Olectra Greentech Q2 FY26 Results: Growth Continues, Margins Under Pressure

Key Highlights: Revenue: ₹657 crore, up 25% YoY from ₹524 crore, driven by higher electric bus deliveries. Net Profit: ₹49.5 crore, up 4% YoY, supported by volume growth despite cost pressures. EBITDA: ₹89.2 crore, up 10% YoY, but EBITDA margin declined to 13.6% (vs 15.5% YoY) due to rising input costs. Segment Performance: E-bus division: Revenue ₹581 crore, up from ₹482 crore. Insulator business: Strong growth to ₹75 crore from ₹41 crore. Insights: Olectra Greentech continued to post healthy topline growth backed by solid demand for its electric buses. However, margins were impacted by higher material and logistics costs as well as production ramp-up expenses. The insulator segment’s strong growth adds diversification to its revenue base. What to Watch: Execution of existing e-bus order book and new tenders under government EV programs. Cost control initiatives and localisation to improve margins. Expansion into new product lines like e-trucks and intercity buses. Impact of leadership changes on business execution. Investor Takeaway: Olectra remains a promising EV infrastructure play, benefiting from India’s shift toward clean mobility. Revenue growth remains robust, but investors should watch for consistent margin recovery and timely order execution. The stock suits long-term investors looking for exposure to the electric transport theme with moderate risk appetite.