Ola Electric Q1 FY27 Consolidated Loss INR 336 Crore

Board Meeting Details

The Board of Directors meeting was held on August 7, 2026 from 03:15 PM to 04:00 PM IST. The board approved:

Unaudited Standalone and Consolidated Financial Results for Q1 FY27 (quarter ended June 30, 2026)
Appointment of TRC Corporate Consulting Private Limited as Internal Auditor for FY 2026-27

Financial Results - Consolidated (INR Crores)

Quarterly Performance:

| Revenue from operations | 455 | 265 | 828 | 2,253 |

| Other income | 29 | 39 | 66 | 207 |

| Total Income | 484 | 304 | 896 | 2,460 |

| Total Expenses | 620 | 546 | 1,065 | 3,245 |

| Loss before finance costs, depreciation, amortization and tax | (136) | (242) | (169) | (785) |

| Finance costs | 73 | 77 | 94 | 360 |

| Depreciation and amortization | 127 | 177 | 165 | 684 |

| Loss before tax | (336) | (496) | (428) | (1,829) |

| Tax expense | 0 | 4 | 0 | 4 |

| Net loss | (336) | (500) | (428) | (1,833) |

| Total comprehensive loss | (336) | (531) | (428) | (1,848) |

| Basic EPS (INR) | (0.75) | (1.13) | (0.97) | (4.16) |

| Diluted EPS (INR) | (0.75) | (1.13) | (0.97) | (4.16) |

| Paid-up equity share capital | 4,628 | 4,411 | 4,411 | 4,411 |

Segment-wise Performance (Q1 FY27):

Automotive Segment: Revenue INR 455 crore, Loss before finance costs etc. INR (129) crore
Cell Segment: Revenue INR 5 crore, Loss before finance costs etc. INR (30) crore
Total segment revenue: INR 460 crore
Inter-segment eliminations: INR (5) crore

Financial Results - Standalone (INR Lakhs)

| Revenue from operations | 48 | 78 | 66 | 249 |

| Other income | 1,364 | 1,470 | 2,856 | 7,890 |

| Total Income | 1,412 | 1,548 | 2,922 | 8,139 |

| Total Expenses | 111 | 4,856 | 1,593 | 10,230 |

| Loss before tax | (563) | (5,147) | (1,056) | (10,866) |

| Tax expense | 0 | 433 | 0 | 433 |

| Net loss | (563) | (5,580) | (1,056) | (11,299) |

| Total comprehensive loss | (574) | (9,372) | (1,030) | (15,083) |

| Basic EPS (INR) | (0.01) | (0.13) | (0.02) | (0.26) |

| Diluted EPS (INR) | (0.01) | (0.13) | (0.02) | (0.26) |

| Paid-up equity share capital | 462,841 | 441,083 | 441,083 | 441,083 |

Auditor's Review Report

B S R & Co LLP issued a qualified limited review report on consolidated financial results due to:

Ola Cell Technologies Private Limited reversed INR 57 crore provision for liquidated damages related to MHI PLI scheme milestones without obtaining approval from MHI
The subsidiary had submitted a request for extension and waiver of damages, but approval was pending as of June 30, 2026
Auditors unable to obtain sufficient evidence regarding the reversal and non-recognition of additional provision

The review conclusion is qualified because of the possible effect of this matter.

Going Concern Assessment

The Group has negative cash flow from operations of INR 215 crores for Q1 FY27 (FY26: INR 775 crores) due to operating losses, lower sales growth, and increased material costs. Management believes the Group will continue as a going concern based on:

Available cash and bank balances
Expected future operating cash flows from business expansion, margin improvement, new products
Available credit limits
QIP proceeds of INR 780 crore raised during the quarter

Fundraising Activities

QIP Issuance (Q1 FY27):

Allotment of 217,578,428 equity shares of face value INR 10 each
Issue price: INR 35.86 per share
Total proceeds: INR 780 crore
Purpose: Meet financial commitments/debt obligations, capital expenditure, loan repayments, working capital

IPO Proceeds Utilization (as of June 30, 2026):

| Purpose | Amount Utilized (INR Crores) | Unutilized (INR Crores) |

| Repayment of subsidiary indebtedness | 800 | 0 |

| Research and product development | 912 | 18 |

| Organic growth initiatives | 1,123 | 178 |

| General corporate purposes | 1,358 | 16 |

| Repayment of company/subsidiary indebtedness | 778 | 92 |

| Total | 4,971 | 304 |

Key Events and Contingencies

1. PLI Scheme Provision Reversal: Ola Cell Technologies reversed INR 57 crore provision for liquidated damages related to MHI investment milestones, pending MHI approval for extension/waiver

2. SEBI Show Cause Notice: Received on April 10, 2025 regarding previous period disclosures about store openings, vehicle sales data variances, and Roadster delivery timelines. Company pursuing settlement without admission of liability.

3. Extended Producer Responsibility: New regulations effective April 1, 2025 require OEMs to buy certificates for end-of-life vehicles. Cost impact not reliably estimable as CPCB clarification pending.

4. Battery Waste Management Rules: EPR regulations for battery waste, impact not reliably estimable pending Ministry guidance.

5. Useful Life Revision: Revised estimated useful life of intangible assets effective April 1, 2026, reducing amortization expense by INR 24 crore for Q1 FY27.

6. Consumer Protection Matter: CCPA notice regarding consumer grievances from September 2023-August 2024, no material impact expected.

7. Investment Impairment: Recognized INR 38 crore provision on StoreDot Ltd investment through OCI in FY26.

Subsidiary Information

The consolidated results include 11 subsidiaries:

1. Ola Electric Mobility Limited (Parent)

2. Ola Electric Technologies Private Limited

3. Ola Cell Technologies Private Limited

4. Ola Electric Charging Private Limited

5. Ola Electric Mobility Inc., USA

6. Ola Electric Mobility B.V., Netherlands

7. Etergo B.V., Netherlands

8. Etergo Operations B.V., Netherlands

9. Ola Electric UK Private Limited

10. EIA Trading (Shanghai) Co. Ltd., China

11. Ola Electric Technologies B.V., Netherlands

Eight subsidiaries not reviewed had immaterial impact: total revenues Nil, net loss INR 0.55 crore, comprehensive loss INR 3.45 crore for Q1 FY27.

Internal Auditor Appointment

TRC Corporate Consulting Private Limited appointed as Internal Auditor for FY 2026-27 effective August 7, 2026. The firm has 300+ professionals and has delivered 2,500+ projects to 400+ clients.