### **Overview** Atul Auto Limited, founded in 1970, is one of India’s leading manufacturers of three-wheelers and ranks among the **top five three-wheeler manufacturers** in the country. The company pioneered the development of the locally designed ‘Chhakada’—a robust, cost-effective three-wheeler that became a cornerstone of regional transportation. Over the decades, Atul Auto has evolved into a major player in **last-mile mobility solutions**, serving both domestic and international markets with over **1 million vehicles sold globally** since 1986. The company operates as India’s **only pure-play auto rickshaw manufacturer**, with a focused business model on three-wheelers for passenger and cargo applications across fuel types: **diesel, petrol, CNG, LPG, and electric (EV)**. --- ### **Manufacturing & Capacity** - Operates **two state-of-the-art manufacturing facilities** in Ahmedabad, Gujarat. - Combined annual production capacity: **120,000 vehicles**. - A new plant in **Bhayla (near Ahmedabad)**, operational from FY2024, adds **60,000 units per annum**, doubling capacity and supporting rising demand for eco-friendly and innovative three-wheelers. - Facilities comply with **BS-VI emission standards** and are equipped with advanced manufacturing systems to ensure quality, scalability, and efficiency. --- ### **Product Portfolio** Atul Auto offers a diverse range of **over 50 variants** of three-wheelers tailored for: - **Passenger transport** (urban, rural, semi-urban) - **Cargo logistics** (350 kg to 500 kg load capacity) #### Fuel Flexibility: The company provides **multi-fuel options**: - **Diesel, petrol, CNG, LPG** – emphasizing economy, comfort, and reliability. - **Electric (EV)** – strategic entry into sustainable mobility with next-gen models. #### Key Launches: - **Atul Rik**: Alternate-fuel three-wheeler launched in CNG, LPG, and petrol variants; designed for urban and global markets with modern features (e.g., LED tail lamps, stepless entry, beige dashboard). - **Atul Mobili (EV passenger)** and **Atul Energie (EV cargo)**: Launched in FY2023–24, featuring European technology, **AIS 156-compliant lithium-ion batteries**, **telematics (Atul Intelligent System - AIS)**, and **remote monitoring**. - **Atul Energie 2**: Industry-first electric cargo three-wheeler powered by **dual battery packs**, offering enhanced range and efficiency. --- ### **Electric Mobility & Innovation (Atul Greentech – AGPL)** Atul Auto's EV ambitions are spearheaded by its wholly-owned subsidiary, **Atul Greentech Private Limited (AGPL)**, focused on: - **L5-category electric three-wheelers** (passenger and cargo) - **In-house development of:** - **Thermalised lithium-ion battery packs** - **Battery Management Systems (BMS)** - **EV chargers** - **Swappable battery systems** - **Telematics and data analytics platforms** #### Strategic Collaborations: - **Honda Power Pack Energy India**: Partnership to develop **battery-swappable electric three-wheelers** using Honda’s **Mobile Power Pack e:Swap** technology, reducing recharging downtime and TCO. - **Valeo**: Co-development of compact electric powertrains for EV prototypes. - **Jio Things Limited**: Integration of **Jio’s smart digital apps and telematics hardware** for real-time data analytics, improved connectivity, and enhanced customer experience—especially for international markets. - **MoU with European Manufacturer**: Aimed at **in-house lithium-ion battery production** and technological support for BMS. #### R&D Focus: - Customer-centric innovation - Advanced safety systems and sustainability - Comfort parity between EVs and conventional fuel models - Development of **battery-swappable and fast-charging EV infrastructure** - Alignment with **global mobility trends** and regulatory standards --- ### **Financial Strength & Strategic Investments** - **Debt-free balance sheet** as of FY2024, achieved by repaying all debt using ₹115 crore raised via preferential warrants. - Significant investments in future-ready initiatives: - ₹**82.72 crore** invested in **Khushbu Auto Finance Ltd. (KAFL)** – including ₹24.95 crore in FY25. - ₹**30 crore** invested in **AGPL** for EV development. - **KAFL (NBFC Subsidiary):** - Provides **tailored vehicle financing** to drivers, fleet operators, and small businesses. - Critical in enabling EV adoption by reducing financing barriers. - Net worth: **₹136.70 crore** (as of Aug 2025) - Turnover: **₹52.00 crore** --- ### **Market Presence & Distribution** #### Domestic: - Sales and service network spans **21 Indian states**. - Over **175 primary** and **130 secondary** dealerships. - More than **600 global touchpoints** for sales, service, and spare parts. - Strong presence in **Gujarat**, supported by key dealer **Khushbu Auto Private Limited (KAPL)** with 15+ sub-dealers. #### International: - Operates in **21+ countries** including South Africa, Kenya, Ethiopia, Lebanon, Dominican Republic, Philippines, Belgium, France, Italy. - Export volumes increased from **946 units (FY2021)** to **1,605 units (FY2022)**. - Expanding into **South America, Africa, and Europe**, particularly for EV models. - International three-wheeler market grew **27.16% YoY in FY2022**, signaling strong growth potential. --- ### **Strategic Positioning & Growth Drivers** #### Opportunities: - Rising demand for **electric and alternate-fuel three-wheelers** - Urbanization and **e-commerce-led last-mile delivery** - Government push for **clean energy transport** (FAME schemes) - Need for **cost-effective, low-emission urban mobility** - Potential rollout of **FAME III**, especially supporting **battery-swappable EVs** #### Strengths: - **Pan-India and growing global footprint** - **Full vertical integration** in EV value chain (batteries, BMS, charging, telematics) - **Strong R&D capabilities** with teams in India and Europe - **Wholly-owned NBFC (KAFL)** enabling financing scalability - **Robust dealer and service network** - **First-mover advantage in swappable battery tech** via Honda tie-up - **Proven legacy of innovation and durability** #### Weaknesses & Challenges: - **Heavy reliance on Indian market** - **Limited international footprint** compared to peers - **High capital requirements** for EV transition - Dependence on **external suppliers** for critical components - Intense competition in the **EV three-wheeler segment** --- ### **Key Dates & Milestones Summary** | Date | Key Developments | |------------|------------------| | Sep 2020 | Launched 'Elite' EV range; began new plant setup; aligned with FAME II | | Mar 2021 | Launched **RIK CNG** three-wheeler; introduced super warranty and financing via KAFL | | Sep 2021 | Expanded alternate fuel offerings; initiated EV development with lithium-ion focus | | Apr 2022 | AGPL-Honda-Valeo EV prototype development announced | | Sep 2022 | Export growth; MoUs for battery tech; R&D expansion | | Sep 2023 | Launched **Mobili & Energie EVs**; began field trials; strengthened KAFL role | | Sep 2024 | Fully repaid debt; expanded manufacturing; launched telematics and international EV push | | Aug 2025 | AGPL revenue at ₹1,461 lacs (from ₹80 lacs); KAFL turnover at ₹52 crore; continued strategic scaling | ---