---
title: "Tunwal E-Motors Ltd (TUNWAL) — Share Price, Financials & Analysis"
symbol: "TUNWAL"
company: "Tunwal E-Motors Ltd"
canonical: "https://tapetide.com/stocks/TUNWAL"
isin: "INE0OXV01027"
nse_symbol: "TUNWAL"
sector: "Consumer Discretionary"
industry: "Automobiles"
market_cap_cr: 141.35
generated_at: "2026-09-13T18:58:13.063Z"
---

# Tunwal E-Motors Ltd (TUNWAL)

Canonical page: https://tapetide.com/stocks/TUNWAL

## Company

- **NSE Symbol:** TUNWAL
- **ISIN:** INE0OXV01027
- **Sector:** Consumer Discretionary
- **Industry:** Automobiles
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2024-07-23
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** tunwal.com

## About

Incorporated in December 2018, Tunwal E-Motors Limited specializes in designing, developing, manufacturing, and distributing electric two-wheelers.[1]

## Latest Price

- **Price:** ₹24.5
- **Change:** -0.2 (-0.81%)
- **Open:** ₹24.65
- **Day High:** ₹24.85
- **Day Low:** ₹24.5
- **Previous Close:** ₹24.7
- **Volume:** 48000
- **As Of:** 2026-09-11T09:59:08+00:00

## Key Fundamentals

Observed at 2026-09-11T04:51:40.291476Z.

- **Market Cap:** ₹141.35 Cr
- **Classification:** SME
- **P/E (reported):** 11.1
- **EPS (reported):** ₹2.14
- **Book Value:** ₹21.8
- **Price to Book:** 1.13
- **Dividend Yield:** 0.4%
- **ROE:** 11.51%
- **ROCE:** 15.67%
- **Debt to Equity:** 0.21
- **Revenue (yearly):** ₹276.84 Cr
- **Net Income:** ₹12.62 Cr
- **EBITDA:** ₹20.01 Cr
- **52-Week High:** ₹49.8
- **52-Week Low:** ₹24.3
- **RSI (14):** 34.41

## Tapetide Score

- **Score:** 59 / 100
- **Score date:** 2026-09-04
- **Archetype:** Out of Favour
- **What it means:** Financially sound, yet the market is not rewarding it. Cases like this usually need a specific reason the pessimism is misplaced, and patience for that reason to play out.
- **Pillar profile:** Quality: Good · Valuation: Fair · Momentum: Falling
- **Percentile:** 84.7 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 57.5 | 9% |
| growth | 93.48 | 9% |
| momentum | 28.4 | 12% |
| ownership | 44.4 | 24% |
| quality | 74.49 | 22% |
| valuation | 57.57 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 1.12 times its book value
- Company has delivered good profit growth of 176% CAGR over last 5 years
- Debtor days have improved from 24.4 to 18.4 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | — | -913.98% | — |
| ebitda margin growth | -28.67% | — | — |
| net income growth | 6.95% | 51% | 176% |
| revenue growth | 49.72% | 54% | 193% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 45 | 60 | 74 | 104 | 144 | 132 |
| Expenses | 37 | 49 | 67 | 100 | 132 | 125 |
| Operating Profit | 8 | 10 | 8 | 5 | 12 | 8 |
| OPM % | 17 | 17 | 11 | 4.3 | 8 | 6 |
| Other Income | 1 | 0 | 1 | 5 | 1 | 1 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 1 | 0 | 1 | 2 |
| Profit before tax | 7 | 9 | 7 | 8 | 11 | 6 |
| Tax % | 25 | 25 | 25 | 20 | 25 | 25 |
| Net Profit | 5 | 7 | 5 | 6 | 8 | 4 |
| EPS in Rs | 2.43 | 1.64 | 0.97 | 1.17 | 1.47 | 0.73 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 4m | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0 | 1 | 1 | 75 | 76 | 105 | 179 | 277 |
| Expenses | 0 | 1 | 1 | 71 | 70 | 87 | 166 | 257 |
| Operating Profit | 0 | 0 | 0 | 4 | 7 | 18 | 12 | 20 |
| OPM % | — | 13 | 34 | 6 | 9 | 17 | 7 | 7 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 6 | 1 |
| Interest | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 |
| Profit before tax | 0 | 0 | 0 | 3 | 5 | 16 | 15 | 17 |
| Tax % | — | 20 | 30 | 28 | 24 | 25 | 22 | 25 |
| Net Profit | 0 | 0 | 0 | 2 | 4 | 12 | 12 | 13 |
| EPS in Rs | 0 | 40 | 1.54 | 22.74 | 1.8 | 2.85 | 2.14 | 2.21 |
| Dividend Payout % | — | 0 | 0 | 0 | 0 | 0 | 5 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.01 | 0.01 | 0.52 | 1 | 4 | 8 | 11 | 12 |
| Reserves | 0 | 0 | 0 | 3 | 4 | 12 | 92 | 114 |
| Borrowings | 0 | 3 | 3 | 14 | 19 | 21 | 33 | 27 |
| Other Liabilities | 0 | 0 | 1 | 33 | 30 | 35 | 59 | 65 |
| Total Liabilities | 0 | 4 | 5 | 50 | 57 | 76 | 194 | 217 |
| Fixed Assets | 0 | 3 | 4 | 10 | 11 | 11 | 20 | 24 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 11 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 |
| Other Assets | 0 | 1 | 1 | 40 | 46 | 64 | 166 | 178 |
| Total Assets | 0 | 4 | 5 | 50 | 57 | 76 | 194 | 217 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | — | 2 | -3 | -2 | 0 | -53 | 9 |
| Cash from Investing Activity | — | — | -2 | -7 | -2 | -1 | -21 | -13 |
| Cash from Financing Activity | — | — | 1 | 11 | 5 | 0 | 80 | 3 |
| Net Cash Flow | — | — | 1 | 2 | 1 | -1 | 6 | -2 |
| Free Cash Flow | — | — | 0 | -9 | -4 | -1 | -66 | -6 |
| CFO/OP | — | — | 405 | -42 | -14 | 4 | -390 | 59 |

### Ratios

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | — | 130 | 23 | 5 | 28 | 10 | 45 | 18 |
| Inventory Days | — | 311 | 24 | 180 | 159 | 250 | 247 | 176 |
| Days Payable | — | 269 | -185 | 151 | 99 | 82 | 120 | 79 |
| Cash Conversion Cycle | — | 172 | 231 | 34 | 88 | 178 | 172 | 116 |
| Working Capital Days | — | 211 | -1004 | 11 | 18 | 55 | 145 | 117 |
| ROCE % | — | 7 | 12 | 38 | 26 | 52 | 20 | 13 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 98.24% | 62.34% | 62.34% | 63.9% | 63.9% | 63.9% | 63.9% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0.9% | 0.6% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 33.94% | 33.79% | 32.1% | 32.16% | 31.84% | 32.42% |
| Others | 1.76% | 3.72% | 3.87% | 4% | 3.94% | 3.36% | 3.08% |
| No. of Shareholders | 54 | 7492 | 6781 | 6426 | 5874 | 5682 | 5843 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 4 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 25.08 | Sell |
| EMA (10) | 25.11 | Sell |
| SMA (20) | 25.56 | Sell |
| EMA (20) | 25.45 | Sell |
| SMA (50) | 26.03 | Sell |
| EMA (50) | 26.27 | Sell |
| SMA (100) | 28.24 | Sell |
| EMA (100) | 27.57 | Sell |
| SMA (200) | 30.46 | Sell |
| EMA (200) | 29.2 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 32.43 | Neutral |
| MACD (12,26,9) | -0.42 | Sell |
| Stochastic (14,3,3) | 18.48 | Buy |
| ADX (14) | 14.24 | Neutral |
| Williams %R (14) | -92.16 | Buy |
| ATR (14) | 0.65 | Neutral |
| ROC (12) | -6.84 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 33.67 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 7 April 2026 - Board approved KMP authorizations and product price revision effective 7 April 2026. | [General Updates 7 April 2026 - Board approved KMP authorizations and product price revision effective 7 April 2026.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_07042026190858_Outcome_BM_07042026_Price_Revision_Reg30_5_Auth.pdf) |
| 7 April 2026 - Board approved KMP authorization and product pricing revision effective April 7, 2026. | [Outcome of Board Meeting 7 April 2026 - Board approved KMP authorization and product pricing revision effective April 7, 2026.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_07042026190234_Outcome_BM_07042026_Price_Revision_Reg30_5_Auth.pdf) |
| 7 April 2026 - Board approved KMP authorization and product price revision effective April 7, 2026. | [Disclosure of material issue 7 April 2026 - Board approved KMP authorization and product price revision effective April 7, 2026.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_07042026190709_Outcome_BM_07042026_Price_Revision_Reg30_5_Auth.pdf) |
| 6 Sep - Revised 8th AGM on Sept 29, 2026; record date Sept 22; proposes 34 lakh warrant issue. | [Shareholders meeting 6 Sep - Revised 8th AGM on Sept 29, 2026; record date Sept 22; proposes 34 lakh warrant issue.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_06092026184852_Intimation_Notice_0609.pdf) |
| 6 Sep - 8th AGM on Sept 29, 2026; final dividend ₹0.10/share, record date Sept 22. | [Copy of Newspaper Publication 6 Sep - 8th AGM on Sept 29, 2026; final dividend ₹0.10/share, record date Sept 22.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_06092026185147_POST_DISPATCH_INTIMATION.pdf) |
| 6 February 2026 - Approval received Feb 6, 2026 for new Junnar plant; ~₹30 crore investment; operations by Sep 30, 2026. | [Capacity addition 6 February 2026 - Approval received Feb 6, 2026 for new Junnar plant; ~₹30 crore investment; operations by Sep 30, 2026.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_06022026185223_Capacity06022026.pdf) |
| 6 April 2026 - Submitted Regulation 74(5) certificate for year ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 April 2026 - Submitted Regulation 74(5) certificate for year ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_06042026110547_Reg_74_5__signed.pdf) |
| 5 Sep - Newspaper ads published on Sept 5, 2026 for 8th AGM on Sept 29, 2026, with remote e-voting details. | [Copy of Newspaper Publication 5 Sep - Newspaper ads published on Sept 5, 2026 for 8th AGM on Sept 29, 2026, with remote e-voting details.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_05092026141647_PreDispatchNewspaper05092026__.pdf) |
| 5 Sep - Book closure from Sept 23-29, 2026 for 8th AGM and final dividend, if approved. | [Updates 5 Sep - Book closure from Sept 23-29, 2026 for 8th AGM and final dividend, if approved.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_05092026002424_BookClosure_04092026.pdf) |
| 5 Sep - Book closure from Sep 23-29, 2026 for 8th AGM and final dividend, if approved. | [General Updates 5 Sep - Book closure from Sep 23-29, 2026 for 8th AGM and final dividend, if approved.](https://nsearchives.nseindia.com/corporate/TUNWAL2024_05092026000946_Notice_of_Book_Closure_0409.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31607_TUNWAL_2025_2026_A_6789123_05092026195717.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27703_TUNWAL_2024_2025_A_39570032_26082025154526.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:58:13.063Z.