Ola Electric Subsidiaries' Ratings Revised to BBB-/A3+ (Negative) by ICRA
ICRA has revised the credit ratings for Ola Electric's subsidiaries, Ola Electric Technologies and Ola Cell Technologies. Ratings for Ola Electric Technologies are [ICRA]BBB (Negative) and [ICRA]A3+. Ratings for Ola Cell Technologies are [ICRA]BBB- (Negative) and [ICRA]A3. The revisions were effective April 28, 2026.
A negative outlook on credit ratings for subsidiaries can impact the parent company's borrowing costs and investor perception, although the 'BBB' rating still signifies adequate credit quality.
The credit ratings assigned to the subsidiaries have been revised to a 'Negative' outlook, indicating potential concerns about their financial stability or future prospects.
Ola Electric Mobility Limited has announced that on April 28, 2026, ICRA Limited revised and/or reaffirmed the credit ratings for its material wholly owned subsidiaries, Ola Electric Technologies Private Limited (OET) and Ola Cell Technologies Private Limited (OCT).
For Ola Electric Technologies Private Limited, ICRA has assigned a rating of [ICRA]BBB (Negative) for its Long-Term Loan, Long-Term Letter of Credit/Bank Guarantee, and LT/ST Fund Based/Non-Fund based facilities. The rating for LT/ST Fund Based/Non-Fund based facilities also includes [ICRA]A3+.
For Ola Cell Technologies Private Limited, the ratings are [ICRA]BBB- (Negative) for its Long-term Fund-based Term loan and [ICRA]A3 for its Short-term Non-fund based facilities, including a sub-limit for CEL and Letter of Credit.
These ratings and their revision will be available on the company's website, www.olaelectric.com.
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