Auto stocks · Small cap · NSE
Ola Electric Mobility Limited is an Indian electric vehicle manufacturer focused on two-wheelers and battery technology. It operates the Futurefactory for EVs and a Gigafactory for cell manufacturing, aiming to integrate cells into its vehicles and expand into energy storage solutions like Shakti and Mahashakti.
SMA20 -2.8% / mo · MACD −
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue -45.0% · PAT NDF YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev -45% YoY · margin compression · +72% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹455 Cr | -45.0% | +71.7% |
| EBITDA | ₹-165 Cr | +30.4% | +41.3% |
| Operating margin | -36.0% | -700 bps | +7000 bps |
| PAT | ₹-336 Cr | NDF | NDF |
| PAT margin | -73.8% | -2216 bps | +11483 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 41.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 10 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q4 FY26 marks a 'reset' with first operating cash-flow positive quarter, consolidated gross margin reaching 38.5% (33.5% excl. PLI), and significant opex reduction. Auto business shows strong sales recovery and service stabilization, while Cell business moves from validation to scale.
Management claims FY26 was a 'reset' year, with Q4 showing positive operating cash flow, improved gross margins, and reduced opex. Service stabilization led to a V-shaped sales recovery in Auto. The Gigafactory is scaling, and new products like Roadster are gaining traction. The focus is now on utilization and disciplined growth.
Roadster is becoming the second auto growth engine, with Ola having 50% market share in the segment. Bikes contributed 15% of April gross orders.
Moving to manufacturing scale, with 2.5 GWh operational capacity and installation to 6 GWh largely complete. Plan to transition full vehicle portfolio to own cells by Sep 2026.
Shakti (distributed storage) is entering the market with 50k+ customer leads. Mahashakti (utility-scale BESS) is in product development for CY 2027 launch.
In-house AI stack operating at production scale, improving sales conversion, service execution, and reducing operating costs across the business.
Core auto capex is already in place for up to 1 million vehicles of annual capacity. The focus is on utilization, not new capex.
Currently 2.5 GWh operational capacity; installation to 6 GWh is largely complete and commercialization to be completed by end of current quarter. Plan to expand to 20 GWh by early next year through capital raise at cell entity level.
Global energy volatility and oil-market disruptions make dependence on imported fossil fuels a critical consumer, economic, and policy issue.
Local-content rules, approved-list frameworks for battery modules/cells, ACC PLI, BESS VGF are moving India's battery industry to industrial execution.
Higher petrol and diesel prices sharpen the cost-of-ownership advantage of EVs for consumers.
Gross margins may moderate in Q1 and Q2 FY27 due to commodity inflation.
The broader E2W industry declined by more than 22% in April, despite Ola's sales recovery.
Gross margins may moderate in Q1 and Q2 FY27 due to commodity inflation and pricing actions to accelerate growth.
Cell business remained in planned investment mode as Gigafactory ramps. Focus is on achieving commercially viable yields and full utilization.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company highlights both YoY improvements (gross margin, opex reduction over FY25) and QoQ sequential momentum (Q4 gross margin, sales recovery from Q3, April registrations MoM) as evidence of its 'reset' working.
Reached 38.5% (33.5% excl. PLI), up from 34.3% in Q3 and 13.7% in Q4 FY25.
Reduced from ₹844 crore in Q4 FY25 to ₹428 crore in Q4 FY26.
April registrations rose to 12,166 units, up 20% month-on-month, even as the E2W industry declined by more than 22%.
Warranty cost in FY26 stands at ₹59 crore, compared with ₹555 crore in FY25.
Sustain service consistency, scale volumes with discipline, improve auto cash generation, ramp the Gigafactory, and build the storage business.
Expect opex to reduce further towards ₹350 crore per quarter over the next couple of quarters.
Working towards rebuilding national market share to 15–20% over the next six months.
Expect Q1 FY27 orders to be 40,000 - 45,000 units, nearly double Q4 levels.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Quarterly Opex | ₹428 crore (Q4 FY26) | Reduction towards ₹350 crore per quarter over the next couple of quarters. |
| Auto Monthly Breakeven Volume | Not explicitly stated, but implies current volumes are below breakeven. | Achieving 20,000 - 25,000 units per month for adjusted operating EBITDA breakeven. |
| National Market Share | Not explicitly stated, but implies below target. | Rebuilding to 15–20% over the next six months. |
| Gigafactory Commercialization | 2.5 GWh operational, 6 GWh installation largely complete. | Completion of 6 GWh commercialization by end of current quarter and progress towards 20 GWh by early next year. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 4th percentile of the scored universe and 1st percentile within Auto. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Auto: 1st pctile, median 74 · Small: 5th pctile, median 66
40 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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