Ola Electric Mobility
Ola Electric Mobility
AutomobilesKey Fundamentals
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Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
3- Stock is trading at 4.88 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
Ola Electric Mobility has a market capitalisation of about ₹18,171 crore and remains loss-making: its P/E is -11.3, which implies trailing losses of roughly ₹1,600 crore, and last year's ROE was -43%. TTM sales fell 49%, while compounded profit improved 26% TTM, meaning losses have narrowed. The stock trades at 4.77-5.07x book value, has fallen 30% over one year, and promoter holding dropped 1.63% last quarter.
- Compounded profit growth of 26% on a TTM basis shows losses are narrowing. This suggests cost controls and operating efficiencies are starting to work, even though revenue is lower.
- The company has reduced its debt. This eases balance-sheet pressure for a business that is still loss-making, with a P/E of -11.3.
- Its 5-year compounded sales growth of 383% shows it scaled quickly from a small base into a large electric two-wheeler maker. It has manufacturing capacity and a brand that it could use again if demand recovers.
- After a 30% fall over one year, the market cap of about ₹18,171 crore is much lower than earlier levels. Expectations are now lower, which some investors may see as a valuation reset.
- The price-to-book ratio of 4.77x is below the 5.07x cited elsewhere in the data set. This points to some compression in the valuation multiple as the price has corrected.
- Paying no dividend (0% yield) means all internal capital can go to cell manufacturing, product development and reaching break-even, rather than to shareholder payouts.
- TTM sales fell 49%, which points to a sharp loss of volume or market share in a competitive electric two-wheeler market.
- Return on equity was -43% last year, meaning the company destroyed a large share of shareholder capital in a single year.
- A P/E of -11.3 on a market cap of about ₹18,171 crore implies trailing losses of roughly ₹1,600 crore. The company is still some distance from profitability.
- The 3-year compounded sales growth of -5% and 3-year compounded profit growth of -12% show the recent slowdown is not a one-off. It extends across multiple years.
- The stock trades at 4.77-5.07x book value despite negative earnings and falling revenue. The valuation still relies heavily on a future turnaround.
- Promoter holding fell 1.63% over the last quarter, which may weigh on market sentiment about insider confidence.
- The company has low interest coverage, meaning operating earnings do not comfortably cover finance costs, even though debt has come down.
- The stock has returned -30% over one year, showing continued negative price momentum and market doubt about how the business is performing.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Back-to-back fundraises signal capital needs Sep 23
On Sep 5 the board approved an enabling resolution to raise ₹1,500 crore via equity or convertible instruments. On Sep 23 it set a Sep 28 board meeting to consider a rights issue of equity shares. Together these point to near-term cash needs and a risk of shareholder dilution.
- COO resignation adds leadership churn Sep 5
At the Sep 5 meeting where the ₹1,500 crore raise was approved, the board also noted the COO's resignation. Losing a senior operations executive raises questions about execution continuity at a key time for the business.
- Shareholders approve all AGM resolutions Sep 30
Shareholders passed every resolution at the 9th AGM on Sep 30, 2026. These included re-appointing independent directors and approving fundraising through securities issuance, which clears the way for the planned capital raise.
- Analyst visit to Giga Factory Sep 14
The company hosted a one-to-one meeting with Emkay Global Financial Services on Sep 17, 2026, at its Future Factory and Giga Factory in Bengaluru. Showing its manufacturing and cell capacity to analysts may help investor confidence.
- Deepa Bansal appointed Company Secretary Sep 28
Deepa Bansal became Company Secretary and Compliance Officer effective Sep 28, 2026. This fills a key compliance role and strengthens governance.
- KMP list revised for disclosures Sep 28
The company updated its list of Key Managerial Personnel under SEBI Reg 30(5), which sets who decides whether an event is material enough to disclose. Bhavish Aggarwal and CFO Deepak Rastogi are on the revised list.
- 9th AGM scheduled via video Sep 7
The 9th AGM was scheduled for Sep 30, 2026, by video conference to cover FY26 business. This was a routine procedural notice.
TL;DR: September news for Ola Electric was mostly about governance and capital. Shareholders approved all AGM resolutions, a new Company Secretary was appointed and the company met analysts at its Giga Factory. The main risks are possible dilution from a ₹1,500 crore enabling resolution plus a proposed rights issue, and leadership churn after the COO resigned. The trend is mixed and depends on the balance sheet. Investors will want to see the rights issue size, pricing and planned use of funds, along with operating metrics, to judge whether the new capital points to recovery or continued cash burn.
Quarterly Results
| Particulars | 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
| Particulars | 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 | 3,231 | 2,800 |
| Operating Profit | -277 | -800 | -1,252 | -1,266 | -1,735 | -978 | -920 |
| OPM % | -32228% | -214% | -48% | -25% | -38% | -43% | -49% |
| Other Income | 98 | 83 | 55 | 226 | 391 | 193 | 168 |
| Interest | 1 | 18 | 108 | 187 | 366 | 360 | 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
| Particulars | 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 | 2,781 |
| CWIP | 43 | 83 | 507 | 713 | 702 | 1,067 |
| 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
| Particulars | 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 | -1,492 |
| CFO/OP | 90 | 111 | 121 | 49 | 137 | 79 |
Ratios
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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