Hyderabad-based E2W maker posts INR 2.5 crore PAT; operating revenue up 9% to INR 134.9 crore
Electric two-wheeler maker Pure EV reported a sharp turnaround in FY25, with profit after tax rising to INR 2.5 crore from INR 5 lakh a year earlier, even as operating revenue grew 9% year-on-year to INR 134.9 crore. The figures are based on statutory filings and reflect tighter cost control alongside steady sales, the report said.
Total income stood at INR 137.4 crore, including other income of INR 2.5 crore, while total expenditure rose just 3% to INR 134.2 crore. Vehicle sales contributed over 90% of operating revenue at INR 123.3 crore, with battery sales at INR 3.0 crore and exports worth INR 38.9 lakh for the year ended 31 March 2025.
Costs trended lower across key heads: cost of materials consumed declined 10.4% year-on-year to INR 80.4 crore (down INR 9.3 crore), and employee benefits fell 26.3% to INR 5.6 crore (down INR 2.0 crore). Advertising spend scaled up 2.3x to INR 7.8 crore, signalling higher brand investments ahead of new launches.
Management has previously outlined an aggressive network and product roadmap. “Over the next 30 months, we aim to add 250 new dealerships, expanding our network to over 320 across India,” Founder and MD Nishanth Dongari said in December 2024, adding that the company is also working on household power solutions under the PuREPower brand.
On scale, Pure EV’s registrations have risen this year but remain well below industry leaders. The company recorded 16,347 e2W registrations in 2025 year-to-date versus 5,539 in 2024, while large incumbents TVS and Bajaj logged 2.57 lakh and 2.37 lakh registrations respectively in 2025 year-to-date.
The company, which converted into a public entity in March 2025, had earlier indicated plans for a Pure EV IPO. The company has also discussed capacity expansion of a proposed INR 400-crore unit, with site options across southern states, and targets a larger export push to West Asia and Africa.
An industry watcher said the FY25 print shows operating leverage beginning to kick in as material costs normalise, but sustained profitability will hinge on scale-up, product refreshes and incentive visibility, said a Mumbai-based analyst.
Pure EV FY25 Results At a glance
- FY25 PAT: INR 2.5 crore, up from INR 5 lakh in FY24 (49x).
- Operating revenue: INR 134.9 crore vs INR 123.6 crore YoY (+9.2%; +INR 11.3 crore).
- Total expenditure: INR 134.2 crore vs INR 130.0 crore YoY (+3.2%; +INR 4.2 crore).
- EV sales revenue: INR 123.3 crore (>90% of ops revenue); battery sales: INR 3.0 crore; exports: INR 39 lakh.
- Registrations: 16,347 in 2025 YTD vs 5,539 in 2024 (nearly 3x), but far below TVS/Bajaj.
- Network plan: 320+ dealerships by mid-2027; PuREPower launch outlined earlier.
- Corporate: Converted to a public entity in Mar 2025; Pure EV IPO plans were earlier reported, status awaited.
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