Tube Investments' Montra Targets ₹9,600 Cr Revenue By 2030 Driven By Electric Trucks

Market snapshot: Tube Investments of India's electric vehicle subsidiary, Montra Electric, has mapped out an aggressive roadmap to achieve a revenue of $1 billion (approximately ₹9,600 crore) by the year 2030. Under this plan, nearly 70% of the targeted top-line expansion will be driven by electric trucks. This marks a significant strategic pivot toward the commercial heavy and light vehicle segments as the primary engines of long-term growth.

Data Snapshot

• Montra Electric is targeting a top-line milestone of ₹9,600 crore by 2030.
• Electric trucks are projected to contribute nearly 70% of the target 2030 revenue.
• Montra Electric recorded ₹740 crore in consolidated revenue for the previous financial year.

What's Changed

• Targeting a ≈13x revenue multiplier to reach ₹9,600 crore by 2030, compared to the recorded revenue of ₹740 crore in the preceding fiscal year (derived: ₹9,600 cr vs ₹740 cr).
• Shift in product-mix focus with heavy electric trucks emerging as the primary revenue contributor at 50% of total targets, while three-wheelers shift to a 20% share.

Key Takeaways

• Electric trucks will anchor the company's long-term commercial vehicle architecture, projected to bring in nearly ₹6,720 crore of the 2030 revenue target.
• Heavy commercial vehicles will generate half of the target revenue, with small commercial vehicles contributing 23-25%.
• The brand currently has approximately 21,000 active vehicles on the road across various segments.
• Strategic emphasis is moving toward high-capacity battery solutions (350 to 400 kilowatts) to mitigate range limitations on short, predictable shipping routes.

SAHI Perspective

Montra Electric's 2030 roadmap points to a bold move away from lightweight passenger vehicles into capital-intensive electric trucking. Although electric truck penetration in India currently sits below 1% due to massive long-haul infrastructure deficits, the company is targeting predictable, closed-loop freight networks where battery capacity limits are manageable. Backed by its parent Tube Investments of India, which has injected and raised ₹3,000 crore for clean mobility operations, Montra possesses the financial leverage to build local manufacturing scale and battery systems.

Market Implications

Montra's expansion into electric commercial trucks intensifies competition in a high-tonnage vehicle market historically dominated by legacy players. Its focus on localization—exemplified by its 1.7 GWh battery assembly plant in Manesar—helps insulate the company from component supply shocks and enables better unit pricing, accelerating industrial transition timelines.

Trading Signals

Market Bias: Bullish

Tube Investments is well-positioned to benefit from its clean mobility arm's scale-up, backed by a clear ₹9,600 crore 2030 revenue target and high-value fleet partnerships such as the deployment of 57 heavy trucks with TVS Vehicle Mobility Solutions.

Overweight: Electric Vehicles, Auto Components, Commercial Vehicles

Underweight: Traditional ICE Components

Trigger Factors:

• Sustained deployment of the Rhino series of heavy electric trucks across industrial routes.
• Margin improvement driven by localized battery manufacturing at the Manesar facility.
• Favorable policy clarity regarding PM E-Drive scheme scrapping linkages.

Time Horizon: Medium-term (3-12 months)

Industry Context

India's heavy commercial vehicle market is in the early stages of electrification. Because long-haul charging corridors remain limited, early adopters are relying on closed-loop logistics operations. Montra is targeting this specific segment, deploying fixed-battery and battery-swapping configurations to address range constraints and capture commercial fleet demand before highway charging networks fully mature.

Key Risks to Watch

• Extremely low domestic market penetration (below 1%) of electric heavy commercial vehicles.
• Lack of high-voltage charging networks along primary national transport highways.
• Regulatory friction from PM E-Drive, which links purchasing subsidies to the voluntary scrapping of older diesel fleets.

Recent Developments

In August 2026, Montra Electric collaborated with TVS Vehicle Mobility Solutions (TVS VMS) to deploy 57 of its Rhino 5538 heavy electric commercial trucks into active freight services in Chhattisgarh. Concurrently, Montra expanded its operations internationally, entering new electric vehicle markets in Nepal, Tanzania, and West Africa.

Closing Insight

Montra's strategic direction highlights a structured transition from component fabrication to end-to-end commercial EV supply. Success in reaching its ₹9,600 crore revenue target will rest heavily on successfully scaling its localized battery operations and resolving range constraints through dedicated fleet partnerships.

High Performance Trading with SAHI.