Ola Electric Mobility

“While doing this, we intend to keep gross margins steady to slightly growing and volumes also steady to slightly growing.”

“I cannot say exactly what that will translate into quarter-on-quarter, but I feel confident that there will be steady growth looking ahead.”

“But, as an assumption, by the end of this year most of our vehicles should be on our own cells. I do not want to give a firm guidance on that at this stage.”

“We do not foresee material capex after that, and the remaining Cell capex is funded through debt; the equity contribution is largely complete.”

“That work should be largely completed this month - most likely within a week to ten days - after which we will ramp up cell production again.”

“We expect to restart production later this month after the full installation is complete.”

“No. We delivered a few hundred units and then decided not to scale the NMC-based Shakti, but instead pivot to the LFP-based Shakti.”

“Shakti will also be in the market with the LFP cell. We should start seeing some early revenue from Mahashakti, hopefully in Q3 or Q4.”

“our Gen 1 vehicles are out of warranty. Dealers therefore see substantial service potential.”

“Roadster is still a small minority contribution for us. We have received a good response to the product, particularly the higher-range 9.1 kWh variant.”

“I am confident that this will bring increased top-line growth over the Q1 base, and the best dealers working with the company can provide a strong uplift further ahead.”

“The broader electric two-wheeler market grew approximately 17% quarter-on-quarter, while Ola registrations grew 97%, taking our market share from 5.1% to 8.4%.”

“The external environment remains supportive, with electric two-wheeler penetration in India crossing 10% for the first time in June this year.”

“Our premium business is starting to grow again as the brand has recovered from where it was in Q4, and motorcycles are also beginning to grow in the northern plains.”

“Even before the announcement, we had been engaging with 20-30 dealers for about a month. Almost 1,000 people have expressed interest in talking to us, which is more than our team can currently process.”

“The Central Electricity Authority, a government body, has estimated a requirement of about 400 GWh over the next five to six years. I believe that is an underestimation of what India will need.”

“Despite a challenging commodity environment, we sustained Auto gross margin at 30.5%, reflecting the underlying strength of our product economics.”

“Consolidated operating expenses declined 22% quarter-on-quarter to ₹333 crores”

“As a result, consolidated adjusted operating EBITDA improved from negative ₹326 crores in Q4 FY26 to negative ₹195 crores in Q1 FY27.”

“As LFP is progressively integrated into our portfolio, we expect battery cost optimization to become an additional lever for product economics.”

“Even excluding that reversal, opex was about ₹380-odd crore, which is meaningfully lower than Q4 despite the near-doubling of volumes.”

“Going forward, under the dealer model, dealers will stock parts and buy them from us on a cash-and-carry basis.”

“The balance sheet strengthened during the quarter through the successful completion of a ₹780 crore QIP, giving us greater financial flexibility as we pursue the next phase of our growth.”

“The 4680 NMC Bharat Cell is already commercially deployed, while the 46100 LFP cell is now BIS-certified and vehicle-ready.”

“First, we signed our first MoU for Mahashakti, our utility-scale energy-storage product, with Axis Energy. This will be a meaningful growth driver for the company in the coming years.”

“We will announce Shakti Gen 2 on 15 August, and it will use LFP cells.”

“On 15 August, we will share more details about Mahashakti, Shakti and other Shakti formats for the commercial and industrial space, including data centres. The rollout of these products begins this quarter.”

“We have also brought back Mr. B.V.R. Subbu, who was a board member before we went public and has remained engaged with the company.”

“Total opex, including leases, was ₹428 crore in Q4 and ₹333 crore in Q1. This included a one-time reversal of the Cell ACC PLI penalty provision that we had been taking every quarter, of about ₹55 crore or so.”

“There were some areas where we were depreciating assets very aggressively, and we have brought those to industry norms. The resulting delta is about ₹10-20 crore.”

“Most of the service challenges are now behind us, Akshay. You are right that they were largely linked to the availability of parts, rather than a very high need for service.”

“Whenever parts were required, some were in short supply, particularly a few critical parts where we faced vendor challenges, including issues linked to the macro geopolitical situation.”

“There are questions about whether the brand weakened over the last few quarters. It did, but dealers also see the resurgence.”

“We have not been able to supply enough because of the 4680-cell shortage while we complete the capacity installation. Deliveries were therefore slightly below orders in the quarter, and pending 4680-cell vehicles will need to be delivered over this quarter and the next.”

“Deliveries increased to approximately 39,200 units, nearly doubling quarter-on-quarter, while orders increased to approximately 44,000.”

“Auto revenue grew 72% sequentially to ₹455 crore, with gross profit of ₹139 crore.”

“Our objective is to grow on this leaner operating base and progressively translate incremental revenue and gross profit into operating leverage, taking us towards break-even and sustainable profitability.”

“We now have an installed base of more than one million customers.”

“We are also increasingly using AI as an operating productivity layer across sales, registration, fulfilment, service and R&D.”