India · Delayed Price · Currency is INR Ola Electric Mobility Earnings Call Transcripts
Fiscal Year 2026
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Q3 saw record gross margins and a major cost reset, with OpEx sharply reduced and break-even volumes lowered. Service improvements and vertical integration position the business for profitability as the heavy CapEx phase ends and Gigafactory operations scale up.
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Q2 saw 30.7% gross margin, positive cash flow, and a successful Gigafactory launch. BESS business is set to contribute INR 1,000–1,200 crore in FY2027, with further margin gains expected from PLI and parts revenue. Service and quality initiatives are underway.
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Q1 FY26 saw a strategic shift to profitable growth, with gross margins at 26% and the Auto segment turning EBITDA positive. Gen 3 products now drive 80% of sales, and the company targets 325,000–375,000 vehicle sales for FY26, with strong cash and margin improvements.
Fiscal Year 2025
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Q4 saw a one-time warranty provision and lower revenue due to registration issues, but operational improvements and cost reductions set the stage for a strong Q1 with higher margins and deliveries. The Roadster motorcycle launch and network expansion are expected to drive growth.
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EV scooter penetration and gross margins improved year-over-year, with major distribution expansion and new product launches driving future growth. Warranty costs are expected to normalize, and strong cash reserves support planned CapEx for cell and auto capacity.
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Revenue grew 38.5% year-over-year with gross margin at 20.6%, driven by mass market expansion and strong premium sales. Gen 3 platform launches in January, targeting further margin gains, while distribution and service networks scale rapidly. Continuous margin improvement and robust product pipeline support a positive outlook.
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Q1 FY25 saw record income and deliveries, with strong market share and improved margins. Segmental reporting shows automotive EBITDA margin nearing breakeven, and in-house cell production is set to further boost profitability. Industry penetration and product expansion support a positive outlook.