Mukul Agrawal Multibagger EV Stock Hits 5% Upper Circuit: Company Doubling Its Growth YoY, Opens New Manufacturing Facility and Reduces Debt

On Monday, Indian equity benchmarks traded lower, with the benchmark Nifty 50 index declining 0.27 per cent to 24,140.50. Despite the broader market weakness, Zelio E-Mobility share price were locked in the 5 per cent Upper Circuit at Rs 635.35, gaining Rs 30.25 from the previous close of Rs 605.10.

Mukul Agrawal Raises Stake To 7.25 Per Cent

Ace Investor Mukul Mahavir Agrawal increased his holding in the company to 7.25 per cent in the March 2026 shareholding pattern from 2 per cent in September 2025, marking a sharp increase of 5.25 percentage points. Mukul Agrawal currently holds 15,33,000 shares of the company. With the stock gaining Rs 30.25 in a single trading session, the value of Mukul Mahavir Agrawal's 15,33,000-share holding increased by approximately Rs 4,63,73,250 in a single day

With the stock gaining Rs 30.25 in a single trading session, the market value of Agrawal's holding increased by approximately Rs 4.64 crore in a day. Promoter holding remained unchanged at 72.77 per cent, while public shareholding increased to 25.01 per cent from 12.92 per cent in the available shareholding comparison.

Zelio E-Mobility Opens New Manufacturing Plant In Coimbatore

Zelio E-Mobility also announced the inauguration of a new manufacturing plant in Coimbatore, Tamil Nadu, on July 13, 2026. The approximately 39,000 sq. ft. facility will support electric scooter assembly, storage, Logistics and allied business operations, primarily catering to Tamil Nadu, Karnataka, Kerala, Telangana, Andhra Pradesh and South Maharashtra.

The new plant has an installed production and assembly capacity of 60,000 units per annum. During the initial phase, the facility is expected to manufacture and assemble around 24,000 to 30,000 electric two-wheelers annually. The addition takes the company's total installed manufacturing capacity from 1,80,000 units per annum to 2,40,000 units per annum, representing a 33 per cent expansion.

The company has outlined capital expenditure of up to Rs 1 crore for the facility, subject to finalisation and Board approval, with the investment proposed to be financed through internal accruals. The expansion is aimed at enhancing production capacity, improving regional supply efficiency, optimising logistics and achieving greater operating leverage.
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Borrowings Decline While Reserves Rise

On the balance sheet front, the company's borrowings declined to Rs 19 crore in March 2026 from Rs 31 crore in March 2025, representing a reduction of approximately 38.71 per cent. Meanwhile, reserves increased sharply to Rs 90 crore from Rs 10 crore during the same period.

The company reported revenue of Rs 313.68 crore in FY26, registering an 81.8 per cent year-on-year increase. It also reported a revenue CAGR of 121 per cent over the last four years. Following its BSE SME listing in October 2025, the company raised Rs 78.34 crore and currently has a network of over 400 dealers across more than 25 states, with plans to scale to over 550 dealerships by FY27.

Management Commentary

Commenting on the development, Kunal Arya, Managing Director of Zelio E-Mobility, said, “The launch of our Coimbatore facility marks a major milestone in Zelio E-Mobility’s growth journey. South India represents one of the most promising electric mobility markets in the country, and this expansion strengthens our ability to serve customers, dealers, and partners with greater speed and efficiency. This facility will play a crucial role in supporting our next phase of growth, improving supply chain responsiveness, and reinforcing our commitment to accelerating EV adoption across India.”

About Zelio E-Mobility

Zelio E-Mobility Ltd, headquartered in Haryana and founded in 2021, manufactures electric two-wheelers and three-wheelers. The company's manufacturing network includes facilities in Haryana, Odisha and Tamil Nadu.

The company has a dealer network of more than 400 dealers across over 25 states and manufactures electric mobility products under its portfolio.

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Disclaimer: The article is for informational purposes only and not investment advice.