This reflects the rapid expansion of India’s electric bus segment, driven by rising demand for clean mobility and large-scale government adoption.
India’s e-bus market is projected to grow from USD 1.41 billion in 2026 to USD 2.4–2.9 billion by 2030, at a CAGR of 14–20%. While still in early stages, the sector has already seen strong momentum, with over 9,700 electric buses deployed by 2024 and early growth exceeding a 60% CAGR. Electric buses currently account for around 4.5% of total bus sales.
Amid this growth, Olectra Greentech is emerging as a key player, competing with established names like Tata Motors and Ashok Leyland.
Part of the MEIL Group, Olectra operates in electric buses and polymer insulators. Its e-bus portfolio includes V2, IX, X2, and CX2 models, and it has also developed India’s first electric tipper, Meghaetron.
The company has built a strong client base, including Telangana State Road Transport Corporation, BEST, PMPML, Surat Municipal Corporation, and Nagpur Municipal Corporation.
Olectra has a strategic partnership with BYD, extended until 2030, strengthening its position in the EV ecosystem.
In FY26, the company secured a major ₹1,800 crore order from Telangana State Road Transport Corporation for 1,085 electric buses, with deliveries scheduled over 20 months. It also received a ₹497 crore order from Himachal Road Transport Corporation for 297 e-buses.
To support growth, Olectra launched its Seetharampur manufacturing facility in Telangana, with Phase 1 capacity of 2,500 buses, representing 50% of its planned capacity.
Financially, the company reported ₹664 crore revenue in Q3 FY26, up ₹115 crore year-on-year. The e-vehicle segment contributed ₹574 crore, while the insulator business added ₹89.6 crore. However, net profit stood at ₹47 crore, showing slight pressure due to rising input costs, execution expenses, and scaling investments.
Globally, the e-bus market is expected to exceed USD 200 billion by 2035, with India positioned as a key growth region alongside Europe and Latin America.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
