OLAELEC
Small CapOla Electric Mobility Limited
Auto
Ola Electric Mobility Limited is an Indian electric vehicle manufacturer focused on two-wheelers and battery technology. It operates the Futurefactory for EVs and a Gigafactory for cell manufacturing, aiming to integrate cells into its vehicles and expand into energy storage solutions like Shakti and Mahashakti.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -57% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹265 Cr | -56.6% | -43.6% |
| EBITDA | ₹-281 Cr | +59.6% | -3.7% |
| Operating margin | -106.0% | +800 bps | -4800 bps |
| PAT | ₹-500 Cr | NDF | NDF |
| PAT margin | -188.7% | -4629 bps | -8506 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 marks a 'reset' with first operating cash-flow positive quarter, consolidated gross margin reaching 38.5% (33.5% excl. PLI), and significant opex reduction. Auto business shows strong sales recovery and service stabilization, while Cell business moves from validation to scale.
Management claims FY26 was a 'reset' year, with Q4 showing positive operating cash flow, improved gross margins, and reduced opex. Service stabilization led to a V-shaped sales recovery in Auto. The Gigafactory is scaling, and new products like Roadster are gaining traction. The focus is now on utilization and disciplined growth.
Electric Motorcycles (Roadster)
Roadster is becoming the second auto growth engine, with Ola having 50% market share in the segment. Bikes contributed 15% of April gross orders.
Gigafactory Scale-up & Cell Integration
Moving to manufacturing scale, with 2.5 GWh operational capacity and installation to 6 GWh largely complete. Plan to transition full vehicle portfolio to own cells by Sep 2026.
Energy Storage (Shakti & Mahashakti)
Shakti (distributed storage) is entering the market with 50k+ customer leads. Mahashakti (utility-scale BESS) is in product development for CY 2027 launch.
AI Integration
In-house AI stack operating at production scale, improving sales conversion, service execution, and reducing operating costs across the business.
Auto Manufacturing Capacity
Core auto capex is already in place for up to 1 million vehicles of annual capacity. The focus is on utilization, not new capex.
Gigafactory Capacity
Currently 2.5 GWh operational capacity; installation to 6 GWh is largely complete and commercialization to be completed by end of current quarter. Plan to expand to 20 GWh by early next year through capital raise at cell entity level.
India's Energy Security Focus
Global energy volatility and oil-market disruptions make dependence on imported fossil fuels a critical consumer, economic, and policy issue.
Government Policy Support
Local-content rules, approved-list frameworks for battery modules/cells, ACC PLI, BESS VGF are moving India's battery industry to industrial execution.
Cost-of-Ownership Advantage for EVs
Higher petrol and diesel prices sharpen the cost-of-ownership advantage of EVs for consumers.
Commodity Inflation
Gross margins may moderate in Q1 and Q2 FY27 due to commodity inflation.
E2W Industry Decline
The broader E2W industry declined by more than 22% in April, despite Ola's sales recovery.
Gross Margin Moderation
Gross margins may moderate in Q1 and Q2 FY27 due to commodity inflation and pricing actions to accelerate growth.
Gigafactory Ramp-up
Cell business remained in planned investment mode as Gigafactory ramps. Focus is on achieving commercially viable yields and full utilization.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company highlights both YoY improvements (gross margin, opex reduction over FY25) and QoQ sequential momentum (Q4 gross margin, sales recovery from Q3, April registrations MoM) as evidence of its 'reset' working.
Consolidated Gross Margin (Q4 FY26)
Reached 38.5% (33.5% excl. PLI), up from 34.3% in Q3 and 13.7% in Q4 FY25.
Consolidated Operating Expenses (Q4 FY26)
Reduced from ₹844 crore in Q4 FY25 to ₹428 crore in Q4 FY26.
Auto Sales Recovery (April Registrations)
April registrations rose to 12,166 units, up 20% month-on-month, even as the E2W industry declined by more than 22%.
Warranty Cost (FY26)
Warranty cost in FY26 stands at ₹59 crore, compared with ₹555 crore in FY25.
FY27 Priorities
Sustain service consistency, scale volumes with discipline, improve auto cash generation, ramp the Gigafactory, and build the storage business.
Opex Reduction Target
Expect opex to reduce further towards ₹350 crore per quarter over the next couple of quarters.
National Market Share Target
Working towards rebuilding national market share to 15–20% over the next six months.
Q1 FY27 Order Outlook
Expect Q1 FY27 orders to be 40,000 - 45,000 units, nearly double Q4 levels.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Quarterly Opex | ₹428 crore (Q4 FY26) | Reduction towards ₹350 crore per quarter over the next couple of quarters. |
| Auto Monthly Breakeven Volume | Not explicitly stated, but implies current volumes are below breakeven. | Achieving 20,000 - 25,000 units per month for adjusted operating EBITDA breakeven. |
| National Market Share | Not explicitly stated, but implies below target. | Rebuilding to 15–20% over the next six months. |
| Gigafactory Commercialization | 2.5 GWh operational, 6 GWh installation largely complete. | Completion of 6 GWh commercialization by end of current quarter and progress towards 20 GWh by early next year. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +21.9% / mo
Technical chart
OLAELECweekly · 5Y-34.9%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 66.
- SMA20 rising (~18.0% over last month) — short-term momentum positive.
- RSI(14) at 66 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 27% off 52W high · 113% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 6/25 to the score.
- Balance sheet contributes 3/15 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 4th percentile of the scored universe and 2nd percentile within Auto. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-775 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Auto: 2nd pctile, median 71 · Small: 5th pctile, median 65
54 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-775 Cr.
- ▸Promoter holding fell 2.2%.
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at -19.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 5.84
- EV/EBITDA
- —
- Market Cap
- 20564.00Cr
Profitability
- ROE
- -43.20%
- ROCE
- -19.60%
- ROA
- -23.54%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 383.00%
- EPS 5Y
- —
- Revenue 3Y
- -5.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 0.82
- Interest Coverage
- -2.56×
- Altman Z
- 2.62
- Book Value
- 7.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -775.00 Cr
- EPS TTM
- -4.16
Shareholding
- Promoter Hold
- 34.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.