Ola Electric Mobility Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ola Electric Mobility Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ola Electric reported Q4 FY26 consolidated gross margin of 38.5%, up from 34.3% in Q3, alongside its first operating cash flow positive quarter with consolidated CFO of 91 crores. Management said full year FY26 revenue was 2,253 crores on 173,794 deliveries, while OpEx was reduced sharply from 844 crores to 428 crores year-on-year in Q4. Management outlined plans to scale the Gigafactory toward 6 GWh, ramp motorcycle sales, and guided to 40,000-45,000 orders and 500-550 crores of revenue in Q1 FY27.
Numbers mentioned
Consolidated gross margin: 38.5% (Q4 FY26)
p. 2
“In Q4 for 2025-26, consolidated gross margins reached 38.5%, up from 34.3% in Q3 and 13.7% in Q4, similar quarter as last year.”
Deepak Rastogi, page 2 of the filed PDF · View the filing
Gross margin excluding PLI: 33.5% (Q4 FY26)
p. 2
“Excluding PLI gross margins was 33.5%.”
Deepak Rastogi, page 2 of the filed PDF · View the filing
Consolidated revenue: 2,253 crores (FY26)
p. 3
“So for FY26, consolidated revenue stood at 2,253 crores with 173,794 deliveries and consolidated gross margin improved to 30.6%.”
Deepak Rastogi, page 3 of the filed PDF · View the filing
Consolidated gross margin: 30.6% (FY26)
p. 3
“So for FY26, consolidated revenue stood at 2,253 crores with 173,794 deliveries and consolidated gross margin improved to 30.6%.”
Deepak Rastogi, page 3 of the filed PDF · View the filing
Consolidated CFO: 91 crores (Q4 FY26)
p. 3
“So Q4 was the first operating cash flow positive quarter. Consolidated CFO was 91 crores, supported by strong gross margins, PLI inflows, lower OpEx and tighter working capital discipline.”
Deepak Rastogi, page 3 of the filed PDF · View the filing
Auto business CFO: 213 crores (Q4 FY26)
p. 3
“The Auto business delivered 213 crores of CFO and 173 crores of free cash flow in Q4.”
Deepak Rastogi, page 3 of the filed PDF · View the filing
Consolidated OpEx: 428 crores (Q4 FY26)
p. 4
“Consolidated OpEx, including lease expenses, have meaningfully reduced from 844 crores in Q4 FY2024-25, which is last year, to 428 crores during this Q4 FY2025-26.”
Deepak Rastogi, page 4 of the filed PDF · View the filing
Warranty costs: 59 crores (FY26)
p. 5
“In FY25, we had a 500 plus crore of warranty costs, in FY26, it's only 60 crores, 59 crores to be accurate.”
Bhavish Aggarwal, page 5 of the filed PDF · View the filing
Warranty cost reduction (Gen 3 vs Gen 2): 70% lower
p. 5
“Product quality is improving with Gen 3, with warranty cost is 70% lower than Gen 2.”
Deepak Rastogi, page 5 of the filed PDF · View the filing
Service stats reduction: down 88%
p. 5
“Service metrics have also improved sharply, with service stats down 88%, same day closures at approximately 87% and part dependency down”
Deepak Rastogi, page 5 of the filed PDF · View the filing
April registrations growth: up 20% month-on-month (April 2026)
p. 6
“April registrations were up 20% month-on-month, while the broader E two-wheeler industry declined by more than 22%.”
Deepak Rastogi, page 6 of the filed PDF · View the filing
Electric motorcycle market share: 50%+
p. 6
“Ola now has 50% market share in electric motorcycles, and bikes contributed 15% of April gross orders.”
Deepak Rastogi, page 6 of the filed PDF · View the filing
Operational Gigafactory capacity: 2.5 GWh
p. 6
“We currently have 2.5 GWh operational capacity.”
Deepak Rastogi, page 6 of the filed PDF · View the filing
Gross cash: ₹1,550-₹1,600 crores (as of March 31)
p. 16
“Yeah. See, on 31st March we had about ₹1,550-₹1,600 crores of gross cash and about ₹2,500 crores of debt.”
Bhavish Aggarwal, page 16 of the filed PDF · View the filing
Net debt: ₹950-odd crores (as of March 31)
p. 16
“So, we had a net debt of about ₹950-odd crores.”
Bhavish Aggarwal, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated OpEx — approximately 350 crores · next couple of quarters
stated firmly by Deepak Rastogi
p. 4
“We expect OpEx to move towards approximately 350 crores.”
Deepak Rastogi, page 4 of the filed PDF · View the filing
Monthly OpEx — 100-120 crores a month · next couple of quarters
stated firmly by Bhavish Aggarwal
p. 3
“And we are further saying that in the next couple of quarters, we'll actually get our OpEx down to about 100-120 crores a month; so further down while business rebounds.”
Bhavish Aggarwal, page 3 of the filed PDF · View the filing
Q1 FY27 orders — 40,000 to 45,000 orders · Q1 FY27
stated firmly by Deepak Rastogi
p. 6
“Looking ahead to Q1 FY27, we expect 40,000 to 45,000 orders and consolidated revenue of 500 to 550 crores, nearly double of the Q4 level.”
Deepak Rastogi, page 6 of the filed PDF · View the filing
Auto business EBITDA and cash flow — adjusted operating EBITDA and cash flow positivity · through FY27
stated conditionally by Deepak Rastogi
p. 6
“As volumes recover, we expect the Auto business to move towards adjusted operating EBITDA and cash flow positivity through FY27.”
Deepak Rastogi, page 6 of the filed PDF · View the filing
Adjusted operating EBITDA breakeven — 20,000 to 25,000 units per month
stated conditionally by Deepak Rastogi
p. 5
“With the reset OpEx base and current gross margin structure, adjusted operating EBITDA breakeven is achievable at around 20,000 to 25,000 units per month, subject to pricing mix and commodity conditions.”
Deepak Rastogi, page 5 of the filed PDF · View the filing
Vehicle portfolio transition to own cells — full vehicle portfolio on Bharat Cells · by September 2026
stated firmly by Deepak Rastogi
p. 8
“And we plan to transition the full vehicle portfolio to our own cells by September 2026.”
Deepak Rastogi, page 8 of the filed PDF · View the filing
Gigafactory capacity expansion — 6 to 20 GWh · by next year
stated conditionally by Bhavish Aggarwal
p. 7
“And we are actually going to be expanding that 6 to 20 GWh by next year, but only by raising capital separately at the cell entity, which also we have a lot of inbound interest from private equity players, given the leadership of this asset that we have created.”
Bhavish Aggarwal, page 7 of the filed PDF · View the filing
Volume growth from delivery timeline improvement — another 10-20% · near term
stated conditionally by Bhavish Aggarwal
p. 5
“So very, very good signals from the demand growth in the market for EVs. And we are well positioned to capture it without any incremental capital required.”
Bhavish Aggarwal, page 5 of the filed PDF · View the filing
Auto CapEx — maintenance CapEx of around ₹50 crores annually · annual, next 2-3 years
stated firmly by Bhavish Aggarwal
p. 15
“Good question. Vipul, in Auto, on an annual basis you should expect very incremental CapEx, maybe ₹50-odd crores that's about it.”
Bhavish Aggarwal, page 15 of the filed PDF · View the filing
Operating cash flow burn — ₹300-₹500 crores · FY27
stated conditionally by Bhavish Aggarwal
p. 16
“So, there will be about ₹300-₹500 crores of operating cashflow burn over the course of this year as the volumes go up.”
Bhavish Aggarwal, page 16 of the filed PDF · View the filing
Debt repayments — ₹400 plus crores · this year
stated firmly by Bhavish Aggarwal
p. 16
“I think through this year, we'll have about ₹400 plus crores of debt repayments and we might also choose to accelerate some”
Bhavish Aggarwal, page 16 of the filed PDF · View the filing
Gigafactory production output — about 2+ GWh · by end of next quarter (September)
stated conditionally by Bhavish Aggarwal
p. 13
“So, by end of next quarter, which is September, we expect our Gigafactory to be producing about 2+ GWh already.”
Bhavish Aggarwal, page 13 of the filed PDF · View the filing
R&D expense as % of revenue — mid-single digits of revenue
stated as an aspiration by Bhavish Aggarwal
p. 15
“Right now, obviously, as a percentage of revenue, it is high because revenue was subdued in Q4 but generally it should be in the mid-single digits of revenue going ahead as revenue ramps up.”
Bhavish Aggarwal, page 15 of the filed PDF · View the filing
Cell business scale ambition — largest in the country
stated as an aspiration by Bhavish Aggarwal
p. 14
“our ambition in our cell business is to be the largest in the country.”
Bhavish Aggarwal, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Q4 revenue was lower due to operational fixes, and gave order guidance for Q1 of 40,000-45,000.
Answered by Bhavish Aggarwal
Asked by Meet Doshi: Why isn't the strong March sales data reflecting in Q4 revenue, and what is the Q1 volume outlook?
p. 9
“So, what I can say now is our volume forecast for Q1 we have given in this is 40,000-45,000. These are orders, registrations might be a little up or down.”
Bhavish Aggarwal, page 9 of the filed PDF · View the filing
Management said the rebound should take volumes to about 17,000-18,000 units a month, driven by improved service and inventory, with further ramp expected.
Answered by Bhavish Aggarwal
Asked by Arvind Sharma: What is the bridge from current volumes to the 20,000/month breakeven level, and what drives it?
p. 11
“I do expect just better stability on service and improved inventory availability will lead us to closer to that 20,000-22,000 number over the course of next quarter.”
Bhavish Aggarwal, page 11 of the filed PDF · View the filing
Management said in-house cells are already cheaper on BOM cost and expect a larger advantage as Gigafactory scales.
Answered by Bhavish Aggarwal
Asked by Arvind Sharma: What is the cost advantage of in-house cells versus imported cells, and will it grow at 6 GWh scale?
p. 11
“I do expect, as we scale up our Gigafactory towards the 6 GWh over the course of this year, we will get a 10%-15% advantage on building our own cell, including the operational overheads of the Gigafactory.”
Bhavish Aggarwal, page 11 of the filed PDF · View the filing
Management explained the capacity allocation plan across auto, external sales and Shakti/Mahashakti, and said advertising has not been necessary given product-led word of mouth.
Answered by Bhavish Aggarwal
Asked by Amod Khanorkar: Is current battery capacity fully consumed by scooters, with none for Shakti, and why is there limited print/TV advertising?
p. 13
“So, by end of next quarter, which is September, we expect our Gigafactory to be producing about 2+ GWh already. And, for the whole year, the allocation of capacity is 2 GWh to our in-house business, maybe 1+ GWh to external auto sales and the remaining is focused on Shakti and Mahashakti.”
Bhavish Aggarwal, page 13 of the filed PDF · View the filing
Management explained that extended warranty revenue is no longer recognized upfront, causing a one-time hit that will now be spread over quarters.
Answered by Bhavish Aggarwal
Asked by Apurva Desai: Can you explain the one-time change in revenue recognition policy affecting ASP?
p. 13
“So, this time with our auditors we decided that we will not recognize it upfront. So, that's about a ₹20-₹30 crores hit in this product.”
Bhavish Aggarwal, page 13 of the filed PDF · View the filing
Management said they will grow into 6 GWh first from a capital allocation perspective, and expand into prismatic cell capacity only after raising capital at the subsidiary level.
Answered by Bhavish Aggarwal
Asked by Apurva Desai: What is the rationale for the Gigafactory ramp-up to 20 GWh and what is the order pipeline?
p. 14
“We will first grow into the 6 GWh capacity. But the industry demand in India is growing faster, so just to be able to lead the industry, we will expand capacity, especially around the prismatic cell capacity.”
Bhavish Aggarwal, page 14 of the filed PDF · View the filing
Management indicated auto maintenance CapEx would be minimal, and cell business CapEx for 6 GWh is largely complete with payouts occurring in Q1 and Q2.
Answered by Bhavish Aggarwal
Asked by Vipul Agrawal: How should CapEx be viewed over the next 2-3 years given lower spending needs?
p. 15
“On Cell business also, like I said, we have done all the CapEx for 6 GWh. Payouts are happening in this current Q1 and a little bit in Q2.”
Bhavish Aggarwal, page 15 of the filed PDF · View the filing
Management gave the gross cash and net debt figures and outlined an expected operating cash burn range for the year, improving as volumes rise.
Answered by Bhavish Aggarwal
Asked by Vipul Agrawal: What is the cash position and expected cash burn for FY27?
p. 16
“But, generally, operating cash burn, like I said, after 20,000-25,000 orders a month will be positive.”
Bhavish Aggarwal, page 16 of the filed PDF · View the filing
Management attributed the issue to a direct-to-service-center distribution model without dealer stocking, which has since been fixed with forecast-based procurement and stocking.
Answered by Bhavish Aggarwal
Asked by Jaineel Jhaveri: Why have service issues with parts unavailability persisted, even for older Gen scooters?
p. 19
“So, now we've streamlined a lot of that. So, now parts are stocked in the service center as well as part procurement is done basis forecasts.”
Bhavish Aggarwal, page 19 of the filed PDF · View the filing
Management clarified NMC was used initially due to prioritizing Auto business needs, and Shakti will move to LFP once that product launches next quarter.
Answered by Bhavish Aggarwal
Asked by Jaineel Jhaveri: Why was NMC chosen for BESS/Shakti instead of LFP, given global industry preference for LFP?
p. 20
“The Shakti product will move to LFP once our LFP product comes out next quarter.”
Bhavish Aggarwal, page 20 of the filed PDF · View the filing
Risks flagged
Commodity cost pressure on gross margins in the short term
p. 4
“Obviously, in the short term, there will be commodity pressures, as well as some of this gross margin in the last month or two we've invested into aggressive growth.”
Bhavish Aggarwal, page 4 of the filed PDF · View the filing
Gigafactory commissioning delay due to geopolitical disruption
p. 8
“It was supposed to be done a month back, but due to the Iran war, some containers got delayed.”
Bhavish Aggarwal, page 8 of the filed PDF · View the filing
Production and supply chain backlog constraining fulfillment of demand
p. 5
“So the company is highly focused on ramping up the supply chain quickly enough so that we can, we can fulfill these orders, the backlog also”
Bhavish Aggarwal, page 5 of the filed PDF · View the filing
Cell supply constraints limiting Shakti production ramp
p. 9
“We are constrained by supply of our cells because we are prioritizing our own Auto business moving to our cells, in general, over Shakti production.”
Bhavish Aggarwal, page 9 of the filed PDF · View the filing
Parts supply chain shortfalls affecting service turnaround
p. 18
“earlier we were not stocking any parts in our service center that led to, even for a brake pad replacement, the guy had to wait 10 days.”
Bhavish Aggarwal, page 18 of the filed PDF · View the filing
Higher cost of debt necessitating potential accelerated repayment
p. 17
“we might also choose to accelerate some because right now our cost of debt is slightly higher.”
Bhavish Aggarwal, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.