Ola Electric Mobility
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Ola Electric Mobility (OLAELEC) investor relations material

Ola Electric Mobility Q2 26/27 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 26/27 earnings summary12 Nov, 2026

Executive summary

  • Demand exceeds supply; supplier ramp-up, rather than plant capacity, is the main near-term constraint, while management targets sustainable, margin-accretive growth.

  • Dealer transition advanced alongside commissioning of 6 GWh cell capacity, cost-base improvements and balance-sheet deleveraging.

  • The consolidated review conclusion was qualified over the timing of liquidated-damages provisions; auditors otherwise found no matter indicating material misstatement.

Financial highlights

  • Q2 FY27 revenue was INR 421 crore versus INR 455 crore in Q1 and INR 690 crore YoY; H1 revenue was INR 876 crore versus INR 1,518 crore.

  • Q2 gross profit was INR 126 crore and gross margin 29.93%, versus INR 139 crore and 30.5% in Q1; operating expenses were INR 369 crore versus Q1’s INR 390 crore excluding a one-time INR 57 crore reversal.

  • Q2 operating EBITDA was -INR 218 crore and adjusted operating EBITDA -INR 246 crore, versus -INR 165 crore and -INR 195 crore in Q1; Q2 PAT loss was INR 362 crore versus INR 336 crore.

  • Q2 operating cash flow was -INR 188 crore and free cash flow -INR 371 crore; H1 net cash used in operating activities was INR 403 crore versus INR 343 crore.

  • H1 loss after tax was INR 698 crore versus INR 846 crore; Q2 total expenses were INR 639 crore, and basic and diluted EPS were both INR (0.78).

Outlook and guidance

  • Production is expected to reach ~25,000 vehicles in December as supplier capacity ramps; paid-order backlog is expected to clear with higher output.

  • Dealer-network targets are 450 stores by December 2026 and 700+ by March 2027; operating expenses are expected to decline as most company stores close.

  • Gross margin is expected to ease in Q3 and Q4 due to dealer commissions, while operating margin is expected to improve meaningfully; introductory commissions may decline over 2–3 quarters.

  • S1 Z deliveries are planned for Q4 FY27, subject to testing and demand priorities; LFP integration into existing products is also expected from Q4.

  • FY28 Auto cell use is expected at 2–3 GWh, equivalent to 400,000–500,000 vehicle orders assuming a 5 kWh average pack; Shakti Gen 2 is ready for a Q4 FY27 launch.

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Frequently asked questions

Ola Electric Mobility Limited is an Indian electric vehicle (EV) manufacturer focused on designing, manufacturing, and marketing electric scooters and other EV solutions. The company aims to promote sustainable urban transportation by providing battery-powered vehicles and establishing charging infrastructure to support electric mobility adoption. In addition to producing EVs, Ola Electric is involved in developing advanced battery technology and energy solutions to enhance vehicle range and efficiency. The company primarily serves the consumer market, contributing to India's shift toward green energy in the transportation sector. Ola Electric Mobility Limited is headquartered in Bengaluru, India, and its shares are listed on the National Stock Exchange of India.