A subsidiary of Megha Engineering & Infrastructure (MEIL) has quietly created massive wealth for investors on Dalal Street over the past decade.
The company’s shares have skyrocketed 11,419%, climbing to Rs 1,612.60 on September 10, 2025, from just Rs 14 in 2015. This rally means that an investment of Rs 1 lakh a decade ago is now worth over Rs 1 crore. This is Olectra Greentech. The latest shareholding data showed that MEIL Holdings held more than 50% stake in the company as of June 30, 2025.
Brokerage Geojit Investments is bullish on Olectra Greentech with a target price of Rs 1,732 per share. The company, formerly known as Goldstone Infratech, established in 2000, is a manufacturer of electric buses and insulators. The company is India’s first-ever electric bus manufacturer that has manufactured and deployed all variants of electric buses in India.
The electric bus order book of the company stood at 10,193 units, post-delivery of 161 buses in Q1FY26. The upcoming manufacturing facility, with an initial capacity of 5,000 buses (scalable to 10,000), is expected to be operational by Q4FY26, supporting higher production ahead.
“Olectra Greentech’s outlook for FY26 appears positive, supported by a strong order book of over 10,000 electric buses, planned production ramp-up, and technological advancements. The company aims to deliver 2,000 buses in FY26, with volumes expected to accelerate from Q2 and peak in H2 as supply chain bottlenecks ease and capacity utilisation improves,” Geojit Investments said in a report.
The management expects steady revenue growth and rising profitability on the back of higher volumes. Over the past decade, the company has delivered robust growth in both revenue and earnings. Olectra Greentech’s consolidated gross sales have grown at a CAGR of nearly 34% to Rs 1,801.90 crore in FY25, while consolidated profit after tax (PAT) has expanded at a CAGR of around 40% to Rs 139.21 crore during the same period.
Olectra continues to maintain its market share of approximately 25% in India’s electric bus segment as of FY25. In its latest annual report, the company said that the country’s electric mobility sector is undergoing a transformative phase, supported by a convergence of strong policy support, technological advancement, and socio-environmental priorities. The country has witnessed the steady adoption of electric buses across both metropolitan and tier-2/tier-3 cities, reflecting an overarching shift toward sustainable urban development.