Olectra Greentech's LoI for 1,085 electric buses for Hyderabad deployment resurfaces from February
Olectra Greentech secured a letter of intent from Telangana State Road Transport Corporation for 1,085 12-metre AC and non-AC electric buses under the PM E-Drive scheme back in late February 2026, a deal now resurfacing. The buses are planned for deployment in Hyderabad.
The development
Olectra Greentech secured a letter of intent for 1,085 electric buses from TGSRTC under the PM E-drive initiative. The 12-metre AC and non-AC buses will be deployed in Hyderabad.
The numbers
- 1,085
- 12-metre
- over 3,600
- exceeding 10,000
Why it matters to operators and investors
The PM E-Drive-backed Hyderabad award validates Olectra’s position in public electric mobility and could create partnership opportunities across charging, fleet operations, financing and localized component supply.
What to watch next
- Conversion of the LoI into a binding order and disclosure of total contract value.
- Monthly or quarterly delivery targets, depot commissioning milestones, and first-bus deployment dates.
- PM E-Drive funding clarity, subsidy-release timelines, and state or central policy changes.
- Olectra order-book execution metrics, operating-margin guidance, receivable days, and working-capital borrowing.
- Battery-cell pricing, component availability, charging-grid readiness, and competing electric-bus tender awards.
- Seek final purchase-order and contract-value confirmation, including delivery schedule, payment terms, and performance-security requirements.
- Accelerate procurement of chassis, battery packs, power electronics, and charging equipment to protect delivery timelines.
- Coordinate with TSRTC and Telangana agencies on depot electrification, charging capacity, route allocation, and maintenance operations.
- Use the expanded indicated order book to strengthen bidding credibility in other state e-bus tenders and negotiate supplier capacity.
The counter-case
A letter of intent is not a firm purchase order: final quantities, pricing, delivery schedules, financing, operating terms and performance guarantees may still be subject to contract execution. The headline order-book increase may overstate near-term revenue visibility, while execution risks include vehicle supply, charging/depot readiness, state-payment delays, tender compliance and warranty costs. PM E-Drive-linked demand also depends on timely scheme funding and administrative approvals.