📌 At a Glance

• Revenue fell 9% YoY to ₹4,645 Cr despite record deliveries.
• But hey — Gross Margins improved from 14.8% to 20.5%. Yay.
• Still no profit, no EBITDA break-even — just big dreams for FY26.
• They’re now banking on 25,000 monthly unit sales to maybe break even.
• And launched a Roadster X… because scooters weren’t enough losses.

Welcome to India’s most hyped EV unicorn — where every press release is a TED Talk, and actual profits are “coming next year, we swear”.

📉 Financials FY25 (vs FY24)

Oh, and FY26 Q1 margins supposedly improved by 10 percentage points — without showing us numbers. That’s like saying, “I look thinner,” but refusing to step on a scale.

🛵 Product Highlights: So Many Scooters, So Few Profits

• S1 X scooters delivered: 1.96 lakh units in FY25
  ↳ That’s 3.5x growth YoY — but they’re cheaper, so revenues fell.
• Gen 3 S1 Scooters launched
  ↳ Claim: 20% more power, 11% cost reduction, 20% more range
  ↳ Reality: Still unprofitable
• Roadster X Motorcycle Launched
  ↳ India’s first EV commuter bike — but too early to gauge impact
  ↳ Chain drive, MCU, flat cables… and flat-out no financials.

🏭 Projects & PR Jargon Generator 3000™

🛠️ Project Lakshya

• Reduce Auto segment EBITDA break-even to <25,000 units/month
• Target OpEx of ₹110 Cr/month → currently at ₹121 Cr (April 2025)
• FY26 goal: Hit breakeven. (Same goal as FY24, FY23, FY22…)

🌐 Project Vistaar

• HyperDelivery™, network revamp, inventory efficiency
• 4,000+ D2C stores, half in Tier 3/Rural India
• Delivery time reduced from 12 days to 3–4

So delivery speed went up, but cash burn didn’t come down. Priorities. 🚨

🔋 Bharat Cell – Gigafactory Dreams

• Production in “final testing”
• Commercial rollout “soon”
• FY26 goal: Local cell production to aid margin improvement

Let’s just hope this isn’t another Theranos-style “coming soon” battery breakthrough.

🧠 Buzzword Bingo: FY25 Highlights

• “HyperDelivery™” ✅
• “Structural cost optimization” ✅
• “Industry-first innovations” ✅
• “E2W leadership” ✅
• “EBITDA breakeven in FY26” ✅
• “Still no profit” — left unsaid

📉 Real Talk: The Unit Economics Trap

Ola says it might break even if it sells 25,000 units/month. But here’s the thing:

• FY25 avg = 29,935/month → still no profit
• Gen 3 sales are up, but so are R&D and OpEx
• Company continues to rely on PLI inflows and non-scooter fluff to stay alive

So unless PLI subsidies and buzzwords are legal tender — investors beware.

💰 Forward-Looking Fair Value (FV)

Let’s try to be generous here…

• Assume FY26 EBITDA-positive with ₹200–300 Cr profit
• EV peers trade at 60x–80x forward P/E (because hype > fundamentals)
• Even with ₹300 Cr PAT:
  FV = ₹300 Cr × 70 / 73 Cr shares ≈ ₹287/share
  CMP = ₹53.20

So yeah, this is already priced like it’s the next Tesla. Without even Maruti’s consistency.

🤯 EduInvesting Take

“If Jio made EVs, they’d call it HyperDelivery. But they’d also make money.”

Ola Electric is building a good EV ecosystem, no doubt — but the valuation is delusional, and the profit timeline keeps getting pushed like a postponed wedding.

🧾 Scooters? Great.
🛵 Motorcycles? Cool.
🔋 Gigafactory? Impressive.
📉 But when does it all translate to sustainable profits?

So far it’s been:

More stores. More buzzwords. Less money.

Unless they can prove profitability by FY26, this could be India’s next unicorn-turned-burnicorn.

Author: Prashant Marathe
Date: 29 May 2025
Tags: Ola Electric FY25 Results, EV Scooters India, Ola Roadster X, Ola Bharat Cell, HyperDelivery, Project Lakshya, S1 Gen 3, EV IPO, EBITDA Breakeven Ola, Unicorn Burnrate India