The stock was trading at Rs 1,342.60 on the NSE during the first hour of the trading session.
Net profit remains largely flat
Olectra Greentech's net profit declined 0.4% year-on-year to Rs 25.9 crore in Q1 FY27, compared with the corresponding quarter of the previous financial year, NDTV Profit reported.
The muted profit performance came despite a strong rise in the company's revenue during the quarter.
Revenue jumps 66%
The company's revenue climbed 66% year-on-year to Rs 576 crore in the April-June quarter.
However, the strong revenue growth did not translate into a corresponding increase in profitability, with margins coming under pressure during the quarter.
EBITDA margin contracts
Olectra Greentech's EBITDA increased 46.6% to Rs 69.2 crore in Q1 FY27.
However, the EBITDA margin contracted to 12%, from 13.6% in the year-ago period.
The decline in margins, along with the near-flat net profit, appears to have weighed on investor sentiment and triggered the sharp fall in the company's shares.
Electric bus business remains key
Olectra Greentech is one of India's prominent electric-bus manufacturers, with its mobility business forming a major part of its growth strategy.
The company's performance going forward is expected to remain closely linked to electric-bus deliveries, order execution and its ability to improve margins as revenue scales up.