EV expansion strengthens Jindal Worldwide’s growth outlook

shares hitting the 20% upper circuit following its EV subsidiary Jindal Mobilitric’s plan to build a network of around 100 electric-scooter showrooms across India by FY28 highlights growing investor interest in its diversification strategy. The company plans to establish around 40 showrooms by FY27, followed by the remaining outlets in FY28. With commercial operations already underway at its Ahmedabad manufacturing facility, the planned retail expansion could improve market reach, customer engagement and after-sales support, while supporting broader EV adoption. The company has already opened two showrooms in Srinagar and Jaipur and appointed 52 dealers across the country, providing an initial distribution base for the planned expansion. If executed effectively, the EV business could emerge as a meaningful growth driver and provide Jindal Worldwide with an additional business avenue beyond its existing operations. However, the EV venture remains at an early stage, and the key monitorables will be showroom productivity, scooter sales, dealer utilisation, manufacturing scale-up and eventual profitability. The sharp stock reaction also indicates that expectations around the EV opportunity are rising. We believe the expansion is positive for the company’s long-term growth narrative, but investors should closely track execution and financial contribution from the EV business before assigning a higher valuation multiple.