TUNWAL
Tunwal E-Motors financials
- Market cap
- ₹142 Cr
What Tunwal E-Motors Ltd does
Tunwal E-Motors designs, manufactures and distributes a portfolio of electric two-wheelers built on lead-acid and lithium-ion battery packs with BLDC hub motors. The company traces its engineering roots to Tunwal Electronics (founded in Gandhinagar, Gujarat) and was incorporated in 2018, since when it has built manufacturing capacity in Rajasthan and a dedicated warehouse in Pune. It sells through an expanding dealer and distributor network and in FY25 acquired a wholly owned subsidiary, Palsana EV Industries India Private Limited, to add further manufacturing capacity.
Segments
- Electric two-wheelers
- Manufacturing plants
- 1 fully operational unit (Palsana, Rajasthan); 2 further factories under progress
- Dealer & distributor presence
- 20+ Indian states
- Product portfolio
- 11 electric two-wheeler models
- Warehouse facilities
- 1 dedicated warehouse (Pune)
- Manufacturing subsidiary
- Palsana EV Industries India Pvt Ltd (wholly owned, Rajasthan; operations under development)
- Battery options across range
- Lead-acid (28Ah/32Ah/43Ah) and Lithium-ion (30Ah)
Quarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 74 | 104 | 144 | 132 |
| EBITDA | 8 | 4 | 12 | 8 |
| Net profit | 5 | 6 | 9 | 4 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −19.0% 1Y
1Y: ₹30.25 on 10 Sept 2025 → ₹24.5. High ₹45.6 (2 Dec 2025), low ₹24.5 (11 Sept 2026).
Balance sheet
| Year ending | FY25 | FY26 |
|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr |
| Reserves | ₹111 Cr | ₹114 Cr |
| Borrowings | ₹33 Cr | ₹27 Cr |
| Other liabilities | ₹110 Cr | ₹65 Cr |
| Total liabilities | ₹265 Cr | ₹218 Cr |
| Fixed assets | ₹28 Cr | ₹29 Cr |
| Capital work in progress | ₹5 Cr | ₹12 Cr |
| Investments | ₹1 Cr | ₹2 Cr |
| Other assets | ₹231 Cr | ₹174 Cr |
| Total assets | ₹265 Cr | ₹218 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Apr 2025, DIIs added +0.60 pp while the public trimmed −0.59 pp. The shareholder count shrank 13% to 5,843.
- Promoters
- 63.9%
- DIIs
- 0.6%
- Public
- 35.5%
Since Apr 2025
- DIIs +0.60 pp
- Public −0.59 pp
- Promoters 0.00 pp
How it drifted, 7 quarters
Over this window the public fell from 37.6% to 35.5% — −2.1 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 62.3%, FIIs 0.0%, Public 37.6%.Mar '25: Promoters 62.3%, Public 37.7%.Apr '25: Promoters 63.9%, Public 36.1%.Sep '25: Promoters 63.9%, DIIs 0.7%, Public 35.5%.Dec '25: Promoters 63.9%, Public 36.1%.Mar '26: Promoters 63.9%, DIIs 0.9%, Public 35.2%.Jun '26: Promoters 63.9%, DIIs 0.6%, Public 35.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Laxman Sopan Waghmode newly disclosed 1.20% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Tunwal E-Motors Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jhumarmal Pannaram Tunwal | 61.43% | unchanged |
| Tunwal Jhumarmal P Huf | 2.12% | unchanged |
| Laxman Sopan Waghmode | 1.20% | newly disclosed |
| Sangita Jhumarmal Tunwal | 0.35% | unchanged |
| Spreta Jhumarmal Tunwal | 0.00% | unchanged |
| Kavita Sankhla | 0.00% | unchanged |
| Gaurav Sankhla | 0.00% | unchanged |
| Chavli Devi | 0.00% | unchanged |
| Tunwal E-Vehicle India Private Limited | 0.00% | unchanged |
| Proton Magnetic Energy Private Limited | 0.00% | unchanged |
| Elect-Evtec Solutions Private Limited | 0.00% | unchanged |
| Tunwal Electronics | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -4.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Tunwal E-Motors Ltd
Guides on how to read this kind of business and the numbers that matter.