Olectra Greentech shares rally sharply 4% from day’s low after bagging Rs 1,800 crore electric bus order

Olectra Greentech Limited shares rallied nearly 4% from the day’s low on February 23, 2026, after the company disclosed a major order linked to 1,085 electric buses for Telangana. The stock recovered from an intraday low of ₹988.90 to hit a high of ₹1,043.90 during the session.

The rally followed an announcement that Evey Trans Private Limited (EVEY) has received two Letters of Award (LOAs) from Telangana State Road Transport Corporation (TGSRTC) for the supply, operation and maintenance of 1,085 electric buses for intra-city operations.

Under the contract, 1,025 buses will be 12-meter Non-AC models, while 60 will be 12-meter AC buses. The project will be executed under a Gross Cost Contract (GCC) or OPEX model for a period of 12 years.

As part of the arrangement, EVEY will procure the buses from Olectra Greentech. The buses are scheduled to be delivered over a period of 20 months. The value of the supply of these 1,085 electric buses is estimated at approximately ₹1,800 crore for Olectra. In addition to manufacturing and supplying the buses, Olectra will also undertake maintenance during the 12-year contract period.

The order has been awarded by a domestic entity and pertains to domestic operations. The contract structure ensures long-term visibility, with execution spread across nearly two years and operations extending over more than a decade.

The company also clarified that the proposed transactions between Olectra and EVEY will fall under related party transactions and will be conducted on an arm’s length basis.

In terms of stock performance, Olectra Greentech opened at ₹1,015.00 compared to the previous close of ₹1,014.50. During the trading session, the stock touched a low of ₹988.90 and a high of ₹1,043.90. The 52-week range stands between ₹965.10 and ₹1,714.20.