Olectra Greentech Limited (OLECTRA) AI Stock Analysis

• Market Cap: ₹74.08B
• Dividend Yield: 0.03%
• Average Volume (3M): 46.60K
• Price to Earnings (P/E): 53.0
• Beta (1Y): 1.72
• Revenue Growth: 34.02%
• EPS Growth: 27.30%
• Country: IN
• Employees: 492
• Sector: Services
• Sector Strength: N/A
• Industry: Auto - Parts
• EPS (TTM): 5.65
• Shares Outstanding: 82,080,734
• 10 Day Avg. Volume: 20,544
• 30 Day Avg. Volume: 46,600
• PEG Ratio: 0.87
• Price to Book (P/B): 9.26
• Price to Sales (P/S): 5.39
• P/FCF Ratio: -267.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹972.00 ▼(-18.68% Downside)
• Action: Upgraded Date: 01/29/26
• Date: Action: Upgraded 01/29/26

The score is led by strong financial performance (rapid growth and improving margins with a solid balance sheet), partially offset by cash flow volatility and negative latest-year free cash flow. Technicals are weak with price below key moving averages and a negative MACD, and valuation is pressured by a high P/E with a low dividend yield.

Positive Factors

Sustained Revenue Growth

A multi-year revenue jump from INR 2.8bn to INR 18bn indicates durable demand and successful scaling in mass mobility. This supports larger contract pipelines, improves bargaining power with suppliers, and underpins reinvestment capacity for product and network expansion over the next 2–6 months and beyond.

Improving Profit Margins

Consistent improvement in gross and net margins signals sustained operational efficiency and cost management. Higher margins enhance cash generation potential on future deliveries, allow reinvestment in service and charging infrastructure, and provide cushion against tender price competition.

Solid Balance Sheet Base

A solid equity base with manageable leverage provides financial flexibility to support large, lump-sum bus deliveries and required performance bonds. It reduces refinancing risk during growth, enabling the company to pursue tenders and capex-intensive projects without immediate stress on liquidity.

Negative Factors

Free Cash Flow Volatility

Capex-driven negative free cash flow in the latest year highlights that earnings are not yet reliably converting to free cash. This raises the need for external funding or drawdown of reserves to finance growth and service contracts, increasing financial vulnerability during contract delays or slower receivables.

Revenue Concentration on Tenders

Heavy reliance on government/municipal tenders concentrates revenue on procurement cycles and win rates. Tender timing variability and long delivery schedules create durable execution and cash-timing risk; a slowdown or competitive loss in public procurement would materially affect near-term order flow and utilization.

Slightly Declining Equity Ratio

A declining equity ratio implies incremental reliance on external financing. Over several quarters, rising leverage can increase interest costs and limit bidding flexibility on large tenders that require strong balance-sheet metrics, constraining growth if profitability or cash conversion weakens.

Olectra Greentech Limited Business Overview & Revenue Model

Company Description

Olectra Greentech Limited manufactures and supplies composite polymer insulators in India. The company operates through Composite Polymer Insulators and Electric Buses segments. It manufactures 1200kV, 330-420kV, 220-245kV, 110-132kV, 52-77kV, 33-36kV, 22-28kV, and 10-15kV insulators for transmission and distribution; and tonne, bracket tube, and stay arm insulators for railways. The also manufactures and sells electrical buses. In addition, it provides distribution transformers, as well as data analysis and IT consulting services. The company was formerly known as Goldstone Infratech Limited and changed its name to Olectra Greentech Limited in July 2018. Olectra Greentech Limited was founded in 1992 and is headquartered in Hyderabad, India.

How the Company Makes Money

Olectra Greentech makes money mainly by supplying electric buses and providing related lifecycle support to fleet operators. Its key revenue streams typically include: (1) Sale/supply of electric buses: Revenue is earned when buses are delivered under purchase orders/tenders, often from government-backed public transport entities or large fleet operators. Contracts are commonly won through competitive tenders, and revenues are recognized based on contractual delivery/acceptance terms. (2) Maintenance and after-sales support: The company earns from service arrangements tied to bus deployments, such as maintenance support, spares/consumables, and other after-sales services over the operating life of the fleet, depending on contract structure. (3) Charging and allied infrastructure/services: Where included in project scope, the company can generate revenue from supplying or integrating charging infrastructure and related electrical/energy systems needed for fleet operations. Significant factors that influence earnings include the scale and timing of government/municipal e-bus procurement programs, tender win rates, execution and delivery schedules, and long-term service obligations attached to fleet contracts. Specific partnership terms (e.g., technology/manufacturing alliances) and their direct financial contribution: null.

Olectra Greentech Limited Financial Statement Overview

Summary

Strong income statement trends with rapid revenue growth and improving profitability support a high score. Balance sheet is solid with manageable leverage, but slightly declining equity ratio adds some risk. Cash flow is the main constraint: free cash flow volatility and a latest-year negative FCF (capex-driven) reduce the score.

Income Statement

Olectra Greentech Limited has demonstrated a robust revenue growth trajectory, increasing from INR 2.8 billion in 2021 to INR 18 billion in 2025. This growth is supported by strong gross and net profit margins, which have improved over the years, reflecting efficient cost management and enhanced profitability. The EBIT and EBITDA margins also show positive trends, indicating operational efficiency. However, maintaining these growth rates may present challenges as the company scales.

Balance Sheet

The company's balance sheet shows a solid equity base with a stable debt-to-equity ratio, indicating prudent financial management and limited reliance on debt financing. The return on equity is strong, reflecting effective utilization of shareholder funds to generate profits. However, the equity ratio has slightly declined, suggesting increased leverage over time, which could pose risks if not managed carefully.

Cash Flow

Olectra's cash flow from operations remains positive, but free cash flow has fluctuated, with a negative figure in the latest year due to significant capital expenditures. The operating cash flow to net income ratio is fairly stable, indicating that net income is well-supported by cash operations. The free cash flow to net income ratio shows variability, highlighting potential challenges in converting earnings to cash, which could affect future liquidity.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	18.36B	18.03B	11.54B	10.91B	5.93B	2.81B
Gross Profit	4.76B	4.58B	3.27B	2.69B	1.70B	1.01B
EBITDA	2.66B	2.63B	1.64B	1.39B	803.12M	184.80M
Net Income	1.41B	1.39B	768.33M	655.95M	353.51M	80.75M
Balance Sheet
Total Assets	0.00	21.71B	15.89B	15.57B	11.90B	9.34B
Cash, Cash Equivalents and Short-Term Investments	1.70B	1.70B	68.71M	63.63M	193.01M	124.96M
Total Debt	0.00	2.55B	1.21B	1.34B	671.04M	80.94M
Total Liabilities	-10.53B	11.19B	6.72B	7.16B	4.13B	1.94B
Stockholders Equity	10.53B	10.49B	9.13B	8.40B	7.77B	7.41B
Cash Flow
Free Cash Flow	0.00	-363.05M	639.63M	-747.80M	535.41M	489.20M
Operating Cash Flow	0.00	1.41B	1.43B	-102.73M	1.21B	2.09B
Investing Cash Flow	0.00	-2.25B	-864.87M	-378.33M	-1.64B	-1.77B
Financing Cash Flow	0.00	829.46M	-560.04M	351.68M	497.35M	-216.45M

Olectra Greentech Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1195.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:OLECTRA, the sentiment is Negative. The current price of 1195.35 is above the 20-day moving average (MA) of 985.53, above the 50-day MA of 1060.21, and below the 200-day MA of 1297.13, indicating a bearish trend. The MACD of -44.21 indicates Positive momentum. The RSI at 33.60 is Neutral, neither overbought nor oversold. The STOCH value of 22.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:OLECTRA.

Olectra Greentech Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FORCEMOT	75 Outperform	₹285.52B	16.68	―	0.22%	14.54%	126.08%
VRLLOG	73 Outperform	₹45.99B	18.11	―	2.79%	4.74%	176.63%
TCI	70 Outperform	₹76.75B	18.01	―	0.94%	9.97%	16.28%
OLECTRA	66 Neutral	₹74.08B	53.03	―	0.03%	34.02%	27.30%
IONEXCHANG	60 Neutral	₹54.67B	55.57	―	0.40%	11.56%	-2.78%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
MMTC	50 Neutral	₹83.16B	54.22	―	―	-17.88%	7.14%

Olectra Greentech Limited Corporate Events

Olectra Greentech Uploads Q3 FY2025 Earnings Call Audio for Investor Access

Olectra Greentech Limited has notified the stock exchanges that the audio recording of its conference call discussing the unaudited financial results for the third quarter ended December 31, 2025, held on February 3, 2026, has been uploaded to the company’s website. The disclosure, made under SEBI’s Listing Regulations, enhances transparency for investors and stakeholders by providing direct access to management’s commentary on the company’s quarterly performance and outlook.

Olectra Greentech Releases Q3 FY26 Unaudited Results Investor Presentation

Olectra Greentech Limited has released an investor presentation detailing its unaudited financial results for the third quarter ended December 31, 2025, and made this presentation available to analysts and investors via its website. By formally submitting these materials to the stock exchanges and holding a scheduled conference call, the company is providing greater transparency into its quarterly performance, which may help investors assess its financial trajectory and positioning in the rapidly expanding Indian electric vehicle sector.