EKA Targets ₹2,800 Crore FY27 Revenue as Bus Orders and Truck Expansion Drive Growth

EKA Mobility’s next growth phase depends on turning a large bus order book into timely deliveries while building businesses in electric freight and rural transport. The company plans ₹2,000 crore in capital expenditure over three years for electric buses, heavy trucks and six-seater vehicles. Across EKA and its sister company Pinnacle Industries, chairman Sudhir Mehta is targeting ₹2,800 crore in revenue in FY27.

The revenue ambitions rest on businesses at different stages. Pinnacle, which makes automotive seating systems, bus interiors and specialty vehicles including ambulances, expects around ₹800 crore in revenue this year. It also supplies components to other vehicle makers, so it can benefit when those manufacturers win bus tenders. EKA, meanwhile, is targeting ₹2,000 crore, compared with approximately ₹600 crore last year.

Mehta says Pinnacle’s revenue was ₹200 crore a decade ago. The businesses now span component supply, vehicle production and servicing, but the scale of their targets makes execution a central question. For EKA, buses have brought manufacturing scale and service infrastructure; small commercial vehicles have helped build its dealer network. Heavy electric trucks are the company’s planned next step.

Bus orders depend on depot readiness

EKA has orders for 11,000 buses, valued at almost $2 billion when vehicles and long-term servicing are included. The order book gives the company a substantial delivery pipeline, but it does not fix the timing of revenue. Mehta says production is being matched to depot readiness, and infrastructure availability could shift revenue by two or three months.

The distinction matters: winning orders establishes demand, while delivery schedules and operating facilities determine when buses can enter service. EKA has 20 depots operational and expects another 80 over 18 months. It plans to be present in 45 cities. Those facilities support the company’s service commitments, but charging infrastructure is provided by the concessionaires operating the buses.

EKA’s service contracts run for 12 years. The company maintains buses, supplies parts and supports uptime over that period. Mehta reports uptime of more than 99 per cent. In Mira-Bhayandar, he says, one EKA bus carries more than 800 passengers daily. The figure illustrates the intensity of use that can make maintenance and parts availability important to the economics of a bus operation.

Vehicle volumes rose 13.4 times to 1,786 in April–September from 133 a year earlier. That increase points to a faster production pace, though the company’s longer-term plan is much larger: EKA is targeting $1 billion in annual revenue by 2030. Its stated order value includes servicing, so it should not be read as vehicle sales alone or as revenue already earned.

Rural vehicles and electric freight

EKA is also building a market for six-seater electric vehicles in smaller towns and rural areas. Around 2,000 are already on the road. Mehta puts their operating cost at approximately 50 paise per kilometre and says they travel around 18 kilometres on one unit of electricity. They can charge from a normal 16-ampere socket, which may make charging easier where dedicated equipment is less practical.

The company has 75 operational dealer points and is adding six to 10 each month. Its stated aim is to extend coverage from smaller towns into rural markets, linking villages with schools, markets and public transport. Whether that network can support wider adoption will depend on reaching customers and maintaining vehicles across dispersed routes, as well as on the affordability of the service for operators and passengers.

Heavy electric trucks present a different calculation. Their purchase price is substantially higher than that of diesel vehicles, and Mehta acknowledges that monthly instalments are also higher. He argues that lower running costs can help offset the upfront expense. His comparison puts fuel for a fully loaded diesel truck at around ₹50 per kilometre; an electric truck could cost around ₹30 per kilometre at an electricity price of ₹12 per unit, with costs falling further if electricity is cheaper.

That comparison depends on each operator’s routes, loads and access to charging. EKA sees the clearest fit in fixed-load, point-to-point work, where charging can be scheduled around operations. The company conducts customer trials and demonstrates actual operating data before a sale, and Mehta says it sells only when the business case works. He views battery swapping as an option rather than a requirement for most applications, putting financing and charging availability ahead of swapping in the adoption equation.

Shared technology, infrastructure constraints

EKA is developing vehicles around common components, including motors, batteries, power electronics and software. Mehta says the software team has more than 100 people and the company recruits around 150 young engineers annually. It is also working with IIT Chennai on pantograph-based fast charging. Shared vehicle systems could help apply technical work across categories, though the company’s expansion still depends on making each vehicle’s operating case work in practice.

Mehta says EKA has completed its funding rounds for now and is not seeking additional cash at present. The company’s stated priorities are therefore closely tied to execution: converting bus orders into deliveries as depots become ready, extending service and dealer coverage, and proving that electric trucks can lower operating costs enough to offset higher instalments.

He identifies charging infrastructure and electricity transmission capacity as critical factors as electric vehicle adoption grows. For EKA, the $1 billion annual revenue ambition by 2030 will depend not only on production, but also on whether the supporting network can keep pace with the vehicles it plans to put on the road.