Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹30.00, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 28x in the Auto industry in India. Total loss to shareholders of 4.1% over the past year. New Risk • May 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.6% Last year net profit margin: 6.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.6% net profit margin). Market cap is less than US$100m (₹1.66b market cap, or US$17.4m). Reported Earnings • May 27
Full year 2026 earnings released: EPS: ₹2.23 (vs ₹2.31 in FY 2025) Full year 2026 results: EPS: ₹2.23. Revenue: ₹2.78b (up 56% from FY 2025). Net income: ₹128.4m (up 8.8% from FY 2025). Profit margin: 4.6% (down from 6.6% in FY 2025). The decrease in margin was driven by higher expenses. Announcement • May 21
Tunwal E-Motors Limited to Report Second Half, 2026 Results on May 25, 2026 Tunwal E-Motors Limited announced that they will report second half, 2026 results on May 25, 2026 Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹33.70, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 27x in the Auto industry in India. Total returns to shareholders of 8.0% over the past year. New Risk • Nov 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Market cap is less than US$100m (₹1.80b market cap, or US$20.2m). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹38.95, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 33x in the Auto industry in India. Total loss to shareholders of 3.7% over the past year. Announcement • Nov 14
Tunwal E-Motors Limited to Report First Half, 2026 Results on Nov 14, 2025 Tunwal E-Motors Limited announced that they will report first half, 2026 results on Nov 14, 2025 New Risk • Sep 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.4% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (99% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (6.4% net profit margin). Market cap is less than US$100m (₹1.66b market cap, or US$18.8m). Announcement • Jul 30
Tunwal E-Motors Limited, Annual General Meeting, Sep 19, 2025 Tunwal E-Motors Limited, Annual General Meeting, Sep 19, 2025, at 16:00 Indian Standard Time. New Risk • Jul 09
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported March 2024 fiscal period end). Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). High level of non-cash earnings (41% accrual ratio). Minor Risk Market cap is less than US$100m (₹1.73b market cap, or US$20.1m). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹35.90, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 32x in the Auto industry in India. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹31.25, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 27x in the Auto industry in India. New Risk • Jan 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.0% average weekly change). High level of non-cash earnings (41% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Market cap is less than US$100m (₹2.44b market cap, or US$28.3m). Announcement • Jan 17
Tunwal E-Motors Limited Announces Product Launches Tunwal E-Motors Limited announces the details of the following product launches. Name of Product: Tunwal Lithino Pro. Date of Launch: January 17, 2025. Category of Product: Two-Wheeler (Battery Operated) L1. Whether caters to domestic/international market: Domestic Market. Name of Product: Tunwal Alfa Pro. Date of Launch: January 17, 2025. Category of Product: Two-Wheeler (Battery Operated) L1. Whether caters to domestic/international market: Domestic Market. Name of Product: Tunwal Roma-S. Date of Launch: January 17, 2025. Category of Product: Two-Wheeler (Battery Operated) L1. Whether caters to domestic/international market: Domestic Market. Name of Product: Tunwal Alfa Pro Plus. Date of Launch: January 17, 2025. Category of Product: Two-Wheeler (Battery Operated) L1. Whether caters to domestic/international market: Domestic Market. Name of Product: Tunwal Alfa Pro Plus Li. Date of Launch: January 17, 2025. Category of Product: Two-Wheeler (Battery Operated) L2. Whether caters to domestic/international market: Domestic Market. Announcement • Jan 16
Tunwal E-Motors Limited (NSEI:TUNWAL) agreed to acquire Palsana EV Industries India Private Limited for INR 30.1 million. Tunwal E-Motors Limited (NSEI:TUNWAL) agreed to acquire Palsana EV Industries India Private Limited for INR 30.1 million on January 15, 2025. Under the terms of the transaction, a cash consideration will be paid by Tunwal E-Motors Limited.
The expected completion of the transaction is January 31, 2025. Announcement • Jan 01
Tunwal E-Motors Limited Announces Executive Changes Tunwal E-Motors Limited at its board meeting held on December 30, 2024, announced Ms. Bhavana Shivshankar Sangoli has tendered her resignation from the post of Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company vide her letter dated 30 December 2024. The Board has accepted her resignation and will be relieved from the services of the Company with effect from close of business hours on 31 December 2024. She has decided to pursue an alternate career opportunity outside the Organization. The company approved appointment of Ms. Niharika Choudhary, as the Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company with effect from January 1, 2025, pursuant to the provisions of Section 203 of the Companies Act, 2013 and Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ms. Niharika Choudhary is a Qualified Company Secretary with expertise in corporate compliance, regulatory filings, and legal documentation. Proficient in facilitating meetings, maintaining statutory records, and ensuring compliance with SEBI regulations and the Companies Act, she brings a strong commitment to excellence. She holds a Bachelor's degree in Commerce from Delhi University and is currently pursuing a postgraduate degree in Law (LLB). New Risk • Dec 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). High level of non-cash earnings (41% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹2.66b market cap, or US$31.4m). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹48.15, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 29x in the Auto industry in India. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹54.80, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 30x in the Auto industry in India. 
