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Headline KPIs Highlights ● Achieved Auto EBITDA 1 profitability for the first time, supported by a 30.7% gross margin (up 510 bps QoQ) and a ~52% reduction in operating expenses vs Q3 FY25. ● Auto business turned cash-generative , with underlying cash flow from operations of ₹ 15 cr (reported - ₹ 40 cr after one-time festive inventory build-up). ● Launched HyperService , opening genuine-parts access to customers and third-party garages — improving service reach and customer experience, lowering warranty costs, and unlocking a high-margin parts business (50%+ gross margin potential). ● Ola Gigafactory commissioned 2.5 GWh capacity , scaling to 5.9 GWh by Mar 2026; India’s first giga-scale cell plant now in steady production ramp. First 4680 vehicles delivered. ● Expanded into Energy with Ola शित , India’s first residential BESS with in-house 4680 cells; positioned to drive new revenue streams and grow gigafactory utilisation. Financial results and operational commentary Dear Shareholders, This quarter was a defining one for us. Our Auto business turned EBITDA positive for the first time, a milestone that reflects the strength of our vertical integration and focus on fundamentals. The Electric 2W industry growth has slowed down over the past quarters (refer Graph 1). In the recently concluded festive season, sales were flat year on year. We see this as a healthy transition phase before the next wave of mainstream adoption, driven by value-conscious consumers recognising the superior performance and lower cost of EV ownership. In this context, our focus has been clear — consolidate costs and achieve profitability, streamline operations and strengthen fundamentals, and prepare for the next phase of growth across both auto and energy. While the market has been flat, competition has intensified. Many OEMs have chosen to pursue short-term market share through aggressive discounting and elevated channel incentives, at the cost of profitability. We have taken the opposite approach — focusing on improving our cost structure, deepening product quality and reliability, and driving margin expansion. This positions us to grow in a margin accretive way and gain profitable share as the market returns to growth. 1 Auto EBITDA is taken from Total Income and is 0.3%. Operating EBITDA, taken from Revenue from Operations is -6.8% 2