Summary of quarterly results filing for Ola Electric Mobility Ltd published on 20 May, 2026
Ola Electric Mobility Limited – Financial Results Review
1. Auditor’s Note
- Auditor: M/s. B S R & Co. LLP, Chartered Accountants
- Opinion: Unmodified (clean) audit opinion on both standalone and consolidated financial results for the year ended March 31, 2026.
- Emphasis of Matter:
- Management’s assessment of going concern assumption is highlighted, with no modification to the opinion.
- The Group and Company believe they will continue as going concerns based on cash flow projections, available cash, credit limits, and ongoing investor discussions.
- No qualifications, concerns, or issues raised by auditors.
2. Financial Performance
2.1 Consolidated Financial Results
(₹ in Crores)
| Particulars | Q4 FY26 (Mar 31, 2026) Audited | Q3 FY26 (Dec 31, 2025) Unaudited | Q4 FY25 (Mar 31, 2025) Unaudited | FY26 (Apr 2025-Mar 2026) Audited | FY25 (Apr 2024-Mar 2025) Audited |
|---|---|---|---|---|---|
| Revenue from operations | 265 | 470 | 611 | 2,253 | 4,514 |
| Other income | 39 | 34 | 17 | 207 | 418 |
| Total income (I+II) | 304 | 504 | 728 | 2,460 | 4,932 |
| Expenses: | |||||
| Cost of materials consumed | 124 | 223 | 350 | 1,302 | 3,600 |
| Purchase of stock-in-trade | 1 | 14 | 16 | 50 | 59 |
| Change in inventories | 38 | 72 | 161 | 211 | 463 |
| Employee benefits expense | 58 | 92 | 99 | 293 | 4,082 |
| Other expenses | 325 | 340 | 609 | 1,368 | 2,082 |
| Total expenses | 546 | 741 | 1,306 | 3,245 | 6,251 |
| Loss before finance costs, depreciation, amortization and tax | (242) | (237) | (578) | (785) | (1,321) |
| Finance costs | 77 | 80 | 122 | 366 | 363 |
| Depreciation and amortization expense | 177 | 170 | 170 | 684 | 566 |
| Loss before exceptional items and tax | (496) | (487) | (870) | (1,829) | (2,253) |
| Exceptional items | - | - | - | - | 23 |
| Loss before tax | (496) | (487) | (870) | (1,829) | (2,276) |
| Tax expense: | |||||
| Current tax | 4 | - | - | 4 | - |
| Deferred tax | - | - | - | - | - |
| Total tax expense | 4 | - | - | 4 | - |
| Loss for the period/year | (500) | (487) | (870) | (1,833) | (2,276) |
| Other comprehensive income (net of tax) | (31) | 8 | 8 | (15) | 17 |
| Total comprehensive loss | (531) | (479) | (862) | (1,848) | (2,259) |
| Loss attributable to owners | (500) | (487) | (870) | (1,833) | (2,276) |
| Total comprehensive loss attributable to owners | (531) | (479) | (862) | (1,848) | (2,259) |
| Diluted EPS (₹) | (1.13) | (1.10) | (1.97) | (4.16) | (5.48) |
| Paid-up equity share capital (₹ Cr) | 44.11 | 44.11 | 44.11 | 44.11 | 44.11 |
2.2 Standalone Financial Results
(₹ in Lakhs)
| Particulars | Q4 FY26 (Mar 31, 2026) Unaudited | Q3 FY26 (Dec 31, 2025) Unaudited | Q4 FY25 (Mar 31, 2025) Unaudited | FY26 (Apr 2025-Mar 2026) Audited | FY25 (Apr 2024-Mar 2025) Audited |
|---|---|---|---|---|---|
| Revenue from operations | 78 | 39 | - | 249 | 343 |
| Other income | 1,470 | 1,072 | 4,697 | 7,890 | 19,197 |
| Total income | 1,548 | 1,111 | 4,697 | 8,139 | 19,540 |
| Expenses: | |||||
| Purchase of stock-in-trade | 22 | - | - | 136 | 407 |
| Changes in inventories of stock-in-trade | (1) | 23 | 178 | (7) | 202 |
| Employee benefits expense (net of reversal) | (312) | 942 | 301 | 1,406 | 1,403 |
| Impairment losses on financial assets | 4,390 | - | 3,312 | 4,665 | 4,826 |
| Other expenses | 757 | 1,345 | 3,728 | 4,030 | 7,179 |
| Total expenses | 4,856 | 2,310 | 7,168 | 10,230 | 14,017 |
| Loss before finance costs, depreciation, amortization and tax | (3,308) | (1,199) | (3,071) | (2,091) | 5,523 |
| Finance costs | 1,789 | 1,851 | 2,407 | 8,464 | 9,150 |
| Depreciation and amortization expense | 50 | 107 | 90 | 311 | 345 |
| Loss before tax | (5,147) | (3,157) | (5,568) | (10,866) | (3,972) |
| Tax expense: | |||||
| Current tax | - | 433 | - | 433 | - |
| Deferred tax | - | - | - | - | - |
| Total tax expense | 433 | - | - | 433 | - |
| Loss for the period/year | (5,590) | (3,157) | (5,568) | (11,299) | (3,972) |
| Other comprehensive income/(loss) | |||||
| Re-measurements of defined benefit liability | (6) | (3) | 53 | 2 | 51 |
| Fair value changes on equity investments through OCI | (3,786) | - | - | (3,786) | - |
| Income tax relating to above | 1 | (3) | 53 | 1 | 51 |
| Other comprehensive income, net of tax | (3,792) | (3) | 53 | (3,784) | 51 |
| Total comprehensive loss | (9,372) | (3,160) | (5,515) | (15,083) | (3,921) |
| Diluted EPS (₹) | (0.13) | (0.07) | (0.13) | (0.26) | (0.10) |
| Paid-up equity share capital (₹ Lakhs) | 441,083 | 441,083 | 441,083 | 441,083 | 441,083 |
3. Detailed Notes / Management Commentary
-
Going Concern:
Both Group and Company have negative operating cash flows but management believes going concern assumption is appropriate based on:- Available cash and bank balances
- Expected future operating cash flows from expansion, new products, and operational efficiencies
- Available credit limits
- Ongoing discussions with investors/lenders for additional funding (including proposed QIP)
-
IPO Proceeds Utilization:
IPO raised ₹5,275 Cr net proceeds (fresh issue) in FY25. Utilization as of March 31, 2026:Object Prospectus Amount (₹ Cr) Reallocation Approved (₹ Cr) Utilized (₹ Cr) Unutilized (₹ Cr) Capital expenditure by Ola Cell Technologies 1,228 - - - Repayment of indebtedness by Ola Electric Technologies 800 800 800 - Research and product development 1,600 930 834 96 Organic growth initiatives 350 1,301 937 364 General corporate purposes 1,297 1,374 1,187 187 Repayment of indebtedness by Company/subsidiaries - 870 395 475 Total 5,275 5,275 4,153 1,122 -
QIP Plans:
The Group is actively pursuing a Qualified Institutional Placement (QIP) to strengthen liquidity and support capital expenditure and working capital. -
Regulatory and Legal Matters:
- Consumer Protection Authority queries on subsidiary; no material impact expected.
- SEBI and NSE queries on vehicle sales numbers clarified; no material impact expected.
- Extended Producer Responsibility (EPR) and Battery Waste Management Rules introduced; cost impact currently not reliably estimable.
-
Impairments:
- Provision of ₹38 Cr recorded on fair valuation of Series D preferred shares of StoreDot Ltd.
- Standalone impairment losses on financial assets ₹46.65 Cr (FY26) vs ₹48.26 Cr (FY25), mainly related to subsidiaries Etergo B.V. and Ola Electric Mobility Inc.
-
Employee Stock Options:
- ESOP cost reversal of ₹9.04 Cr due to forfeiture during Q4 FY26.
4. Segment Information (Consolidated)
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Revenue from Operations (₹ Cr) | |||||
| Automotive | 264 | 467 | 611 | 2,246 | 4,514 |
| Cell | 4 | 9 | 4 | 20 | 12 |
| Total Segment Revenue | 268 | 476 | 615 | 2,265 | 4,526 |
| Less: Inter-segment eliminations | (3) | (6) | (4) | (12) | (12) |
| Revenue from operations (reported) | 265 | 470 | 611 | 2,253 | 4,514 |
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Other Income (₹ Cr) | |||||
| Automotive | 32 | 32 | 97 | 171 | 376 |
| Cell | 4 | 8 | 26 | 59 | 61 |
| Total Segment Other Income | 44 | 40 | 123 | 230 | 437 |
| Add/(Less): Inallocable Income | (15) | (6) | (16) | (23) | (22) |
| Inter-segment eliminations | 39 | 34 | 117 | 207 | 410 |
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Total Income (₹ Cr) | |||||
| Automotive | 304 | 499 | 700 | 2,416 | 4,890 |
| Cell | 8 | 17 | 30 | 279 | 730 |
| Total Segment Total Income | 312 | 516 | 738 | 2,495 | 4,963 |
| Less: Unallocable Income | 0 | 0 | 0 | 3 | 3 |
| Inter-segment eliminations | (8) | (12) | (101) | (35) | (344) |
| Total Income (reported) | 304 | 504 | 728 | 2,460 | 4,932 |
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Cost of Goods Sold (₹ Cr) | |||||
| Automotive | 163 | 309 | 527 | 1,563 | 3,708 |
| Cell | 7 | 5 | 1 | 15 | 5 |
| Total Segment COGS | 170 | 314 | 528 | 1,578 | 3,713 |
| Less: Inter-segment eliminations | (7) | (5) | (1) | (5) | (5) |
| Total COGS (reported) | 163 | 309 | 527 | 1,563 | 3,708 |
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Employee Benefits & Other Expenses (₹ Cr) | |||||
| Automotive | 270 | 273 | 638 | 1,109 | 2,066 |
| Cell | 32 | 51 | 32 | 100 | 106 |
| Total Segment Employee Benefits & Other Expenses (excl. unallocable) | 302 | 324 | 670 | 1,209 | 2,172 |
| Add: Unallocable employee benefits & other expenses | (81) | 108 | 109 | 393 | 373 |
| Total Employee Benefits & Other Expenses (reported) | 383 | 432 | 779 | 1,682 | 2,545 |
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Loss before finance costs, depreciation, amortization, exceptional items and tax (₹ Cr) | |||||
| Automotive | (129) | (83) | (457) | (256) | (884) |
| Cell | (31) | (39) | (3) | (116) | (39) |
| Total Segment Loss before unallocable costs | (160) | (122) | (460) | (372) | (922) |
| Less: Unallocable expenses (net) | (81) | (108) | (109) | (393) | (370) |
| Inter-segment eliminations | (1) | (7) | (9) | (20) | (79) |
| Total Loss before finance costs, depreciation, amortization, exceptional items and tax | (242) | (237) | (578) | (785) | (1,321) |
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Depreciation, Amortization and Finance Costs (₹ Cr) | |||||
| Automotive | 209 | 206 | 248 | 605 | 901 |
| Cell | 50 | 50 | 50 | 202 | 153 |
| Total Segment Depreciation, Amortization and Finance Costs | 259 | 256 | 298 | 1,067 | 1,054 |
| Less: Unallocable | (5) | (6) | (6) | (223) | (222) |
| Total Depreciation, Amortization and Finance Costs (reported) | 254 | 250 | 292 | 1,044 | 932 |
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Segment Loss before tax (₹ Cr) | |||||
| Automotive | (81) | (89) | (553) | (1,209) | (1,912) |
| Cell | (419) | (378) | (578) | (4,439) | (4,785) |
| Total Segmental Results | (419) | (378) | (578) | (4,439) | (4,785) |
| Less: Unallocated expenses | (81) | (108) | (109) | (393) | (370) |
| Inter-segment eliminations | 4 | (1) | (3) | 3 | (7) |
| Exceptional items | - | - | - | - | - |
| Loss before tax (reported) | (496) | (487) | (870) | (1,829) | (2,276) |
5. Capital Expenditure, Projects, and Corporate Activity
-
Capital Expenditure:
- Significant capex planned for expansion of cell manufacturing capacity from 5 GWh to 6.4 GWh by Ola Cell Technologies Private Limited (₹1,228 Cr allocated in IPO prospectus, currently unutilized).
- FY26 capex (consolidated) includes ₹526 Cr on property, plant and equipment.
-
IPO Proceeds:
- ₹4,153 Cr utilized out of ₹5,275 Cr net IPO proceeds as of March 31, 2026.
- ₹1,122 Cr remains unutilized, earmarked for capex, R&D, organic growth, corporate purposes, and debt repayment.
-
Fund Transfers:
- IPO funds transferred to subsidiaries for repayment of loans, R&D, organic growth, and corporate purposes totaling ₹4,369 Cr.
-
Impairments and Provisions:
- Provision of ₹38 Cr on StoreDot Ltd. investment (OCI).
- Standalone impairment on investments of ₹46.65 Cr in FY26.
- No exceptional items reported in FY26 consolidated results.
-
Restructuring / Strategic Shifts:
- No explicit restructuring or cost-cutting measures disclosed.
- Ongoing discussions for QIP to raise additional equity capital.
6. Standalone vs Consolidated
| Aspect | Consolidated | Standalone |
|---|---|---|
| Financials | Provided for Q4 FY26, Q3 FY26, Q4 FY25, FY26, FY25 | Provided for same periods |
| Loss (FY26) | ₹1,833 Cr | ₹11,299 Lakhs (₹113 Cr) |
| Revenue (FY26) | ₹2,253 Cr (Operations) | ₹2.49 Cr (Operations + Other Income) |
| Cash Flow | Negative operating cash flow ₹775 Cr (FY26) | Positive operating cash flow ₹104 Cr (FY26) |
| Impairments | ₹38 Cr on StoreDot (OCI) | ₹46.65 Cr impairment on investments |
| Going Concern | Affirmed by management and auditors | Affirmed by management and auditors |
Summary
- Auditor’s report: Clean/unmodified opinion with emphasis on going concern, no qualifications.
- Financial performance:
- Consolidated revenue declined YoY (₹2,253 Cr in FY26 vs ₹4,514 Cr in FY25).
- Consolidated net loss reduced YoY but remains substantial (₹1,833 Cr loss in FY26 vs ₹2,276 Cr loss in FY25).
- Standalone results show larger losses primarily due to impairment losses on investments.
- Segment: Two reportable segments – Automotive and Cell. Automotive segment dominates revenue and losses.
- Cash flows: Negative operating cash flow at consolidated level; standalone positive operating cash flow.
- Capital and funding: IPO proceeds largely utilized; additional equity raise (QIP) planned to support liquidity and growth.
- Regulatory and legal: No material impact expected from ongoing regulatory inquiries.
- Accounting policies: No changes reported; financials prepared under Ind AS.
- Risks: Going concern depends on successful capital raising and operational improvements.
This detailed extraction provides a comprehensive view of Ola Electric Mobility Limited’s audited financial results for Q4 FY26 and FY26, suitable for investment analysis and decision-making.