EKA Mobility Plans ₹1,000 Crore Capex Backed by $2 Billion Order Book

Commercial electric vehicle manufacturer EKA Mobility has announced plans to invest ₹1,000 crore in capital expenditure over a three-year period. The funding will support the expansion of manufacturing capabilities across electric buses, heavy electric trucks, and six-seater vehicles.

The expansion plan is underpinned by an order book of 11,000 buses valued at nearly $2 billion, which includes long-term servicing agreements. Sudhir Mehta, Chairman of EKA and Pinnacle Industries, stated that the combined revenue target for FY27 across both entities is ₹2,800 crore, driven by a focus on electric freight and affordable rural transport.

Pinnacle Industries, which manufactures automotive seating systems, bus interiors, and specialty vehicles such as ambulances, is projected to contribute around ₹800 crore to this revenue target. Meanwhile, EKA is targeting ₹2,000 crore in revenue, scaling up from approximately ₹600 crore in the previous year. EKA's vehicle volumes increased to 1,786 units between April and September, compared to 133 units during the same period a year earlier.

To support the delivery and maintenance of the bus order book, EKA currently operates 20 depots and expects to add 80 more over the next 18 months, establishing a presence across 45 cities. The company holds 12-year service contracts that cover maintenance, parts supply, and uptime support, while charging infrastructure is managed by the respective bus concessionaires.

In the rural transport segment, EKA is promoting its six-seater electric vehicles, with approximately 2,000 units currently on the road. The company has established 75 operational dealer points and plans to expand this network into smaller towns and rural markets. For heavy electric trucks, EKA is targeting fixed-load, point-to-point operations where charging schedules can be planned, focusing on operational cost comparisons rather than battery swapping technologies.

EKA's technological development relies on common elements such as motors, batteries, power electronics, and an internal software team comprising over 100 members. The company also collaborates with IIT Chennai on pantograph-based fast charging.

Regarding financial position, Mehta confirmed that EKA has completed its current funding rounds and is not seeking additional capital at this stage. The company's longer-term goal includes achieving $1 billion in annual revenue by 2030, with growth dependent on international market opportunities and the pace of charging infrastructure development.

"EKA Mobility's strategic focus on scaling manufacturing through clear order pipelines and localized infrastructure highlights a mature approach to the commercial EV sector. By addressing specific use cases such as heavy freight routes and rural mobility, the company is building a sustainable business model that balances capital expenditure with long-term service contracts. Managing operational execution and charging infrastructure readiness will be critical factors in meeting their 2030 revenue targets." — Dr. Shishir Gupta, Founder & CEO, StartupLanes