Accumulate Olectra Greentech; target of Rs 738: Geojit

Geojit recommended accumulate rating on Olectra Greentech with a target price of Rs 738 in its research report dated April 25, 2023.

Broker Research

April 25, 2023 / 15:05 IST

Accumulate

26 Aug, 2025 12:21

Volume

Todays L/H

Geojit's research report on Olectra Greentech

Olectra Greentech Ltd. (OGL), is a subsidiary of Megha Engineering and Infrastructures Ltd. (MEIL). The company is primarily engaged in the manufacturing of electric buses and composite polymer insulators. EV adoption in buses is likely to speed up in the current year, and the center plans to procure 50,000 buses with an investment outlay of Rs.1,000 cr. Olectra bags the biggest ever order of 2,100 electric buses worth Rs.3,675 cr. The company received this order from BEST (Brihanmumbai Electric Supply and Transport), Mumbai. The technical partnership between Olectra and Reliance on the Hydrogen Bus project is officially expected to launch next year. With the formation of a JV with BYD (Build Your Design) China for electric buses, the company is expanding its product line in the e-mobility segment for 3-wheeler electric autos and electric truck tippers.

Outlook

We initiate OGL with a target of Rs.738, at 35x FY25E EPS. Recommend Accumulate rating, considering capacity expansion & strong earnings growth.

For all recommendations report, click here