At InsightEV, we like to maintain a running account of the financials of every publicly traded E2W manufacturer. We do the same for Ola Electric. It provides an easy historical reference for the company’s journey over the last many quarters.
The Numbers have all changed…
However, Ola’s financial numbers reported today have changed almost all significant financial numbers for the previous quarters as well. In some of the quarters, there are significant changes to key numbers like Revenues and EBITDA.
Also note that this analysis only considers Ola Electric’s automotive segment. The cell plant is in an early stage of business where it needs more investment without any revenues. It would be unfair to include that in this discussion.
To start with, these are the financial numbers that Ola Electric reported in their previous quarter.
Then here are the numbers juxtaposed with the new numbers reported today. As is visible, there are significant changes to both reported Revenue and EBITDA.
For the record, here is how Ola Electric’s new financials look.
It should be noted that very often, audited numbers differ somewhat from unaudited numbers, though in the case of Ola Electric, there are notable significant differences. Also, we did not find an auditor’s note in the shareholders’ letter on any changes in financial practices or audited numbers. Our email sent to Ola’s investor relations has not been answered at the time of publishing this. We would update this analysis if Ola decides to provide inputs on the changes in the numbers.
Improvement in EBITDA?
Nevertheless, Ola Electric claims a significant improvement in EBITDA (loss) in Q1 FY 2026. This is true if we look at Q1 FY 2026 against Q4 FY 2025. EBITDA (loss) has improved from INR (7750) million to INR (960) million.
However, on a year-on-year basis, EBITDA (loss) has deteriorated from INR (650) million to INR (960) million. EBITDA margin has also deteriorated from -6.8% to -11.6%.
Registration Numbers
Based on Vahan (Indian registration portal) data, Ola Electric registered 61,514 units in the quarter. This is a 48.6% decline from 119,466 units registered in Q1 FY 2025.
Do they have an ABS?
Ola, in their shareholders’ letter released today, states the following:
However, at the launch of their Gen-3 scooters in February 2025, the company had claimed that their Brake-By-Wire technology – a misnomer in itself because it is just a power regen system-also acts as an ABS system. This is already deployed in the S1 scooters. We had covered this in an analysis.
Why is Ola Misrepresenting Tech?
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With the new announcement, it appears that Ola is backtracking from their previous claims on technology.
Tackling Rare Earths
This is an important subject right now, especially for the Indian industry. Ola Electric claimed that their rare-earth-free motor would be ready for deployment in the next quarter.
4680 Cells
Ola has started production at the cell gigafactory and from this quarter has started sharing the cell production numbers in the results. The management stated that the cell plant is currently running at a 60% yield, and Ola would be deploying the cells from the next quarter onwards.
The immediate target seems to be setting up a 5.0 GWh capacity, something that Ola stated would improve their margins even as cell prices crash across the world.
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