Ola Electric Mobility Ltd

Key highlights

• Shakti Gen2 residential storage with 4.6 kWh and 9.2 kWh models.
• Gen2 reservations open at ₹999.
• Residential pricing: ₹99,999 (4.6 kWh) and ₹1,74,999 (9.2 kWh).
• Deliveries targeted from November 2026.
• Shakti Rack and DC Rack for commercial use; Mahashakti for industrial and utility-scale storage.
• MoU with Axis Energy for potential deployment up to 20 GWh by 2032.
• Indigenous LFP cells and Krishnagiri Gigafactory underpin portfolio.

BESS product launch

• Launched Battery Energy Storage System portfolio—Ola Shakti, Shakti Rack, and Mahashakti on Aug 15, 2026.
• Domestic market focus across residential, commercial/industrial, and utility-scale applications.

Financial Performance

• Deliveries ~39,200 units; nearly doubled QoQ.
• Orders ~44,000.
• Auto revenue grew 72% sequentially to ₹455 crore.
• Auto gross profit ₹139 crore.
• Auto gross margin 30.5%.
• Consolidated operating expenses declined 22% QoQ to ₹333 crores.
• Consolidated adjusted EBITDA improved to negative ₹195 crores in Q1 FY27 (vs negative ₹326 crores in Q4 FY26).
• Balance sheet strengthened by ₹780 crore QIP completion.

Operational Update

• 4680 NMC Bharat cell commercially deployed; 46100 LFP BIS-certified and vehicle-ready.
• Shakti & Mahashakti revenue target: ₹400-500 crore by FY2027-28.
• MoU with Axis Energy for Mahashakti: 20 GWh over 5-6 years.
• Gigafactory to be 6 GWh capacity commissioned this quarter.
• 6 GWh cylindrical; expansion to 20 GWh will be prismatic; equity funding planned.
• Auto: ~20% of portfolio remains NMC; rest move to LFP.
• Shakti Gen 2 on 15 August; uses LFP; margins healthier.
• Ola Shakti: delivered a few hundred units; pivoted to LFP.

Balance Sheet & Cash Flow

• QIP completion of ₹780 crore strengthens financial flexibility.
• Installed base of >1 million customers.

Projects & Capex

• Auto capex minimal; cell factory capex cycle ends this quarter with 6 GWh installed.
• Remaining cell capex funded by debt; equity contribution largely complete.
• FY27 capex beyond cell project guided at ₹30-50 crore.
• No material capex expected post-cell project; expansion to 20 GWh via equity funding (not parent).

Outlook & Guidance

• No formal guidance for the quarter; growth to be pursued in a disciplined manner.
• Gross margin target around 30-32% for FY27; opex to 300-325 crore in next couple of quarters.

Q&A Highlights

• ASP declined; attributed ~90% to product mix; ASP around ₹1.25 lakh ±5%.
• Volumes in Q1: ~40,000-45,000 units.
• Cell production paused to complete 6 GWh install; restart within 1 week to 10 days.
• Yields were in high-70s to around 80% before pause; target >90% within a quarter after restart.
• Roadster: 4680-cell shortage; deliveries lag orders; to improve as supply normalizes.
• Shakti Gen 2 to be launched on 15 August; uses LFP; margins healthier.
• 6 GWh capacity to be commissioned this quarter; expansion to 20 GWh via equity funding.
• Mahashakti revenue expected in Q3 or Q4.
• First dealerships live on Janmashtami; ~500 touchpoints currently; multi-channel strategy.

PLI timeline revision and incentives

• MHI approves revised ACC PLI timelines for Ola Cell Technologies, securing five-year PLI window through CY2031.
• Cumulative PLI incentives up to ₹7,240 crore; disbursements quarterly beginning next quarter.
• Current installed cell capacity at Ola Electric: 2.5 GWh.
• Additional 3.5 GWh under installation; total 6 GWh by end of current quarter.
• Five-year window extends original timeline by two years.
• Roadmap includes Shakti and Mahashakti energy products; broader energy platform underway.

Event details

• Ola Electric to unveil next chapter of Ola Energy on Aug 15, 2026 across official channels.
• No on-ground Sankalp event this year; announcements to be shared on Ola Electric channels.
• Press note dated August 11, 2026.

Trustee change

• Deed of Appointment cum Removal executed on 07 August 2026 to effect trustee change.
• Outgoing Trustee Amit Anchal is removed; Incoming Trustee Nirajkumar Popatlal Jain appointed.
• Ola Electric Mobility Limited remains party to the Deed.
• Modification is administrative; no change to Trust objectives or employee benefits.
• Effective removal date is the Execution Date; incoming trustee takes office per Deed.
• Exchanges notified; Deed will be posted on Ola Electric website.

Financial highlights

• Consolidated revenue from operations ₹455 crore in Q1 FY27, up from ₹265 crore.
• Consolidated gross margin 30.5% in Q1 FY27.
• Deliveries 39,192 units; registrations up 97% QoQ.
• Orders 44,071 in Q1 FY27.
• Opex declined 22% QoQ to ₹333 crore; target steady-state ~₹300 crore.
• QIP ₹780 crore completed with 56% oversubscription.
• Market share rose to 8.4% in Q1 FY27 from 5.1% in Q4 FY26.

Operational momentum and technology

• AI embedded across sales, registration, fulfilment, service and R&D.
• Auto revenue up 72% QoQ to ₹455 crore; auto gross profit ~₹139 crore.
• In-house cell roadmap includes 4680 NMC Bharat Cell and BIS-certified 46100 LFP.
• Broad dealership model expansion beyond company-owned stores.
• Roadster deliveries up; motorcycle-heavy markets expanding.

Capital & balance sheet

• QIP proceeds strengthen balance sheet and financial flexibility.
• Opex within quarterly guidance of ₹300-350 crore; target ~₹300 crore.

Outlook and priorities

• Priorities: scale volumes and rationalise cost structure for operating leverage.
• Expand dealer distribution and move Auto portfolio into own cells.
• Utilize Gigafactory capacity across mobility and energy storage.
• AI-led execution to deepen efficiency.

Business Overview

• Core business spans auto EVs, Roadster motorcycles, and in-house cell development.
• Strategic reset in FY26 reduced cost base and sharpened operating discipline.
• LFP and NMC in-house cells enable two-chemistry roadmap for performance and scale.
• Lifecycle services targeting ₹400-500 cr revenue by FY28 with ~65% gross margin.
• MoUs across defence/UAV/near-space and Axis Energy anchor demand for Mahashakti.
• Mahashakti launch on 15 August; Axis Energy up to 20 GWh by 2032.
• 6 GWh gigafactory to support deeper own-cell integration.
• Dealer network expanded with 1,200+ interest indications.
• Roadster expands addressable market beyond scooters.
• AI embedded across sales, registrations, fulfilment, service for faster execution.
• Auto market share rose to 8.4% in Q1 FY27.

Key Operational Highlights

• Orders rose to 44,071 in Q1 FY27, up 96% QoQ.
• Deliveries reached 39,192 units, up 94% QoQ.
• Automotive revenue ₹455 cr; gross margin 30.5% (₹139 cr).
• Consolidated operating expenses ₹333 cr; down 22% QoQ.
• QIP ₹780 cr completed; 56% oversubscribed; strengthens balance sheet.
• One-time PLI levies reduced cost base.
• Market share rose to 8.4% from 5.1%.
• Regional growth: West +61%, North +54%, South +54%, East +34% QoQ.
• Roadster bike deliveries +67% QoQ.
• NMC Bharat cell deployed; 46100 LFP BIS-certified; vehicle-ready.
• Six GWh capacity enables external energy storage demand.
• Axis Energy MoU for up to 20 GWh by 2032.
• Mahashakti launch on Aug 15; utility-scale deployments planned.
• MoUs across defence, UAVs, near-space, IPP Mahashakti expand demand.
• Dealer partner network: 1,200+ indications; broader access.
• AI-led sales: 47% higher appointment conversion; 17% higher sales conversion.
• Lifecycle services target 400-500 cr by FY28; 65% gross margin.
• Two-chemistry strategy: NMC for performance, LFP for scale.

Financial Performance

• Consolidated revenue ₹455 cr; gross margin ₹139 cr; gross margin 30.5%.
• Operating expenses ₹333 cr; QoQ down 22%.
• PAT: -₹336 cr; CFO: -₹215 cr; FCF: -₹351 cr.
• Consolidated operating EBITDA: -₹165 cr; Adj. EBITDA: -₹195 cr.
• Auto segment revenue ₹455 cr; Adj. EBITDA margin -31.0%.
• Cell segment revenue ₹5 cr; EBITDA ₹28 cr; CFO -₹8 cr; FCF -₹143 cr.
• QIP financing strengthened balance sheet and liquidity.

Capital Structure & Liquidity

• QIP ₹780 cr completed; 56% oversubscribed.
• One-time PLI levies provided cost-base relief.

Strategic Priorities & Outlook

• Aim to achieve a lower steady-state cost base of ~₹300 cr per quarter.
• Scale volumes via dealer network; build lifecycle relationship with installed base.
• AI across sales, fulfilment, service to improve speed and execution.
• Mahashakti launch and MoUs broaden demand beyond mobility.
• Two-chemistry strategy expands battery capability; NMC for performance, LFP for scale.
• Axis Energy agreement anchors external demand up to 20 GWh by 2032.
• Roadmap to broader EV adoption with rural distribution.
• Lifecycle services target ₹400-500 cr by FY28 at ~65% gross margin.

Risks & Mitigation

• Commodity input costs rose ~11% QoQ; mitigated by cost discipline and vertical integration.
• Cash burn remains elevated; path to breakeven through leverage and cost reductions.
• Policy incentives supportive of EV adoption.

Governance & Leadership

• No material governance changes disclosed.

Q1 FY27 Highlights

• Q1 FY27 orders 44,071; deliveries 39,192.
• Registrations up 97% QoQ; market share 8.4%.
• Auto revenue ₹455 crore; gross margin 30.5%.
• Operating expenses down 22% QoQ to ₹333 crore.
• ₹780 crore QIP completed; 56% oversubscribed.
• LFP 46100 cell BIS-certified; NMC Bharat 4680 deployed.
• Gigafactory 6 GWh by September.

Financials & Strategic Initiatives

• Q1 FY27 financials: Revenue ₹455 crore; gross margin ₹139 crore (30.5%).
• PAT -₹336 crore; CFO -₹215 crore; FCF -₹351 crore.
• Strategic milestones: Mahashakti launch on 15 August; Axis Energy MoU for up to 20 GWh by 2032.