Bhavish Aggarwal

Building the future at Ola!

[Bhavish Aggarwal @bhash]

Factory weekend! Auto factory in foreground and Gigafactory in background! 🛵🏍️🔋

[Bhavish Aggarwal @bhash]

With the fuel price rise, seeing a lot of demand for our EVs from the gig ecosystem. They need EVs the most as their daily run and fuel cost is the highest.

[Bhavish Aggarwal @bhash]

Released our Q4 FY26 Shareholders’ Letter here: https://t.co/0WjPICyZnZ

FY26 volumes were lower than where we want them to be, but FY26 was also the year in which the fundamentals of the company became much stronger.

We exited the year with industry-leading gross margins, a much lower cost base, sharply better service metrics, improving product quality, our first operating cash-flow positive quarter, and a Gigafactory now entering scale-up.

This comes at a time when India’s energy-security moment is here.

The next few years will be defined by two shifts happening together: mobility moving from ICE to EV, and energy moving from imported fuels to locally made batteries. Ola is building across both — electric mobility, cell manufacturing and energy storage — on one integrated platform.

In Q4, consolidated gross margin reached 38.5%, up from 34.3% in Q3 and 13.7% last year. This is now an industry-leading margin profile, ahead of most 2W OEMs including ICE incumbents. It reflects our structural advantages: vertical integration, Gen 3 maturity, pricing architecture and downstream control.

Q4 was also our first operating cash-flow positive quarter. Consolidated CFO was ₹91 crore. Auto delivered ₹213 crore CFO and ₹173 crore FCF. Ola is now moving from heavy build-out to disciplined scale-up.

We have reset the cost base. Consolidated opex reduced from ₹844 crore in Q4 FY25 to ₹428 crore in Q4 FY26, with a path towards ₹350 crore per quarter over the next couple of quarters.

Execution has improved meaningfully. Service TAT is down 88%, same-day closures are at ~87%, parts pendency is down 69%, and Gen 3 warranty cost is 70% lower than Gen 2.

As execution improved, sales have started responding. April registrations were up 20% MoM while the broader E2W industry declined more than 22%. We are working towards rebuilding national market share to 15–20% over the next six months.

For Q1 FY27, we expect 40,000–45,000 orders and consolidated revenue of ₹500–550 crore, nearly double Q4 levels. As volumes recover, we expect the auto business to move towards Adjusted Operating EBITDA and free cash flow positivity through FY27.

Roadster is becoming our second growth engine. Motorcycles are India’s largest 2W category and EV penetration remains very low. Ola now has 50% market share in electric motorcycles, and bikes contributed 15% of April gross orders. With up to 9.1 kWh battery and 500+ km certified range, Roadster is built for range, performance and reliability.

The Gigafactory is entering the scale phase. We have 2.5 GWh operational capacity. Installation to 6 GWh is largely complete, with commercialisation to be completed by the end of this quarter. Our 4680 Bharat Cell is already commercialised and deployed in vehicles. Around 15% of orders are already from products using our own cells, and we plan to transition the full vehicle portfolio to own cells by September 2026.

The same battery platform opens the next large opportunity: energy storage. Shakti is entering the market with 50k+ customer leads and strong B2B interest across telecom, petrol pumps, retail, dark stores and commercial backup. Mahashakti is being developed for C&I and utility-scale storage.

Ola is positioned across the two most important pillars of India’s energy future: electric mobility and batteries.

Vehicles create captive demand for the Gigafactory. Cells improve our vehicles through range, cost and supply-chain control. The same platform opens energy storage through Shakti and Mahashakti.

The heavy build phase is behind us. The next phase is disciplined scale.

FY27 is about recovering volumes, sustaining service consistency, holding margin leadership, reducing opex, ramping the Gigafactory, and scaling Shakti and Mahashakti.

[Bhavish Aggarwal @bhash]

I love this edition!

[Ola Electric @OlaElectric]

A tribute to our champions, Team India.
Presenting the Ola Champion's Edition, powered by the Ola 4680 cell.
Crafted in India. Built for champions.

[Ola Electric @OlaElectric]

A tribute to our champions, Team India.
Presenting the Ola Champion's Edition, powered by the Ola 4680 cell.
Crafted in India. Built for champions.

[Abhinay Pawar @AbhinayPawar77]

323KM ride completed on Ola S1 Pro Gen 2 ⚡

20 hours of riding with Ola Music keeping the vibe alive 🎶🛵
No engine noise, just roads, music, and the journey.

@bhash
@OlaElectric
#ElectricScooter #OlaS1Pro #RideElectric

[Bhavish Aggarwal @bhash]

Ramping it up!

[Bhavish Aggarwal @bhash]

One by one all vehicles will be on our own cells!

Key to energy independence🔋🫡

Off to the Gigafactory today for the weekend! Scaling it up fast!

[Indian Retail Investing @IRInvesting]

Another day another certification received by Ola Electric 🔥 This time for 4680 Bharat Cell powered S1 X + 5.2 kWh Scooter

[Bhavish Aggarwal @bhash]

Great in-depth coverage of our cell tech by @gareebscientist!

Do watch! Cells will be key for the future of energy especially in a world post oil. And we have a strong start 💪🏼🔋🫡🇮🇳

[Gareeb Scientist @gareebscientist]

I visited OLA's Cell factory, saw how the cell is made and interview/converse their Factory manufacturing lead, cell R&D lead and COO with tech questions ....
the conversation was pretty interesting to say the least.

You can make your own opinion. I was impressed. Link below.

[Bhavish Aggarwal @bhash]

Thanks and still a bit more to be done. Goal is to be best in the country on service.

Our product is the best in the industry on any metric and great that customers are experiencing that again!

[Udit Jaiswal @uditjaiswaal]

While all others have seen a significant decline in daily sales in April, Ola Electric bucks the trend by registering a 20% growth from March at 12166 units with 406 units/day. Thanks to all the efforts @bhash and team have put in to turn around the narrative!
Great stuff! 💯

[Bhavish Aggarwal @bhash]

EV bikes need more range than EV scooters. Roadster delivers 500 km IDC and 300km real range with our 4680 cells.

This will be the biggest lever for EV motorbike penetration! Traction is growing especially in the north.

[Nigel D'Souza @Nigel__DSouza]

Ola’s Roadster X seems to be gaining real traction in markets like UP, Bihar & MP with a dominant early share

Early momentum in core motorcycle markets is definitely starting to show

Wonder if the next phase of India’s EV shift may actually come from motorcycles 🤔

https://t.co/e7hTtfaGcs

[Ola Electric @OlaElectric]

Missed it last time?
Here’s your chance again.
Roadster X+ 9.1kWh with up to 500 km range at ₹1,39,999.
Available during the exclusive purchase window tomorrow from 6 PM to 9 PM.

[Avi Verma @Aviiiverma2006]

Glad to be part of the community!!
@OlaElectric @bhash

The scooter hasn’t encountered any significant issues; only minor ones that Hyperservice has been able to resolve effectively.

The gradual improvement in the service, though slow, is greatly appreciated.

[Bhavish Aggarwal @bhash]

जितात्मनः प्रशान्तस्य परमात्मा समाहितः।
शीतोष्णसुखदुःखेषु तथा मानापमानयोः।।

गीता ६.७

Sunday Gita readings 🙏🏼

[Bhavish Aggarwal @bhash]

The Delhi EV policy is the beginning of the end for ICE vehicles! And the start of our energy independence!

@OlaElectric will double down on delhi and increase store and service center footprint 🫡

[Amitabh Kant @amitabhk87]

Delhi’s draft #EV policy is a breath of fresh air, mandating the adoption of electric three-wheelers from 2027 and two-wheelers from 2028.

Subsidies drive initial adoption but mandates drive the scale. This is a policy that should be emulated by other states.

Delhi must leapfrog technologically and shift to electric mobility.

The ongoing West Asia crisis is a stark reminder that India cannot continue with a fossil fuel-dependent transport system, where nearly 90% of crude oil is imported. India must accelerate its transition to electric mobility.

Congrats to @gupta_rekha and @CMODelhi on one of the most progressive #EVPolicy drafts.

Kudos to @amitbhatt4u and @TheICCT_India for a detailed analysis of the Delhi EV Policy draft by @DelhiGovDigital.

@PMOIndia @narendramodi @LtGovDelhi @SandhuTaranjitS

🔗 https://t.co/Pki0IKXKow
@htTweets

[Bhavish Aggarwal @bhash]

Batteries are the future of energy and domestic battery manufacturing is the way to energy independence!

[Moneycontrol @moneycontrolcom]

India plans $38 billion battery push, eyes ‘battery moat’ with approved vendor list

Read More:
https://t.co/DxEeDOzJAO

[Bhavish Aggarwal @bhash]

Big launch! S1 X+ 5.2 kWh powered by our 4680 Bharat Cell. 320 km range for just ₹1,29,999 - offer ends 15th April!

Taking 4680 cells to the mass market and resetting range expectations for every Indian. While others push overpriced low-range scooters, only Ola can do this!

Happy Baisakhi, Vishu, Puthandu & Bihu!

[Bhavish Aggarwal @bhash]

@authoramish Thanks Amish!

[Bhavish Aggarwal @bhash]

4680 -> 46100 -> 46120 -> 46160 -> 46200. Both NMC and LFP.

We now have 5 gens of Bharat Cells advancing in our pipeline. Each generation improves energy density, cost structure & performance; and because they are true drop in replacements, the benefits flow straight into our vehicles with almost 0 vehicle R&D or redesign.

Result with every next gen cell:
- 20%+ higher vehicle range
- Lower prices as costs come down
- Faster iteration and compounding product leadership

With 4680 already on Indian roads (millions of kms logged) and 46100 LFP ready for vehicles next quarter, our Gigafactory flywheel is now spinning hard.

We're just entering the upward compounding cycle of engineering and manufacturing leadership by @OlaElectric!

Not a secret, we had shown this full roadmap on 15th Aug 25 at Sankalp!

[Bhavish Aggarwal @bhash]

@gareebscientist Can’t wait to see the podcast! Would love to do a AMA with your audience after it releases!

[Gareeb Scientist @gareebscientist]

Asked them everything, like everything technical about the cell 😂 , these folks were very cooperative though...

I also went in with the image that Ola might just be assembling the cell, i was wrong, the amount of fundamental engineering happening was crazy..