Shares of Olectra Greentech, an electric bus manufacturer, rebounded 7.3% from today’s low to reach ₹1,053.50 apiece after the company announced a significant order win.
In an exchange filing today, the company informed investors that its associate, Evey Trans Private Limited has received two Letters of Award (LOAs) from Telangana State Road Transport Corporation (TGSRTC).
The order is for the supply, operation, and maintenance of 1,085 electric buses, comprising 1,025 (12-meter non-AC) buses and 60 (12-meter AC) buses for intra-city operations.
As per the agreement, Evey Trans will procure these buses from Olectra Greentech, which shall be delivered over a period of 20 months. The order for the supply and maintenance of these buses is worth ₹1,800 crore.
The order operates under a Gross Cost Contract (GCC) model, also known as the OPEX model, spanning a 12-year contract period. This structure ensures a long-term partnership between Olectra Greentech and TGSRTC, covering both supply and maintenance services.
In addition, the company also said it will undertake the maintenance of these buses during the contract period.
Meanwhile, earlier this month, the company reported its December quarter performance, with consolidated net profit coming in flat at ₹47 crore compared to the same period last year, impacted by a 31% year-on-year increase in operating expenses to ₹570 crore.
Revenue from operations during the reporting quarter stood at ₹664 crore, higher than ₹515 crore in the year-ago quarter. On the operating front, EBITDA came in at ₹93 crore, up from ₹79 crore, with margins expanding marginally by 100 basis points year-on-year to 14%.
Olectra Greentech share price trend
The company’s shares have been under pressure over the last four months, losing a cumulative 30%. This has propelled the Olectra Greentech share price to trade 51% lower than its record high of ₹2,221 apiece, attained in February 2024.
In terms of yearly performance, the Olectra Greentech share price delivered a negative return of 17.11% in 2025, and in the current year so far, the stock is down by another 13%.
The crash in the stock has led to massive losses in the portfolios of retail investors, as they held a 42.3% stake in the company, according to Trendlyne.
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