact of new Labour Codes effective November 21, 2025.
  3. Rules for new Labour Codes are yet to be notified.
  4. Manufacturing of Composite Polymer Insulators.
  5. Manufacturing of Electric Vehicles, including e-buses and e-trucks.
  6. Formal and factual in reporting financial results.
  7. State Transport Undertakings (STU's) for e-buses.
  8. Insulator division
  9. E-vehicle division

Risk Factors

  1. Uncertainty from new labor codes.
  2. Unreviewed financials for some entities.
  3. Potential for increased competition.
  4. Regulatory changes in transport sector.

Key Drivers

  1. Strong revenue growth in e-vehicles.
  2. Consistent profit after tax increase.
  3. Positive auditor's limited review.
  4. Expanding market presence in e-mobility.

Auditor’s Report

  1. Unqualified audit opinion on standalone and consolidated financial results (for the limited review).
  2. Auditor did not review interim financial results of one subsidiary, one joint venture, and eight associates; conclusion based on management information for these entities.

Board Commentary

  1. Impact of new Labour Codes on operations and financial results.
  2. New Labour Codes (Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020, and Occupational Safety, Health and Working Condition Code 2020) effective November 21, 2025, with rules pending notification.

Corporate Governance

  1. Financial results reviewed by the audit committee and approved by the Board of Directors.

Management Discussion & Analysis

Performance Drivers

  1. Strong growth in the e-vehicle division revenue.
  2. Overall increase in total income and profit after tax.

Risk Control Measures

  1. Company is evaluating the impact of new Labour Codes.
  2. Estimated incremental liability for Labour Codes is not material.

Critical Risks

  1. Uncertainty regarding the full impact of new Labour Codes.
  2. Reliance on management information for certain entities' financial results.
Olectra Greentech Ltd (OLECTRA) Quarterly Report Analysis & Insights | Dhanarthi