Ola Electric Mobility LimitedQ1 FY27 Results & Financial Update
Ola Electric Mobility Limited: Q1 FY27 consolidated results and company financials – revenue ₹455.00 Cr, PAT ₹-336.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Ola Electric Mobility Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the first quarter of fiscal year 2027 (ended June 30, 2026), Ola Electric Mobility Limited reported consolidated revenue from operations of INR 455 crore, reflecting an increase compared to INR 265 crore in the preceding quarter ended March 31, 2026, but lower than INR 828 crore recorded in the corresponding quarter of the previous year.
Total consolidated income for the quarter stood at INR 484 crore, which includes revenue from operations and other income of INR 29 crore.
The company posted a consolidated loss before tax and net loss after tax of INR 336 crore for the quarter ended June 30, 2026, demonstrating a narrowing of losses compared to a net loss of INR 500 crore in the previous quarter and INR 428 crore in the year-ago quarter.
Basic and diluted earnings per share (EPS) for the quarter were recorded at negative INR 0.75, compared to negative INR 1.13 in the previous quarter and negative INR 0.97 in the same quarter last year.
During the quarter, the company completed a Qualified Institutional Placement (QIP) issuing 217,578,428 equity shares at INR 35.86 per share, raising an aggregate amount of INR 780 crore to strengthen liquidity, support ongoing capital expenditure, loan repayments, and working capital requirements.
Statutory auditors issued a qualified review conclusion regarding the reversal of a provision for liquidated damages amounting to INR 57 crore previously recognized by subsidiary Ola Cell Technologies Private Limited under an MHI incentive scheme, pending formal approval of an extension and waiver request.
Revenue from operations decreased 45.0% year on year and increased 71.7% sequentially.
01 · Business model
What does Ola Electric Mobility do?
Ola Electric Mobility Limited operates in the electric vehicle (EV) industry, focusing on the manufacturing and sale of electric two-wheelers and related services through its Automotive segment.
The Group also engages in advanced cell technology development and production through its subsidiary Ola Cell Technologies Private Limited, representing its second reportable segment (Cell).
The company's distribution and business reach includes domestic operations across India alongside international subsidiaries located in the USA, Netherlands, UK, and China.
02 · Historical context
What shaped the business before this quarter
During the year ended March 31, 2025, the company completed its initial public offering of 808,699,624 equity shares at an issue price of INR 76 per share, listing its equity shares on NSE and BSE on August 9, 2024.
On July 28, 2022, subsidiary Ola Cell Technologies Private Limited entered into a programme agreement with the Ministry of Heavy Industries for the National Programme on ACC Battery Storage under the PLI Scheme, which earlier faced milestone delay notices.
During the year ended March 31, 2026, the company fair valued its investment in Series D preferred shares of StoreDot Ltd. through Other Comprehensive Income and recorded a provision of INR 38 crore.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹455.00 Cr | ₹828.00 Cr | ₹265.00 Cr |
| Total income | ₹484.00 Cr | ₹896.00 Cr | ₹304.00 Cr |
| Profit before tax | ₹-336.00 Cr | ₹-428.00 Cr | ₹-496.00 Cr |
| Profit after tax | ₹-336.00 Cr | ₹-428.00 Cr | ₹-500.00 Cr |
| EPS | ₹-0.75 | ₹-0.97 | ₹-1.13 |
Financial interpretation
What the reported numbers mean
Profit after tax represented -73.8% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to -73.8% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹29.00 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Automotive segment revenue from operations reached INR 455 crore for the quarter ended June 30, 2026, up from INR 264 crore in the preceding quarter but lower than INR 828 crore in the year-ago period.
The Cell segment generated revenue from operations of INR 5 crore during the quarter, compared to INR 4 crore in the previous quarter and INR 3 crore in the corresponding period of the previous year.
What drove margins
Cost of materials consumed for the quarter stood at INR 381 crore, alongside purchase of stock-in-trade of INR 10 crore and a negative change in inventories of finished goods, stock-in-trade, and work-in-progress of INR 74 crore.
Employee benefits expense for the quarter was INR 48 crore, while other expenses were reported at INR 255 crore.
During the quarter ended June 30, 2026, the company revised the estimated useful life of its intangible assets based on a technical evaluation effective April 1, 2026, which decreased amortization expense by INR 24 crore for the quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Automotive segment total income was INR 486 crore, with a segment loss before tax of INR 229 crore for the quarter.
Geography and market mix
Consolidated financial results include operations from overseas subsidiaries across the USA, Netherlands, UK, and China, which recorded minor losses and revenue contributions during the period.
06 · Reported developments
What changed operationally
Successful completion of the QIP raising INR 780 crore strengthened the Group's liquidity position to support ongoing capital expenditure, loan repayments, and working capital needs.
Subsidiary OCTPL reversed the entire previously carried provision of INR 57 crore for liquidated damages after filing for an extension and waiver request with the Ministry of Heavy Industries.
07 · Pressure points & risks
What is not going smoothly
Statutory auditors issued a qualified conclusion due to the lack of formal approval from MHI regarding the extension and waiver of liquidated damages, preventing them from obtaining sufficient audit evidence on the provision reversal.
The company received a Show Cause Notice from SEBI on April 10, 2025 (received during the quarter ended June 30, 2026) concerning disclosures on store openings, vehicle sales variances against Vahan portal data, and Roadster delivery timelines, with management pursuing settlement without admission of liability.
08 · Items worth noticing
The line items that can distort a quick read
Subsidiary OCTPL wrote back the entire accumulated provision of INR 57 crore relating to MHI PLI milestones and recognized a corresponding credit within other expenses during the quarter.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The Group experienced negative cash flow from operations amounting to INR 215 crore during the period ended June 30, 2026, primarily due to continued operating losses, lower-than-expected sales volume growth, and increased material costs.
Capital allocation & funding
During the quarter ended June 30, 2026, the company raised INR 780 crore through a Qualified Institutional Placement of 217,578,428 equity shares at INR 35.86 per share to meet financial commitments, debt obligations, capex, and working capital requirements.
The company has placed an unconditional bank guarantee aggregating INR 125 crore with respect to meeting milestones under the MHI ACC battery storage PLI scheme.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Internal Auditor Appointment
The Board of Directors approved the appointment of TRC Corporate Consulting Private Limited as the Internal Auditor of the company for the financial year 2026-27.
11 · Key Q&A
The quarter, answered directly
What does Ola Electric Mobility do?
Ola Electric Mobility Limited operates in the electric vehicle (EV) industry, focusing on the manufacturing and sale of electric two-wheelers and related services through its Automotive segment.
What is the clearest takeaway from Q1 FY27?
During the first quarter of fiscal year 2027 (ended June 30, 2026), Ola Electric Mobility Limited reported consolidated revenue from operations of INR 455 crore, reflecting an increase compared to INR 265 crore in the preceding quarter ended March 31, 2026, but lower than INR 828 crore recorded in the corresponding quarter of the previous year.
What drove revenue or demand?
Automotive segment revenue from operations reached INR 455 crore for the quarter ended June 30, 2026, up from INR 264 crore in the preceding quarter but lower than INR 828 crore in the year-ago period.
What mattered most for margins or profitability?
Cost of materials consumed for the quarter stood at INR 381 crore, alongside purchase of stock-in-trade of INR 10 crore and a negative change in inventories of finished goods, stock-in-trade, and work-in-progress of INR 74 crore.
What changed operationally beyond the headline numbers?
The Board of Directors approved the appointment of TRC Corporate Consulting Private Limited as the Internal Auditor of the company for the financial year 2026-27.
What are the main pressure points disclosed for the quarter?
Statutory auditors issued a qualified conclusion due to the lack of formal approval from MHI regarding the extension and waiver of liquidated damages, preventing them from obtaining sufficient audit evidence on the provision reversal.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
MHI Approval on PLI Milestones: Monitor future updates regarding formal approval from the Ministry of Heavy Industries for the timeline extension and waiver of liquidated damages under the ACC PLI scheme.
- 02
SEBI Settlement Proceedings: Track the conclusion of the settlement process with SEBI regarding disclosure observations and notices received during the quarter.
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