Ola Electric Mobility Ltd
Ola Electric Mobility Ltd
Consumer DiscretionaryFounded in 2017, Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and core components for electric vehicles. These components include battery packs, motors, and vehicle frames, all produced at the Ola Futurefactory.[1]
Ola Electric trades at a negative PE of -10.7x with TTM sales declining 50% and 75% of analysts recommending a sell. While the company has reduced debt, severe revenue contraction and persistent losses make the risk-reward unfavorable at the current market cap of Rs 18,922 crore.
Key Fundamentals
SmallcapBikesAutomobilesTechnical Indicators
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
3- Stock is trading at 5.68 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.62%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoOla Electric trades at a negative PE of -10.7x with TTM sales declining 50% and 75% of analysts recommending a sell. While the company has reduced debt, severe revenue contraction and persistent losses make the risk-reward unfavorable at the current market cap of Rs 18,922 crore.
- Company has actively reduced debt, improving balance sheet health and reducing financial risk in a capital-intensive EV market
- Compounded profit growth at TTM stands at 19%, indicating losses are narrowing on a trailing basis
- 5-year compounded sales CAGR of 383% demonstrates the company scaled rapidly from a low base, proving demand for its products
- Market cap of Rs 18,922 crore positions Ola Electric as a mid-cap pure-play EV two-wheeler company in India's fast-growing EV adoption market
- Price-to-book of 4.74x, while elevated, is not extreme for a high-growth EV company still in its investment phase
- Stock has corrected 8% over the past year, potentially offering a better entry point compared to its IPO-era valuations
- TTM sales have declined 50%, signaling severe demand slowdown or market share loss in the electric two-wheeler segment
- 75% of analysts (6 out of 8) rate the stock a sell, reflecting overwhelming negative consensus from the Street
- Negative PE ratio of -10.7x confirms the company remains loss-making with no clear path to profitability visible in current numbers
- ROE of -43% in the last year indicates the company is destroying shareholder value at a significant pace
- Stock trades at 5.56x book value despite being unprofitable, suggesting valuation is not supported by fundamentals
- Promoter holding decreased by 1.62% in the last quarter, signaling potential lack of confidence from insiders
- Zero dividend yield with sustained losses means investors rely entirely on capital appreciation in a stock that has declined 8% in one year
- Low interest coverage ratio indicates operating earnings are insufficient to comfortably service debt obligations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago- BIS cert for indigenous LFP cell Jun 23
Ola Electric became the first Indian company to receive BIS certification for its 46100 LFP cell, offering 170+ Wh/kg energy density and 4,000+ cycle life, expanding its in-house battery portfolio beyond the NMC 4680 Bharat Cell.
- Commercial scooter approval received May 27
Ola Electric received regulatory approval for a new electric scooter targeting India's commercial mobility and gig economy segment, reinforcing its strategic focus on platform-based use cases as a growth driver.
- No promoter share encumbrance in FY26 Jun 22
Bhavish Aggarwal confirmed no new encumbrance on promoter shares in FY26, complying with SEBI Takeover Code disclosure regulations.
TL;DR: Ola Electric is making tangible progress on vertical integration with India's first BIS-certified indigenous LFP cell and expanding its addressable market via a commercial-segment scooter. No material headwinds emerged in this period and promoter shareholding remains unencumbered. The trend is constructive, with battery self-sufficiency and commercial mobility positioning as near-term catalysts to watch.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,243 | 873 | 1,296 | 1,598 | 1,644 | 1,214 | 1,045 | 611 | 828 | 690 | 470 | 265 |
| Expenses | 1,461 | 1,308 | 1,597 | 1,910 | 1,849 | 1,593 | 1,505 | 1,306 | 1,065 | 893 | 741 | 546 |
| Operating Profit | -218 | -435 | -301 | -312 | -205 | -379 | -460 | -695 | -237 | -203 | -271 | -281 |
| OPM % | -18% | -50% | -23% | -20% | -12% | -31% | -44% | -114% | -29% | -29% | -58% | -106% |
| Other Income | 34 | 49 | 71 | 73 | 51 | 100 | 127 | 117 | 68 | 66 | 34 | 39 |
| Interest | 36 | 46 | 43 | 61 | 67 | 84 | 93 | 122 | 94 | 109 | 80 | 77 |
| Depreciation | 47 | 92 | 103 | 116 | 126 | 132 | 138 | 170 | 165 | 172 | 170 | 177 |
| PBT | -267 | -524 | -376 | -416 | -347 | -495 | -564 | -870 | -428 | -418 | -487 | -496 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1% |
| Net Profit | -267 | -524 | -376 | -416 | -347 | -495 | -564 | -870 | -428 | -418 | -487 | -500 |
| EPS in Rs | -1.37 | -2.68 | -1.92 | -2.13 | -1.45 | -1.12 | -1.28 | -1.97 | -0.97 | -0.95 | -1.1 | -1.13 |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 1 | 373 | 2,631 | 5,010 | 4,514 | 2,253 |
| Expenses | 278 | 1,174 | 3,883 | 6,276 | 6,249 | 3,225 |
| Operating Profit | -277 | -800 | -1,252 | -1,266 | -1,735 | -972 |
| OPM % | -32228% | -214% | -48% | -25% | -38% | -43% |
| Other Income | 98 | 83 | 55 | 226 | 391 | 207 |
| Interest | 1 | 18 | 108 | 187 | 366 | 380 |
| Depreciation | 20 | 49 | 167 | 358 | 566 | 684 |
| PBT | -199 | -784 | -1,472 | -1,584 | -2,276 | -1,829 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -199 | -784 | -1,472 | -1,584 | -2,276 | -1,833 |
| EPS in Rs | -1,99,230 | -4.01 | -7.53 | -8.1 | -5.16 | -4.16 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 1,955 | 1,955 | 1,955 | 4,411 | 4,411 |
| Reserves | 1,971 | -98 | -1,409 | -2,909 | 732 | -1,060 |
| Borrowings | 42 | 2,608 | 3,505 | 5,684 | 3,556 | 2,763 |
| Other Liabilities | 100 | 931 | 1,521 | 3,006 | 2,376 | 1,674 |
| Total Liabilities | 2,113 | 5,396 | 5,573 | 7,735 | 11,075 | 7,788 |
| Fixed Assets | 104 | 1,025 | 1,219 | 2,491 | 3,154 | 3,352 |
| CWIP | 43 | 83 | 507 | 713 | 702 | 496 |
| Investments | 455 | 1,102 | 276 | 64 | 40 | 0 |
| Other Assets | 1,510 | 3,186 | 3,571 | 4,468 | 7,179 | 3,940 |
| Total Assets | 2,113 | 5,396 | 5,573 | 7,735 | 11,075 | 7,788 |
Cash Flow
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Operating | -252 | -885 | -1,507 | -633 | -2,391 | -775 |
| Investing | 549 | -1,322 | -319 | -1,136 | -2,864 | 2,002 |
| Financing | 3 | 3,085 | 659 | 1,590 | 5,429 | -1,201 |
| Net Cash Flow | 300 | 878 | -1,167 | -179 | 174 | 26 |
| Free Cash Flow | -360 | -1,772 | -2,350 | -1,845 | -3,367 | -1,301 |
| CFO/OP | 90 | 111 | 121 | 49 | 137 | 80 |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 161 | 15 | 12 | 12 | 1 | 5 |
| Inventory Days | — | 216 | 83 | 58 | 77 | 63 |
| Days Payable | — | 271 | 98 | 112 | 94 | 159 |
| Cash Conversion Cycle | 161 | -40 | -4 | -43 | -16 | -91 |
| Working Capital Days | -37,922 | -249 | -93 | -120 | -33 | -185 |
| ROCE % | — | -24% | -30% | -32% | -28% | -20% |
Documents
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Company Information
Founded in 2017, Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and core components for electric vehicles. These components include battery packs, motors, and vehicle frames, all produced at the Ola Futurefactory.[1]