Ola Electric Mobility Ltd
Ola Electric Mobility Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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37 extracted metrics + investor summaries across FY21–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
3- Stock is trading at 5.10 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.63%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoOla Electric Mobility is a loss-making electric two-wheeler company with a market cap of ~₹18,444 crore, trading at 4.47x book value. Revenue fell ~50% in FY26 to ₹2,253 crore from ₹4,514 crore in FY25, though net losses narrowed 19% to ₹1,833 crore. The company's market share dropped from ~25% in January 2025 to single digits before recovering to 8.4% in Q1 FY27, while it simultaneously scales up in-house battery cell manufacturing toward 6 GWh capacity.
- Net loss narrowed 19% YoY from ₹2,276 crore in FY25 to ₹1,833 crore in FY26, and further to ₹336 crore in Q1 FY27 (vs ₹428 crore in Q1 FY26), showing improving cost discipline
- Company turned operating cash flow positive in FY26, with cash balance of ₹3,200 crore against gross debt of ₹2,000 crore, providing adequate liquidity runway
- In-house battery cell manufacturing at 2.5 GWh installed capacity scaling to 6 GWh by end of current quarter, with roadmap to 20 GWh by FY28 — vertical integration could structurally improve margins
- Secured PLI incentives worth up to ₹7,240 crore through CY2031 for cell manufacturing, providing long-term financial support
- Q4 FY26 gross margins reached industry-leading 38.5%, reflecting strong unit economics despite volume decline
- Market share recovered from 5.1% in Q4 FY26 to 8.4% in Q1 FY27, with registrations growing 97% QoQ vs 17% industry growth
- Company has reduced debt and maintains debt-to-equity of 0.82x, which is manageable for a growth-stage EV company
- Diversification into energy storage (20 GWh MoU), defence, and drone cell partnerships opens new addressable markets beyond two-wheelers
- Revenue collapsed 50% in FY26 to ₹2,253 crore from ₹4,514 crore in FY25, and Q1 FY27 revenue was still down 45% YoY at ₹455 crore
- Market share halved from ~25% in early 2025 to single digits as legacy players TVS (24.2%), Bajaj (21.9%), and others gained ground aggressively
- Stock trades at 4.47x book value (5.25x per screener data) despite negative ROE of -43% to -54.7%, implying premium valuation with no profitability
- FY26 vehicle sales fell to 164,000 units from 344,000 in FY25 — less than half — indicating severe demand or execution challenges
- Company remains deeply unprofitable with cumulative losses mounting; PE ratio of -10.6x reflects no near-term path to earnings
- Promoter holding decreased by 1.63% in the last quarter, and a recent ₹780 crore QIP further dilutes existing shareholders
- Zero dividend yield with no visibility on when the company might generate distributable profits
- 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 2h ago- Auditor qualified opinion on results Aug 7
Statutory auditors issued a qualified opinion on Q1FY27 results due to a ₹57 crore provision reversal by Ola Electric's cell subsidiary pending government approval.
- Q1FY27 loss narrows YoY Aug 7
Consolidated loss narrowed to ₹336 crore in Q1FY27 from ₹428 crore YoY, a 21% improvement in bottomline.
- ₹7,240 cr PLI incentives secured Aug 12
Ola Electric secured full five-year PLI incentives worth up to ₹7,240 crore through 2031 after MHI timeline revision, with the company ahead of milestones at 6 GWh capacity.
- BESS portfolio launched Aug 15
Launched Battery Energy Storage System portfolio including Ola Shakti (residential), Shakti Rack (commercial/industrial), and Mahashakti (utility-scale) on August 15, leveraging integrated cell manufacturing.
- 20 GWh storage MoU signed Aug 5
Signed MoU with Axis Energy Ventures to deploy up to 20 GWh of battery energy storage by 2032, targeting 5 GWh annual additions from 2028.
- Dealer-led model for scale Aug 6
Shifted from company-owned stores to a dealer-led sales and service model across India, with full dealership footprint targeted by Diwali 2026.
- Q1 FY27 earnings call held Aug 4
Ola Electric hosted its Q1 FY27 earnings conference call on August 7 at 5:00 PM IST to discuss results for the quarter ended June 30, 2026.
TL;DR: Ola Electric is executing well on its core EV business with losses narrowing 21% YoY and a strategic pivot into energy storage (BESS launch, 20 GWh MoU). The ₹7,240 crore PLI incentive lock-in and dealer network expansion provide strong medium-term visibility. Key risk is the auditor qualification on subsidiary accounts which signals governance friction. The trend is improving as the company diversifies revenue streams and scales distribution ahead of Diwali 2026.
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 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,243 | 873 | 1,296 | 1,598 | 1,644 | 1,214 | 1,045 | 611 | 828 | 690 | 470 | 265 | 455 |
| Expenses | 1,461 | 1,308 | 1,597 | 1,910 | 1,849 | 1,593 | 1,505 | 1,306 | 1,065 | 893 | 741 | 546 | 620 |
| Operating Profit | -218 | -435 | -301 | -312 | -205 | -379 | -460 | -695 | -237 | -203 | -271 | -281 | -165 |
| OPM % | -18% | -50% | -23% | -20% | -12% | -31% | -44% | -114% | -29% | -29% | -58% | -106% | -36% |
| Other Income | 34 | 49 | 71 | 73 | 51 | 100 | 127 | 117 | 68 | 66 | 34 | 39 | 29 |
| Interest | 36 | 46 | 43 | 61 | 67 | 84 | 93 | 122 | 94 | 109 | 80 | 77 | 73 |
| Depreciation | 47 | 92 | 103 | 116 | 126 | 132 | 138 | 170 | 165 | 172 | 170 | 177 | 127 |
| PBT | -267 | -524 | -376 | -416 | -347 | -495 | -564 | -870 | -428 | -418 | -487 | -496 | -336 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1% | 0% |
| Net Profit | -267 | -524 | -376 | -416 | -347 | -495 | -564 | -870 | -428 | -418 | -487 | -500 | -336 |
| 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 | -0.73 |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales | 1 | 373 | 2,631 | 5,010 | 4,514 | 2,253 | 1,880 |
| Expenses | 278 | 1,174 | 3,883 | 6,276 | 6,249 | 3,225 | 2,800 |
| Operating Profit | -277 | -800 | -1,252 | -1,266 | -1,735 | -972 | -920 |
| OPM % | -32228% | -214% | -48% | -25% | -38% | -43% | -49% |
| Other Income | 98 | 83 | 55 | 226 | 391 | 207 | 168 |
| Interest | 1 | 18 | 108 | 187 | 366 | 380 | 339 |
| Depreciation | 20 | 49 | 167 | 358 | 566 | 684 | 646 |
| PBT | -199 | -784 | -1,472 | -1,584 | -2,276 | -1,829 | -1,737 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -199 | -784 | -1,472 | -1,584 | -2,276 | -1,833 | -1,741 |
| EPS in Rs | -1,99,230 | -4.01 | -7.53 | -8.1 | -5.16 | -4.16 | -3.91 |
| 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]