India is gaining momentum for extensive EV adoption, and the country’s policies are rapidly being defined and aligned to match that ambition. Yet among all the dimensions being debated, including incentives, tariffs and manufacturing mandates, one area stands above the rest when viewed through the consumer’s lens: the establishment of an efficient, effective and robust public charging infrastructure, including the deeply complex question of grid stability. Range anxiety remains an important concern from end users’ point of view, and while technologies that help increase range are steadily evolving, having an extensive, affordable and reliable public charging infrastructure would be a genuine piece of mind and a true catalyst for accelerating EV adoption to meet the 2030 goals laid down by the Government of India.

The scale of the challenge is stark. As of now, the scale of charging infrastructure is much less than what is currently required or envisaged for the near future, and whatever is available also isn’t reliable for high uptime. As a ball park, India needs almost 50x of charging stations compared to what it has today and that too highly reliable ones. Strengthening this has to be an outcome of several dimensions, requiring close coordination and policy alignment between equipment manufacturers, charging point operators, energy distribution companies and ministries like the power ministry and road transport and highway ministry, alongside policy think tanks and innovative technology companies that can leverage contemporary technologies like AI/ML, big data and analytics. Technology intervention is a must to create the required intelligence that can build a nationwide, data-driven intelligent ecosystem, one that is able to offer a countrywide integrated and reliable public charging infrastructure.

Underneath the charging network lies an equally urgent question: who makes the components? One of the major bottlenecks for the Indian industry has been its heavy reliance on imported semiconductors. With a major transition towards EV adoption underway, the need for such components will be extensive, be it for batteries, Battery Management Systems (BMS), EV electronic components, public charging infrastructure or smart grids and smart metering, just to name a few. Unless these needs are majorly fulfilled by local manufacturers, this could lead to a massive surge in imports. Localization and semiconductor manufacturing will therefore play a very critical role in the success of the EV market and EV future as a whole. It is something that must be taken up in a mission critical mode. It will help reduce import dependencies as well as drive affordability. The government is already providing the required help and working in close association with the industry for making India a global hub for chip manufacturing in the near future.

None of this, however, will matter if the vehicles themselves aren’t safe. Thermal management and battery safety are the very basic and very important aspects that are a must for accelerating EV adoption. India witnessed some odd incidents of EVs catching fire in the recent past. While such incidents have happened with fossil fuel-run vehicles also, anything new that is coming up causes more concern and draws higher attention. Utmost attention in terms of policies, manufacturing, quality control and operational and charging safety needs to be institutionalized at all levels to eliminate any such problems that can be a speed breaker in EV adoption. At a policy level, the government has already mandated strict norms like AIS-156, which focus on battery safety, thermal management and more reliable battery management systems. At a field level, more attention needs to be paid in terms of do’s and don’ts, proper training for safety, battery handling, charging, replacing, over-loading and short circuits in a more formalized and safe manner, instead of a ‘jugaar mindset’.

Taken together, charging infrastructure at scale, domestic semiconductor capability and uncompromising battery safety form the foundation of something far larger: India’s credible bid to become a global hub for EV manufacturing and innovation by 2030. An added advantage is that India is already a preferred global hub for automobile manufacturing. The entire ecosystem being envisioned through government-driven policies in terms of chip manufacturing, battery-related innovations, EV production, power sector reforms and infrastructure growth can surely take India closer to this goal. A lot is happening at the global level too on these subjects, which can be considered as macro-level environmental risks. Localization, innovation and efficient execution will be the critical factors to accomplish this target and the way the EV momentum is going, it is a high possibility that India turns out to be exactly that.

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Financial Overview

Standalone Q3FY26

• Total Revenue witnessed a growth of 29% in Q3 FY26 of Rs. 20,239 lacs from Rs. 18,185.68 lacs in Q3 FY25.
• EBITDA increased by 14%, standing at Rs.2702.23 lacs in Q3 FY26 from Rs.1698.05 lacs in Q3 FY25.
• Gross Profit rose by 08%, standing at Rs.5721.06 lacs in Q3 FY26, up from Rs.3403.84 lacs in Q3 FY25.
• Profit Before Tax registered a growth of 62%, amounting to Rs.1932.82 lacs in Q3 FY26, as against Rs.1309.35 lacs in Q3 FY25.
• Profit After Tax experienced a substantial rise of 80%, standing at Rs.1470.46 lacs in Q3 FY26, compared to Rs.949.92 lacs in Q3 FY25.

Consolidated Q3FY26

• Total Revenue witnessed a decline of 44% in Q3 FY26 of Rs.21,154.06 lacs from Rs.21,683.19 lacs in Q3 FY25
• EBITDA increased by 19% standing at Rs.2846.93 lacs in Q3 FY26 from Rs.1672.80 lacs in Q3 FY25
• Gross Profit rose by 8%, standing at Rs.6494.80 lacs in Q3 FY26 from Rs.3421.86 lacs in Q3 FY25.
• Profit Before Tax registered a growth of 13%, amounting to Rs.2027.98 lacs in Q3 FY26, compared to Rs.1282.52 lacs in Q3 FY25.
• Profit After Tax experienced a rise of 83%, standing at Rs.1551.50 lacs in Q3 FY26, compared to Rs.918.95 lacs in Q3 FY25.

Commenting upon the results, Raman Bhatia, Managing Director, Servotech Renewable Power System Limited said, “This quarter has marked a strong one for Servotech, where we witnessed strong sequential recovery in Q3FY26. After a challenging previous quarter, this performance represents a decisive turnaround, one that reflects our resilience, course correction, and collective determination for our stakeholders and investors who trusted us along the journey.”

“I am particularly proud of how we’ve responded to the setback and returned stronger, sharper, and more focused. The improvement in profitability was driven by better cost control, favourable product mix, and improved execution efficiency following the strategic reset undertaken in Q2 FY26. This quarter, we focused on simplifying operations and strengthening manufacturing execution, and improving cost discipline. Going forward, we remain focused on disciplined execution and operational efficiency, supported by improved manufacturing throughput, ongoing execution of institutional projects”, he further added.

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The MoU was signed by Mr. Saju Nair, CEO, Tivolt Electric Vehicles and Mr. Virendra Goyal, Head BD EV charging, TPREL, in the presence of Mr. Shivram Bikkina, Chief -Solar Rooftop & EV charging business, TPREL.

TPREL will bring its extensive experience in setting up and managing an expansive EV Charging infrastructure across the country to Tivolt dealerships, customer locations, and high-traffic public spaces. By deploying these strategically located EV Chargers, TPREL will empower commercial EV owners with reliable and highly accessible charging.

With a focus on easy charging solutions for small electric commercial vehicles, TPREL has previously partnered with other OEMs for providing 200+ customised EV Charging stations to customers in over 100 cities, including Mumbai, Delhi, Chennai, Bengaluru, Kolkata, Pune and Kochi.

Taking this initiative, a step further, TPREL will also explore the integration of solar energy systems to power Tivolt dealerships and customer locations. This innovative approach not only reduces the carbon footprint but also lowers the cost of charging for consumers, making the shift to electric vehicles more affordable and sustainable. This aligns with our broader commitment to driving India’s transition to a cleaner energy future through renewable solutions.

Commenting on the MoU, Mr. Deepesh Nanda, CEO & Managing Director, TPREL said, “Through our partnership with Tivolt, we are enhancing our EV charging network to empower the small and commercial vehicle segment—key drivers of India’s economy as they ensure seamless last-mile deliveries and efficient transportation. A robust and well-integrated EV ecosystem will accelerate the adoption of commercial EVs thereby propelling India’s energy transition and paving the way for a more sustainable future.”

Mr. Saju Nair, CEO, Tivolt Electric Vehicles said, “We are excited to partner with Tata Power. This will be a key enabler in the Electric Adoption journey and the strategic partnership will accelerate the development of EV charging infrastructure. This MoU is a significant step towards empowering the EV ecosystem for e trucks with robust, accessible charging solutions, ensuring that clean and sustainable mobility becomes a reality for our customers.”

Tivolt Electric Vehicles Private Limited, a Murugappa Group venture, will redefine urban mobility with innovative EV solutions. More than just a manufacturer, Tivolt will offer a comprehensive tech-driven ecosystem with robust charging infrastructure and a customer-first service approach. Specializing in small and light commercial vehicles, Tivolt will offer an innovative range under the Montra Electric brand, which will be known for its reliability and commitment to sustainability. As a symbol of progress, Tivolt will lead India’s EV revolution with a focus on technological advancement, innovation, and strategic partnerships, delivering practical yet sustainable mobility solutions that will redefine how India moves.

TPREL has expanded its network under the brand name of EZ Charge to over 1,00,000 home chargers, 6500+ public, semi-public, and fleet charging points, along with 1100+ bus charging stations across 530 cities and towns. These chargers have been strategically deployed at diverse and accessible locations such as highways, hotels, malls, hospitals, offices, residential complexes, etc.

TPREL and Tivolt are committed to making EV charging for commercial EV customers more convenient, affordable, and eco-friendly paving the way for a cleaner, and more sustainable India.

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As part of the agreement, Wardwizard Innovations & Mobility Limited will play a pivotal role in identifying strategic locations for setting up EV charging stations and serving as the front-end partner for key projects. The company will also ensure the provision of necessary resources, including financial support, to bolster the development of a comprehensive EV ecosystem.

Ampvolts Limited will complement this partnership by supplying state-of-the-art electric vehicle charging equipment, including chargers and associated hardware, to Wardwizard Innovations & Mobility Limited. They will also provide customized CMS software solutions to facilitate payment gateways and online monitoring systems. The company will also extend its Battery as a Service (BaaS) offerings to Wardwizard’s B2B clients, delivering innovative and comprehensive solutions to enhance business operations.

Speaking on the partnership, Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility Limited, said, “This partnership is a step forward in our mission to create a robust and sustainable EV ecosystem. ampvolts’ expertise in developing customized charging infrastructure solutions will empower us to offer our customers reliable and efficient charging options, enhancing their overall EV experience. Together with ampvolts, we are committed to accelerating the transition to green mobility by delivering integrated solutions that empower businesses and individuals to adopt electric vehicles confidently.”

Echoing similar sentiments, Mr. Vipul Chauhan- Managing Director, Ampvolts Limited, stated, “We are happy to partner with Wardwizard Innovations & Mobility Limited in this strategic collaboration, which marks a transformative step toward advancing green mobility. Wardwizard’s deep expertise in electric vehicle manufacturing and their well-established presence in the market provide us with invaluable insights and opportunities to expand our reach and impact. By leveraging our cutting-edge technologies and value propositions as well as their strong customer base and understanding of mobility needs, we can tailor our charging equipment and software solutions to deliver maximum value.”

This strategic partnership highlights a shared commitment to building a sustainable future, fostering innovation, and meeting the growing demand for eco-friendly mobility solutions.

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