• Electric bus adoption: Overall adoption is around 7%, but 60% to 70% of 9- and 12-meter State Transport Undertaking registrations are electric, representing 1,400 of 2,000 buses in Q1. Scaling private adoption requires extending financing terms from 3–5 years to 6–7 years alongside planned PSU bank interest subventions.
• Government tender pipeline: The company secured 1,085 vehicles under the recently concluded 10,000-vehicle PM E-DRIVE scheme for major cities. A new tender under the PM-eBus Sewa scheme for 4,000 to 6,000 buses is currently underway to expand electric bus adoption into Tier-2 cities.
• Charging infrastructure timeline: Buses rely primarily on captive STU depots, whereas electric truck adoption requires extensive public charging infrastructure supported by the Ministry of Heavy Industries. Building this nationwide truck charging network will take another 2 to 3 years.
• Hydrogen technology trials: The company is conducting a trial this year for hydrogen fuel cell vehicles, viewing the technology as complementary to EVs. Commercial viability will depend on mass production bringing down per-kilometer fuel consumption costs, similar to battery pack costs dropping to $90–$100.