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

Tube Investments of India's electric vehicle arm, Montra Electric, is aiming for a revenue of ₹9,600 crore by 2030. The company plans to get there on the back of electric trucks, according to a report by sahi.com.

The target, if met, would mark a significant scale-up for Montra, which currently sells electric three-wheelers and has been expanding into larger commercial vehicles. The company has not disclosed a year-by-year roadmap, but the 2030 deadline gives it roughly four years to grow its truck business from a low base.

Electric trucks are a small but growing slice of India's commercial vehicle market. Rising diesel prices, tighter emission norms, and state-level incentives have pushed fleet operators to test electric options, especially for last-mile and regional haulage. Montra's bet is that this shift will accelerate.

Tube Investments, part of the Murugappa Group, has been steadily building its EV portfolio. The company already makes electric three-wheelers under the Montra brand and has been working on electric small commercial vehicles. The truck segment, however, is a different beast. It demands higher upfront investment, longer development cycles, and a charging ecosystem that's still patchy across most Indian highways.

Montra isn't alone in chasing this opportunity. Tata Motors, Ashok Leyland, and a handful of startups are all testing electric trucks for Indian roads. Tata's Ace EV and Ashok Leyland's Switch Mobility have already started deliveries in small numbers. Competition is heating up, and Montra will need to differentiate on cost, range, or service network.

The ₹9,600 crore revenue target implies a sharp jump from current levels. Tube Investments doesn't break out Montra's standalone revenue, but the EV division is still in investment mode. The company has been spending on R&D, charging infrastructure partnerships, and dealer expansion. Profitability, for now, is secondary to scale.

Analysts tracking the sector say the electric truck market in India could grow to tens of thousands of units annually by 2030, driven by e-commerce logistics and government push for clean freight. But the pace depends on battery costs, financing options, and whether states roll out consistent incentives. A patchwork of policies across states remains a headache for fleet operators.

Montra's plan also hinges on local manufacturing. Tube Investments has been localising battery packs and motors, which could help lower costs and reduce dependence on imports. The company hasn't said how many trucks it expects to sell or which segments it will target first. A spokesperson did not respond to a request for comment on the revenue target.

For now, the 2030 goal is a statement of intent. The real test will be execution on the ground, from factory lines to charging stations. Tube Investments has the balance sheet to fund the push, but the electric truck market in India is still finding its feet. Montra's ₹9,600 crore bet will be watched closely by rivals and investors alike.