Ola Electric Q1 FY27: Revenue ₹455 Cr, Market Share 8.4%, Confident on Profitability
Ola Electric's Q1 FY27 saw revenue climb to ₹455 crore, with a 97% sequential increase in registrations leading to an 8.4% market share. Operating expenses were reduced to ₹333 crore, improving EBITDA to -₹195 crore. The company is expanding its distribution network with new dealerships and advancing its cell technology.
The announcement details significant improvements in financial performance, strategic shifts in distribution and technology, and outlines substantial future growth opportunities in both the EV and energy storage sectors, which are material to the company's outlook.
The company reported strong sequential growth in revenue and market share, improved operating efficiency, and a strengthened balance sheet. Positive outlook on future growth drivers like cell technology and energy storage also contribute to the positive sentiment.
Ola Electric Mobility Limited has reported a strong Q1 FY27 performance, marking a return to growth and market share gains.
Deliveries increased to approximately 39,200 units, a nearly 100% quarter-on-quarter increase, with orders reaching around 44,000 units. Auto revenue grew 72% sequentially to ₹455 crore, with gross profit of ₹139 crore. The company's market share in the electric two-wheeler segment rose from 5.1% to 8.4%, significantly outpacing the industry's 17% sequential growth.
Despite a challenging commodity environment, Ola Electric maintained auto gross margins at 30.5%. Consolidated operating expenses declined 22% quarter-on-quarter to ₹333 crore, contributing to an improved consolidated adjusted operating EBITDA of negative ₹195 crore from negative ₹326 crore in Q4 FY26. The company completed a ₹780 crore QIP to strengthen its balance sheet.
Key strategic developments include the commercial deployment of the 4680 NMC Bharat Cell and BIS certification for the 46100 LFP cell. The company anticipates service revenue to reach ₹400-500 crore by FY2027-28. The Gigafactory is expected to be operational at 6 GWh by September.
Ola Electric is also evolving its distribution strategy by introducing a multi-channel approach, including dealerships, with the first set of dealerships expected to go live on Janmashtami (September 4). The company aims to have a significant dealer network before the Diwali season.
Future plans include the launch of Shakti Gen 2 using LFP cells on August 15, and further announcements regarding Mahashakti and other energy storage products. The company anticipates significant opportunities in the energy storage market, with an estimated requirement of 400 GWh in India over the next five to six years. The expansion of the Cell factory capacity from 6 GWh to 20 GWh is planned for FY27, with prismatic cell R&D underway.
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