Ola Electric promoter confirms no encumbrance on shares in FY26

Bhavish Aggarwal, promoter of ola electric mobility , confirmed that neither he nor persons acting in concert with him have created any encumbrance on shares held in the company during the financial year ended March 31, 2026. The disclosure, made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, states that no new encumbrances were created other than those already disclosed during the financial year.

The confirmation was submitted to the stock exchanges and the company's audit committee on April 9, 2026. In compliance with Regulation 31(5) of the Takeover Code, the promoter requested the company to place this disclosure before the ensuing audit committee meeting.

Promoter and Promoter Group

The filing included a list of individuals and entities constituting the promoter and promoter group. The list comprises 23 entries, including family members and various entities associated with the promoter.

Sr. No.	Name of Promoter / Promoter Group
1	Bhavish Aggarwal
2	Naresh Kumar Aggarwal
3	Usha Aggarwal
4	Rajalakshmi Aggarwal
5	Ankush Aggarwal
6	Vijayam Raghunathan
7	Naresh Aggarwal HUF
8	BA Family Office LLP
9	Indus Trust (through its trustee Ankush Aggarwal)
10	OLA Foundation
11	ANI Technologies Private Limited
12	Geospoc Geospatial Services Private Limited
13	Goddard Technical Solutions Private Limited
14	Ola Financial Services Private Limited
15	Ola Fleet Technologies Private Limited
16	Ola Stores Technologies Private Limited
17	Pisces Eservices Private Limited
18	Ola Singapore Pte Ltd
19	Krutrim AI Designs LLP
20	Krutrim Silicon Private Limited
21	Krutrim SI Designs Private Limited
22	Krutrim Data Centre Private Limited
23	Krutrim Cloud Private Limited

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.51%	-0.35%	+18.08%	+20.28%	-2.45%	-53.38%

Ola Electric Mobility has received an updated assessment from Goldman Sachs, which has maintained its Neutral rating on the stock while raising the target price to ₹38.9 from the previous ₹34. The revision reflects a combination of improving sector dynamics, a recovery in the company's market share, and strengthened financial liquidity following a recent fund-raise.

Key Drivers Behind the Revised Target Price

Goldman Sachs cited several factors underpinning the upward revision in its target price. The electric two-wheeler segment has seen a notable uptick in penetration, rising to 9% in May from 7.9% in April, signaling growing consumer adoption. Ola Electric's market share has also recovered meaningfully to 8.7%, rebounding from a 5% year-to-date low, which the brokerage views as a positive operational development.

The following table summarizes the key parameters highlighted in Goldman Sachs' revised assessment:

Parameter:	Details
Rating:	Neutral
Revised Target Price:	₹38.9
Previous Target Price:	₹34
E2W Penetration (May):	9%
E2W Penetration (April):	7.9%
Current Market Share:	8.7%
YTD Low Market Share:	5%
Revenue Estimate Revision (FY27–FY29):	Revised up 2–3%

Financial Estimates and Liquidity

In addition to the operational improvements, Goldman Sachs has revised its revenue estimates for Ola Electric upward by 2–3% for the FY27–FY29 period. The brokerage also highlighted the company's recent fund-raise as a contributing factor to better liquidity, which it considers a supportive element in the overall assessment. Despite these positive revisions, Goldman Sachs has retained its Neutral stance on the stock, reflecting a balanced view of the opportunities and risks at the current valuation.