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Ola Electric Mobility Ltd., (OEML) is vertically built-in mobility and vitality firm with in-house capabilities throughout electrical automobiles, battery cell know-how and battery vitality storage programs (“BESS”). The firm operates two enterprise segments: (i) Automotive, wherein it designs, manufactures and sells electrical two-wheelers (“E2Ws”) and associated elements and companies; and (ii) Cell, wherein it develops and manufacture battery cells for functions throughout mobility and vitality storage.
Its enterprise is supported by in-house capabilities spanning cell know-how, battery programs, electrical powertrain, electronics, software program and manufacturing. The Ola Futurefactory supplies the manufacturing base for Automotive enterprise, whereas the Ola Gigafactory helps Cell enterprise and permits the combination of its in-house cell know-how throughout mobility and energy-storage functions.
OEML’s Automotive enterprise includes a portfolio of electrical scooters and bikes throughout a number of buyer segments, supported by widespread product architectures and in-house applied sciences. Its portfolio contains the S1 X and S1 Pro scooter ranges and the Roadster X and Roadster X+ bike ranges. Its merchandise are distributed by means of a mix of its digital channels, company-owned expertise infrastructure and an increasing dealer-led distribution community. Under the dealer-led mannequin, supplier companions present native market presence and handle retailer setup, car stock and spare-parts stocking, whereas its company-owned shops more and more function model and product expertise facilities. This mannequin permits it to mix its product and know-how platform with the native attain and buyer relationships of supplier companions. It has additionally expanded its portfolio with the S1Z, which brings its indigenous Bharat Cell LFP know-how right into a extra accessible mobility product and varieties a part of the broader integration of its Cell and Automotive companies.
OEML’s put in base has exceeded ten lakh clients, attaining manufacturing of its ten-lakh car on September 16, 2025, whereas offering a longtime base for elements, paid repairs, upkeep, equipment, software program and different post-warranty choices. The Ola Gigafactory is the muse of its Cell enterprise. Its indigenously developed 4680 NMC Bharat Cell has progressed from validation into business deployment in its automobiles. Its Cell portfolio additionally contains the 46100 LFP Cell, which has acquired BIS certification, offering a complementary chemistry to its NMC platform. Its Cell know-how roadmap spans NMC and LFP chemistries and totally different cell codecs for functions throughout performance-oriented mobility, mass mobility, distributed storage and bigger business, industrial and utility-scale energy-storage programs.
In August 2026, the Ministry of Heavy Industries authorised revised timelines relevant to Ola Cell Technologies below the Advanced Chemistry Cell PLI programme, offering a full five-year incentive window by means of CY2031 for its 20 GWh allocation. Company’s Cell and battery know-how capabilities prolong past electrical mobility into energy-storage functions. Ola Shakti addresses residential and distributed energy-storage functions, together with house backup and rooftop-solar integration. It can also be creating larger-format storage options by means of the Shakti and Mahashakti product platforms for distributed business, industrial and utility functions.
OEML’s energy-storage portfolio permits it to use widespread capabilities throughout cell know-how, battery programs, energy electronics and software program throughout totally different functions. It has additionally entered right into a memorandum of understanding with Axis Energy for the availability of as much as 20 GWh of battery cells by means of 2032 in reference to energy-storage functions. The supply doc is silent on its workers’ power facet.
Issue Details / Capital History
The firm is popping out with its Rights Issue (RI) of 370272665 fairness shares of Rs. 10 every at a set value of Rs. 27 per share to mobilize Rs. 999.74 cr. The RI opens for subscription on October 22, 2026, and can shut on October 30, 2026. The firm is providing RI within the ratio of two for 25to its eligible stakeholders as of the report date of October 13, 2026. The firm is asking for Rs. 16.20 per share on software for variety of shares utilized. The stability Rs. 10.80 can be payable by a number of name as determined by the board of administrators. Post allotment, RI shares can be listed on BSE and NSE. The firm is spending Rs. 15.75 cr. for this RI course of, from the online proceeds, Rs. 350.00 cr. for compensation/prepayment of sure borrowings, Rs. 400.00 cr. For bills on natural development initiatives, Rs. 233.99 cr. for common company functions.
The RI is solely lead managed by the corporate itself, and MUFG Intime India Pvt. Ltd. is the registrar to the difficulty.
Post-RI, firm’s present paid-up fairness capital of Rs. 4628.41 cr. (4628408313 fairness shares) will stand enhanced to Rs. 4998.68 cr. (4998680978 shares). Based on the RI pricing, the corporate is on the lookout for a market cap of Rs. 13496.44 cr.
On the monetary efficiency entrance, for the final three fiscals, the corporate has posted complete income / internet revenue / – (loss), of Rs. 4932 cr. / Rs. – (2276) cr. (FY24), Rs. 2460 cr. / Rs. – (1833) cr. (FY25), and Rs. 896 cr. / Rs. – (428) cr. (FY26). For Q1 of FY27 ended on June 30, 2026, it posted a lack of Rs. – (336) cr. On a complete earnings of Rs. 484 cr. Its prime line saved falling for year-on-year and marked losses for all these years. Its NAV stood at Rs. 8.14 as of June 30 2026. Its RoNW remained damaging for reported durations.
Dividend Policy
The firm has not paid any dividends for the final three years. It will undertake a prudent dividend coverage, primarily based on its monetary efficiency and future prospects. The supply doc is silent on its dividend coverage.
Scrip Performance: Based On Bse Website Data: Scrip Code: 544225 (FV Rs. 10).
The scrip final closed on cum-right foundation at Rs. 35.68 on October 12, 2026, and opened on an ex-right foundation at Rs. 34.45 on October 13, 2026. Since then, it has marked a excessive/low of Rs. 36.39 / Rs. 32.72. The scrip final closed at Rs. 33.00 as of October 21, 2026. For the final 52 weeks’ it has posted a excessive/low of Rs. 56.66 / Rs. 20.83.
The promoters’ holding has been at 32.97% for the final quarter ended on Sept. 30, 2026. The counter is buying and selling little above its RI value with operations from vested pursuits.
Conclusion
OEML is a vertically built-in mobility and vitality firm. After gaining preliminary grounds submit its 2-wheeler EVs, it got here in limelight, however dismal efficiency dragged down its fancy. The firm posted losses for all of the years reported within the supply doc. It is struggling to regain the misplaced glory, and its NAV beneath the face worth. The RI is at a damaging P/E and primarily based on losses, it’s aggressively priced. There is not any hurt in skipping this pricey and dangerous RI supply.
Dilip Davda is a veteran monetary journalist related to the Indian inventory market since 1978. He has been contributing to print and digital media on capital markets, insurance coverage, and finance since 1985.
He is well known for reviewing public points and non-convertible debentures (NCDs) within the main market. Drawing on over three a long time of market expertise and shut interplay with service provider bankers, his opinions give attention to detailed elementary and monetary evaluation of firms, with a particular emphasis on SME public points.
Disclaimer: The data supplied herein is solely for academic and informational functions and doesn’t represent a proposal, solicitation, or advice to purchase or promote any securities. Readers are suggested to seek the advice of a certified monetary advisor earlier than making any funding selections. Investments within the securities market are topic to market dangers. The writer doesn’t intend to put money into the securities mentioned.
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