Ola Electric Mobility Limited has submitted its audited consolidated financial statements for the financial year ended March 31, 2026, approved by the Board of Directors at its meeting held on May 20, 2026. The filing, made pursuant to Regulation 33 of the SEBI Listing Regulations, was submitted to the stock exchanges on June 1, 2026. The statements were prepared in accordance with the Companies Act, 2013 and applicable Indian Accounting Standards (Ind AS), and are subject to adoption by the shareholders at the ensuing Annual General Meeting.

FY26 Financial Performance

Ola Electric reported a net loss of ₹1,833 crores for FY26, a significant improvement from ₹2,276 crores in FY25. Revenue from operations declined to ₹2,253 crores from ₹4,514 crores in the previous year, while total income stood at ₹2,460 crores compared to ₹4,932 crores in FY25. The loss before finance costs, depreciation, amortisation and tax expense was ₹785 crores, compared to ₹1,321 crores in FY25. Basic and diluted loss per share stood at ₹4.16 for FY26, compared to ₹5.48 in FY25.

Q4 FY26 Highlights

Q4 FY26 marked Ola Electric's first operating cash flow positive quarter, with a Consolidated Cash Flow from Operations (CFO) of ₹91 crores. This milestone was supported by PLI inflows, stronger gross margins, and tighter working capital discipline. The company achieved a consolidated gross margin of 38.50%, up from 13.70% in Q4 FY25. Consolidated opex reduced significantly from ₹844 crores in Q4 FY25 to ₹428 crores in Q4 FY26. For the quarter, net loss narrowed to ₹500 crores from ₹870 crores in Q4 FY25, while revenue from operations stood at ₹265 crores compared to ₹611 crores in the year-ago period.

Balance Sheet and Key Financial Metrics

As at March 31, 2026, total assets stood at ₹7,788 crores compared to ₹11,075 crores as at March 31, 2025. Total equity was ₹3,351 crores versus ₹5,145 crores in the prior year. Cash and cash equivalents were ₹421 crores (March 31, 2025: ₹339 crores), while other bank balances stood at ₹1,121 crores (March 31, 2025: ₹3,177 crores). Total borrowings (non-current and current) amounted to ₹2,476 crores as at March 31, 2026, compared to ₹3,043 crores in the prior year. Inventories declined to ₹269 crores from ₹784 crores. The net debt to adjusted equity ratio stood at 1.20 as at March 31, 2026, compared to 0.92 as at March 31, 2025.

Revenue Breakdown and Segment Performance

Revenue from contracts with customers comprised sale of finished products at ₹1,899 crores (FY25: ₹3,893 crores), sale of traded goods at ₹73 crores (FY25: ₹87 crores), and sale of services at ₹89 crores (FY25: ₹18 crores). Government incentive revenue under other operating revenue was ₹96 crores (FY25: ₹390 crores). The Automotive segment contributed revenue of ₹2,245 crores while the Cell segment contributed ₹20 crores. Total provision for warranty as at March 31, 2026 was ₹168 crores, pertaining to the automotive segment.

QIP Floor Price and Capital Raising Plans

As part of its ongoing efforts to strengthen its balance sheet, Ola Electric has set a floor price of ₹37.74 per share for its proposed Qualified Institutional Placement (QIP). The company may provide a discount of up to 5% to qualified institutional buyers on this floor price. The QIP forms a key component of the Group's funding strategy, with shareholders having previously approved the reallocation of unutilised IPO proceeds. As at March 31, 2026, ₹1,122 crores of IPO proceeds remained unutilised, temporarily invested in fixed deposits and monitoring accounts.

Going Concern and Auditor's Observations

The audited statements were prepared on a going concern basis. The Group reported negative cash flows from operations of ₹775 crores during FY26 (FY25: ₹2,391 crores), primarily on account of continued operating losses and lower-than-expected growth in sales volumes. Management has assessed the going concern assumption considering available cash and bank balances, expected future operating cash flows, available credit limits, and ongoing discussions with investors and lenders.

Auditors BS R & Co. LLP issued a qualified opinion on internal financial controls, identifying a material weakness in one wholly owned subsidiary related to the absence of an appropriate internal control system for physical verification of finished goods and raw materials at its plant and stores. The auditors also noted that the audit trail (edit log) facility was not enabled at the database level for certain accounting software used for general ledger, revenue, and other functions. The Group's intangible assets and intangible assets under development aggregated ₹1,030 crores, which are subject to mandatory annual impairment testing; the recoverable amounts of both the Automotive and Cell CGUs exceeded their carrying amounts, and accordingly no impairment was recorded.

Deliveries and Near-Term Outlook

Ola Electric delivered 20,256 units in Q4 FY26 and 173,794 units in FY26. April registrations rose 20% month-on-month to 12,166 units. Based on current trends, the company expects Q1 FY27 orders to double quarter-on-quarter to nearly 45,000 units, with consolidated revenue projected between ₹500–550 crores.

Ola Electric Mobility reported registrations of 15,139 units in May 2026, a 23% increase from 12,323 units in April, according to VAHAN data. The company achieved this growth, outpacing the broader electric two-wheeler industry which expanded by approximately 15% during the same period. This marks the third consecutive month of robust sales recovery for the company, driven by a front-end retail rejig and improved operational execution.

Monthly and Industry Performance

Industry volumes rose from around 148,000 units in April 2026 to approximately 170,000 units in May 2026. Ola Electric's growth of 23% month-on-month was nearly three times faster than the industry average. The company attributed this momentum to strong demand and increasing traction for its Roadster portfolio.

Strategic Drivers and Outlook

An Ola Electric spokesperson stated that the strong demand environment has helped maintain growth momentum. The company remains focused on accelerating EV adoption through innovative products, technology leadership, and scale. The broader market shift is fueled by rising petrol prices and consumer preference for lower operating costs. Ola Electric continues to leverage its vertically integrated manufacturing platform, spanning vehicles, batteries, and cells, to expand EV penetration in India.