Ola Electric Mobility
Ola Electric Mobility
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Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
3- Stock is trading at 5.07 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.63%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoOla Electric Mobility Ltd, with a market cap of ₹17,866 Cr, remains a pre-profit electric two-wheeler company trading at a P/B of 4.39x with a negative PE of -10.4x. The company delivered a remarkable 5-year sales CAGR of 383% but TTM revenue has contracted sharply by 49%, while losses narrowed 26% on a TTM basis — placing the company at an inflection point between high-growth potential and significant execution risk.
- Exceptional 5-year compounded sales growth of 383% reflects rapid scaling from near-zero to a meaningful revenue base in the Indian EV two-wheeler market
- TTM compounded profit improvement of 26% indicates the company is making progress on narrowing its losses and moving toward a path of profitability
- Company has reduced debt, improving balance sheet flexibility and lowering financial risk during a capital-intensive growth phase
- Market cap of ₹17,866 Cr positions Ola Electric as one of the larger pure-play EV two-wheeler companies in India, giving it scale advantages in manufacturing and brand recognition
- India's EV two-wheeler penetration remains in low single digits, providing a long structural growth runway that could reverse the recent TTM revenue decline of -49%
- Zero dividend yield (0%) is consistent with a growth-stage company reinvesting all capital into expansion, battery technology, and manufacturing capacity
- Negative ROE of -43% last year, while poor in absolute terms, represents a stage where heavy upfront investment could translate to operating leverage as volumes recover
- TTM revenue has declined 49%, a severe contraction that raises questions about demand sustainability, competitive intensity, and whether prior growth was subsidy-driven
- Negative PE ratio of -10.4x confirms the company is loss-making with no clear timeline to profitability, creating ongoing dilution and cash burn risk
- Stock is trading at 5.15x book value despite being unprofitable, suggesting the valuation leaves little margin of safety if growth does not reaccelerate
- ROE of -43% in the last year indicates significant value destruction for shareholders, with capital being consumed faster than returns are generated
- Stock price has declined 32% over the past 1 year, reflecting deteriorating market confidence and negative price momentum
- Promoter holding decreased by 1.63% in the last quarter, which may signal reduced insider confidence or stake dilution at the promoter level
- Low interest coverage ratio indicates that operating earnings are insufficient to comfortably service debt obligations, raising solvency concerns if losses persist
- 3-year compounded sales CAGR of -5% suggests that after the initial hyper-growth phase, the company has struggled to sustain revenue, with recent quarters dragging the medium-term trend negative
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- COO resignation, CS exit Aug 28
Board noted the COO's resignation alongside acceptance of Company Secretary Abhishek Jain's departure effective Aug 28, signaling senior management churn.
- ₹1,500 Cr equity dilution risk Sep 5
Board approved enabling resolution to raise up to ₹1,500 crore via equity or convertible instruments, which could dilute existing shareholders.
- ₹95.81 Cr PLI incentive secured Aug 28
Ola Electric received ₹95.81 crore under the PLI-Auto scheme for FY27, marking the third consecutive year of government incentives.
- S1Z launch at ₹79,999 Aug 29
Bookings opened for the S1Z scooter starting at ₹79,999 with up to 301 km range on the 5.1 kWh variant, using indigenous Bharat Cell LFP tech. Deliveries begin Dec 2026.
- Full BESS portfolio launched Aug 17
Launched residential-to-utility BESS range with Shakti Gen2 from ₹99,999 and signed MoU with Axis Energy for up to 20 GWh deployment by 2032. Deliveries start Nov 2026.
- 9th AGM set for Sep 30 Sep 7
Annual General Meeting scheduled for Sep 30, 2026 via video conferencing to transact FY26 business.
- Disclosure authority designated Aug 28
Chairman Bhavish Aggarwal and CFO Deepak Rastogi authorised for materiality determination and SEBI stock exchange disclosures.
- Independent directors reappointed Sep 5
Two independent directors were reappointed as part of the board resolution approved on Sep 5, 2026.
TL;DR: Ola Electric is expanding aggressively with an affordable S1Z scooter using in-house cell tech and a full BESS lineup targeting up to 20 GWh by 2032, supported by continued PLI incentives of ₹95.81 Cr. However, senior management exits (COO and Company Secretary) raise governance concerns, and a potential ₹1,500 Cr equity raise poses dilution risk. The product and diversification pipeline is strengthening, but execution on deliveries starting Dec 2026 and capital discipline will be key to watch.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,243 | 873 | 1,296 | 1,598 | 1,644 | 1,214 | 1,045 | 611 | 828 | 690 | 470 | 265 | 455 |
| Expenses | 1,461 | 1,308 | 1,597 | 1,910 | 1,849 | 1,593 | 1,505 | 1,306 | 1,065 | 893 | 741 | 546 | 620 |
| Operating Profit | -218 | -435 | -301 | -312 | -205 | -379 | -460 | -695 | -237 | -203 | -271 | -281 | -165 |
| OPM % | -18% | -50% | -23% | -20% | -12% | -31% | -44% | -114% | -29% | -29% | -58% | -106% | -36% |
| Other Income | 34 | 49 | 71 | 73 | 51 | 100 | 127 | 117 | 68 | 66 | 34 | 39 | 29 |
| Interest | 36 | 46 | 43 | 61 | 67 | 84 | 93 | 122 | 94 | 109 | 80 | 77 | 73 |
| Depreciation | 47 | 92 | 103 | 116 | 126 | 132 | 138 | 170 | 165 | 172 | 170 | 177 | 127 |
| PBT | -267 | -524 | -376 | -416 | -347 | -495 | -564 | -870 | -428 | -418 | -487 | -496 | -336 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1% | 0% |
| Net Profit | -267 | -524 | -376 | -416 | -347 | -495 | -564 | -870 | -428 | -418 | -487 | -500 | -336 |
| EPS in Rs | -1.37 | -2.68 | -1.92 | -2.13 | -1.45 | -1.12 | -1.28 | -1.97 | -0.97 | -0.95 | -1.1 | -1.13 | -0.73 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 1 | 373 | 2,631 | 5,010 | 4,514 | 2,253 | 1,880 |
| Expenses | 278 | 1,174 | 3,883 | 6,276 | 6,249 | 3,225 | 2,800 |
| Operating Profit | -277 | -800 | -1,252 | -1,266 | -1,735 | -972 | -920 |
| OPM % | -32228% | -214% | -48% | -25% | -38% | -43% | -49% |
| Other Income | 98 | 83 | 55 | 226 | 391 | 207 | 168 |
| Interest | 1 | 18 | 108 | 187 | 366 | 380 | 339 |
| Depreciation | 20 | 49 | 167 | 358 | 566 | 684 | 646 |
| PBT | -199 | -784 | -1,472 | -1,584 | -2,276 | -1,829 | -1,737 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -199 | -784 | -1,472 | -1,584 | -2,276 | -1,833 | -1,741 |
| EPS in Rs | -1,99,230 | -4.01 | -7.53 | -8.1 | -5.16 | -4.16 | -3.91 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 1,955 | 1,955 | 1,955 | 4,411 | 4,411 |
| Reserves | 1,971 | -98 | -1,409 | -2,909 | 732 | -1,060 |
| Borrowings | 42 | 2,608 | 3,505 | 5,684 | 3,556 | 2,763 |
| Other Liabilities | 100 | 931 | 1,521 | 3,006 | 2,376 | 1,674 |
| Total Liabilities | 2,113 | 5,396 | 5,573 | 7,735 | 11,075 | 7,788 |
| Fixed Assets | 104 | 1,025 | 1,219 | 2,491 | 3,154 | 3,352 |
| CWIP | 43 | 83 | 507 | 713 | 702 | 496 |
| Investments | 455 | 1,102 | 276 | 64 | 40 | 0 |
| Other Assets | 1,510 | 3,186 | 3,571 | 4,468 | 7,179 | 3,940 |
| Total Assets | 2,113 | 5,396 | 5,573 | 7,735 | 11,075 | 7,788 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | -252 | -885 | -1,507 | -633 | -2,391 | -775 |
| Investing | 549 | -1,322 | -319 | -1,136 | -2,864 | 2,002 |
| Financing | 3 | 3,085 | 659 | 1,590 | 5,429 | -1,201 |
| Net Cash Flow | 300 | 878 | -1,167 | -179 | 174 | 26 |
| Free Cash Flow | -360 | -1,772 | -2,350 | -1,845 | -3,367 | -1,301 |
| CFO/OP | 90 | 111 | 121 | 49 | 137 | 80 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 161 | 15 | 12 | 12 | 1 | 5 |
| Inventory Days | — | 216 | 83 | 58 | 77 | 63 |
| Days Payable | — | 271 | 98 | 112 | 94 | 159 |
| Cash Conversion Cycle | 161 | -40 | -4 | -43 | -16 | -91 |
| Working Capital Days | -37,922 | -249 | -93 | -120 | -33 | -185 |
| ROCE % | — | -24% | -30% | -32% | -28% | -20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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55 extracted metrics + investor summaries across FY21–FY27.
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Company Information
Founded in 2017, Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and core components for electric vehicles. These components include battery packs, motors, and vehicle frames, all produced at the Ola Futurefactory.[1]
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