Olectra, JBM, Hyundai post 20%+ ROCE as India's EV race tilts toward bus fleets
Olectra (ROCE 20.1%) booked Q3 revenue of ₹663.6 cr (+29% YoY) on 385 EV deliveries and a 1,085-bus order worth ₹18 bn. JBM (ROCE 20.4%) clocked ₹1,614 cr sales with 500-bus Telangana and 312-bus Delhi wins. Hyundai's profit slid to ₹1,255.6 cr from ₹1,614.3 cr, pushing a Talegaon expansion and compact EV bet.
What happened
Three Indian EV stocks—Olectra Greentech, JBM Auto, and Hyundai Motor India—posted ROCE above 20%. Olectra and JBM expanded e-bus deliveries in Telangana and
Key facts
- Olectra ROCE 20.1%
- Olectra Q3 revenue ₹663.60 cr (+29% YoY)
- Olectra net profit ₹46.70 cr
- Olectra 385 EVs in Q3 FY26 (+37%)
- 29% e-bus market share
- 1,085 e-buses order ₹18 bn
- JBM ROCE 20.4%
- JBM Q3 sales ₹1,614 cr (+15.6%)
- JBM net profit ₹54.68 cr
- 500 buses Telangana, 312 Delhi
- Hyundai Q4 FY26 sales ₹18,916.20 cr
- Hyundai net profit ₹1,255.60 cr (down from ₹1,614.30 cr)
Why this matters
Hyundai's Talegaon expansion and compact-EV pivot opens partnership or supply-chain entry points, while Olectra and JBM's order pipelines make them anchor targets for battery, charging, or fleet-financing tie-ups.