Ola Electric Mobility is India's largest electric two-wheeler maker by installed base, entering its Q2 FY 2026-2027 print with the E2W industry growing ~80% YoY while Ola's own registrations stayed flat-to-down and its market share slipped to 6.5% by September from 8.4% in Q1. The print will speak to whether the Gigafactory hit 6 GWh operational capacity by September, and whether gross margin can hold inside the guided 30-32% band amid record copper prices and a late-quarter lithium collapse.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 455 Cr |
| Previous quarter PAT | Rs. (336) Cr net loss |
| Previous quarter EBITDA margin | (42.8%) Adj. Op. EBITDA margin |
| Market cap | Rs. 17,100.49 Cr |
| CMP | Rs. 34.21 |
The Board of Ola Electric Mobility Limited will meet on November 12, 2026, to approve the unaudited standalone and consolidated financial results for Q2 and the half-year ended September 30, 2026. The insider trading window has been closed since October 1, 2026, until 48 hours after the results.
The earnings call is scheduled the same day, November 12, 2026, at 5:00 PM IST, with Chairman Bhavish Aggarwal and CFO Deepak Rastogi. No dial-in or webcast link was stated in the intimation.
The Q2 print tests whether Ola Electric can convert a strong industry backdrop — Jul-Sep E2W registrations of ~5,88,740 units, up 80% YoY with penetration above 10% all quarter — into its own volume recovery, after its registrations fell 23% YoY to 85,634 units in H1 FY27 and its share slipped to 6.5% in September versus 8.4% in Q1.
Management flagged after Q1 that gross margin 'will likely moderate further in Q2' from the 30.5% printed, with copper at a record $14,617/t on September 8 (+46.3% YoY in August) and aluminium elevated, partially offset by a more than 40% collapse in lithium prices since end-August that is deflationary for the 4680 cell bill of materials.
The Aug 10 amendment extending the PM E-DRIVE e2W incentive to March 31, 2028 removed what would otherwise have been a mid-quarter demand cliff, while the ACC PLI timeline extension unlocking up to Rs. 7,240 Cr through CY2031 and the Rs. 95.81 Cr PLI-Auto sanction for FY27 are concrete policy positives.
On the guidance stack, opex of Rs. 333 Cr reported in Q1 (about Rs. 380 Cr excluding the Rs. 57 Cr PLI-reversal) sits above the Rs. 300-325 Cr quarterly target, and monthly deliveries of ~13,064 units remain well below the 20,000-25,000 units/month adjusted operating EBITDA breakeven band. The call is expected to cover the Gigafactory's 6 GWh milestone, own-cell integration progress, the dealer ramp toward 500+ dealerships before Diwali, and the resolution path on the auditor's qualified review conclusion.
Performance vs previously stated guidance: The Q1 guidance stack carries several testable milestones for Q2.
Gigafactory, own cells and dealer ramp
Risks and follow-ups on the call
Metrics showing prior weakness or focus
Potential narrative shifts
Management has guided adjusted operating EBITDA breakeven at 20,000-25,000 units per month, subject to pricing mix and commodity conditions, but has declined to give a timeline — Bhavish Aggarwal said, 'we will not be giving a time target of when we will get to either 15,000 a month or higher.' Q1 FY27 monthly average deliveries were about 13,064 units.
Management has guided operating cash-flow burn of Rs. 300-500 Cr over FY27, with Q1 FY27 CFO at Rs. (215) Cr. Gross cash was stated at Rs. 1,550-1,600 Cr with net debt of about Rs. 950 Cr as of March 31, and debt repayments of Rs. 400+ Cr are planned during FY27.
Management said the pivot reflects that 'a dealer can manage the local nuances of auto retail, customer engagement, service and store operations much better at scale.' The first dealer-operated stores went live on September 4, 2026, with a target of 500+ dealerships.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.