Ola Electric FY26 Gross Margin Reaches 38.5%, Q4 CFO Positive at ₹91 Crore; Expects Q1 FY27 Revenue ₹500-550 Crore
Ola Electric reports FY26 with improved fundamentals, including industry-leading 38.5% gross margins in Q4 and a positive CFO of ₹91 crore. Opex reduced to ₹428 crore in Q4 FY26, targeting ₹350 crore per quarter. April registrations increased 20% MoM. The company expects Q1 FY27 revenue of ₹500–550 crore. Full vehicle portfolio to transition to own cells by September 2026.
The announcement includes significant financial metrics, strategic plans for growth, and expansion into new markets, indicating a potentially high impact on the company's future performance and market position.
The announcement highlights positive financial performance, including improved gross margins, reduced operating expenses, and positive cash flow. It also includes future growth projections and expansion plans.
Ola Electric Mobility Limited announced that FY26 volumes were lower than expected, but the company's fundamentals strengthened significantly. The company exited the year with industry-leading gross margins, a lower cost base, better service metrics, improved product quality, and its first operating cash-flow positive quarter. The Gigafactory is now entering the scale-up phase. In Q4 FY26, the consolidated gross margin reached 38.5%, up from 34.3% in Q3 FY26 and 13.7% in the previous year. Q4 FY26 was also the first operating cash-flow positive quarter, with consolidated CFO at ₹91 crore. Auto delivered ₹213 crore CFO and ₹173 crore FCF. Consolidated opex reduced from ₹844 crore in Q4 FY25 to ₹428 crore in Q4 FY26, with a path towards ₹350 crore per quarter over the next couple of quarters. April registrations were up 20% MoM, and the company is working towards rebuilding a national market share to 15–20% over the next six months. 4680 Bharat Cell is already commercialised and deployed in vehicles, and the company plans to transition the full vehicle portfolio to own cells by September 2026. Roadster is becoming the second growth engine. The Gigafactory has 2.5 GWh operational capacity, with installation to 6 GWh largely complete and commercialisation expected by the end of this quarter. Shakti is entering the market with 50,000+ customer leads. For Q1 FY27, the company expects 40,000–45,000 orders and consolidated revenue of ₹500–550 crore, nearly double Q4 levels. As volumes recover, the auto business is expected to move towards Adjusted Operating EBITDA and free cash flow positivity through FY27. According to Bhavish Aggarwal, Ola is positioned across electric mobility, cell manufacturing and energy storage on one integrated platform.
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