Olectra Greentech Ltd (NSE: OLECTRA) Q4 2025 Earnings Call dated May. 28, 2025
Corporate Participants:
Sharat Chandra — Chief Financial Officer
Analysts:
Amar — Analyst
Unidentified Participant
Gaurang — Analyst
Sameer — Analyst
Niral Shah — Analyst
Akash — Analyst
Rishabh — Analyst
Joel — Analyst
Vijay Kumar Pande — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Olektra Greentech Limited Q4 and FY ’25 Earnings Conference Call hosted by Axis Capital. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Amar from Axis Capital. Thank you, and over to you, sir. Thank you.
Amar — Analyst
Thank you, Steve. Good evening, everyone. On behalf of Axis Capital, I welcome you all to the Q4 and FY ’25 post-results conference call of Electra GreenTech Limited. From the management team, we have with us today Mr Chandra, CFO; Mr P., Company Secretary and Compliance Officer, along with teammates from Finance and Strategy. I will hand over the call to Mr for his opening remarks, post which we can have Q&A. Over to you, Mr. Thank you.
Sharat Chandra — Chief Financial Officer
Yeah. Thank you, Aman. Good evening and a very warm welcome to all of you who have joined today for the Electra Green Tech Limited earnings call for the quarter-four ’24 ’25. We are taking as read the presentation which is put on our website along with the safe-harbor statement thereon. We are pleased to state that the company showed strong growth in consolidated revenue and profitability for Q4 and full-year. We have delivered 2,718 electric buses — electric vehicles, which includes 2,667 electric buses till 31st March 2025.
Now let me summarize some of the key highlights before we dwell into the financial performance. For electro buses have successfully covered more than 40 crore kilometers across the length and width of the country. In terms of deliveries, the year has been challenging for the company. In fact, the whole industry had a challenging last year. Despite this, but for the financial year ’25, electro deliveries of 972 late buses has been a leading performer and ranks in the top two in terms of total deliveries in financial year ’25.
We are completely focused on addressing the challenges and will be striving to reach to number-one position in financial year ’26. As you are all aware, it is no longer a demand constraint and strong demand continues with the company’s net order book at 10,000 plus as on 31st March ’25. To recap, notably, we unveiled our latest technology advancement, the Blade battery technology at the Bharat Mobility Global Export 2025.
With its cutting-edge design and exceptional energy density, the Blade battery promises not only longer ranges, but also the faster charging time, ultimately, ultimately enhancing the performance, safety and reliability. Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities and we are constantly striving and exploring new ways to improvise, innovate and push the boundaries of what is possible in the electric mobility industry, setting new benchmarks for the future. Now let me take you through the financial highlights for the quarter-four on a consolidated basis, followed by that for the full financial year. Revenue for the full-quarter — 4th-quarter stood at INR448.92 crores, a strong 55% growth over the last year.
This was entirely led by volume growth. About 219 buses were delivered in Q4 versus 131 in last year. We had an impressive EBITDA of INR58.35 crores against INR42.84 crores in the previous year’s same quarter, marking a substantial growth of 36%. The PBD surged to INR29.25 crores, a remarkable 45% increase from the previous fiscal INR20.11 crores. The PAT for Q4 stood at INR20.69 crores, up by 39% compared to previous fiscal INR14.89 crores. Moving to the financial performance for the full-year. The revenue for FY ’25 stood at INR181.9 crores, up by 56%.
EBITDA for full-year stood at INR276.32 crores, marking a substantial 49% increase compared to the previous fiscal of INR185.851 crores. PBT surge to INR187.88 crores, a remarkable jump of 78% versus previous fiscal INR105.78 crores. PAT for full-year stands at INR139.21 crores, up by 77% compared to previous fiscal INR78.65 crores. Moving to working capital, we are pleased to share that our net working capital days as on 31st March was about 60 days, showing a reduction of almost 50 days — 54 days, mainly due to improved collections of receivables and lower inventory days. Thank you and over to for Q&A.
Questions and Answers:
Operator
Thank you very much, sir. We will now begin the question-and-answer session. And anyone who wishes to ask a question may press star N1 on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. All participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kush from Please go-ahead.
Unidentified Participant
Yeah, hi, sir. Hope I’m audible. Firstly, sir, I wanted to understand we have delivered 319 buses, but the VAN data shows only registration of 181 buses. So how many days lag is there between your deliveries and the data getting reported long as the 4 hello, hello, hello yeah, so now is it audible?
Sharat Chandra
Yeah, yes, sir. Okay. So basically, we have clarified this query in earlier quarters also, but we would like to reclarify. Being an OEM, Oletra’s responsibility is to deliver the buses to our customers at our factory gate. It is export sale. Once they are delivered, the registration and other regulatory process has to be complied by the owner. This lead-time is completing could be a reason for the delay. And generally, it takes about maybe around one month, one and a half month-to complete the process.
Unidentified Participant
Got it, sir. Secondly, sir, we had guided earlier that we might be able to reach 2,500 buses in FY ’26. So any — since there are industry challenges and we are facing, will we like to revise that guidance?
Sharat Chandra
For next — next year, we are looking at around 2,000 numbers. We are looking at around 2,000 numbers. Even though we are striving for 25, we’ll continue to monitor and then we are — as I mentioned in the initial remarks, we are Focusing and trying to address the challenges. We will keep the target or guidance between 2,000 to 2,500 numbers.
Unidentified Participant
Got it, sir. And last question from my side. Any clarification you would like to provide regarding the regarding the order canceling yeah see I would just give it to our company secretary query.
Sharat Chandra
Hi, I think you would have referred our yesterday’s clarification, we haven’t received any communication on that part, which is appearing in the social media. I think we have clarified properly to the stock exchanges would have read too.
Unidentified Participant
Okay. Yeah, yeah. Thank you.
Operator
Thank you. The next question is from the line of Gaurang from Utility Unified. Please go-ahead.
Gaurang
Hello. Hi, I’m audible.
Operator
Yeah, sir, you are.
Gaurang
Yeah, just wanted an update on the automation part in the factory. Have we placed orders for the rovers? Yes, we have successfully negotiated and finalised our orders and placed the orders. Okay, may I know which company that we have source this? We are trying to source the top top brand, I think my look, right? So I’ll just give it to our colleagues.
Sharat Chandra
Yeah, currently it is under designing phase and we are proced — we are procuring the robots from as well as from and all the leaders of robot manufacturers. And when is it expected to leave the factories and get installed, so we are planning to commence the commercial production using this robotic building by end of this financial year. So in that case, we would be left with the same quantity that we delivered this year, which would be around 1,01,500, because manually we could only make those many buses time.
Yeah. See, basically manual, see, this is the second additional phase which we are going for robotics. The current say the body shop which we have already started manufacturing, it has got current capacity of about 200 buses, which is getting expanded to about 5,000 buses, 200 buses getting converted to 400 buses in the next 3, 4 months so basically we currently we operate on a single shift we can make it into a double shift and then achieve this number once we go to go to robotic our capacity enhances.
Okay. And as you said, we would be delivering around 2,500 numbers this year. But if you see the backlog is quite clear. We have orders of, I think so more than 4,500 with BST pending and another 5,000 with MSRWC, which we have to deliver in the next, I believe 18 months. So how will it be possible to honor both these commitments if we are able to only deliver 2,000, once we start making the automatic robotic in-quarter four, the next financial year, we’ll be ramping-up the production and we’ll be able to meet the deliveries.
So as I mentioned in the initial remarks, the industry has been facing the challenges with regard to supply and we are working very closely, monitoring very closely and trying to address the challenges. So see this is as I think I’ve mentioned, it is no longer a demand constraint, supply is the main issue with regard to the total industry at a large. So we are addressing that. And if you look at, I think the total addressable market, it is going to be quite significant — significant. In terms of conversion of the ice engine versus to EVs and other clean technology vessels. So none of the companies have the capacity to make — to meet those demand as of now. So our target is to achieve 2,000 numbers definitely and try to extend to more than that. So that is the reason we are giving a range of 2,000 to 2,500 numbers. This is conservative guidance as of now. So as we progress during the course of the year, we’ll be able to address these numbers.
Gaurang
Okay. And one more last question. As our company secretary said that we have not received any notice from MSRDC, but in an event that we receive a notice, say, within two or three days or if EV Trans receives those notices. So how do we plan to respond to them? Are we going to negotiate some timelines with them or what’s the internal plan as of now with the company?
Sharat Chandra
Yeah. Yeah. MR. Daro Harman here? Yeah. I think the MSS or MSRTC order, we have a — we have a delivery timeline as per the agreement till May 2026. We are not expecting any such kind of events would happen. If that — such kind of notices if we receive, obviously properly in terms of the agreement, we will see that next course of action. So I believe we are optimistic that this particular order is not going to get canceled. Is it so?
Gaurang
Yes. Yes. Okay. Thank you for the answer. Okay, that’s it from my end. Wish you all the best. Thank you.
Operator
Thank you. The next question is from the line of from Arja Partners. Please go-ahead.
Unidentified Participant
Hi, sir, am I audible?
Operator
Oh, yes,
Unidentified Participant
Sir, are we facing any battery supply-chain issue or any supply-chain issue of some sort?
Sharat Chandra
In fact, the entire industry has been going through the challenges of supply constraints with regard to components relating to chassis and battery. There has been delays, so that is the only issue. So by what time we expect some sort of normalization. So we expect the Q1 to be in-line are as far as Oraka is concerned, the Q1 numbers will be in-line with Q4. We expect the normalization to happen from Q2 onwards. So Q2 onwards, okay, is normalized,
Unidentified Participant
Okay. And sir, what has been the order inflow for the current year for FY ’25?
Sharat Chandra
So FY ’25 actually we — as of yes, new tenders which are in the annual, the PMV is about 10,900 buses is in the immediate visibility followed by MTC about 600 numbers CCRUT which is is about 200 numbers go as 50 numbers is and AP about 200 numbers tender okay so AP, AP and others about 3,000 buses is what is the visibility. So totally about 10,000 numbers from PME Saver, which I was already mentioned. So these are the tenders which are in the pipeline, okay. And all other things.
See, basically the Ministry of the industries and then the government has announced earlier to replace about 8 lakh buses. So the demand continues and the demand for e-buses is basically exploding. So we have to address the supply things. So how many orders did we actually get-in FY ’25 if you have that number did we actually get? We have received orders, but it is all from private parties, Microsoft, we have received about 50 members and HRTC is the biggest order, I think I forgot to mention. So HRTC in terms of sale, we have recently bagged about two, nine different buses, electric buses where we are going to sell on-trade basis, we have timelined about till March ’26 to deliver these buckets. Okay, it’s in March 31st.
Unidentified Participant
Thanks. Yeah. And sir, one final question — one final question. Regarding that new capacity from 5,000 to 10,000, so by what time we are expecting it.
Sharat Chandra
So basically to start with, our capacity is getting enhanced to 5,000 numbers and based on the demand and supply situation, we can enhance it. Maybe in one year’s time, we can enhance to 10,000 numbers. Because civil is geared up to take cater to 10,000 numbers. What we need to add is the additional balancing equipment to enhance from 5,000 to 10,000 numbers.
Okay. Okay. So we don’t have a definite timeline, like as and when we can, we can do that you are saying. We will take it a gradually monitor the supplies and then accordingly, we can take a call. Our philosophy has been to basically not to invest too much into capex, been conservative and the company based on the order execution, we’ve been in a position to announce the capex based
Unidentified Participant
On how much okay, sir. That’s it from my side.
Operator
Thank you. The next question is from the line of Sameer from Altrus. Please go-ahead.
Sameer
Hi, I have a couple of questions. It’s very well-understood that the current situation of supply is a challenge. I just wanted to understand from a contextual purpose — contextual basis, is the industry going through the standing and do you have any data to kind of substantiate that the industry is going through the supply challenge this year, last year? If you could throw some — throw some data around that? And secondly, the government has ambitious plans of converting about 800,000 buses in the next five years or so into EV or clean technology. How does the industry think about meeting this demand that is there?
Sharat Chandra
I mean, at the end-of-the day, even if in 24 months, your capacity is 10,000 buses and let’s say the industry capacity is around 50,000 buses a year. It still doesn’t meet the challenge — meet the ambitious target that the government has set-in front of themselves. So one is on capacity and second is on financing. Is there an impediment on financing or on payment guarantee mechanisms or so on and so forth? Something on these lines would be helpful.
Thank you. Yeah. So regarding your question number-one, we have basically public data as far as the Bahan portal is concerned. Again, it is not very accurate because some of the are not covered and there’s a time lag between delivery and, but still looking at the data about last year, about 2,258 numbers have been registered for the entire financial year. So that shows that the supply obviously has been challenged the suppliers and we have been challenging in terms of overall numbers and, as I mentioned earlier, we are a top performer in terms of hand banking in the top two.
Okay. As far as that is the first question is concerned. Second is, as you rightly said, currently, the industry is having a capacity constraint. Our is amitious, we have a plan to enhance it to 10,000 numbers. Based on how it pans out, we would definitely explore possibilities of enhancing the capacities. And as far as the financing is concerned, there has been challenges initially, but if you look at the last three major orders which we have secured through EV Trans, we have financial closure done by the institutions. So — and the institutions are coming forward to complete the financial closures, which we faced initially, it was taking a lot of time to convince the institutions. But with all the three major contracts, we’re about almost close to about INR20,000 crores where the financial closures are are in-place.
So I I’m only assuming that the with government supporting the EV adoption in a big way the financing will improve. Understood. I think in context — yes, in context, I think Polestra numbers continue to show growth. I think, I think the expectations are high and I think so because you’ve been an industry-leader, but in context, is it fair to assume that you know, even in an eventuality where MSRTC cancels the order, there are not competing suppliers who can fulfill the orders in the timeline that they require. Is it fair to assume that? I think you’re right.
Yes, you can assume. And so obviously everybody has got capacity constraints and yeah, our product, as you rightly said, has got an edge in terms of technology and in terms of performance over the completion. So we hope, as Anuman has clarified to earlier query,, we are optimistic that there will not be any negative impact on account of this. Thank you. I think that answers my question. Thank you so much.
Unidentified Participant
Thank you. Thanks a lot.
Operator
Thank you for all participants who wish to ask a question may press star N1. The next question is from the line of Niral Shah, an Individual Investor. Please go-ahead.
Niral Shah
Hi, this is Niral. Am I audible?
Operator
Yes, sir.
Niral Shah
Yeah, yes. Thank you. First, I want to thank the CFO and the entire team for what you guys are doing. I’ve been following, so just a little bit 30 seconds I’ll take. The first time I sat in your bus was in 2018 in January somewhere and I was fortunately in India and I happened to sit in one of the electra buses, which is one of the six buses that we had delivered to Mumbai BST. And since then, I’ve been following the company.
Sharat Chandra
So it’s been a tremendous journey and the product is amazing. So great work on that one. A couple of questions on this one. From what I’ve been hearing, by FY ’26, you expect to deliver anywhere between 2,000 to 2,500 buses, but you have a delivery of — to MSRTC for about 5,000 buses by FY ’26 and you also have HSRTC buses about 297 orders, all by March ’26.
Niral Shah
How do you — with given the supply constraints, how do you envision to fulfill both the orders and the timelines? Is there a possibility of extension? That would be my first question, please.
Sharat Chandra
Yeah. See, as far as our target because of the challenges which the industry is facing, we are keeping a conservative target of between 2,000 to 2,500 numbers and we are confident of fulfilling HRTC 297 buses before March-end. And so-far as the strategy is concerned, we have a plan to complete the deliveries by the following financial year. And will that include any extensions from MSILTC because if you go to FY ’27, will that include any extensions from MSRTC? And what would be the composition? Will you — I mean the existing electro technology or the blade technology? Which ones are you offering and are there any negotiations happening on that front as well, please? See, as far as-is concerned, it is a business call to use the new technology or continue with existing technology.
So it’s nothing to do with MSRDC, okay. So we are — we will explore how it pans out because the new technology, as you are aware, it is in normalization phase, it takes time for the certification. We are hopeful by this maybe Q3 or Q4, we will have the homologation in-place for the new technology, which is battery — made battery technology. So it could be a mix of both or it could be old — so it’s a call we will take as we move forward. And is there variation in the pricing between the existing technology versus the blade assuming the amalgamation happens or you have not even reached that stage of you know, the pricing stage?
As of now, we have not reached that stage of pricing, but only thing in terms of efficiencies, this is 30% better in terms of lightweight batteries as far as in terms of the efficiencies, mileage. So overall scheme of things, the cost things and all still not yet finalized. So hopefully, once we have more clarity, we will revert back-in appropriate time with no necessary disclosures.
Niral Shah
Thank you so much. And one last question, if you may want to answer the launch of the Rebar, the precast two ones that you guys have ventured into. Any negotiations or anything that have started or what is the plan on that front?
Sharat Chandra
That’s a completely new thing that Oletra has ventured into. So I’d like to request our I think in, we are — right now we are — we are in the process of getting required approvals. Once we have placed in all approvals, maybe appropriate time we can able to revert. As of now, it is at the stage of procuring the approvals.
Niral Shah
Thank you so much and keep up the great work. Thank you so much, guys.
Thank you so much. Thanks a lot. Thank you.
Operator
The next question is from the line of Akash from HNI. Please go-ahead.
Akash
Yeah, hi, everyone. Am I audible?
Sharat Chandra
Yeah, sir, you are. Yeah. So hi, this is Akash. I just want to understand what is the reason for this in the performance Q3 versus Q4? This is my first question, because I think no one else is asking about this. The second question is, I want to understand I have been following this particular company from last 10 To 15 quarters. And every quarter you are giving some estimate and you are saying that this is a conservative estimate and still you are not able to bid in tax. So can you just clarify if you are giving a conservative estimate, still while you are not able to build that yeah. See, Mr have clarified in the initial remarks itself, if you look at the deliveries for the entire year-by the entire industry. So you can understand from that number that what kind of challenges the industry is facing. So obviously, we have been conservating, estimating and estimating the number. So we are addressing the challenges and hopeful of resolution, that is the reason we are giving conservative number of 2,000 buses for financial year ’26. And as far as Q4 versus Q3 is concerned, obviously, because of the supply constraints and challenges, the numbers we could deliver less than Q3. So this is happening every time. Last con-call you said that Q4 will be at least 300 to 400 numbers so that you can meet this 1,500 target, if I’m not wrong. Still you have delivered only 219, right, which is, I mean in terms of percentage, if you see, it’s very less. And then it’s now I remember previous to previous con-call, you said that FY ’26 will be 5,000 number. Now you’re saying FY ’26 will be 2,000 number. So every — every quarter you are just downgrading your estimates.
Akash
So I just — I mean I mean I can understand there are challenges, but then you should give this particular estimate, which is actually conservative, right? And you should not over estimate something and then you say that it is conservative and then in the first meet hope for you saying that again you have submitted this particular things in your con-call and then still you are not able to achieve?
Sharat Chandra
Mr Rakash appreciate the company has been showing significant growth in both in terms of top-line and bottom-line. Obviously, we are — when we are doing business, we would like to register significant growth compared to earlier years and we would like to basically contribute and to all the stakeholders. So we are ramping-up production capacities in the new facilities and we are confident that whatever constraints are there will be behind us and we will be able to deliver the numbers what we have given guidance. So we always would like to strive to achieve the guidance what we have given. But because of the constraints which as a company, we have been facing and as the industry is facing, we have been a little lagging behind.
But nevertheless, despite that, our performance, if you see consistently — consistently year-on-year, we have shown growth with a CAGR growth of about almost 50% in terms of last four years. So in terms of — if you look at one minute, I’ll just tell you sorry, so top-line CAGR growth of 45% from financial year ’22 to ’25, adjusted EBITDA growth of 106% and CAGR PAT growth of 58%. From a 2500 numbers in financial year ’22, we have delivered 9.72 numbers. Of course, we are behind what numbers we have given guidance by about 10% to 15% we are behind because these are the reasons of constraints.
But if you see both LSE division and insulated divisions, our operating margins have been growing year-on-year. So we are optimistic that whatever numbers we are giving as conservative, we would like to drive and achieve those numbers that is okay and invested heavily in at from my point-of-view. So just wanted to be sure that my decision is correct. Just two points. These are not questions, but I just hope that these are being taken care of. So one is one article that I read in a website called EV Insider wherein it was saying that there is some point of between EYD and the MHR management and that is the reason they are choking up your supply. Though you might have — you might deny it right now, then the sorting this article is not correct and this is not the reason of the supply being choked up.
No need to answer. I’m just clarifying what I have read in the article. The second is, even though you might anticipate and you might you might be optimistic that there won’t be any other cancellation, but I just hope that you guys must reach-out to the minister or the MSRTC, put forward your point-of-view and then reach to a safe negotiation wherein there is no such eventful event wherein the orders get threaten even though you might anticipate that it won’t happen, but I will just request that you guys reach-out to the respective authorities, convey your points and just hope that they take the which is in.
Akash
That’s it from my side. Thank you so much
Sharat Chandra
Thanks.
Operator
Thank you. The next question is from the line of Rishabh, an individual investor. Please go-ahead.
Rishabh
Thank you for taking the time to take these questions. I was just going to talk the question which I think the mutual covered earlier. Is there any disruption between and management? And while you keep saying there are supply constraints, we’ll have a technical answer here that what are the constraints? Are batteries not coming, what components are not coming. I think having a technical person on-call would increase.
Sharat Chandra
I mean I’m sure like we understand the constraints, but just clearly supply constraints is something which investors won’t take-out of. I’m sure you’re been kill out to institution. So a bit more context would be really helpful. So that is just the first question. Second question is, of course like cancellation of the or I’m sure did not receive notices and all these might be formal things, but I’m sure you would have seen the interview of the transport minister, who is the Chairman of MSRTC. So when he’s saying that there’s going to be a cancellation unless something renegotiated, there will be a translation.
I unfortunately called their office in check on this one. And so would really love some color on it. If you can, if you can share that it is someone who has reached out to them and negotiations have been done to my end, because of course we should expect to notice. I mean we sh we cannot be in that denial that cancellation will not happen. These are my two questions we should be hello, yeah he as far as the MS is media reports and whatever you are getting, we will update once we have more clarity on this.
Rishabh
Okay, as of now, what we have communicated to stock exchange is status quo.
Sharat Chandra
So we will definitely communicate once we have more clarity. Regarding your first question regarding the car. See, basically with regard to supply-chain, obviously powertrain components relating to battery there has been delays and some of the components relating to chassis, so which have caused delay and you see if you look at the numbers what the industry, entire industry has delivered in this quarter — in this year, in this quarter of course and then full-year, that demonstrates the challenges faced by the entire industry. So we are very confident about your execution ability, right? So I believe that’s what all of us are here and we’re like, I think we are aware about that.
We get the sincere most serial leader. So we really hope day and day-out that like this disruption should not affect you. My question majorly is around, let’s just say, there is no impact on battery, right? There is because you rely heavily on for this technology. There is no disruption in relationship between them and you. Power chases and components, I believe, can be fixed, right, but battering something which is — I mean, it’s not just you would say entire world is independent on China.
Rishabh
Correct. Absolutely. So basically — basically to give clarity, as you are aware that our contract with BYD has been extended till 2030, December 2030. And in January 2025
Sharat Chandra
, with partnership with support from DYD, we have basically showcased our platform, the Bharat Auto mobility in Delhi so and obviously our relationship, both Elektra and BYD started the journey in India and delivered a in India and our relationship is very strong and it is mutual and we do have access to the strong R&D technology they have. That is precisely the reason how is able to initiate the process of showcasing the gate battery platform in the Bharat mobility. So I think hope I clarify this sufficiently clarifies your queries with regard to our relationship with. And we are hopeful that we overcome whatever challenges we have in financial year ’25 and hopeful of delivering 2000 numbers in financial year ’26.
Rishabh
Thank you so much for the classic. Very helpful.
Operator
Thank you. The next question is from the line of Joel, an Individual Investor. Please go-ahead.
Joel
Hello. Am I audible?
Sharat Chandra
Yes, sir, you are.
Joel
Yeah. Okay. Thank you for the opportunity. I have couple of questions. First one being, given the drill tension between India and China, are there these being the challenges for brokering batteries from our partners DYB? Yeah. And also there was one like media article regarding placing orders for about two, three, two, five electric bus chassis and another 750 units in August 2024. Can you clarify on the timelines for receiving these orders from the YD. And that would be the first part. If you can answer that, please.
Sharat Chandra
As far as see the geopolitical part is concerned, we have been talking about this for last seven years, okay, right from the time we started our e-vehicle journey, this talk was there. So as you are aware, China has invested huge amount into this technology and they are very much advanced compared to any other country in the world. And globally, everybody, including Tesla depends on China on import on battery technologies.
So we do not foresee any constraints till now, because we have been going through this journey for the last five years and the timeline for fulfilling your order for for basically okay, sorry. The second question is with regard to the orders which we have placed with DYD. I think you have given numbers of 750, right? So yes, it was 750 units in August and then I think there was further two, three to five mentioned in the. So all this we have here. Yeah. We have basically 12 to 15 months — 12 to 18 months-to fulfill this order. Okay, sir. Okay. That’s the timeline. Okay. And the — considering a large order book, right, and challenges that we see at the moment. What are the like risk of cancellation of orders by customers? Are there any contractual provisions that protect electra financially in such scenarios or like in case of order cancellation basically, as I think I’ve clarified, the demand for electric buses is quite significant and the orders which we have mentioned in the pipeline is almost about 15,000 buses very — in the near-future.
And we have not foresee any — we are not forcing any challenges in case any orders gets canceled, but we are also optimistic that no order will get canceled because in the past also we clarified, it is mutually beneficial for the SCU and the company. So in terms of operational efficiency, each electric buses are in terms of highly remunerative for the SEUs. So the mutual understanding because all these orders, there is the scope of the SCU and the scope of the operator.
So as far as the SEU is concerned, they have to provide depost space, they have to provide the power connections and when we talk about these numbers of large orders, there is a requirement to have about more than 200 deports and they see you as to create the infrastructure in terms of providing the space and from the EV side, we had to build the charging stations. So it’s mutually beneficial for both the — both the company as well as the end-customers to have the orders and to execute the orders. So we are optimistic that no orders will be canceled. And of course, any industry which is still nascent, see, as you are — I think just to clarify, out-of-the total TAM, which is the total addressable market for buses, less than 1% is electrified. So this gives you a lot of scope for conversion and there are no enough capacities with all the OEMs put together.
So I don’t think any orders will be canceled. Even if they are canceled, there’ll be alternative opportunities. Thank you, sir, for that clarification. On the electrical, there was no query. So I just wanted to ask, have we received any new orders or any new EV products in pipeline for electron? Our R&D is working on various products portfolio within the truck segment. We have been doing a lot of demos and trials. The plastication of orders we expect in this financial year and we hope the demand also picks up for the tippers because it’s highly operationally in terms of operational benefit is highly — it has got almost 8x comparative to the conventional tippers. But the — any industry takes time as we have seen in electric buses.
Joel
So we are hopeful that the demonstrations and trials will get ultimately fructified into orders in this financial year. Okay. Thank you, sir. That’s all from my side. Thank you for answering.
Sharat Chandra
Thank you.
Operator
Thank you. The next question is from the line of Vijay Kumar Pande from Nuvama. Please go-ahead.
Vijay Kumar Pande
Thank you for taking my question, sir. A couple of questions just wanted to check, what is the — our average realization when we compare the state buffer sale to state as compared to the private sector, like which one is a higher-margin business for us?
Sharat Chandra
So in terms of total the population of buses, the private segment has got a larger chunk. But as of now, the conversion is yet to happen and yet to take-off in the private sector because of maybe a couple of reasons, the balance sheet size of the private operators is not big and the traction is yet to happen, but we expect the traction to happen soon because it’s highly remunerated for operating — by operating e-buses, there could be significant savings for the private operators. So currently, it is basically the GCC model, which is prevalent, which will become popular and which is the most adopted acceptable model in India where government is pushing for conversion of the ICE engine buses to EVs.
So apparelly the private market is also picking-up. We hope for the traction to happen in the next one, two years. Okay. Okay. But is — has the sales has started in the private sector on this — for EV business is it going to start like in two years solar is concerned, we have sold to private parties in the past last year to fresh Bus and this year and Microsoft also we have sold. Okay, okay. And secondly, sir, we — we — in last conference call, we spoke about capacity plan expansion. So how is it going and when can we expect the new capacity to be operational like commercial production?. Yeah. Last year, we moved into the new plant. We did production in February 2024 and from Q1 onwards, we have been working On in the new facility with one particular shed wherein body shop we have started working on that and second one is in the almost in advanced-stage of construction. We expect the complete plan to be operational by this financial year end, including robotic machinery. Okay. And the supply — the battery supply for the second plant will also come from BYD only. So we have relationship with Biwadi agreement till 31st December 2030 and recently we have showcased our landing technology, which we are going to introduce by the end of this financial year.
Vijay Kumar Pande
And just lastly, sir, given the supply issues, do you plan to diverge the supplier base like across a different supplier or will we try to maintain the same supply base? Base because if we ask if we can’t get the power from one particular supplier consider, then why not to purchase it from LG or Samsung? That is last that is my last question.,
Sharat Chandra
See, our company has been working continuously to improvise and increase the localization content in our bus, except the powertrain and battery cells. We continue to import from Biwadi, all the other components, we have developed local vendors in India and we have been sourcing from alternative vendors in India. Except the powertrain and the battery management system and battery cells, we continue to depend on. The other components we have localized and localization is a continuous process. So we keep working on the globalization and we hope these kind of issues will be addressed in the near-future.
Vijay Kumar Pande
Okay. Thank you. Thank you. That’s all.
Sharat Chandra
Thank you.
Operator
Thank you. The next question is from the line of from an Individual Investor. Please go-ahead
Unidentified Participant
Hello, good evening, sir. Congratulations on the results. Your PAT has grown-up by 80% from last year to this financial year. And my first question is on the GFRP rebar product of Olektra Greentech. As you’re — as I’m aware that is the new player in the GFRP rebar segment. What is your take on competition in that segment for this GFRP rebar product? You have launched it through two, three months back, right?
Sharat Chandra
Yeah, basically it is very, very initial case there is lot of scope, of course. So we will at appropriate time will come back because we are still completing the nascent initial certification processes. Okay. So by — so we can expect more developments in the coming six months, right? In this financial year, we expect developments definitely in this product. Has the market been identified for that? What is the potential of that market for in that segment? See, basically has got two segments, you are aware. One is the electric vehicle segment and the second is the insulator segment, composite insulator segment. Yes, yes, yes. Composite. In composite insulator segment, we make our own FRP rod and we some FRP parts.
Yes. So we have backward indication, we make our own compound, we make our own FRP and so we have developed expertise in making FRP products. That is where we are exploring and then we are hopeful that we will make a big impact in FRP rebar. So as it is in the initial stages at appropriate as we progress during the year, we’ll be able to update. And this FRP rebar is a basically alternative for TMT, which is used in-construction industry.
Okay, because there are two, three players which are established in the market. Hence I’ve asked that question, but I’m sure Electra will make major breakthroughs in this business line just like it’s doing with eBus. I’m sure OLETRA will do a breakthrough, I’m 1,000% sure. And secondly, sir, what are the status of your employe benefit schemes like gratually gratuality and emergency fund for factory workers and do you have an NPS policy, national pension system policy for your employees in-place? What is your take on the employe benefit, sir segment? Yeah. As far as employee benefits are concerned, we do not have a funded as of now, it’s not funded. It is non-funded. We make — based on actual valuation, we make adequate provisions in the financials with regard to gradually leaving catchment. As of now, NPS is not yet — see basically take call by the employees. So we will be exploring because as the employees are growing, we would definitely like to explore all the other benefits and we’ll also explore the possibility of funding the graduity in the near-future.
Future o okay, because gra because you, you already have taxable profits and it’s recommended to fund the the crystallise liability. Those employees are completed four years and above. It’s recommended to fund that portion and then you are automatically get attached?
And secondly, sir, please go-ahead. Go-ahead. Sir, on the dividend, sir, in the next financial year, will there be any growth in the dividend, sir, from 40% of face value to at least 100% of face value. Next year, can we expect, sir in because the dividend has been consistently the same and the profits have grown high — on a higher basis. So dividend is currently 40%, sir. Can we expect a higher dividend in the next financial year? Because to clarify your question, see as it’s a working capital-intensive company. So we are trying to conserve the cash and as a gesture from the management and from the Board, we continue to be consistently wanted to continue with the same dividend supposed dividend definitely, once the numbers goes up, we will go back to the Board and then with the approval of shareholders, we will look at better dividend in the future.
Yes. My last question is regarding the — will it be possible to conduct a physical Annual General Meeting at the factory premise or something? So as investors, you would love to see the facility. That’s my last name. We have a lot of time. This is Hanman. We have lot of time. We will see based upon the clearances from the SEBI because as of now, having a virtual meeting is the better facility for all the shareholders, physically how many people can come and assemble? The problem is that so that right now if it is a virtual, anyone sitting anywhere, they can participate. We have almost 5.5 — nearly 6 lakh shareholders. So virtual would be most preferable for any of the
Shareholders. But anyhow, if you say physical as well as virtual combination if it permits depends upon the situation at appropriate time. Board will take call. Okay. I have been investing in electros in September 2017 and the journey has been very beautiful, sir. Thank you very much, CFO, sir and Company Secretary. Look-forward for a bright future of.
Unidentified Participant
Thank you.
Sharat Chandra
Thank you.
Operator
Thank you. Ladies and gentlemen, we will take this as a last question. It’s from the line of Sunil, an Individual investor. Please go-ahead.
Unidentified Participant
Yeah. Hi, everyone. Can you hear me? Yes, yes. Yes. So after the current production, we are having 200 buses per month, 200 basis per month capacity. Is my understanding correct?
Sharat Chandra
Yes, yes. Yeah. So only because of supply concerns, we are not able to produce 200 basis. So like the expansion for the 200 basis is totally completed or still work is going on for the expansions of the 200 buses. So expansion. We are expansion for 200 in-place. We are expanding to 400 numbers in the next five, six months. That is the growth that 500, like basically we work on a single shift now based on the demand and the are with all supply constraints are met, we will be in a position to work double ship also in the existing facility itself. With the robotic, you have actually the capacity goes up. Okay. Okay. So capacity goes up to 500, that’s what you mean to say once we go to robotics. That’s what you’re saying? Yes. Yes, that’s correct. So when can you think the supply constraint might get resolved in this quarter, like in April, in May-June or maybe in August or something like that? Yeah, In Q2 onwards, we expect the improvement in the supply-chain. So number August or September, something like that, okay. So in that case, like even this quarter like April 18 also, we’ll be with almost the same numbers than we can expect, right? Yeah, Q4, Q1 is — will be in-line with Q4. Okay. If this is a case like if we deliver like for, in April, May, June, if you deliver only like 200, 250 buses, then in the next 3/4, we can deliver 1,700 buses. It’s like we have the capacity and we are hopeful. We have the capacity and we are addressing whatever challenges we are facing and we are hopeful that we will be in a position to deliver on the balance INR700. Okay. One last question, one small thing. So at this point of the capacity is 200. So without robotics, how much net we can expand without robotics? Without robotics also, we can expand the — we can go double shift. We can increase to double shift and then we can expand. Okay. See today with a single shift we are we are working on a 200 numbers okay. On a double shift we can expand to the equal number, but any engineering industry, any plant can work-up to 80%, 85% efficiency. Yes. But the thing is like at this point, I mean, even though the production capacity is up 200, but we are producing per quarter only around 200 buses, right? So is the staff available from production of 200 buses because, like we are only producing per quarter, we are hardly building 200 buses, not per month actually sir, sorry to interrupt.
Operator
The management line has been disconnected. Please wait while we reconnect them. Thank you. Thank you the line for the management has been reconnected. Yes, sir, please go-ahead.
Sharat Chandra
Yeah. So — because at this point of we are producing only 200 buses per quarter. So do we have the staff and everything like ready for producing 200 buses per month at this point of time?
Unidentified Participant
Yes. Yes, yes, we have. Okay. And just last one last question. So coming to this MSRCC delivery, so like when the management clearly looks like we are not delivering the buses to ask for the ministers if he clearly said like we have not delivered like any buses even after the delay is extended.
Sharat Chandra
So do we have any reason why we have not delivered not in a single bus, that’s what he claim in the news channel officially like during the period, we are not delivered not in the same debate to them. So why didn’t we approach them like? Why did we negotiated before rather than coming to this situation? So we have actually I think deliver we have seen delivered about 2, 20 numbers but he claims like in the last one month we have not delivered is indeed best to them actually.
See, don’t really like not to comment too much onto the media news as of now we have delivered 220 plus buses to MSRTC. So we have timelines till May 2026 to deliver the buses and obviously we’ll be discussing. Okay. So in the contract with MSR TC, is the deadline 64 from March 2026 or something like no, like we have intermediate their delivery points each and every quarter these number of buses delivery. Is there anything there in the terms and relationship with the contract with MSR TC.
Hi, Mr Sunil, this is Anman here again. As per the contract, we have actually where their target — outer line is May 2026 to complete the project deliveries completely. Between monthly, quarterly basis, quarterly basis first year, there are some targets obviously. Okay. So in the 20 additions, do you have the penalty clause or the extension clause or the cancellation clause we have — it basic is not delivered as per the contract?
I think before getting to that, I think you are — you would be — you must-have been aware because cancellation is a very, very, very upstream step because while executing these EV projects, both parties have their obligations. It is not something EV or Volatra only to actually not — I’m general — I’m explaining in general, not only from MS, MSRT’s perspective. The also need to support us in terms of allerging the depos, getting the people placed in and getting the upstream power. There are so many responsibilities side and company side and things to be together also so considering all these aspects actually if EV solely defaulted then obviously they would have right legally okay, but we don’t have that officially documented somewhere like so that we can do anything illegally.
We don’t have any official documents might be, we might not be having that done right. No, no, we have an agreement. Agreement speaks about that obligations of each party that needless to be communicated separately. But anyhow actually we are conscious about this MSR issue. We hope there this negative, whatever it is reporting in the media should not happen.
Okay, so what about the hydrogen bus? Because, like we are hearing like all over the world, like different companies are going with hydrogen vehicles and everything so is the R&D of hydrogen bus anywhere near to us or nowhere near to us. So as of now, we are not — I think in the past we have communicated. We are not actually focusing on in bus as of now. It is very expensive and very nascent. So we are — we are focusing on the electric buses and the truck segment.
Okay. So are we — because we went into the tipper, we are not launched the truck camera at we have not had launched it, we do we launch it actually. So we have — we have sold about 50 electric tippers, which are already up and running for the last 18 months. I’m talking about sold — we don’t have any particular, this comes under truck segment. So we are working — our R&D is working on various other alternative platform or alternative products.
So other than when we are launching, we will appropriately make adequate disclosures.
Unidentified Participant
Thank you very much.
Sharat Chandra
Yeah. Thanks a lot.
Operator
Thank you. Ladies and gentlemen, this was the last question for today’s conference call. I would now like to hand the conference over to the management for their closing comments.
Sharat Chandra
There we thank all the shareholders who have participated and have been very supportive in your company’s growth journey and the patience and faith reports in your company. We expect and optimistic that we have a — we will be having good growth both in terms of top-line and bottom-line in the coming financial year FY ’26. Thank you so much. Thank you.
Operator
Thank you. On behalf of Axis Capital, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you