41% revenue growth, 30.8% ROCE: This Tata-backed smallcap could be a backdoor EV play
- Posted on October 1, 2026
- By Financial Express
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- 1 min read
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41% revenue growth, 30.8% ROCE: This Tata-backed smallcap could be a backdoor EV play
What if India’s electric-bus opportunity has a backdoor play? One Tata Motors-backed bus-body maker grew revenue 41% in FY26, sold a record 9,328 buses and lifted operating margins to around 9%, while ROCE rose to 30.8%. Higher-tonnage buses, more capacity and electric-bus development could drive the next phase of growth, but heavy dependence on Tata Motors and a sharp fall in Q1 FY27 margins make volumes, mix and profitability key to watch.
