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Zelio E-Mobility IPO
Price Band
₹129.0–136.0
Issue Size
₹78.34 Cr
Lot Size
1,000 shares
Min Investment
₹272,000
2 LOTS MIN
GMP
—
Issue Price
₹136.0
Zelio E-Mobility IPO AI Summary
- Zelio E-Mobility IPO is listed on BSE SME in the 2/3 Wheelers sector.
- Price band: ₹129.0–₹136.0 per share, lot size 1,000 shares (min. investment ₹272,000, 2 lots minimum).
- Subscription window: 30 Sep–03 Oct 2025, listing on 08 Oct 2025.
Zelio E-Mobility Limited is an emerging player in the electric vehicle sector, with a strong growth trajectory in revenue and profits. The company aims to utilize the IPO proceeds for expanding its manufacturing capabilities and improving its financial position.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Zelio E-Mobility IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 03 Oct 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Zelio E-Mobility IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in 2021, Zelio E-Mobility Limited is engaged in manufacturing, assembling and supplying of electric vehicles like two-wheelers and three-wheelers. The company, operating under the brands "Zelio" (E-2Ws) and "Tanga" (3Ws), focuses on producing eco-friendly electric vehicles with lower emissions, reduced noise, and energy sustainability, supported by a wide dealer network. The company operates from a 24,458.01 sq. meter facility in Ladwa, Haryana, with an annual production capacity of 72,000 electric two-wheelers and three-wheelers, using advanced machinery for manufacturing and assembly. Product Portfolio: The product portfolio comprises of various electric 2- wheelers and 3- wheelers are EEVA, EEVAZX,GRACY, Legender, Mystery, XMen. As on August 31, 2025, our company has employed around 193 employees, excluding the board of directors at various levels of the organisation. Competitive Strengths: Extensive network of dealers covering major parts of India Quality Assurance ensuring standardized product quality Revenue derived from a geographically dispersed customer base Proven track record of Financial Success Experienced Promoters with senior management backed by marketing team
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 65.79 | 29.08 | 15.47 |
| Total Income | 173.80 | 94.90 | 51.62 |
| Profit After Tax | 16.01 | 6.31 | 3.06 |
| EBITDA | 21.02 | 8.76 | 4.02 |
| NET Worth | 26.67 | 10.67 | 4.36 |
| Reserves and Surplus | 10.14 | 10.64 | 4.33 |
| Total Borrowing | 30.68 | 14.11 | 9.59 |
Key Ratios
EPS
₹9.68
NAV
₹6.45
ROE
85.75%
ROCE
36.86%
RoNW
60.02%
P/B Value
21.09
P/E Ratio
14.04
Market Cap
₹287.64 Cr
PAT Margin
9.30%
Debt/Equity
1.32
Peer Comparison
| Company | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|
| Tunwal E-motors Limited | 11.56% | 13.47 | 2.32 | 2.32 |
| Delta Corp Ltd. | 11.5% | 12.68 | 5.49 | 5.49 |
| Zelio E-Mobility Limited This IPO | 60.02% | — | 9.68 | 9.68 |
Promoters
Niraj Arya, Kunal Arya, Deepak Arya and Sayuri Arya
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/or pre-payment, in full or part, of borrowing availed by the Company 20.00 2 Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit 19.45 3 To Meet Working Capital Requirement 8.00 4 General Corporate Purposes 9.09 5 Issue Expenses 7.83 Total 64.38
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income increased from ₹51.62 Cr in the year ending 31 Mar 2023 to ₹94.90 Cr by 31 Mar 2024, and further rose to ₹173.80 Cr by 31 Mar 2025. This indicates a strong growth trajectory in revenue over the periods analyzed.
Profit Trend
Profit After Tax grew from ₹3.06 Cr in the year ending 31 Mar 2023 to ₹6.31 Cr by 31 Mar 2024, and then significantly increased to ₹16.01 Cr by 31 Mar 2025. This consistent growth in profit suggests improving financial performance.
Valuation
Zelio E-Mobility's implied P/E at the issue price of ₹136.0, based on an EPS of ₹9.68, is approximately 14.04. This is compared to peers like Tunwal E-motors Limited with a P/E of 13.47 and Delta Corp Ltd. at 12.68.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. It is often used to gauge investor sentiment and potential listing gains, but it carries risks as prices can be volatile and not indicative of actual market performance post-listing.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market conditions. It's essential to consider the company's financial health and industry position.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable, established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
IPO Timeline, Explained
The IPO opens for subscription on 30 September 2025 and closes on 3 October 2025. Allotment of shares will be done on 6 October 2025, with the listing expected on 8 October 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are sold on the listing day at a price higher than the issue price. However, there is no guarantee of listing gains, as market conditions can lead to price fluctuations, and investors may face losses.
This evaluation is generated from Zelio E-Mobility's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Zelio E-Mobility IPO?
The price band of Zelio E-Mobility IPO is ₹129.0–₹136.0 per share.
When does Zelio E-Mobility IPO open and close?
Zelio E-Mobility IPO opens on 30 September 2025 and closes on 03 October 2025.
When does Zelio E-Mobility IPO list on the stock exchange?
Zelio E-Mobility IPO listed on 08 October 2025 at ₹136.0.
What is the lot size for Zelio E-Mobility IPO?
The lot size for Zelio E-Mobility IPO is 1000 shares, requiring a minimum investment of ₹272,000 (2 lots).
What is the price band for the Zelio E-Mobility IPO?
The price band for the IPO is ₹129.0 to ₹136.0.
What is the minimum investment required?
The minimum investment required is ₹272,000, which corresponds to a lot size of 1000 shares.
When does the IPO open and close?
The IPO opens on 30 September 2025 and closes on 3 October 2025.
What is GMP?
GMP stands for Grey Market Premium, which indicates the premium at which shares are traded in the grey market before official listing.
When is the listing date for Zelio E-Mobility?
The listing date for Zelio E-Mobility is 8 October 2025.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
30 Sep 2025
Close
03 Oct 2025
Allotment
06 Oct 2025
Listing
08 Oct 2025
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