Ola Electric (544225) May 2026 Filing Analysis

Consolidated quarterly OPEX, including leases, declined to ₹484 crore in Q3 from a peak of ₹840 crore. Management further expects steady-state OPEX of ₹250–300 crore over the next couple of quarters. (4 exceeded, 1 met across 5 tracked commitments)

Ola Shakti had been launched by Q3 FY26 and was being ramped up as the Gigafactory scaled. The transcript does not confirm availability across the previously indicated 2,500–3,000 stores. (3 met, 2 revised across 5 tracked commitments)

Q3 FY26 deliveries were only 32,680 units. With one quarter remaining in H2 FY26, achieving approximately 100,000 H2 deliveries would require roughly 67,320 units in Q4, more than double the Q3 quarterly volume. Management also declined to provide a timing target for reaching the 15,000-unit monthly breakeven level. (2 missed, 1 met, 2 in progress across 5 tracked commitments)

The cell business remained very small in reported revenue terms but expanded from validation toward commercial scale. Revenue increased from ₹12 crore in FY25 to ₹20 crore in FY26, a 66.7% increase, although Q4 FY26 revenue was ₹4 crore versus ₹9 crore in Q3 FY26. The more important change was strategic: operational capacity reached 2.5 GWh, installation toward 6 GWh was largely complete, and commercialisation was expected by the end of Q1 FY27. (1 expanding)