OLA ELECTRIC Results Analysis-Q1FY26

Operating Revenue for Q1FY26 is Rs. 828 Crs., 49.6% Negative growth YoY, Total Income is Rs. 896 Crs., 47.9% Negative growth YoY, EBITDA Loss is Rs. 237 Crs., which is increased by 15.6% YoY, Loss before Tax Rs. 428 Crs., which is increased by 23.34% YoY, Loss after Tax Rs. 428 Crs., which is increased by 23.34% YoY. On QoQ basis Operating Revenue is up by 35.5%, EBITDA Loss is Rs. 237 Crs., which is decreased by 65.9%, Loss before Tax is Rs. 428 Crs., which is decreased by 50.8%, Loss after Tax is Rs. 428 Crs., which is decreased by 50.8%. Results were in line with guidance on both top line and bottom line. Q1 Auto Gross Margins of 25.6% was largely without PLI and Q2 onwards Company should get the PLI benefit too, leading to Gross Margins for FY26 to be around 35-40% and with operating costs largely flat, Auto EBITDA should be 5%+ for the whole year.