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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.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.
- Revenue up 72% QoQ to INR 455 crore, gross margin 30.5%, net loss narrowed to INR 336 crore.OLAELEC
Q1 26/27 - Industry-leading margins and positive Q4 cash flow offset by ongoing losses and funding plans.OLAELEC
Q4 25/26 - Quarterly revenue INR 470 crore, net loss INR 487 crore, record margins, and ongoing cash flow challenges.OLAELEC
Q3 25/26 - Q2 FY26 saw 30.7% gross margin, INR 828 crores revenue, and a net loss of INR 428 crores.OLAELEC
Q2 25/26 - Gross margin reached 26% as sequential losses narrowed and liquidity remained strong.OLAELEC
Q1 25/26 - Q2 FY25 revenue up 38.5% to INR 1,214 crores; gross margin 20.6%; IPO raised INR 5,341 crores.OLAELEC
Q2 24/25 - Record Q1 FY25 income, margin gains, and high net loss; IPO completed post quarter-end.OLAELEC
Q1 24/25 - Q4 and FY25 losses widened, but IPO and operational gains support future growth.OLAELEC
Q4 24/25 - Gross margin rose to 25% as Q3 FY25 revenue hit INR 1,045 crore and net loss was INR 564 crore.OLAELEC
Q3 24/25
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Next Ola Electric Mobility earnings date
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