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Ola Electric Mobility (OLAELEC) investor relations material
Ola Electric Mobility Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 30.7% gross margin in Q2 FY2026, with auto business turning cash generative and INR 15 crore operating cash flow.
Approved unaudited standalone and consolidated financial results for Q2 and H1 ended September 30, 2025, and appointed PwC as internal auditors for FY 2025-26.
Board approved reallocation of IPO proceeds and additional fundraising plans up to INR 3,200 crores through debt and equity instruments.
Commissioned 2.5 GWh Gigafactory, targeting 5.9 GWh by March; launched India's first residential BESS product, Ola Shakti, using in-house 4680 cells.
BESS business expected to generate INR 1,000–1,200 crore revenue in FY2027, with strong demand and industry-leading distribution.
Financial highlights
Q2 FY26 consolidated revenue was INR 828 crores, up from INR 690 crores in Q1; H1 FY26 revenue was INR 1,518 crores.
Q2 gross margin reached 30.7%, with PLI contributing 2 percentage points; further margin improvement expected as PLI benefits scale.
Consolidated net loss for Q2 FY26 was INR 428 crores, compared to INR 418 crores in Q1; H1 FY26 net loss was INR 846 crores.
Average selling price (ASP) for two-wheelers increased from INR 121,000 to INR 131,000, driven by higher add-on sales and product mix.
OpEx reduced from INR 450 crore in Q1 to INR 416 crore in Q2, with further cost optimizations planned.
Outlook and guidance
BESS unit projected to deliver INR 1,000–1,200 crore revenue in FY2027, with Q4 FY2026 expected to see INR 100 crore from 7,000–8,000 units.
Full portfolio PLI expected to lift gross margin to 36–37% by Q4.
Management expects to continue as a going concern, supported by available cash, projected operating cash flows, credit lines, and planned fundraising.
Focus on expansion of cell manufacturing, new product launches, and operational efficiencies to drive future growth.
Minimal new capital investments anticipated for auto business, with focus on R&D and new products.
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