Electra EV eyes threefold growth as commercial EV demand surges

Mumbai: Electra EV, the Ratan Tata-founded manufacturer of motors, controllers, battery packs and other critical aggregates for electric vehicles, expects to triple its business for the second consecutive year as a sharp increase in demand for electric commercial vehicles drives a surge in orders.

Executive director and chief executive Samir Yajnik said the business would grow threefold this year (fiscal 2027) and could expand by the same rate next year as well on the back of a strong order pipeline across electric light commercial vehicles, buses, trucks, three-wheelers and battery energy storage systems (BESS).

“I have never in my 40-year lifetime seen a threefold increase with the prospect of another threefold increase,” Yajnik told ET.


The company that posted Rs200 crore in FY26 sales, expects BESS to account for about a third of its business this year and the next.

The acceleration has been particularly sharp in the commercial vehicle segment, especially in LCV-related business driven by orders from Tata Motors and in electric three-wheelers, led by Mahindra.

“The demand is huge, humongous,” Yajnik said, adding that it is now outstripping supply. Electra estimates available supply at about 70% of what it needs, with cell procurement, freight and component availability posing execution challenges.