Ola Electric Mobility Ltd(OLAELEC)

NSE: OLAELECBSE: 544225

₹ 29.93+0.10%refreshed 26 Oct, 03:50 pm ISTMarket cap: ₹ 14,961 crWebsite: www.olaelectric.comUpdated: 24 Oct 2026

About

Ola Electric Mobility Ltd runs two connected businesses: Automotive, which makes and sells electric two-wheelers along with software and service, and Cell, which makes advanced battery cells for its own vehicles, energy storage and outside customers. The company reported FY26 revenue of ₹2,253 cr, and the Automotive segment made up 99.1% of it. Its Futurefactory can build 1 million electric two-wheelers a year, and its Gigafactory has 6 GWh of installed cell capacity. Both are in Krishnagiri District, Tamil Nadu. Ola describes itself as the only commercial lithium-ion cell producer based in India, and its market share was 8.4% in Q1 FY27.^[1][2][3]

Business segments

Automotive: 99.1% of FY26 revenue (₹2,245 cr). It designs, makes and sells electric scooters and motorcycles, plus software and service. Its EBIT margin was -38.0% in FY26.^[3][1]
Cell: makes advanced battery cells for Ola's own vehicles, for energy storage and for outside customers. Segment revenue was ₹12 cr in FY25, against ₹3 cr in the year before.^[1][4]
Energy storage (early stage): Ola Shakti, a home and business battery storage system using in-house 4680 cells, launched in Q3 FY26.^[5]

Products and portfolio

The core product is the Gen 3 electric scooter platform, in mass and premium variants. The Roadster electric motorcycle reached about 12-15% of quarterly volumes in Q2 FY26.^[6]
Roadster offers batteries of up to 9.1 kWh and a certified range of 500+ km. Ola held 50% of the electric motorcycle segment in Q4 FY26.^[7]
Ola Shakti is priced at ₹50,000-₹2 lakh for home inverter and solar storage. Shakti Gen 2, based on LFP cells, was planned for rollout in Q2 FY27.^[6]
Mahashakti covers commercial, industrial and utility-scale storage and includes a 6.26 MWh containerised system. Commercial launch of the rack and container products is targeted by March 2027.^[1]
Ola sped up an in-house ferrite (rare-earth-free) motor programme because of rare-earth supply risk. In October 2025 it achieved India's first government-certified ferrite motor.^[1][6]

Manufacturing and cell capacity

The Futurefactory and the Gigafactory are both at SIPCOT Industrial Complex, Bargur, Krishnagiri District, Tamil Nadu. The Battery Innovation Centre, an R&D site, is in Electronic City, Bengaluru.^[1]
The Futurefactory has an installed capacity of 1 million electric two-wheelers a year. No material additional Auto capex is planned.^[1][8]
As of FY26, the Gigafactory had 6 GWh of installed capacity, backed by over ₹3,000 crore of gross block.^[1]
Cell production was paused in Q1 FY27 to complete the expansion from 2.5 GWh to 6 GWh. The Gigafactory is targeted to be fully running at 6 GWh by September 2026.^[8]
Cell yield was in the high 70s to about 80% in Q1 FY27, before the pause. Management targets more than 90% within one quarter of restarting production.^[8]
The cell technology is backed by a team of more than 400 people and more than 350 patents filed. Ola owns its product and process IP.^[1]

Key operating numbers

FY26 deliveries were 173,787 units, down from 359,221 units in FY25.^[1]
Q1 FY27 deliveries were 39,192 units, up 94% from 20,256 in Q4 FY26.^[8]
Market share rose from 5.1% in Q4 FY26 to 8.4% in Q1 FY27. Ola's registrations grew 97% quarter on quarter, against 17% for the electric two-wheeler market.^[1][8]
Average selling price was about ₹1.25 lakh per unit in Q1 FY27, against about ₹1.4 lakh in Q4 FY26.^[8]
Warranty spending fell from ₹555 crore in FY25 to ₹59 crore in FY26. Warranty cost on the Gen 3 platform is 70% lower than on Gen 2.^[1][7]
Electric two-wheeler penetration in India passed 10% as of June 2026.^[8]

Distribution and customers

The retail network was cut back to about 700 stores by Q3 FY26, from more than 2,000 stores at its peak.^[1][5]
In Q1 FY27 Ola moved from company-owned stores alone to a multi-channel dealer model and received over 1,200 expressions of interest within 24 hours. The first dealer stores were targeted for around 4 Sep 2026.^[8]
Ola's installed customer base passed one million after the FY26 year-end.^[1]
Average service turnaround fell from about nine days in October 2025 to nearly one day in March 2026. Same-day service closures reached about 87% by Q4 FY26.^[1][7]
Parts revenue was about 2.5% of revenue in Q2 FY26, against an industry average of 10-15%.^[6]
Cell opportunities of more than 35 GWh have been identified through signed, non-binding MoUs, including up to 20 GWh for Axis Energy through 2032. These are not firm orders.^[1]

Expansion and capex

Cell capacity roadmap: from 6 GWh to 20 GWh using prismatic cells. Prismatic R&D is to be completed by the end of CY2026, and equity is planned to be raised at the cell entity in FY27.^[8]
IPO funds earmarked for expanding cell capacity from 5 GWh to 6.4 GWh were reallocated to nil, according to the FY26 annual report.^[1]
Capex outside the cell business is guided at about ₹30-50 cr per quarter. Auto capex is to stay below about ₹50 cr a year.^[8]
Service revenue target: from about ₹130 cr in FY26 to ₹400-500 cr by FY28.^[8]

Recent developments

October 2026: a rights issue of 37,02,72,665 shares was approved at ₹27 per share, raising about ₹1,000 cr. The record date is 13 October 2026, and the issue runs from 22 to 30 October 2026.^[9]
Q1 FY27: Ola completed a ₹780 crore qualified institutional placement, which was 56% oversubscribed.^[1][8]
Q1 FY27: the 46100 LFP cell received BIS certification. Ola plans NMC cells for about 20% of vehicles, the performance variants, and LFP cells for the rest, including all Shakti and Mahashakti products.^[8]
Q4 FY26 was Ola's first quarter with positive operating cash flow, at ₹91 cr on a consolidated basis.^[7]
Q1 FY27: Roadster deliveries grew 67% from the previous quarter. Supply of the 9.1 kWh variant was limited by a shortage of 4680 cells.^[8]

Market Cap

₹14,961 Cr

High / Low

₹53 / 21

Stock P/E

-7.7

Price / Book

3.9

Book Value

₹8

EPS

₹-4.2

No. of Shares

441.08 Cr

ROCE

-20.3%

ROE

-43.2%

OPM

-59.7%

Debt / Equity

0.74

Sales

₹2,253 Cr

Net Profit

₹-1,833 Cr

Promoter holding

33.0%

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Ola Electric Mobility Ltd(OLAELEC)

About

Business segments

Products and portfolio

Manufacturing and cell capacity

Key operating numbers

Distribution and customers

Expansion and capex

Recent developments

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