Ola Electric Mobility has successfully completed its postal ballot process for appointing a new independent director, with shareholders demonstrating overwhelming support through the remote e-voting mechanism. The company disclosed comprehensive voting results and the scrutinizer's report on February 28, 2026, following the conclusion of the voting period.

Director Appointment Details

Shareholders approved the appointment of Mr. Navalur Dattatreya Singh Shashank (DIN: 02237496) as a Non-Executive Independent Director through a special resolution. The appointment received exceptional support across all shareholder categories, reflecting strong confidence in the board's decision.

Comprehensive Voting Results

The postal ballot demonstrated remarkable shareholder participation and support. BMP & Co. LLP, Practicing Company Secretaries, served as the scrutinizer for the remote e-voting process, ensuring complete transparency and regulatory compliance throughout the procedure.

Category-wise Voting Analysis

The voting results revealed unanimous support from the promoter group and strong backing from both institutional and retail investors. The promoter and promoter group, holding 1,525,871,897 shares, demonstrated complete confidence by voting 100% in favour with full participation.

Public institutional investors showed significant engagement with 29.52% participation, while retail investors participated at 3.57%. Both categories demonstrated strong support with approval rates exceeding 99%, indicating broad-based confidence in the appointment.

Regulatory Compliance and Process

The postal ballot process was conducted in strict accordance with Section 110 and Section 108 of the Companies Act, 2013, Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014, and Regulation 44 of the SEBI Listing Regulations. The remote e-voting facility was provided by NSDL, commencing at 9:00 A.M. on January 30, 2026, and concluding at 5:00 P.M. on February 28, 2026.

The scrutinizer's report confirmed that the resolution was passed with the requisite majority, with no invalid votes recorded across any shareholder category. CS Biswajit Ghosh (Membership No. F8750 CP: 8239), Designated Partner of BMP & Co. LLP, conducted the scrutiny process in a fair and transparent manner. The company has fulfilled all disclosure obligations by filing the voting results with NSE and BSE under the prescribed regulations.

Ola Electric Mobility Limited held its Q3 FY26 earnings conference call on February 13, 2026, presenting results for the quarter ended December 31, 2025. The company reported significant improvements in operational metrics while acknowledging ongoing service challenges.

Financial Performance Highlights

The company delivered strong financial metrics for Q3 FY26, demonstrating the benefits of its vertically integrated business model.

Chairman and Managing Director Bhavish Aggarwal emphasized that the company has invested approximately ₹5,300 crores across manufacturing, battery innovation and R&D over recent years. This investment phase has created full vertical integration across motors, batteries, cells, electronics, and software, along with scalable manufacturing infrastructure supporting 1 million vehicles and 6 gigawatt hour of cell capacity.

Operational Cost Restructuring

The company executed a comprehensive operating model reset during Q3 FY26, achieving substantial cost reductions.

CFO Deepak Rastogi highlighted that this restructuring creates a structurally lower breakeven business with significantly improved operating leverage. The high proportion of fixed costs means incremental volume growth will drive strong margin expansion.

Service Operations and Product Quality

Management acknowledged service execution gaps that have impacted brand trust among prospective customers while emphasizing strong underlying product quality.

Service Improvements:

• Service backlogs reduced by 50% from 14 days to 7-8 days
• 80% of service tickets now completed same day
• Hyper service initiative includes redesigned parts availability and expanded technician training

Product Quality Metrics:

• Over 90% product satisfaction in independent surveys
• Warranty provisions expected at 2-3% for current financial year
• Range-to-price index approximately 50% higher than competition

Aggarwal noted that the company's products deliver the best range in the industry, with existing customers acknowledging this advantage. The service challenges represent operational scaling issues rather than fundamental product quality problems.

Gigafactory Milestone and Technology Advancement

Q3 FY26 marked significant progress in the company's battery manufacturing capabilities.

The company positions itself as the only Indian company to operationalize a scaled Gigafactory and one of the few globally outside China. The 4680 cell technology provides enhanced range benefits, with a roadmap progressing to 4600 and 46120 configurations for improved energy density and fast charging performance.

Strategic Outlook and Recovery Roadmap

Management outlined a three-phase recovery strategy focusing on service improvement, brand trust rebuilding, and leveraging product advantages. The company expects gross margins to stabilize in the 35-40% range during FY26-27, supported by vertical integration benefits.

With the heavy capital expenditure phase complete, Ola Electric's current infrastructure supports revenue potential of ₹15,000-20,000 crores. The company maintains its customer base of 11 lakh users, representing approximately 30% of all two-wheeler EVs sold in India to date.

The Gigafactory provides strategic optionality for both automotive applications and the broader energy storage market, which management believes will become larger than the automotive sector over time.