Ola Electric plans to transition its entire vehicle portfolio to internally manufactured battery cells by September 2026, Chairman and Managing Director Bhavish Aggarwal said in a shareholder communication dated May 21.
The company said around 15% of current orders are already coming from products powered by its own 4680 Bharat Cells, which have now been commercialised and deployed in vehicles. Ola added that its Gigafactory currently has 2.5 GWh operational capacity, while installation for scaling up to 6 GWh is largely complete, with commercialisation expected by the end of the current quarter.
“The heavy build phase is behind us. The next phase is disciplined scale,” Aggarwal said in the letter to shareholders.
The company outlined plans to scale both electric mobility and battery manufacturing businesses, while also expanding into energy storage solutions through its Shakti and Mahashakti platforms.
Ola Electric said consolidated gross margin rose to 38.5% in the fourth quarter of FY26, compared with 34.3% in the previous quarter and 13.7% a year ago. The company described this as an “industry-leading margin profile,” attributing the improvement to vertical integration, Gen 3 platform maturity and pricing optimisation.
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The company also reported its first operating cash-flow positive quarter, with consolidated cash flow from operations at ₹91 crore. Its auto business generated Rs 213 crore in operating cash flow and Rs 173 crore in free cash flow during the quarter.
Ola said consolidated operating expenditure declined to Rs 428 crore in Q4 FY26 from Rs 844 crore in the year-ago period and projected a further reduction to nearly Rs 350 crore per quarter over the next few quarters.
Aggarwal said operational metrics had improved significantly, with service turnaround time down 88%, same-day closures at 87%, parts pendency reduced by 69%, and Gen 3 warranty costs declining 70% versus Gen 2.
The company said April vehicle registrations increased 20% month-on-month even as the broader electric two-wheeler industry declined over 22%. Ola is targeting a national market share of 15%-20% over the next six months.
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For Q1 FY27, the company expects 40,000-45,000 orders and consolidated revenue of Rs 500 crore- Rs 550 crore, nearly double Q4 levels.
Ola also said its Roadster motorcycle platform is emerging as a second growth engine, adding that the company currently holds 50% market share in electric motorcycles. Bikes contributed 15% of April gross orders, according to the shareholder letter.
“The same battery platform opens the next large opportunity: energy storage,” Aggarwal said, adding that Shakti has already generated over 50,000 customer leads alongside business interest from telecom, retail, petrol pumps and commercial backup segments.
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