Zelio E Mobility Limited — Investor Presentation 2025

Oct 23, 2025

ZELIO E-MOBILITY LIMITED

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INVESTOR PRESENTATION
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About Zelio

India’s fastest-growing electric mobility company manufacturing and supplying stylish slow speed 2Ws and rugged 3Ws for Bharat

Among top 3 players in slow speed EV 2W Industry

Achieved 3x growth in revenue since FY2023 (CAGR 84%)

70,000+ units sold in last 3 years (4-5 % Market Share)

One of the EV companies in India to remain profitable since inception, delivering a PAT CAGR of ~124% since FY2023

2 “Make in India” models | Tier-2 & 3 focused | Aligned with Aatmanirbhar mission

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335+

strong distribution network spread across 25+ states & UTs

Capacity 72,000 → 120,000 P.A. units (scalable in existing premises)

Key Metrics

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₹417Cr. Market Cap

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₹198 CMP

₹172 Cr. Revenue (FY25)

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85.75% RoE 36.86% RoCE

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India’s EV Revolution: Low-Speed 2Ws Catching Up with HighSpeed Growth

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High Speed EV 2W Low Speed EV 2W
High speed and Low speed Parallel Growth Curves
30
Registering around 30% annual growth (CAGR)
25.05
25
India’s evenly paced EV expansion across urban and Bharat markets’s evenly paced EV expansion across urban and Bharat marketss evenly paced EV expansion across urban and Bharat markets
20
15 11.4
17.57
10
Urban Market Bharat Market
8.02
(Metro and Tier 1 Cities) (Tier 2 and Tier 3 Cities) 5
High Speed E-2W Low Speed E-2W
FY28 E - 25 Lakh units FY28 E - 17.57 Lakhs units 0
2022 2023 2024 2025 2026 E 2027 E 2028 E
Zelio strategically positioned at Slow-Speed EV segment
Scaling from - FY22: ~3,000 units ------------ FY25: 37,800 units with 330+ dealer network.
As one of the few profitable EV players with a ~5% market share in slow speed EV industry, Zelio exemplifies
sustainable, volume-led growth in India’s evolving EV landscape.
SOURCE
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High speed and Low speed Parallel Growth Curves Registering around 30% annual growth (CAGR) India’s evenly paced EV expansion across urban and Bharat markets’s evenly paced EV expansion across urban and Bharat marketss evenly paced EV expansion across urban and Bharat markets

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Zelio: A Profitable Outlier in India’s EV 2W Landscape

Valuation Comparison & Profitability Snapshot

As on 14 Oct, 2025

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₹22,224 Cr Market Cap ₹23,405 Cr Market Cap

₹4,514 Cr -₹1,735 Cr ₹2,276 Cr 5X PAT Revenue EBITDA P/S

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10X P/S

₹2,255 Cr ₹581 Cr Revenue EBITDA

- ₹812 Cr PAT

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₹417 Cr Market Cap

₹16 Cr ₹172 Cr 21 Cr. PAT Revenue (12.2%) EBITDA

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2X P/S

While leading EV peers like Ola and Ather continue to post EBITDA and PAT losses , Zelio distinguishes itself as a profitable EV manufacturer in India, maintaining strong growth momentum and resilient margins

Available at a P/S multiple of just 2× , Zelio offers a compelling value proposition — combining profitability, scalability, and affordability — at a fraction of the valuation of larger, loss-making competitors.

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Fueling the Next Growth Curve: Zelio’s Vision, Mission & Momentum

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VISION

We aims to be a benchmark brand in India’s slow-speed EV 2W segment , delivering reliable, high-quality vehicles backed by strong service support and trusted by housewives, students, and senior citizens across Tier-2 and Tier-3 cities .

Focused on accessible mobility and sustainable growth , driven by no-license, no-registration EVs that promote customer delight, economic inclusion, and a greener future.

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MISSION

To accelerate India’s transition to sustainable mobility by delivering reliable, high-quality slow-speed 2W and 3W EVs ensuring easy adoption for every household.

Guided by the spirit of Aatmanirbhar Bharat , we aim to strengthen domestic EV manufacturing, supply chain localization, and job creation, while delivering affordable innovation and nationwide mobility access

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Contributing in India's EV Self-Reliance

Building an Atmanirbhar EV Supply Chain From CKD assembler today → India-first manufacturer tomorrow

Zelio's commitment to quality aligns with Make in India's emphasis on world-class manufacturing standards

MANUFACTURING HUMAN RESOURCE 24,458.01 SM 190+ Employees FACILITY As on August 31, 2025

OBTAINED

ISO 9001:2015, 14001:2015, 45001:2018 CERTIFICATIONS

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Atmanirbhar Vision 2028

FY2025 FY2028 ~30% LOCALIZED 80% LOCALIZED 71.51% IMPORTS <20% IMPORTS

Strategic Benefits

Reduced forex risk and dependence on imports. Enhanced supply chain control and quality management. Cost optimization through local sourcing. Improved margins through manufacturing efficiencies.

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RECOGNIZED
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Manufacturing Facility

Corporate Office & Manufacturing Unit: Khewat No 510, 442, Hisar Road, Ladwa, Hisar-125006, Haryana, India

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CLICK TO TAKE A VIRTUAL TOUR OF OUR MANUFACTURING PLANT

Proposed Manufacturing unit: Patan, Hisar- 125120, Haryana, India

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PRODUCT PORTFOLIO

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EEVA ZX+ EEVA

COLORS

SPECIFICATIONS

POWER

SPECIFICATIONS

POWER

MILEAGE 60/90 KM/CHARGE

BATTERY

GEL BATTERY 12V/32AH/42AH LITHIUM (60V/30AH-74V/32AH)

TYRES & BRAKES

CENTER LOCK WITH (ANTI THEFT ALARM)

YES (ANTI THEFT ALARM) USB PORT YES MOTOR 60/72V BLDC FOOT REST YES SPEED LOW SPEED KEYLESS DRIVE YES ELECTRICITY 1.5 UNIT/CHARGE TYRES & BRAKES BRAKE TYRES SUSPENSION FRONT : DISC BRAKE FRONT : 90-90 / 12 HYDRAULIC REAR : DRUM BRAKE REAR : 90-90 / 12

EEVA ECOLX

EEVA ECOZX

COLORS

SPECIFICATIONS

POWER

SPECIFICATIONS

MILEAGE 60/90 KM/CHARGE

POWER

BATTERY

GEL BATTERY 12V/32AH LITHIUM (60V/30AH)

CENTER LOCK WITH

TYRES & BRAKES

YES (ANTI THEFT ALARM) USB PORT YES MOTOR 48/60V BLDC FOOT REST YES SPEED LOW SPEED KEYLESS DRIVE YES ELECTRICITY 1.5 UNIT/CHARGE TYRES & BRAKES BRAKE TYRES SUSPENSION FRONT : DRUM BRAKE FRONT : 90-90 / 12 HYDRAULIC REAR : DRUM BRAKE REAR : 90-100 / 10

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X MEN
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SPECIFICATIONS

POWER

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X MEN 2.0
COLORS
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SPECIFICATIONS

POWER

MILEAGE 60/90 KM/CHARGE BATTERY GEL BATTERY (60/72V-32AH) LITHIUM (60V/30AH) CENTER LOCK WITH YES (ANTI THEFT ALARM) USB PORT YES MOTOR 60/72V BLDC FOOT REST YES SPEED LOW SPEED KEYLESS DRIVE YES ELECTRICITY 1.5 UNIT/CHARGE

TYRES & BRAKES

TYRES & BRAKES

BRAKE TYRES SUSPENSION FRONT : DISC BRAKE FRONT : 90-90 / 12 HYDRAULIC REAR : DRUM BRAKE REAR : 90-100 / 10

LEGENDER

SPECIFICATIONS

POWER

TYRES & BRAKES

GRACY LITTLE

SPECIFICATIONS

POWER

TYRES & BRAKES

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TANGA-BUTTERFLY TANGA-FINE
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Superior Mileage	Digital Meter	Heavy Duty Chassis	Music System	Alloy Wheels
High & Low Beam Headlights	Best Battery	Best Shockers	DRL	Best Bumper

Product-Wise Revenue Bifurcation (FY23–FY25)

Segment	FY23 Revenue (₹ Lakhs)	% of Total Revenue	FY24 Revenue (₹ Lakhs)	% of Total Revenue	FY25 Revenue (₹ Lakhs)	% of Total Revenue
E-2Ws	4,918.90	95.98%	9,173.84	97.16%	16,620.80	96.53%
3Ws	268.66	2.84%	276.51	1.60%	321.63	1.87%
Others*	206.17	4.02%	268.66	2.84%	276.51	1.60%
Total	5,125.07	100%	9,442.50	100%	17,218.94	100%

*Includes Battery, Spare Parts, Chargers, Battery wire, wiper blade, front turning light, light, tyer etc.

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Dealer Network

Strategic Expansion

Dealer network has grown more than 3x since FY21 (from 94 to 337+)

• Quarterly onboarding drives to scale network with market demand

Focused growth in Tier II/III and emerging EV markets

Partner Success Model

Comprehensive training & support for all dealer partners Integrated portal for sales, inventory, and after-sales service tracking

Fast response service and warranty support

Vision Forward

Targeting 500+ dealers by FY27 with presence in every major district of India

Dealer-centric digital platforms to empower partners and improve efficiencies

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J&K (2)
Punjab (28)
UK (9) Assam (1)
Haryana (50)
Bihar (15)
UP (71)
Rajasthan (17)
Gujarat (27)
Tripura (8)
West Bengal (9)
Madhya Pradesh (23)
Jharkhand (7)
Maharashtra (14)
Odisha (13)
Chhattisgarh (9)
Karnataka (8)
Telangana (8)
Kerela (2) Andhra Pradesh (6)
Tamil Nadu (10)
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Geographically Diversified Revenue Mix

Rs. In Lakhs

Top 10 States by Revenue Contribution	Top 10 States by Revenue Contribution	Top 10 States by Revenue Contribution	Top 10 States by Revenue Contribution	Top 10 States by Revenue Contribution	Top 10 States by Revenue Contribution	Top 10 States by Revenue Contribution
State	FY25 Revenue	% of Total Sales	FY24 Revenue	% of Total Sales	FY23 Revenue	% of Total Sales
Haryana	4,536.15	26.34%	3,910.01	41.41%	2,826.33	55.15%
Uttar Pradesh	2,075.23	12.05%	1,012.52	10.72%	280.49	5.47%
Gujarat	1,712.17	9.94%	315.77	3.34%	15.22	0.30%
West Bengal	1,707.91	9.92%	964.97	10.22%	686.55	13.40%
Madhya Pradesh	1,603.58	9.31%	494.75	5.24%	85.53	1.67%
Punjab	1,437.26	8.35%	925.65	9.80%	657.27	12.82%
Odisha	897.7	5.21%	853.74	9.04%	175.35	3.42%
Rajasthan	713.22	4.14%	275.75	2.92%	119.27	2.33%
Maharashtra	347.72	2.02%	197.1	2.09%	155.93	3.04%
Jharkhand	293.94	1.71%	66.82	0.71%	-	-
Total	15324.88	88.99%	9017.08	95.49%	5001.94	97.60%

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Leadership Team

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Mr. Niraj Arya Mr. Kunal Arya Chairman & Whole Time Director Managing Director Experience: 18 years Experience: 5 years

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Mr. Deepak Arya Whole Time Director Experience: 12 years

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Ms. Sayuri Arya Non-Executive Director Experience: 1.5 years

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Competitive Strengths

Experienced Promoters with senior management backed by marketing team

Geographically Diversified customer base

As of March 31, 2025 and FY ending 2023-24, 2022-23 and 2021-22, contributing 88.99%, 95.49%, 97.60% and 100.00% of total revenue from sales in top 10 geographical regions

Promoters and senior management are backed by in-house sales and marketing team of 21 employees as on August 31, 2025

Proven track record of Financial Success

Bharat Focus (An Untapped Market)

Revenue grew from Rs.5,125.10 lakhs in FY 2023 to Rs. 17,218.94 lakhs in 2025. EBITDA rose from Rs .401.91 lakhs to Rs. 2,102.03 lakhs, with margin improving from 7.84% to 12.21%. PAT increased from Rs. 305.53 lakhs to Rs. 1,600.85 lakhs over the same period

Aggressively expanding in Tier-II and Tier-III towns across India. Among the most recognized affordable EV brands in Northern & Eastern India. Dealer presence strategically scaled every quarter to unlock new local markets.

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Business Strategies

EXPAND OUR MANUFACTURING FACILITY

Company is committed to expanding its manufacturing capabilities, For pursuing the same, land has been acquired via a 10-year lease agreement, dated February 13, 2025

EXPANSION OF OUR GEOGRAPHICAL FOOTPRINT

Through geographic diversification, aim to mitigate operational risks associated with overreliance on specific regions

SCALE UP BRANDING AND PROMOTIONAL ACTIVITIES

Intend to continue marketing initiatives through regular participation in national level exhibitions, regular visit in international trade fairs, sales & promotional videos

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Key Events and Milestones

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OCT 01, 2021 2023-24
Incorporation of Crossed Revenue of
the Company 50 Crores<br>Received Test Report for initial Crossed Revenue of<br>Models of E-Scooters EEVA & Gracy 90 Crores
JULY 15, 2021 2022-23
Conversion of Company from Private Ltd. or Received ICAT Certificate for our First
Limited Company i.e. Zelio E-Mobility Ltd. High Speed E-Scooter - Mystery
Nov 21, 2024 May 08, 2024
Change in name of Compay from Zelio Auto
Received ICAT Certificate for E-Rickshaw
Private Limited to Zelio E-Mobility Private Limited
under own Brand Name - Tanga
Nov 29, 2024 June 07, 2024
Feb 07, 2025
Received ICAT Certificate for E-Rickshaw Executed Lease Deed for Setting up of Proposed
under own Brand Name - Tanga ELoader Manufacturing Unit at Patan, Hisar, Haryana
Received ISO 9001:2015.
Listed on
ISO 14001:2015 and ISO 45001:2018
Dec 19, 2024 Feb 13, 2025 8 Oct 2025
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Government Initiatives

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The Government has reaffirmed its commitment towards EVs and its mission for 30% electric mobility by 2030

Budget announced customs duty exemption on the import of capital goods and machinery required for the manufacture of lithium-ion batteries

FAME II for EV Scheme was Commenced on 1st April 2019 with a total budgetary support of US$ 1.43 billion (Rs. 10,000 crore), 30% procurement of manufactured or processed products must be from SMEs

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Sunrise Industry

Evolving Customers

Why the Future is EV?

One of India’s fastest-growing industries with 20x growth in the last 5 years Projected to reach 80% market penetration by 2030

Major shift from conventional ICE (Internal Combustion Engine) vehicles to personal modern electric vehicles New 2W EV sales are forecast to reach 1.2 crore units and $20B valuation by 2030

As of December 2023, EV manufacturers received a subsidy of US$ 637 million (Rs. 5294.00 crore) for selling 11,79,669 electric vehicles under Phase-II of the FAME India Scheme

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Electric Mobility Promotion scheme: Scheme supports 3,72,215 EVs, comprising 3,33,387 e-2Ws, and 38,828 e-3Ws (including 13,590 rickshaws & e-carts and 25,238 e- 3Ws in L5 category), offering incentives exclusively for advanced battery-equipped vehicles

Higher Penetration

EVs have already achieved 7% of total vehicle sales New electric 3W sales now exceed 50% penetration as of 2024

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Key Performance Indicators

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(₹ In Lakhs except percentages and ratios)
Revenue From Operations EBITDA & EBITDA Margin PAT & PAT Margin
17,218.94
2102.02 1600.84
12.20% 9.29%
9,442.5
875.53
630.88
9.27%
6.68%
401.9 305.53
5,125.07
7.84% 5.96%
2022-23 2023-24 2024-25 2022-23 2023-24 2024-25 2022-23 2023-24 2024-25
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Key Performance Indicators

(₹ In Lakhs except percentages and ratios)

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RoE (%) RoCE (%) Net Worth
2,667.39
108.00% 36.86%
34.84%
1,066.55
85.75%
83.99%
435.67
29.61%
2022-23 2023-24 2024-25 2022-23 2023-24 2024-25 2022-23 2023-24 2024-25
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Rs. In Lakhs

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Statement of Assets and Liabilities

	Particulars	FY25	FY24	FY23
	II. ASSETS
	Property, Plant & Equipment	831.6	766	91.11
	Capital Work in Progress	383.77	103.55	372
	Deferred tax assets (net)	14.31	-	1.26
	Other non-current assets	271.63	1.54	-
	Total Non-current Assets	1,501.31	871.09	464.37
	Inventories	3,161.88	1,352.11	648.73
	Trade receivables	472.54	160.88	98.32
	Cash and cash equivalents	31.65	5.24	9.95
	Short-term loans and advances	1,411.85	518.46	325.48
	Total Current Assets	5,077.92	2,036.69	1,082.48
	TOTAL ASSETS	6,579.23	2,907.78	1,546.85

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Statement of Profit and Loss

Particulars FY25 FY24 FY23 Income Revenue from operations 17,218.94 9,442.50 5,125.07 Other income 160.7 47.33 37.23 Total income 17,379.64 9,489.83 5,162.30 Expenses Cost of material consumed 13,606.96 7,629.67 4,286.30 Direct expenses 460.42 231.23 134.44 Changes in inventories 368.09 62.96 48.54 Employee benefit expenses 556.15 301.2 182.61 Finance costs 187.65 104.76 49.41 Depreciation & amortization 140.68 57.94 21.19 Other expenses 857.18 339.89 167.5 Total expenses 15,440.96 8,727.65 4,792.91 Profit Before Tax 1,938.69 762.18 369.39 Current tax 355.05 127.15 64.89 Deferred tax 17.21 4.15 1.03 Profit After Tax (PAT) 1,600.85 630.88 305.53 Basic/Diluted EPS (₹) 9.68 3.82 1.85 Rs. In Lakhs

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Cashflow Statement

Particulars FY25 FY24 FY23 A. Cash Flow from Operating Activities Profit before tax 1,938.69 762.18 369.39 Adjustments for: Finance cost 187.65 104.76 49.41 Depreciation 140.68 57.94 21.19 Gratuity provision 10.42 2.28 1.36 Warranty provision 34.44 — — Interest income on FDR 0.27 0.03 0.01 Loss due to theft 3.72 — — Operating profit before working cap changes 2,315.33 927.13 441.34 Changes in inventories, receivables, advances etc. Change in inventories 1,813.49 703.38 67.88 Change in trade receivables 311.66 62.56 71.96 Change in short-term advances 893.39 192.98 127.17 Change in other non-current asset 270.08 1.54 1.2 Change in trade payables 61.23 190.28 84.49 Change in provisions/other current liabilities 322.6 63.72 130.25 Direct taxes paid -367.17 -108.29 -52.11 Net cash from operating activities (A) 956.63 112.38 91.32 Rs. In Lakhs

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Cashflow Statement

Particulars FY25 FY24 FY23 B. Cash Flow from Investing Activities Purchase of fixed assets -486.5 -464.38 -437.39 Interest income 0.27 0.03 0.01 Net cash used in investing (B) -486.23 -464.35 -437.38 C. Cash Flow from Financing Activities Proceeds from secured long-term borrowings 245.81 332.99 313 Repayment of secured long-term borrowings -274.03 -87.65 -52.63 Proceeds from unsecured long-term borrowings 475.16 46.7 29.19 Repayment of unsecured long-term borrowings -188.62 -22.1 -4 Proceeds/repayment from short-term borrowings 1,398.60 182.08 299.76 Finance charges paid -187.65 -104.76 -49.41 Net cash from financing (C) 1,469.27 347.26 535.91 Net increase/(decrease) in cash (A+B+C) 26.41 4.71 7.21 Opening cash and cash equivalents 5.24 9.95 2.74 Closing cash and cash equivalents 31.65 5.24 9.95 Rs. In Lakhs

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DISCLAIMER

This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute a prospectus, placement memorandum, or an offer to acquire any securities. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of the information or opinions contained herein. The information contained in this presentation is current only as of its date. This presentation contains statements that include “forward-looking statements,” including, but not limited to, statements relating to the implementation of strategic initiatives and other statements regarding the future business development and economic performance of Zelio E-Mobility Limited. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macro-economic, governmental, and regulatory trends; movements in currency exchange and interest rates; competitive pressures; technological developments; changes in the financial condition of third parties dealing with us; legislative developments; and other key factors that could affect our business and financial performance. We undertake no obligation to publicly revise any forward-looking statements to reflect future events or circumstances. This presentation cannot be copied or disseminated in any manner. No person is authorized to give any information or make any representation not contained in or consistent with this presentation, and if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Zelio E-Mobility Limited.