Eversource Capital-Backed Greencell Mobility Considers Public Market Listing

Greencell Mobility Explores Public Markets Debut Amid Rising Demand for Alternative Fuel Sources

Greencell Mobility, a company set up by Eversource Capital, which operates electric bus fleets, has held preliminary talks with investment banks to explore the possibility of making its public markets debut. This development comes at a time when the energy crisis caused by the West Asia conflict has increased demand for alternative fuel sources, leading to rising interest in electric vehicles.

The energy crisis has had a significant impact on India, prompting Prime Minister Narendra Modi to urge Indians to reduce fuel consumption to help the country save foreign exchange and reduce pressure on the rupee. The government is also considering incentives exceeding $1 billion to spur private-sector adoption of electric buses and trucks, in an attempt to cut fossil-fuel use in the segment amid a deepening energy crisis.

Greencell has secured contracts for around 3,300 electric buses across 30 cities in the country under the B2G (business-to-government) model. The company is operating 900 buses (intercity and intracity) across eleven cities as of now, as per a March 30 report by credit rating agency ICRA. In addition, Greencell operates 300 buses in the B2C model as on December 31, 2025.

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The company's most recent contract was for 1,807 electric buses under the PM E-Bus Sewa Scheme and another 1,315 buses under the PM E-Drive Scheme. Greencell's business model translates into an annuity framework with high cash flow visibility over the concession period, according to ICRA. However, most intracity bus operations are subsidized and can recover only 30-50 percent of the revenue payable from ticket collections.

Greencell's revenue grew from Rs 496.6 crore in FY24 to Rs 652.2 crore. The company's preliminary talks with investment banks are still in the early stages, and they are yet to take a final call. Despite this, the sector is seeing a rising investor interest given the Iran war and the disruptions in the energy market.