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Shares of the small-cap company jumped 10% after signing an MoU with Exponent Energy Pvt. Ltd. to manufacture 15,000 fast-charging electric three-wheelers under a ₹490.5 crore, 3-year domestic EV deal.
The shares of the small-cap company, engaged in manufacturing and marketing of three-wheeled commercial vehicles such as auto-rickshaws, passenger carriers, and cargo carriers, gained attention after signing a ₹490 crore EV deal to produce 15,000 electric three-wheelers.
Atul Auto Ltd., with a market capitalization of ₹1,401.16 crore during the day’s trade, saw its shares climb 10.2%, hitting a high of ₹524.00 compared to the previous close of ₹475.35. Notably, ace investor Vijay Kedia holds an 18.20% stake in the company as of March 2026.
The Trigger
Atul Auto Ltd. and Exponent Energy have entered into a strategic partnership to co-develop and deploy rapid-charging electric three-wheelers across India.
As part of the collaboration, the two companies have pledged to roll out at least 15,000 Exponent-powered passenger three-wheelers over the next three years, marking one of the largest planned expansions in the rapid-charging EV segment.
The partnership brings together Atul Auto’s proven expertise in three-wheeler manufacturing with Exponent Energy’s advanced OTO mobility platform, which unifies battery technology, powertrain systems, and vehicle software into a single integrated solution.
The contract is valued at approximately ₹490.5 crore, with each vehicle priced around ₹3.27 lakh (excluding GST).
The platform, already validated through retrofit applications, will now be deployed in new OEM-integrated vehicles while maintaining compatibility with both Exponent’s fast-charging network and standard public and home charging options.
Exponent Energy’s technology delivers ultra-fast charging in about 15 minutes, engineered for heavy daily commercial use, and backed by a 2 lakh km warranty to enhance both battery reliability and resale value.
For drivers and fleet operators, the collaboration is expected to boost earnings by reducing downtime, increasing vehicle utilization, and lowering operating costs compared to conventional electric three-wheelers.
Atul Auto Management Outlook
Arun Vinayak, CEO and Founder of Exponent Energy, stated that the partnership with Atul Auto combines rapid-charging technology, financing access, and a proven vehicle platform at scale.
He emphasized that their objective is to make electric vehicles the preferred choice by addressing the real-world challenges of adoption.
He added that Atul Auto’s strong manufacturing expertise and deep knowledge of the three-wheeler market make it the ideal partner to scale Exponent’s mobility platform through OEM-integrated vehicles.
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