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.
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 Delhi; Hyundai's profit fell as competition intensified, prompting Talegaon expansion and a planned mass-market compact EV.