Ola Electric reduced LOSS to Rs 362 Cr from Rs 418 Cr Loss YoY Qtr… In spite of Revenue falling to Rs 421 Cr from Rs 690 Cr YoY Qtr… meaning…
Ola reduced loss by 56 crs in spite of Revenue falling to Rs 421Crs from 690 Cr.
In Q1 vehicle sold were approx. 43,491 vehicles. About 5,000 vehicles got pushed into Oct Qtr (Q3) as chargers were delivered late. So it looks like total sales in Q2 was considered for just 36,000 vehicles in spite of selling more than 41,000 vehicles.
Rs 362 Cr loss in this qtr is 26 cr more than from June (Q1) qtr.
EBITDA loss stood at Rs 246 crore. Reduced loss by 12 Crs YoY Qtr.
Free Cashflow this Qtr was Negative Rs 371 Crs compard to -351 Crs in Q1
During this Q2 (Jul-Aug-Sept 2026) Ola was addressing 2 main concerns:
1. Battery Plant upgrade that lasted till mid-Aug
2. Transition from D2C Store to Dealership Stores.
It seems Ola sold mostly Scooters in this Qtr. And this qtr it didn’t have any PLI income nor Dealership Fee as dealers were onboarded in late September in spite of it being announced on 06 Aug 2026.
What OLA Electric did in Q2 will SURELY be visible in Q3 (Oct-Nov-Dec 2026) Results!!!
(Pls Note that we are assuming that Ola Electric will be charging approx. 1Cr as dealership fee as it would be supplying approx. 40 vehicles and 20 vehicle as parts to be replaced on wear and tear and would be supplying the computers and required software to upload to Vahan Dashboard and also keeping some amount as Security Deposit. The Shop also has to qualify for minimum standards of approx. 1,000 sqft floorspace. This is standard Franchisee procedure. But we are not very sure if Ola charges this much from the dealer or more).
PROJECTION: Q3 (Oct-Nov-Dec 2026) should have the following additions:
1. PLI Benefit (as mentioned by Bhavish in Q2 FY 2027 concall)
2. Around 450 Dealers by Dec end (as mentioned by Bhavish in Q2 FY 2027 concall)
3. This could be around Rs 450Crs if Dealership fee is charged.
4. Due to charger manufacturing delay 5,000 vehicles sales were not completed and got pushed into Q3.
5. Will Qtr Sales be around 48,000 vehicles? … at 16,000 vehicles per mth?
Will Q3 Results should be the best Figures yet?… It will DEFINATELY be a trailer of what is to come in Q4… provided all the launches happen at the right time.
Q4 (Jan-Feb-Mar 2027) should have the following addition
1. LFP Shakti Home product sales
2. LFP Scooters sales (Z-scooter in addition to NMC scooters)
3. LFP Roadster Motorcycles sales
4. In Q4 Ola plans to add 300 dealers in Q4 to reach 750 Dealers by end of March 2027
5. This could add another 300 Crs if dealership fee is charged.
So will Q4 Results see a very positive outlook?
