Tunwal E-Motors Grows 55% in FY2026, Signals Accelerating Shift to Homegrown EV Brands in Tier II India

Tunwal E-Motors Limited (NSE: INE0OXV01027), one of India's earliest listed electric two-wheeler manufacturers, reported FY2026 revenue of ₹276.84 crore — a 55% year-on-year surge that nearly triples the ~22% growth recorded by the broader electric two-wheeler industry during the same period. The results reinforce a growing trend of Tier II and III city consumers choosing proven homegrown EV brands over newer entrants.

Founded in 2014, Tunwal has built its growth on a model specifically engineered for non-metro India — low-speed electric scooters that charge from standard home sockets, require no driving licence or RTO registration, and are priced between ₹41,222 and ₹1,76,133 across eight active models.

The company's FY2026 performance was driven by deepened penetration in eastern India, where EV adoption in Tier II and III cities is accelerating faster than in metros. Dealer network expansion, improved NBFC financing tie-ups, and after-sales service infrastructure strengthening across 19+ states were cited as primary growth levers.

Operating profit grew 67% year-on-year to ₹20 crore, recovering from FY2025 compression, while profit before tax rose 13% to ₹17.02 crore and net worth stood at ₹125.74 crore — reflecting a fundamentally sound balance sheet as the company scales.

"FY2025-26 has been a significant year for Tunwal, marked by strong business growth and continued progress in strengthening our operational capabilities. While the EV industry continues to evolve rapidly, our focus remains on building a scalable and customer-centric ecosystem that supports wider electric vehicle adoption across India."

— Mr. Jhumarmal Tunwal, Founder & CMD, Tunwal E-Motors Limited

MARKET CONTEXT

India's electric two-wheeler penetration reached 7.6% by mid-2025, with VAHAN data recording over 20 lakh EV sales between June 2024 and May 2025. The government's PM e-DRIVE scheme, launched in November 2024 with a ₹10,900 crore outlay targeting 24.79 lakh electric two-wheelers, continues to provide tailwinds for the segment. Tunwal's 55% growth against this backdrop positions the brand among the fastest-growing listed EV manufacturers in the country.

ABOUT TUNWAL E-MOTORS LIMITED

Tunwal E-Motors Limited is a publicly listed Indian electric two-wheeler manufacturer (NSE: INE0OXV01027) headquartered in Rajasthan. Founded with a mission to make clean, affordable electric mobility accessible to every Indian, the company offers a range of electric scooters distributed through a pan-India dealer and service network spanning 19+ states. From near-zero revenues in FY2019, Tunwal has scaled to ₹276.84 crore in