Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,380.90 last close on 21 Oct 2026 −0.98%
Research updated
Ola Electric Mobility Ltd.
NSE: OLAELECConsumer CyclicalAuto Manufacturers
- Last close
- ₹33.05
- Day change
- −₹1.44 (−4.18%)vs
- Market cap
- ₹14,872 crIndian rupees
- Research updated
- 2 reports
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About Ola Electric Mobility
Ola Electric Mobility Ltd. is a notable player in the rapidly evolving electric vehicle (EV) industry. Primarily focused on manufacturing and investing in electric scooters and other two-wheeled EVs, the company aims to revolutionize personal mobility with sustainable, energy-efficient solutions tailored for urban environments. As a subsidiary of the renowned ride-sharing firm Ola Cabs, Ola Electric leverages its parent company's extensive experience in the transportation sector to enhance distribution and accessibility of its products. The company is deeply embedded in the transition towards green energy, contributing significantly to reducing carbon footprints in transportation. Ola Electric's manufacturing facilities are designed to produce high-performance electric vehicles with advanced technology integration, including smart connectivity features. The company is a key driver in India's electric mobility push, influencing policy discussions and market activities relating to EV infrastructure development, such as charging stations and battery swapping solutions. This company's innovations and scalable models serve as a catalyst for broader adoption of electric vehicles in urban commuting.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: OLAELEC
- Chief executive
- Mr. Bhavish Aggarwal
- Employees
- 6,139
- Headquarters
- Bengaluru, India
- ISIN
- INE0LXG01040
- Website
- olaelectric.com
Public research · Report of
Business model & financial foundation
Ola Electric (NSE: OLAELEC), Electric two-wheelers and battery cells: revenue of ₹2,253 crore in FY26 (-50.1% on FY25), an EBITDA margin of -44.0%, net profit of ₹-1,833 crore and net debt of ₹934.0 crore.
- Revenue, FY26 (₹ crore)
- 2,253
- consolidated
- Revenue growth, FY26
- -50.1%
- on FY25
- Net profit, FY26 (₹ crore)
- -1,833
- to owners
- Return on equity, FY26
- -43.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 934.0
- Net debt excluding leases
- Market capitalisation (₹ crore)
- 15,745
- at the close of 22 Oct 2026
Company profile
Ola designs and manufactures electric scooters and motorcycles, sold through its retail network and an emerging dealer channel. Its vertically integrated cell subsidiary is building domestic battery production. Vehicle volumes, product mix, warranty and service execution, incentive eligibility and the funding of cell capacity determine its cash economics.
| Item | Value |
|---|---|
| Legal name | Ola Electric Mobility Limited (formerly Ola Electric Mobility Private Limited) |
| Exchange and ticker | NSE: OLAELEC; BSE: 544225 |
| ISIN | INE0LXG01040 |
| CIN | L74999KA2017PLC099619 |
| Sector | Consumer Cyclical |
| Industry | Electric two-wheelers and battery cells |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹15,745 crore (22 Oct 2026) |
| Shares outstanding | 441.08 crore shares (FY26) |
| Price | ₹33.05 (close, 22 Oct 2026) |
| 52-week range | ₹22.25 - ₹54.37 (to 22 Oct 2026) |
| Website | https://www.olaelectric.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ola Electric Technologies Private Limited | 100% | Electric vehicles and components |
| Ola Cell Technologies Private Limited | 100% | Battery cell manufacturing |
| Ola Electric Charging Private Limited | 100% | Individual business description not retrieved |
| Ola Electric Mobility Inc., USA | 100% | Individual business description not retrieved |
| Ola Electric Mobility B.V., Netherlands | 100% | Holds overseas subsidiaries; individual operating business not retrieved |
| Etergo B.V. | 100% | Step-down subsidiary; individual business not retrieved |
| Etergo Operations B.V. | 100% | Step-down of Etergo; individual business not retrieved |
| Ola Electric UK Private Limited | 100% | Step-down; individual business not retrieved |
| EIA Trading (Shanghai) Co. Limited | 100% | Step-down; individual business not retrieved |
| Ola Electric Technologies B.V. | 100% | Step-down; individual business not retrieved |
Five direct and five step-down subsidiaries, all wholly owned, in FY26. Full minor-subsidiary business descriptions not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 34.59% | 34.59% | 32.97% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 4.32% |
| Foreign institutions | 4.08% | 4.00% | 4.11% | |
| Domestic institutions | 7.28% | 7.01% | 12.16% | |
| of which mutual funds | 5.54% | 5.14% | 8.52% | |
| Retail | 49.20% | 49.60% | 46.26% | |
| Other | 4.80% | 4.80% | 4.51% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Automotive: automobiles and related services | 2,245 | 99.1% | -1,121 | |
| Cell: cells and battery business | 20.0 | 0.9% | -318.0 |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Ather Energy (ATHERENERG) | |
| TVS Motor (TVSMOTOR) | Leading e2W competitor with established service network; diversified profitable manufacturer. |
| Bajaj Auto (BAJAJ.AUTO) | |
| Hero MotoCorp (HEROMOTOCO) | Vida e2W competitor with large incumbent distribution base. |
| Eicher Motors (EICHERMOT) | Premium two-wheeler unit-economics reference; not directly comparable to a loss-making e2W startup. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 368.0 | 2,600 | 5,010 | 4,514 | 2,253 |
| Cost of revenue (vendor classification) * | 488.7 | 2,590 | 4,412 | 3,708 | 1,589 |
| Other operating costs (vendor classification) * | 317.1 | 764.4 | 1,136 | 2,698 | 1,046 |
| EBITDA (vendor classification) * | -710.8 | -1,122 | -1,044 | -1,321 | -788.0 |
| EBIT * | -766.5 | -1,364 | -1,398 | -1,910 | -1,469 |
| Finance cost | 17.6 | 107.9 | 186.0 | 366.0 | 360.0 |
| Profit before tax | -784.2 | -1,472 | -1,584 | -2,276 | -1,829 |
| Tax expense | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 |
| Profit after tax | -784.2 | -1,472 | -1,584 | -2,276 | -1,833 |
| Diluted EPS (₹) | -1.78 | -3.34 | -4.35 | -5.48 | -4.16 |
| Cost of goods sold | 4,379 | 3,708 | 1,563 | ||
| Employee benefits expense | 439.0 | 463.0 | 294.0 | ||
| Other expenses | 1,459 | 2,082 | 1,388 | ||
| Operating EBITDA excluding other income | -1,267 | -1,739 | -992.0 | ||
| Other income | 233.0 | 418.0 | 207.0 | ||
| Depreciation and amortisation | 358.0 | 566.0 | 684.0 | ||
| Exceptional items signed impact | -6.00 | -23.0 | 0.00 | ||
| PAT attributable to owners | -1,584 | -2,276 | -1,833 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,661 | 2,356 | 2,019 | 5,143 | 3,351 |
| Borrowings excluding lease liabilities | 803.8 | 1,696 | 2,710 | 3,043 | 2,476 |
| Cash bank balances and liquid current investments | 1,235 | 242.9 | 107.1 | 3,518 | 1,542 |
| Trade receivables | 15.2 | 84.3 | 158.5 | 9.00 | 31.0 |
| Inventories | 284.3 | 584.0 | 694.0 | 784.0 | 269.0 |
| Trade payables | 356.8 | 693.3 | 1,348 | 951.0 | 679.0 |
| Net consolidated property plant and equipment | 5.79 | 22.9 | 40.8 | 2,050 | 1,956 |
| Capital work in progress excluding development intangibles | 108.5 | 225.5 | 563.1 | 254.0 | 496.0 |
| Total assets * | 5,396 | 5,573 | 7,735 | 11,075 | 7,788 |
| Net debt excluding leases | -475.0 | 934.0 | |||
| Equity shares outstanding at period end | 441.08 | 441.08 | |||
| Restricted deposits within other bank balances | 755.0 | 833.0 | |||
| Management adjusted net debt on total liabilities basis | 4,714 | 4,011 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -1,252 | -2,026 | -633.0 | -2,391 | -775.0 |
| Free cash flow (vendor definition) * | -1,772 | -2,350 | -1,847 | -3,368 | -1,493 |
| PPE and intangible cash investment | -763.5 | -433.6 | -1,214 | -977.0 | -718.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end equity shares outstanding | 441.08 | 441.08 | 441.08 | 441.08 | 441.08 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,214 | 1,045 | 611.0 | 828.0 | 690.0 | 470.0 | 265.0 | 455.0 |
| Cost of revenue (vendor classification) * | 989.0 | 851.0 | 527.0 | 614.0 | 309.0 | 163.0 | 317.0 | |
| Other operating costs (vendor classification) * | 465.0 | 552.0 | 680.0 | 362.0 | 340.0 | 325.0 | 255.0 | |
| EBITDA (vendor classification) * | -279.0 | -333.0 | -578.0 | -169.0 | -237.0 | -242.0 | -136.0 | |
| EBIT * | -411.0 | -471.0 | -748.0 | -334.0 | -407.0 | -419.0 | -263.0 | |
| Finance cost | 84.0 | 93.0 | 122.0 | 94.0 | 109.0 | 80.0 | 77.0 | 73.0 |
| Profit before tax | -495.0 | -564.0 | -870.0 | -428.0 | -418.0 | -487.0 | -496.0 | -336.0 |
| Tax expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 | 0.00 |
| Profit after tax | -495.0 | -564.0 | -870.0 | -428.0 | -418.0 | -487.0 | -500.0 | -336.0 |
| Diluted EPS (₹) | -1.20 | -1.28 | -1.97 | -0.97 | -0.95 | -1.10 | -1.13 | -0.75 |
| Cost of goods sold | 989.0 | 851.0 | 527.0 | 614.0 | 477.0 | 309.0 | 163.0 | 317.0 |
| Employee benefits expense | 139.0 | 102.0 | 99.0 | 89.0 | 55.0 | 92.0 | 58.0 | 48.0 |
| Other expenses | 465.0 | 552.0 | 680.0 | 362.0 | 361.0 | 340.0 | 325.0 | 255.0 |
| Operating EBITDA excluding other income | -379.0 | -460.0 | -695.0 | -237.0 | -203.0 | -271.0 | -281.0 | -165.0 |
| Other income | 100.0 | 127.0 | 117.0 | 68.0 | 66.0 | 34.0 | 39.0 | 29.0 |
| Depreciation and amortisation | 132.0 | 138.0 | 170.0 | 165.0 | 172.0 | 170.0 | 177.0 | 127.0 |
| Exceptional items signed impact | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | -495.0 | -564.0 | -870.0 | -428.0 | -418.0 | -487.0 | -500.0 | -336.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 43,192.9% | 606.7% | 92.7% | -9.9% | -50.1% |
| EBITDA margin | -25.3% | -38.5% | -44.0% | ||
| Net margin | -31.6% | -50.4% | -81.4% | ||
| Return on equity | -72.4% | -63.6% | -43.2% | ||
| Return on capital employed | -23.7% | -32.0% | -31.8% | -29.6% | -21.0% |
| Return on assets | -23.8% | -24.2% | -19.4% | ||
| Net debt (₹ crore) | -475.0 | 934.0 | |||
| Net debt / EBITDA | 0.27x | -0.94x | |||
| Interest cover | -43.5x | -12.6x | -7.52x | -5.22x | -4.08x |
| Asset turnover | 0.10x | 0.47x | 0.75x | 0.48x | 0.24x |
| Receivable days | 15 | 12 | 12 | 1 | 5 |
| Inventory days (on revenue) | 282 | 82 | 51 | 63 | 44 |
| Payable days (on revenue) | 354 | 97 | 98 | 77 | 110 |
| Cash conversion | 0.40x | 1.05x | 0.42x | ||
| Capex intensity | 207.5% | 16.7% | 24.2% | 21.6% | 31.9% |
| Free cash flow (₹ crore) | -2,016 | -2,460 | -1,847 | -3,368 | -1,493 |
| EPS, diluted (₹) | -1.78 | -3.34 | -4.35 | -5.48 | -4.16 |
| Book value per share (₹) | 11.66 | 7.60 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Ola Electric Mobility includes
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- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Ola Electric Mobility
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