A part of the MEIL Group, Olectra Greentech Ltd (OGL) is a leading Indian green technology company operating across mobility and energy. Incorporated in 2000 and headquartered in Hyderabad, OGL is India’s largest pure-play electric commercial vehicle manufacturer, with a portfolio that includes electric buses and trucks.
The company launched India’s first electric bus in 2016. Today, OGL has delivered 4,500 buses across India. With a healthy order book of 8,000 buses, its current market share in the segment is 23 per cent, making it the second-largest player. Its fleet has cumulatively clocked over 550 million green kilometres. OGL’s manufacturing and research facility at Seetharampur, Hyderabad, has an annual production capacity of 5,000 vehicles.
In addition to mobility, Olectra’s energy division is the largest manufacturer of composite insulators in India, supporting the power transmission and distribution sector with robust and reliable solutions. This business reflects the company’s strong industrial legacy and diversified engineering capabilities. By combining clean mobility with energy infrastructure, Olectra represents a strong convergence of innovation and industrial capability, playing a defining role in India’s transition to cleaner transportation.
“Earlier, we were dependent on technology from BYD. After I joined, we decided we would continue the technology partnership and also develop our own platform. We are developing a next-generation platform for electric buses and trucks ourselves. So, what we are doing is that we are not dependent on BYD, but are leveraging its strengths,” explains Mahesh Babu, MD, OGL, outlining the recent developments.
OGL has conducted trials for its truck segment as it prepares to start manufacturing its own trucks. The company believes this is an important pillar of its commercial vehicle business and will launch its trucks in Q4 of this financial year. Apart from electric buses, the company has also launched India’s first heavy-duty 6×4 electric tipper, known as the Olectra Meghaetron, and a commercial electric vehicle platform powered by BYD Blade Battery technology.
In FY26, OGL delivered around 1,280 buses, with revenue and profitability both growing by about 28 per cent. The company is targeting 2,500 deliveries in the current financial year. It has committed Rs450 crore to developing next-generation electric bus and truck platforms, along with another Rs150 crore towards supporting infrastructure and facilities. A new electric truck platform is being developed in parallel, initially targeting heavy-duty applications such as cement, steel, mining and inter-city haulage before moving into lighter commercial vehicle categories. All these products are being designed, developed and manufactured in India.
Ready for the future
The plant’s current capacity is about 2,500 vehicles a year on a single shift, expandable to roughly 5,000 with a double shift as demand picks up. OGL has also set a target of achieving an annual manufacturing capacity of 10,000 electric buses and trucks within 2-3 years. This would position it to serve 40-50 per cent of India’s projected annual e-bus market of 20,000 units.
On the next phase of adoption, Mahesh Babu talks about tailoring financing with NBFCs to support the economics of EV ownership for customers through longer tenures than those available for diesel vehicles. He says: “For both truck owners and inter-city bus owners, cash flow is important. Every month, they need cash to run the next month. Today, bus and truck financing happens over 3-5 years. We have been asking financiers to make it 7 years, so the EMI will be lower, and cash flow will be better. This is another important innovation needed, apart from charging infrastructure, to ensure adoption of electric vehicles.”
OGL has set an ambitious 5x growth plan over the next 3 years, building towards a $10 billion valuation within a decade, from a current market value of roughly $1.3 billion, while stressing that the goal is value creation, not valuation for its own sake. Electric trucks are expected to become a second core growth pillar. Over a 10-year horizon, truck volumes are projected to overtake bus volumes as megawatt charging and heavy-duty applications mature.
This expected demand is being driven by rising private-sector interest in electric buses and trucks beyond government tenders, which is expected to add volumes alongside orders from state transport undertakings. Going forward, the company has also set its sights on international export markets.
With a clear focus on electric vehicles, OGL is poised to play a key role in shaping the future of sustainable mobility in India.