Because nothing says “electric revolution” like burning through cash at top speed while claiming victory through a PowerPoint deck.
⚡ At a Glance: Ola FY25 Financials – EV ka Kya Future Hai?
- FY25 Revenue: ₹4,645 Cr (DOWN from ₹5,126 Cr in FY24)
- YoY Gross Margin Improvement: From 14.8% to 20.5%
- Q1 FY26 Gross Margin Guidance: Targeting 35% with PLI scheme magic
- Units Sold in FY25: 3.59 lakh, led by S1X (1.96 lakh units)
- Profitability Achieved: 🤡 *Not yet,
🧪 Ola’s Vistaar + Lakshya = Shabd Jaal Profitability?
Ola’s FY25 report is basically a CV with no job.
- Introduced Project Lakshya to reduce operating cost
- Started Project Vistaar to transform delivery networks
- Achieved same-day delivery of losses across India
- Expanded to 4,000+ touchpoints – but where is the ROI?
Their new scooters are lighter, faster, and cheaper. Much like their earnings.
🔥 EV Market Mein Ola Ki Dhamaka Ya Dhoka?
| Metric | FY24 | FY25 | Change |
|---|---|---|---|
| Revenue (₹ Cr) | 5,126 | 4,645 | ⬇ 9.4% |
| Vehicles Sold | 3.29 lakh | 3.59 lakh | ⬆ 9.1% |
| Gross Margins (%) | 14.8% | 20.5% | ⬆ 5.7 pp |
| Operating Cost Target | ₹110 Cr | ₹121 Cr (Apr) | Still Missing |
| Auto EBITDA Profit Target | FY26 | FY26 | …again. |
💣 EduInvesting Roast: 3 Big Red Flags Wrapped in Marketing Masala
- Revenue ↓ Despite Volume ↑
Congratulations, Ola. You sold more scooters and made less money.
That’s not scale. That’s a clearance sale with swag. - “Profitability in FY26” – Déjà Vu Dialogue
We’ve heard this line since the S1 Pro launch.
It’s the “Coming Soon” of Indian startup cinema. - PLI Ka Jugaad Economics
PLI expected to kick in from Q2 FY26 – that’s like saying
“I’ll clear UPSC after this attempt” for the 4th time.
🧾 FV Calculation – Is Ola Worth the Hype?
Let’s assume Ola eventually hits ₹6,000 Cr in revenue by FY26
with 35% gross margins and ₹400 Cr EBITDA. Market loves EVs.
- EV EBITDA Multiple (optimistic): 25x
- Forward EBITDA: ₹400 Cr
- FV Market Cap: ₹10,000 Cr
- CMP: ₹53.20
- Implied FV Price: ~₹71.50
- Upside: ~34% – if everything goes perfectly
But we live in a world where Gen 3 doesn’t pay EMI.
🛑 Risks:
- Zero profits in a hyper-competitive space
- Subsidy withdrawal risk post-elections
- Hero and TVS gunning for Ola’s scooter base
- Roadster X could be a product hit… or just a tweet
🧠 EduInvesting Take:
Ola is not building a company. It’s building a CV.
Every month, new jargon. Every quarter, new projects.
And every year, the same closing line:
“Profitability in next year.”
This is not a balance sheet. It’s a TED Talk.
Tags: Ola Electric FY25 results, Ola EV financials, Ola profitability FY26, Ola S1 scooter sales, EV stocks India, EduInvesting roast, startup results India, Bhavishyavani scooters, Ola Roadster X review, PLI electric vehicle scheme India
Author: Prashant Marathe
Date: May 29, 2025
