Ola Electric Q2 FY26 Consolidated Loss at ₹418 Crore

Summary of Key Information:

Reporting Period (Quarter/Year): Quarter and Half-Year ended September 30, 2026 (Q2 FY26, H1 FY26)

Nature of Filing / Announcement: Regulatory filing pursuant to SEBI Listing Regulations 30 and 33

Audit Opinion:

Qualified. The limited review report issued by B S R & Co. LLP is qualified with respect to the quarters ended June 30, 2026, and September 30, 2026.

Auditor’s Comment:

The qualification pertains to the accounting treatment of a provision for liquidated damages by subsidiary Ola Cell Technologies Pvt. Ltd. (OCTPL). OCTPL had recognized a provision of ₹57 crore as of March 31, 2026, related to an MHI incentive scheme milestone. In Q1 FY26 (quarter ended June 30, 2026), OCTPL reversed this provision and recognized a credit in other expenses upon requesting a waiver from MHI. In Q2 FY26, MHI granted a waiver via a letter dated August 11, 2026. The auditors opine that the provision should have been maintained in Q1 and only reversed in Q2 when the waiver was officially received. An additional provision of ₹11 crore for Q1 was also not recognized.

The auditors also draw attention to Note 4 regarding management's going concern assessment.

The conclusion is not modified for the inclusion of 8 unreviewed subsidiaries or the going concern note.

Key Financial Highlights [Unit: INR Crores]

Consolidated Results:

| Revenue from Operations | 690 | 455 | 421 | 1,145 | 876 | 2,253 |

| Other Income | 66 | 29 | 27 | 95 | 56 | 207 |

| Total Income | 756 | 484 | 448 | 1,240 | 932 | 2,460 |

| Total Expenses | 1,259 | 893 | 620 | 2,152 | 1,302 | 3,245 |

| Loss before tax | (418) | (336) | (191) | (754) | (698) | (1,829) |

| Total tax expense | 0 | 0 | 0 | 0 | 0 | 4 |

| Net Loss | (418) | (336) | (191) | (754) | (698) | (1,833) |

| EPS (Basic) (₹) | (0.95) | (0.75) | (0.43) | (1.70) | (1.58) | (4.16) |

| Paid-up Equity Share Capital | 4,628 | 4,628 | 4,411 | 4,628 | 4,411 | 4,411 |

| Other Equity | (1,200) | (1,060) | 651 | (1,200) | 651 | (1,060) |

Cash and Cash Equivalents: ₹123 crores as of September 30, 2026 (₹421 crores as of March 31, 2026).

Debt:

Non-current borrowings: ₹1,482 crores
Current borrowings: ₹337 crores
Total Borrowings: ₹1,819 crores

Standalone Results [Unit: INR Lakhs]:

| Particulars | Q2 FY26 | Q1 FY26 | Q2 FY25 | H1 FY26 | H1 FY25 | FY26 |

| Revenue from Operations | 48 | 48 | 66 | 96 | 132 | 249 |

| Other Income | 1,060 | 1,364 | 2,511 | 2,424 | 5,367 | 7,890 |

| Total Income | 1,108 | 1,412 | 2,577 | 2,520 | 5,499 | 8,139 |

| Total Expenses | 596 | 111 | 1,492 | 707 | 3,085 | 10,230 |

| Loss before tax | (33) | (563) | (1,409) | (596) | (2,465) | (10,866) |

| Net Loss | (33) | (563) | (1,409) | (596) | (2,465) | (11,299) |

| EPS (Basic) (₹) | (0.00) | (0.01) | (0.03) | (0.01) | (0.06) | (0.26) |

| Paid-up Equity Share Capital | 462,841 | 462,841 | 441,083 | 462,841 | 441,083 | 441,083 |

| Other Equity | 706,105 | 651,124 | 651,124 | 706,105 | 651,124 | 651,124 |

Cash and Cash Equivalents: ₹583.7 lakhs as of September 30, 2026 (₹1,933.8 lakhs as of March 31, 2026).

Debt: Current borrowings of ₹487.4 lakhs.

Segment-wise Performance [Unit: INR Crores for Consolidated]:

The Group has two reportable segments: Automotive and Cell.

For Q2 FY26:

Automotive Segment: Revenue: ₹688 cr; Segment Loss before tax: ₹(233) cr
Cell Segment: Revenue: ₹4 cr; Segment Loss before tax: ₹(79) cr

For H1 FY26:

Automotive Segment: Revenue: ₹1,514 cr; Segment Loss before tax: ₹(494) cr
Cell Segment: Revenue: ₹8 cr; Segment Loss before tax: ₹(148) cr

Corporate Actions:

Dividend: Not Specified
Rights Issue: Subsequent to the quarter end, the company allotted 37,027,2665 partly paid-up equity shares (FV ₹10) at an issue price of ₹27 per share, aggregating ~₹1,000 cr. Application money of ₹16.20 per share (~₹600 cr) received as of the results date.
QIP: During H1 FY26, the company raised ₹780 cr by allotting 217,578,428 equity shares (FV ₹10) at ₹35.86 per share.

Other Significant Information:

IPO Proceeds Utilization: As of September 30, 2026, ₹5,139 cr of the net ₹5,275 cr IPO proceeds (Aug 2024) had been utilized. Unutilized balance: ₹136 cr.
Change in Accounting Estimate: Useful lives of certain intangible assets, vehicles, and tools were revised, reducing H1 FY26 depreciation expense by ₹62 cr.
Subsidiaries: The consolidation includes 11 entities listed in Annexure I.
Investment Impairment: A provision of ₹38 cr was recorded in FY26 for the fair value change of an investment in StoreDot Ltd. (Consolidated). A provision of ₹378.6 lakhs was recorded on a standalone basis.