Company Overview

Tunwal E-Motors Limited, incorporated in December 2018 and founded in 2013, is a Pune-headquartered Indian company specializing in the design, development, manufacturing, and distribution of electric two-wheelers. The company has strategically positioned itself as a significant player within India's rapidly expanding electric vehicle (EV) market, with a primary focus on the two-wheeler segment, which constitutes the largest portion of India's automotive industry.

The company's operational approach integrates innovative technology with practical design solutions, aiming to address the diverse transportation needs of Indian consumers across both urban and rural landscapes. Tunwal E-Motors Ltd is dedicated to advancing electric mobility in India through its specialized electric two-wheeler offerings.

Financial Performance and Market Position

As of May 22, 2025, Tunwal E-Motors Ltd (TUNWAL) holds a market capitalization of ₹172.26 Cr. The company has demonstrated significant financial improvement in recent years, with a notable increase in revenue and profit after tax (PAT) between the fiscal years ending March 31, 2023, and March 31, 2024.

Key Financial Metrics (Latest Available):

- Revenue: ₹179 Cr

- Profit After Tax (PAT): ₹11.9 Cr

- EBITDA: ₹123.67 Million INR

- EBITDA Margin: 6.92%

- P/E Ratio: 14.57

- P/B Ratio: 8.39

_Note: Earnings include an other income of ₹6.27 Cr. The company's working capital management indicates areas for attention, with Debtor days increasing from 27.5 to 45.2 days and Working capital days increasing from 138 days to 206 days._

Business Operations and Production Capacity

Tunwal E-Motors operates a manufacturing facility located in Palsana, Sikar, spanning an area of 8,000 square meters. The plant is dedicated to the production of electric bikes and possesses a manufacturing capacity of up to 41,000 units per annum. As of March 31, 2024, the company employed 64 permanent staff members. Tunwal E-Motors maintains a strong focus on operational excellence and employee development to support its growth objectives.

The company's manufacturing strategy prioritizes quality control and scalability. Regular employee training is conducted to enhance operational efficiency, improve productivity, and ensure compliance with quality and safety standards. This commitment enables Tunwal E-Motors to meet increasing market demand while upholding product quality.

Product Portfolio and Market Strategy

Tunwal E-Motors offers a diverse product range comprising approximately 23 different models, including seven variants of electric two-wheelers designed for the domestic market. Key models include Lithino Pro, Alfa Pro, Roma, TZ 3.3, TEM G33, Storm ZX Plus, T 133, and Mini Lithino Li 3.0, catering to various customer needs and market segments from entry-level users to premium buyers. Their product offerings extend to e-bikes, e-mobility solutions, and chargers.

The company has cultivated a robust distribution network across India, with a presence in 19 states through over 256 dealers. Each appointed dealer is mandated to provide comprehensive after-sales services, including routine maintenance, battery management, diagnostics, safety checks, and component replacement. This extensive service network is crucial for ensuring customer satisfaction and fostering brand loyalty in the competitive EV market.

Stock Performance and Listing Details

The Tunwal E-Motors IPO opened on July 15, 2024, and closed on July 18, 2024. The IPO lot size was 2,000 shares, with a minimum investment requirement of ₹1,18,000. The stock debuted on the NSE SME exchange under the ticker TUNWAL. The scrip listed at ₹64 per share, representing an 8.47% premium over its IPO price of ₹59 per share.

As of recent data, TUNWAL's 52-week high stands at ₹64, with a 52-week low of ₹27.25. The stock has experienced a decline of -1.82% over the previous week, -6.45% over the past month, and -43.33% over the last year.

Corporate Governance and Shareholding

The promoter holding in Tunwal E-Motors Limited is 63.9%, which has seen an increase of 1.56% over the last quarter. The promoters are key stakeholders deeply committed to the company's long-term vision and growth within the electric mobility sector. Tunwal E-Motors Limited currently does not distribute dividends to its shareholders.

Recent Developments and Strategic Initiatives

Tunwal E-Motors Limited has entered into a strategic merchant agreement with Bajaj Finance, effective April 10, 2025. This partnership enables customers to access financing options for their electric two-wheeler purchases directly at Tunwal dealerships, enhancing affordability and potentially boosting sales without impacting management or incurring additional liabilities for the company.

In January 2024, the company announced the readiness of a prototype for an E-Mobility vehicle designed for differently-abled individuals. This initiative underscores Tunwal E-Motors' dedication to developing inclusive mobility solutions and broadening its addressable market.

The company is actively establishing a dedicated Research and Development (R&D) Department to drive future innovation and continuously enhance its existing EV product line with advanced technologies. This investment in R&D capabilities is vital for maintaining competitiveness in the dynamic electric vehicle market.

With India's strong impetus towards electric mobility and supportive government policies, Tunwal E-Motors is strategically positioned to capitalize on the escalating demand for electric two-wheelers. The company's established dealer network, comprehensive product portfolio, and manufacturing infrastructure provide a solid foundation for sustained future growth within the expanding Indian electric vehicle market.