The electric bus segment in India is witnessing rapid growth as state transport undertakings, airports, and private operators increasingly shift towards clean mobility solutions. Among the front-runners, Olectra Greentech, JBM Auto, and Tata Motors are competing aggressively with expanding order books, rising deployments, and enhanced manufacturing capacities, positioning themselves as leaders in the country’s EV bus market.
1. Olectra Greentech Ltd
Incorporated in 2000, Olectra Greentech is engaged in the production of composite polymer insulators, electric buses, and electric trucks. The company serves a diverse clientele across government bodies, power corporations, and multinational infrastructure companies in India, the US, and several African nations. It has established itself as a pioneer in India’s electric bus manufacturing space.
The company has a market cap of Rs. 13,276.15 crore, with its shares trading at Rs. 1,617.45. In August 2025, Olectra sold 98 units compared to 89 units in July 2025, marking a 10 percent increase in monthly sales.
Olectra has over 2,800 electric vehicles already operating on roads and an order book exceeding 10,000 units. With more than 135 product variants, the company manufactures seven-meter, nine-meter, and twelve-meter electric bus models. During Q1FY26, it commissioned a state-of-the-art greenfield facility in Hyderabad with an annual capacity of 5,000 units, scalable up to 10,000 units.
2. JBM Auto Ltd
Established in 1996, JBM Auto operates in the automotive space, producing sheet metal components, tools, dies, molds, and buses. The company’s divisions cater to OEMs across passenger and commercial vehicles, farm equipment, and Tier-1 suppliers, while its OEM business supplies to state transport undertakings, aviation, defence, and various mobility operators.
The company has a market cap of Rs. 16,946 crore, with its shares trading at Rs. 716.55. In August 2025, JBM Auto sold 62 units compared to 145 units in July 2025, reflecting a 57 percent decline. Its electric vehicle subsidiary recorded 10 sales in August versus 1 in July 2025.
As per the FY25 annual report, JBM Auto secured USD 100 million in funding from ADB and AIIB for the deployment of 575 electric buses, boosting its asset-light expansion strategy. The company holds an order book exceeding 11,000 e-buses, with over 2,500 units already on roads.
It dominates with over 90 percent share in the airport tarmac segment, 40–45 percent in luxury coaches, and around 30 percent in city and STU markets. With 19 manufacturing locations, more than 1,000 presses, 3,000 robots, and a 6 GWh battery capacity, JBM has an EV bus capacity of 20,000 units annually. Strategic alliances with firms like LeafyBus, Hitachi Energy, and FlixBus strengthen its international presence.
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3. Tata Motors Ltd
Founded in 1945, Tata Motors is one of India’s largest automakers, producing commercial vehicles, passenger vehicles, and luxury cars under the Jaguar Land Rover brand. The company also manufactures engines for industrial applications and provides financing through its NBFC arm. Its customers include fleet operators, government agencies, SMEs, defence, mining, and construction industries, among others.
The company has a market cap of Rs. 2,42,588.25 crore, with its shares priced at Rs. 658.80. Tata Motors reported sales of 49 units in August 2025, up from 21 units in July 2025, registering a 133 percent rise.
As per Q1FY26 updates, Tata Motors registered 43 electric buses in the quarter, taking its total tally to nearly 3,700 EV buses. Its fleet has clocked over 400 million kilometres with more than 95 percent uptime.
The company completed deployments in Jammu & Kashmir, Bengaluru, and Delhi, and emerged as the lowest bidder in a tender for 25 articulated, flash-charging electric buses from Nagpur Municipal Corporation.
According to the FY25 annual report, Tata Motors is also advancing in hydrogen-powered fuel cell buses, with 15 units already operating in Delhi under a project with Indian Oil Corporation.
Written By Manan Gangwar
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