Ola Electric Mobility Limited Q2 FY27 deliveries fall 34%

Ola Electric delivered 34,667 vehicles in Q2 FY27, 34% fewer than a year earlier, while automotive revenue fell 39% to ₹420 crore. Its automotive gross-margin rate was 29.8%, close to 30.7% in Q2 FY26, but automotive operating EBITDA loss widened to ₹144 crore from ₹47 crore.

Why did Ola Electric's Q2 FY27 deliveries decline?

Ola Electric reported 34,667 deliveries in Q2 FY27, compared with 52,666 in Q2 FY26 and 39,192 in Q1 FY27. The quarterly count therefore fell by 17,999 vehicles year on year and by 4,525 vehicles sequentially. The KPI databook does not provide a model, region or distribution-channel explanation for the delivery movement.

The Q2 FY27 total was above the 20,256 deliveries in Q4 FY26 and the 32,680 in Q3 FY26, but remained below the 39,192 recorded in Q1 FY27. It was also below the quarterly high of 125,958 deliveries in Q1 FY25. The latest delivery figure was 91,291 vehicles lower than that Q1 FY25 level.

How did Ola Electric's automotive revenue change in Q2 FY27?

Ola Electric's automotive revenue from operations was ₹420 crore in Q2 FY27, down from ₹688 crore in Q2 FY26 and ₹455 crore in Q1 FY27. That was a year-on-year decline of ₹268 crore, or 39%, and a sequential decline of ₹35 crore, or 8%. The company defines revenue from operations as core activity plus other income.

Automotive revenue declined from ₹826 crore in Q1 FY26 to ₹688 crore in Q2 FY26, ₹467 crore in Q3 FY26 and ₹264 crore in Q4 FY26. It recovered to ₹455 crore in Q1 FY27 before falling to ₹420 crore in Q2 FY27. The latest result was therefore ₹156 crore above Q4 FY26 but ₹268 crore below Q2 FY26.

Did Ola Electric maintain automotive gross margins?

Ola Electric recorded automotive gross margin of ₹125 crore in Q2 FY27, equal to 29.8% of automotive revenue. The margin rate was 30.7% on gross margin of ₹211 crore in Q2 FY26 and 30.5% on ₹139 crore in Q1 FY27. The rate moved by less than one percentage point in both comparisons, while gross margin in rupee terms declined.

The KPI databook defines gross margin as revenue from operations less cost of goods sold. Automotive gross margin had reached 38.1% in Q4 FY26 before falling to 30.5% in Q1 FY27 and 29.8% in Q2 FY27. The Q2 FY27 rate remained above the 18.5% reported in Q2 FY25 and the 5.8% reported in Q2 FY24.

Automotive operating expenses were ₹269 crore in Q2 FY27, compared with ₹258 crore in Q2 FY26 and ₹251 crore in Q1 FY27. Since operating EBITDA is defined as gross margin less operating expenses, the ₹125 crore gross margin was below the expense base. Automotive operating EBITDA was consequently a loss of ₹144 crore, versus losses of ₹47 crore a year earlier and ₹112 crore in the preceding quarter.

What happened to Ola Electric's consolidated losses?

Ola Electric's consolidated operating EBITDA loss widened sequentially to ₹243 crore in Q2 FY27 from ₹164 crore in Q1 FY27. Revenue from operations fell to ₹421 crore from ₹455 crore, while operating expenses rose to ₹369 crore from ₹303 crore. The operating EBITDA margin moved to negative 57.7% from negative 36.0%.

Against Q2 FY26, the Q2 FY27 consolidated operating EBITDA loss of ₹243 crore was higher than the ₹203 crore loss. Consolidated revenue fell from ₹690 crore to ₹421 crore, gross margin declined from ₹213 crore to ₹126 crore, and operating expenses decreased from ₹416 crore to ₹369 crore. Consolidated gross-margin rate declined to 29.9% from 30.9%.

Reported consolidated EBITDA was a loss of ₹362 crore in Q2 FY27, compared with losses of ₹336 crore in Q1 FY27 and ₹418 crore in Q2 FY26. Profit after tax was also a ₹362 crore loss in Q2 FY27, versus losses of ₹336 crore and ₹418 crore in those respective periods. The KPI notes define EBITDA as gross margin less operating expenses plus other income.

How did Ola Electric's cell segment perform in Q2 FY27?

Ola Electric's cell segment reported revenue from operations of ₹3 crore in Q2 FY27, compared with ₹4 crore in Q2 FY26 and ₹5 crore in Q1 FY27. Cell gross margin was ₹2 crore, versus ₹3 crore a year earlier and ₹1 crore in the preceding quarter. The databook does not provide a gross-margin percentage for the cell segment.

Cell operating expenses rose to ₹40 crore in Q2 FY27 from ₹27 crore in Q1 FY27, though they were below ₹52 crore in Q2 FY26. Its operating EBITDA loss was ₹38 crore, compared with losses of ₹28 crore sequentially and ₹50 crore year on year. The segment also reported EBITDA loss of ₹38 crore in Q2 FY27.

Automotive revenue of ₹420 crore was substantially larger than cell revenue of ₹3 crore in Q2 FY27. Automotive operating EBITDA loss was ₹144 crore and cell operating EBITDA loss was ₹38 crore, while consolidated operating EBITDA loss was ₹243 crore. The KPI databook does not identify inter-segment eliminations or other consolidation adjustments.

Conclusion

Ola Electric's Q2 FY27 data show that a 34% year-on-year decline in deliveries coincided with a 39% decline in automotive revenue, while the automotive gross-margin rate stayed near 30%. Gross margin of ₹125 crore did not cover automotive operating expenses of ₹269 crore, and the consolidated operating EBITDA loss widened sequentially to ₹243 crore.

The next disclosed comparison will be whether deliveries recover from 34,667 and whether revenue and gross margin cover the operating expense base. The databook provides no delivery, revenue or profitability target, leaving the movement in operating expenses, which rose to ₹369 crore from ₹303 crore sequentially at the consolidated level, as an unresolved item to monitor.