Atul Auto Signs ₹490 Crore Electric Vehicle Deal With Exponent Energy; Shares Jump 7%

By Kotak News Desk
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24 Apr 2026 at 1:10 PM IST
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Market News
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Summary

Atul Auto signed a ₹490.50 crore deal with Exponent Energy to make 15,000 electric three-wheelers over three years. Shares jumped nearly 7% on 24 April.

Atul Auto Ltd shares jumped nearly 7% on Thursday after the company said it had signed a manufacturing agreement with Exponent Energy for electric three-wheelers, marking its first serious move into battery-powered commercial vehicles.

Atul Auto shares were trading at ₹503 as of 12:05 PM on 24 April, up 6.96% from its previous close. The stock has gained more than 20% over the past month and sits within a 52-week range of ₹380.05 to ₹554.00.

Deal Details At A Glance

Contract value: ₹490.50 crore, including battery and powertrain costs.
Volume: 15,000 electric three-wheelers.
Price per vehicle: approximately ₹3.27 lakh, excluding Goods and Services Tax.
Timeline: Three years from state transport authority approvals.
Extension: Six-month grace period available if needed.

Actions Taken By Both Companies

Atul Auto is the manufacturer. It will handle assembly, integration of Exponent's battery system and powertrain, quality checks, end-of-line testing and final delivery of vehicles. Everything on the factory floor is Atul Auto's responsibility.

Exponent Energy is bringing the technology. Its battery system supports 15-minute rapid charging and carries a warranty for up to 2,00,000 kilometres, numbers that matter a great deal to fleet operators running vehicles across long daily distances with tight turnaround windows.

The three-year clock starts once state transport authority approvals come through, with an additional six months available to complete the full volume of 15,000 units if needed.

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Recent Financial Performance

Atul Auto's most recent quarterly numbers give the electric vehicle deal some financial context. The company posted a net profit of ₹15.35 crore in the third quarter of financial year 2025-26, nearly double the ₹7.75 crore it earned in the same quarter a year earlier, a jump of 98.06%. Revenue from operations grew 18.39% year-on-year to ₹230.86 crore for the quarter ended 31 December 2025.

Sources:

CNBC

Business Standard

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