Interim report
Page 1
OLA ELECTRIC MOBILITY LIMITED CIN - L74999KA2017PLC099619 (Formerly known as Ola Electric Mobility Private Limited) Registered Address: Wing C, Prestige RMZ Startech, Hosur Road, Municipal Ward No.67, Municipal No. 140, Industrial Layout, Koramangala, Bengaluru – 560095, Karnataka, India | Landline: 080-35440050 | companysecretary@olaelectric.com | www.olaelectric.com Date: November 06, 2025 To, National Stock Exchange of India Ltd., Address: Exchange Plaza, C -1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai -400051, Maharashtra, India. To, BSE Limited Address: Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400001, Maharashtra, India. NSE Scrip Symbol: OLAELEC BSE Scrip Code: 544225 SUBJECT: OUTCOME OF BOARD MEETING HELD ON NOVEMBER 06, 2025 AND SUBMISSION OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2025. Dear Sir/ Madam, Pursuant to Regulation 30 , 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we wish to inform you that the Board of Directors of Ola Electric Mobility Limited (“the Company”) at its meeting held today i.e., November 06, 2025, inter-alia, has considered and approved the following business: 1. Appointment of Internal Auditor: The Board approved the appointment of M/s. PricewaterhouseCoopers Services LLP as Internal Auditors of the Company for the financial year 2025-2026, based on the recommendation of the Audit Committee. (The required information in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, is enclosed herewith as Annexure -A). 2. Approval of Unaudited Financial Results: The Board considered and approved the Unaudited Standalone and Consolidated financial results for the second quarter and half year ended September 30, 2025 (“ Financial Results”) along with the Limited Review Report. issued by B S R & Co. LLP, Chartered Accountants, Statutory Auditors of the Company. Copies of the Financial Results together with the Limited Review Report are enclosed herewith. The Meeting of the board of directors of the Company commenced at 09:30 AM (IST) and concluded at 10:10 AM (IST). Further, in continuation to our earlier intimation dated September 30, 2025, regarding closure of trading window, we wish to inform you that trading window for dealing in the securities of the Company has been closed from October 01, 2025, and shall re-open after 48 hours from the declaration of the financial results of the Company. This outcome of Board Meeting will also be made available on the website of the Company and can be accessed using the below link: https://www.olaelectric.com/investor-relations/announcements. We request you to take the above on your record. Thanking You, Yours faithfully, For and on behalf of OLA ELECTRIC MOBILITY LIMITED Abhishek Jain Company Secretary and Compliance Officer Membership No.: A62027 Place: Bengaluru Encl: As above OLA ELECTRIC
Page 2
OLA ELECTRIC MOBILITY LIMITED CIN - L74999KA2017PLC099619 (Formerly known as Ola Electric Mobility Private Limited) Registered Address: Wing C, Prestige RMZ Startech, Hosur Road, Municipal Ward No.67, Municipal No. 140, Industrial Layout, Koramangala, Bengaluru – 560095, Karnataka, India | Landline: 080-35440050 | companysecretary@olaelectric.com | www.olaelectric.com Annexure-A Sr. No. Particulars Details 1 Reason for change viz. appointment, re- appointment, resignation, removal, death or otherwise Appointment of M/s. PricewaterhouseCoopers Services LLP as Internal Auditors of the Company 2 Date of appointment /reappointment/cessation (as applicable) & term of appointment/ re - appointment Date of appointment: November 06, 2025 Term of a ppointment: Appointment of M/s. PricewaterhouseCoopers Services LLP as Internal Auditors of the Company for the financial year 2025-2026 3 Brief profile (in case of appointment) PricewaterhouseCoopers Services LLP is among the leading professional services network globally. At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 149 countries with more than 370,000 people delivering assurance, advisory and tax services. 4 Disclosure of relationships between directors (in case of appointment of a director) Not applicable OLA ELECTRIC
Page 3
BS R & Co. LLP Chartered Accountants Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 13/2, off Intermediate Ring Road Bengaluru - 560 071, India Telephone: +91 BO 4682 3000 Fax: +91 60 4682 3999 Limited Review Report on unaudited consolidated financial results of Ola Electric Mobility Limited for the quarter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Ola Electric Mobility Limited 1 . We have reviewed the accompanying Statement of unaudited consolidated financial results of Ola Electric Mobility Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 ("the Statement''), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 0 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement: 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. BS R & CCJ. (a pannur,.hip firm with Registration No, BAG 1223) conve!Uld into 9 SR & Co LlP (a limited liability Partt)e,-shipw11h LLP R.egisLrn1ian No. AA.6-61131} w~h effect from Ociober 14, 2D13 Re,g'istefed Oflica: 14Lh Floor, Central B Wing ar1-d North C Wing, N6SCD IT Pclrk4, Nesco Cer1Ler, Weslem E.ii:press Highway, Gar-e!Jaan tEs~O. M1.1mbai-400063 Page 1 of 3
Page 4
BS R & Co. LLP Limited Review Report (Continued) Ola Electric Mobility Limited 6. The Statement includes the interim financial information of eight subsidiaries (including step down subsidiaries) which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 362 crores as at 30 September 2025 and total revenues (before consolidation adjustments) of Rs. Nil, total net loss after tax (before consolidation adjustments) of Rs. 4 crores and Rs. 10 crores and total comprehensive income (before consolidation adjustments) of Rs. 6 crores and Rs 22 crores, for the quarter ended 30 September 2025 and for the period from 1 April 2025 to 30 September 2025 respectively, and cash outflows (net) (before consolidation adjustments) of Rs 5 crores for the period from 1 April 2025 to 30 September 2025, as considered in the Statement. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter. Bengaluru 06 November 2025 For BS R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 ~~~ Partner Membership No.: 223018 UDIN:25223018BMLCYA4060 Page 2 of 3
Page 5
BS R & Co. LLP Limited Review Report (Continued) Ola Electric Mobility Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 Ola Electric Mobility Limited (formerly known as 'Ola Parent Electric Mobility Private Limited'), India 2 Ola Electric Technologies Private Limited, India Wholly owned subsidiary 3 Ola Electric Charging Private Limited, India Wholly owned subsidiary 4 Ola Cell Technologies Private Limited, India Wholly owned subsidiary 5 Ola Electric Mobility Inc., USA Wholly owned subsidiary 6 Ola Electric Mobility B.V., Netherlands Wholly owned subsidiary 7 Etergo B.V., Netherlands Wholly owned subsidiary of Ola Electric Mobility B.V., Netherlands 8 Etergo Opertaions B.V., Netherlands Wholly owned subsidiary of Etergo B.V., Netherlands 9 Ola Electric UK Private Limited, UK Wholly owned subsidiary of Ola Electric Mobility B.V., Netherlands 10 EIA Trading (Shanghai) Co. Ltd., China Wholly owned subsidiary of Ola Electric Mobility B.V., Netherlands 11 Ola Electric Technologies B.V., Netherlands Wholly owned subsidiary of Ola Electric Mobility B.V., Nether1ands Page 3 of 3
Page 6
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) CIN:L74999KA2017PLC099619 Registered Office: Ola Campus, Wing C, Prestige RMZ Startech, Hosur Road, Municipal Ward No.67, Municipal No. 140, Industrial Layout, Koramangala VI Bk, Bangalore, Bangalore South, Karnataka, India, 560095 T: 080-35440050, Email Id: companysec retary@olae lectric.com Statement of unaudited consolidated financial results for the quarter and six months ended September 30, 2025 NR In C,ot•J:: •.t:e• t IJei shar9 dllfbl Quart.er ended Su: months ended Vaarend■d Particulars Ssptamber June September September September March 30, 2025 30, 2025 JO, 2024 30, 2025 30. 2D24 31 . 2025 Unaudited Unaudiu!d Unaud«ed Unauditl!!ld Unaud ~od Auditod 1ncoma I. Rev•flJ8 from operailons 690 828 1,214 1,518 2,858 4,514 I~ Oilier Income n6 6B 100 134 174 418 RI. Tota l Income (l+U) 756 896 1,314 1,652 3,032 4,932 rJ.&pttlllQ-J, Cost of mate~als conscmed 514 441 1,072 955 2,383 3,600 Pu,chase of Stock-irHrade 15 20 25 35 43 99 Char,ge in Inventories of finishi!d goods, stock-in-tr.1do and worx-ln-progress (52) 153 (1 08) 101 (96) 9 Employee benofils OlCp(ln!ie 55 89 139 144 262 463 Other expenses 361 362 465 723 850 2.082 Total Expenses (IV) 893 1,065 1,593 1,958 J,442 6,253 V. Loss·beJore Jina.nee costs, depreciation. amon.iz:atkm and tax expense (137) (169) (279 ) (306) (410) {1,321) Finance costs 109 94 84 203 151 366 Oet)reaatlon and amortization expense 172 165 132 337 258 566 VI. Loss before oxceplK>nal item& and tail( (418) (428) (495) (846) (819) (2,253) Exceptional Items (Refer l)Oto 6) 23 23 VII. Loss before tax (418) (42B) (495) (846) (842) (2,2 76 ) VIII, Tax oxpcnso (1) C,srent tax (2) Deferred tax . Total tax expense (1+2) . IX. lo_ss for tho period I year (Vtl-VtU) (418) 1428 1495 1846 18421 (2,27 6) X.. Olher compre.hon.sive (loss)lincome A. Homs rot to be reclassified 10 subsoq®nUy to profll or loss: (i) Re-measurements o/ define<! benefit l abiity 7 (6) 1 1 2 12 ~I) l(lCOme taJ< relating to ilems tlia\ v,;1 rct be reclasslfled to p,otot or loss . 8. Items that wiD be reclassilled subsequontly to p,ofit or loss (I) Exchar,ge differences on translating the financial Information of foreign ope1aIJons 1 £ 5 7 5 5 (11) lrcomo tax relaUr,g 10 items that••• be rnciassllied 10 profit or loss Other compr ehonsl,/e (loss)fincome. net ol t•x (A+B) B 6 B 7 17 Total comprehons lvo toss for the PGriod I year (IX +X) (410 /428 143m 1838 1835 (2.259 Loss for the period I year onributable 10, Owners of Ihe Company (418) (428) (495) {8A6) (842) (2,276) Other comprehensive (loss)fincome for the period/ year attribu table to: Owners of the Cornpany B . 6 8 7 17 Total comprehensive loss for the period/ yoar attributab le to: Owners of the Company (410) (426) {489) (836) (835) {2,259) Earnings por oquity share (face "aluo : INR 1,0 each) No I annualised Not annualised Nol annualised Nol annualised Nol anru31lised Anrualised (1) Basic Eatnings per equity share (0 95) {0.97) (1 20) (1.92) (216 (5.46) (2) Diluted Earnir,gs per eQulty share (I.e. an1i-dil.Jlive) (095) {0.97) (1 20) (1 ,92) (2.16) (5.48) Paid-up i,qu(y st,are c~pltal (lace value: INR 10 each) 4,411 4,411 4,411 4,411 4,411 4,411 Oth!!rooultv 732 -0- deMIU IUl:OUnl Mn ~ INR O.b rrore . • r- -~-i ~ j ""., \.> -. _.,,-
Page 7
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) Statement of unaudited consolidated assets and liabilities as at September 30, 2025 Particulars ASSETS Non-current assets (a) Property, plant and equipment (b} Capital work-in-progress (c) Right-of-use assets (d) Goodwill (e) other Intangible assets (f) Intangible assets under development (g) Financial as sets (i) lrwestments (ii) Other financial assets (h) Deferred tax assets (net} (i) Other tax assets (net) U) Other non-current assets Total non-current assets Current assets (a) I nventories (b) Financial assets (i) Investments (ii} Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Other financial assets ( c) Other current as sets Total current assets Total assets EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity (i) Reserves and surplus (ii) Items of other comprehensive income Total equity Liabilities Non-current I iablllti es (a) Financial liabilities (i) Borrowings (ii) Lease liatJil~ies (b) Provisions (c) Other non-current liabil~ies Total non-current liabilities Current I ia bilities (a) Firnmcial liabilities (i} Borrowings (ii} Lease liabilities (iii) Trade payables (A) Total outstariding dues of micro enterprises and small enterprises: and (8) Total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities (b) Other current liabilities (c) Provisions Total current liablllties Total llablllties Total equity and liablllties "O" denotes amount less than INR 0.5 crore As al September 30, 2025 unaudited 1,994 388 421 9 520 495 38 176 - 22 198 4,261 489 45 628 2,298 807 1.122 5,389 9,650 4,411 (82) 13 4,342 1,740 195 112 138 2,185 1,024 162 171 849 662 101 154 3,123 5,308 9,650 (INR in CroresJ As at March 31, 2025 Audited 2,050 254 581 9 514 448 38 216 . 23 281 4,414 784 2 9 339 3,177 1,363 987 6,661 11,075 4,411 726 6 5,143 1,724 313 191 150 2,378 1,319 200 142 809 644 266 174 3,554 5,932 11,075 ~c Mos...: t.l~ ~/" 41 ~ -J r UJ -~ ti,; ' e~-..;
Page 8
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited} Consolidated segment information for the quarter and six months ended September 30, 2025 (NR m Cto•n) Quarter- ended Stx months e-nded Year ended SI.No. PartlculaA September June September September September March 30, 2025 JO, 2025 30. 2024 30, 2025 30, 2024 31, 2025 Unaudited Unaudited Unaudned Unaud~ed Unaucfrted Audited 1 Segment Revenue from Operations a) Automotive 608 826 1,214 1,514 2,858 4,514 b) Cell 4 3 1 7 5 12 1 otal S egmenl Revenue from Operations 692 929 1,215 1,521 2,863 4,526 Less: Inter- se□ment eliminatiora (2\ 11\ 11\ 13 151 1121 Revenue frorn onera1Jons 690 828 1.214 1,518 2,858 4.514 2 Segment Other Income a) Automotive 49 50 ~3 99 171 376 b) Cell :2) 24 10 47 11 61 Total S egme:nt Other Income 72 74 103 146 182 437 /\ddl(Less): I. Ur,allocable Income 3 3 3 It. Inter- seament eliminations 161 /fjl 161 1121 1111 (22) Total Other Income 66 68 100 134 174 418 3 Segment Total Income a) Automotive 737 876 1,307 1,613 3,029 4,BSO o)Cell 27 27 11 54 16 73 r otal Segment Total Income 764 903 1,318 1,667 3,045 4,963 Less: ,, Unallocable 1ocome 3 3 3 ll. Inter- seament eliminations (9) (7) 17\ 1151 r16 (341 rat al ln corne 755 896 1.314 1,652 3,032 4,932 4 SegmentCos1 of Goods Sold (COGS) a) Automotive 477 614 989 1,091 2,330 3,709 b)Cell 2 1 1 3 3 5 Total Segment Cost of Goods Sold (COGS) 479 615 990 1,094 2,333 J,713 L~s: Inter• seoment eliminations 12\ l1l 11\ 13\ 13 151 Total Cost of Goods Sold /COGSI 4n 614 999 1,091 2.330 J.708 5 Segment Employee Benefit & 01her Expenses a) Automotive 25B 308 480 566 895 2,066 b)Cell 52 45 18 97 40 106 Total Segment Employee Benefit & 01her Expenses excluding 310 353 unallocated costs 498 663 935 2,172 Md: Unallocable employee benefils & other expenses 106 98 102 204 177 373 Less: Inter• seoment eliminations 4 0 Total Emr.1nv.ne Banents & Other Exoenses 416 451 604 867 1,112 2,545 6 Segment Loss before financ:e costs I deprec.laitJon I amoniLation, exceptional ttems .and tax expense a) Automotive 2 (46) (162) (44) {196) (864) b) Cell (27) (19) (8) (46) (27) (38) Total Segment Loss before unallocable cosls1 finance costs. (25) (65) (170) (90) (223) (922) depreciation, amortizationt exceplional items and tax expen.se Less: i. Unallocable Expenses (Net) (106) (9B) (99) {204) (174) (370) ii. Inter- senmenl eliminations 16l 16' Ito 112 113 {29 Total Loss before Hnance costs. depreciation, ;;1mortization, (137) (169) (279) (306) (410) (1,321) excepUonal items and tax expense 7 Segment Deprec.lation, Amort.iz.ation and Flnance Costs a) Automotive 235 215 185 450 361 801 b) Cell 52 50 41 102 59 153 Total Segme:nt Depredalfon, AmortLZ.ation aJld Finance Costs 287 265 226 552 420 954 Less:_ Inter- :seome11t ellmlnalions [61 161 (10) 1121 111 122\ T otal Depreciation, Amortization and Finance Costs 231 259 2 16 540 409 932 8 Segment Results Loss before 1.a>1: a} Autnmative (233) (261) (347) (494) (557) (1,685) b)Cell (79) (69) (49) {148) (86) (191) Total 5 eornental Results (312\ 1330\ 13961 (6421 /643 '1.8761 Less: l. U nailoca ted e)IJ)enses (106) (98) (99) (204) (174) (370) IL lnler- segment eliminations 0 (0) (0) (0) Pl (7) tii. Excentional Item . 0 1231 023) Loss before Tax 14181 14281 [4951 [846 18421 12,2761 9 S•gmentAssets a) Automotive 6,629 7,079 10,017 6,629 10,017 8,378 b) Cell 3,079 3,034 2,799 3,079 2,799 2,976 Total Segment .Assets 9,708 10,113 12,816 9,708 12,816 11,354 Li;s.s: Inter- se'"'....,ent elimloatlons (56l (72) 1245\ r5e1 1245\ (2791 Total As sets 9.650 10,041 12,571 9,650 12.571 11.075 10 Segment Llabilitie • a) Automotive 4.139 4.277 5,230 4,139 5,230 5.013 b) Cell 1,341 1,222 1,097 1,341 1,097 1,306 "r otal Segment Liabilities 5,480 5,499 6,327 5,480 6,327 6,319 Less: I. Una Ila cated liabili lies (114) (124) (84) (114) (84) {108) U. Inter- searnent eUrninations l58l 172\ 1245\ 1581 1245' (279\ Total Liablltio • 5,.308 5,303 5.998 5.308 5,998 --- wo" denotes amount less than INR 0.5 crore ~t,;o~C 1v Oe/4'~ ,J -" -I .-) UJ ,_ ~ ~0 - (}~-$ *
Page 9
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) Statement of unaudited consolidated cash flows for six months ended September 30, 2025 Particulars A. Cash Hows from operating activities Loss before tax Adjustments to reconcile loss before tax to net cash used in operating activities Depreciation and amortisation expense Government incentive no longer recoverable Loss on sale of property, plant and equipment, net Provision on receivables from government authorities Unrealized foreign exchange lossl(gain),net Interest income Gain on Derecognltion of Leases Liabillty Net gain on sale of mutual fund units Net loss due to fair valuation or mutual fund un~s Finance costs Grant income Equity sett led share based expenses Operating loss before working capital changes Movement in Inventories Movement in other financ;aI assets Movement in trade receivables Movemefll in other assets Movement In trade payables Movement in other financial liabillties Movement in other liabillties and provisions Cash used in operating activities Income tax refund Net cash used in operating activities (A) B, Cash flows from investing activities Acquisition of property, plant and equipment Proceeds from disposal of property, plant and equipment Acquisition of intangible assets Development expenditure on internally generated intangible assets Proceeds from sale of mutual fund units Proceeds from interest bearing deposits I nveslment in interest bearing deposrts I nterest received Grant rece;ved Net cash generated froml(used in) Investing actMlles (B) C. Cash flows from financing activities Proceeds from issue ot equity share capita! (net of expenses) Payment or lease liabilttiss (including interest) Proceeds from issue of debentures Transaction cost related to issue of debentures Payment to debenture holders Payment of current maturities of non currefll borrowings Proceeds from non-currefll borrowings Paymeflls of current borrowings, net Interest Paid Net cash (used in)lgenaratad from financing activities (C) Net increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Components of cash and cash equivalents Ba lance wtt h Banks On current account Deposit accounts (original maturity upto 3 months} Cash in hand Bank overclrafts repayable on demand and used for cash management purposes Cash and cash equivalents in the Consolidated Statement of Cash Flows (INR in Crores) Six months anded September September 30.2025 30,2024 Unaudited Unaudited (846) (842) 337 258 15 23 2 3 1 2 6 6 (113) (92) (4) (2) . ( 1) 1 203 151 (9) {9) 30 36 (378) (466) 295 (144) 59 (166) (36) (15) (108) (1TT) 70 (66) 15 25 1261 (276 f344l 11,2.85) 1 2 (343) 11,283) (167) (279) 1 . (2) (123) (136) 2 24 4,236 1,925 (2,879) (4,698) 146 75 5 14 1,221 13,077 5,341 (116) (63) - 200 - (2) (96) (33) (20) 211 292 (383) (44 ) (188) 1151) 16051 5,553 273 1,193 62 1112 335 1,081 516 151 112 1,428 628 1 579 ( 2931 (498 335 1 081 The above unaudited consolidated statement of cash flows has been prepared ur>der the 'Indirect Method' as set out in lr>d AS 7 'Statement of Cash Flows' "O" denotes amount less than INR 0.5 crore
Page 10
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) Notes to the unaudited consolidated financial results for the quarter and six months ended September 30, 2025 1. The above consolidated financial results of Ola Electric Mobility Limited (referred to as the 'Parent' or the 'Company') and its subsidiaries (Parent and subsidiaries together to be referred as "the Group") for the quarter and six months ended September 30, 2025, have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 06, 2025. The Statutory Auditors of the Company have conducted a "Limited Review" of the results in accordance with Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. The consolidated financial results includes the results of following entities; I. Ola Electric Mobility Limited, India (Holdlng Company) II. Ola Electric Technologies Private Limited, lndla (Subsidiary) Ill. Ola Cell Technologies Private Limited, India (Subsidiary) IV. Ola Electric Charging Private Limited, India (Subsidiary) V. Ola Electric Mobility Inc., USA (Subsidiary) VI. Ola Electric Mobility B.V., Netherlands (Subsidiary) VII. Etergo B.V., Netherlands* {Subsidiary) VIII. Ola Electric UK Private Limited* (Subsidiary) IX. Ola Electric Technologies B.V, Netherlands* (Subsidiary) X. EIA Trading {Shanghai) Co. Limited* (Subsidiary) XI. Etergo Operations B.V., Netherlands** (Subsidiary) *Wholly owned subsidiary of OLA Electric Mobility B.V., Netherlands **Wholly owned subsidiary of Etergo B.V., Netherlands 3. These consolidated financial results have been prepared in accordance with the recognition and measurement principles outlined in the Indian Accounting Standards (Ind AS) as specified under Section 133 of the Companies Act, 2013, as amended, read along with the relevant rules issued there under, other generally accepted accounting principles in India and in accordance with the Listing Regulations. 4. The Group has negative cash flow from operations during six months ended September 30, 2025 amounting to INR 343 crores (Year ended March 31, 2025: INR 2,391 crores), which is primarily on account of continued operating losses and lower-than expected growth in sales volume, which requires the Group to consider mitigating circumstances, in order to support its operations and meet its continuing obligations. Accordingly, the Group's management has carried out an assessment of its going concern assumption and believes that the Group will be able to continue to operate as a going concern for the foreseeable future and meet all its liabilities as they fall due for payment. To arrive at such judgement, the management has considered a) available cash and bank balances; b) expected future operating cash flows of a material subsidiary based on its business projections from expansion of its business operations, increase in gross margins, launch of new products, and expected operational efficiencies; c) available credit limits; and d) ability to raise borrowings from the bank. Further, the Shareholders' vide its meeting dated August 22, 2025, has approved the extension of the timeline for utilization of the IPO proceeds including reallocation of util ization of the proceeds between Objects o . prospectus from the Initial Public Offering (IPO) as below : c~':.C MO.$)~ \..";, 1~ l!.f -<. -J ,... . w -A' . ~ 1. /, ~ 0 ./,. o.~ ~-
Page 11
Amount in INR crores SI No Object of the IPO Net IPO Net IPO proceeds to be proceeds to utilized as per be utilized as prospectus per reallocation Capital expenditure to be incurred by Ola cell Technologies 1 Private Limited for expansion of the capacity of cell 1,228 -manufacturing plant from SGWh to 6.4 GWh, classified as phase 2 under expansion plan Repayment or Prepayment, in full or part, of the 2 indebtedness incurred by Ola Electric Technologies Private 800 800 limited 3 Investment into research and product development 1,600 1,505 4 Expenditure to be incurred for organic growth initiatives 350 1,201 5 General corporate purpose 1,297 1,374 Repayment or Prepayment, in full or part, of the 6 indebtedness incurred the Company and/or its - 395 subsidiaries Total Net Proceeds 5,275 5,275 Further, the Board of Directors of the Holding Company in their meeting dated May 22, 2025 have approved the resolution to raise funds up to INR 1,700 crores through issuance of term loans, working capital facilities, non-convertible debentures and other eligible debt securities. Additionally, the Board of Directors of Holding Company, vide its meeting dated October 25, 2025, have approved the resolution to raise funds up to INR 1,500 crores by issue of such number of fully paid-up Equity Shares, and/or convertible securities {including warrants, or otherwise, in registered or bearer form, ADRs, GDRs, amongst others, as applicable through further public offer, rights issue, qualified institutional placement, private placement and/ or any other permitted modes under applicable laws. Accordingly, these unaudited consolidated financial results have been prepared on a going concern basis. 5. During the year ended March 31, 2025, the Company had completed its initial public offering (IPO) of 808,699,624 equity shares with a face value of INR 10 each at an issue price of INR 76 per share (includes 797,101 equity shares with a face value of I NR 10 each at an issue price of INR 69 per share), comprising fresh issue of 723,757,627 shares and an offer for sale of 84,941,997 shares. The Company's equity shares were listed on the National Stock Exchange of India Limited {NSE) and BSE Limited {BSE) on August 09, 2024. The total proceeds on account of fresh issue were INR 5,275 crores (net of issue expenses of I NR 225 crores). The utilization of net of I PO proceeds as at September 30, 2025 is summarized below;
Page 12
Amount in INR crores Net IPO Net IPO Utilization Un utilized proceeds to proceeds to of IPO IPO Particulars be utilized as be utilized as proceeds proceeds per upto ason per reallocation September September prospectus (refer note 4) 30,2025 30, 202S Capital expenditure to be incurred 1,228 - - - by our Subsidiary, Ola Cell Technologies Private Limited for the project specified in prospectus Repayment or prepayment, in full 800 800 800 - or part, of the indebtedness incurred by our Subsidiary, Ola Electric Technologies Private Limited Expenditure into research and 1,600 1,505 616 889 product development Expenditure to be incurred for 350 1,201 342 859 organic growth initiatives General corporate purposes 1,297 1,374 1,130 244 Repayment or Prepayment, in - 395 86 309 full or part, of the indebtedness incurred the Company and/or its subsidiaries Total Net Proceeds 5,275 5,275 2,974 2,301 Out of the net proceeds which were unutilized as at September 30, 2025 INR 1,869 crores are temporarily invested in fixed deposits, INR 432 crores is held in the Group's monitoring accounts. The above IPO funds has been raised by the Company to be used in its wholly owned subsidiaries (ultimate beneficiaries) as per the Company's prospectus. 6. During the year ended March 31, 2025, the Group had reported an exceptional item of INR 23 Crores towards reversal of production linked incentive accrued in the previous financial year. The reversal was consequent to issuance of the final Standard Operating Procedure (SOP) by the Ministry of Heavy Industries in which the period of eligible sales for incentive computation had been amended from application date of OVA/ AAT to certification date of DVA/AAT for the related underlyi ng products. 7. During the year ended March 31, 2025, the Central Consumer Protection Authority (CCPA) had requested information with respect to various consumer grievances, registered on the National Consumer Helpline from September 01, 2023 to August 30, 2024, on which the Company had provided its response to CCPA. Subsequently, the Company had received notice under Section 19(3) of the Consumer Protection Act, 2019, and further queries seeking additional information, which was also furnished by the Company. The management does not expect any material impact of this matter on the financial results of the Company for the quarter and six months ended September 30, 2025.
Page 13
8. The Company had received various email communications/letters in the previous year and during six months ended September 30, 2025, from the National Stock Exchange Limited and Securities and Exchange Board of India (SEBI), seeking information with respect to variance in the number of vehicles sold as per Vahan Portal and as mentioned in the Company's press announcement dated February 28, 2025. The Company had provided response to the above email communications/letters on various dates to National Stock Exchange Limited and Securities and Exchange Board of India (SEBI), which includes a clarification stating that the press announcement of 25,000 units of vehicles sold was with respect to vehicle bookings. The Company has further clarified that as per the Company's revenue recognition policy, revenue is recognized by the Company on the basis of delivery of the scooter to the customers after completion of the registration process. The management does not expect any material impact of these communications on the financial results of the Company for the quarter and six months ended September 30, 2025. 9. Extended Producer Responsibility ("EPR"} for End of Life of Vehicles for OEMs was notified in January 2025, w.e.f. April 1, 2025. EPR calls for OEMs to buy certificates from Registered Vehicle Scrapping Facility ("RVSFs") equivalent to 8% for the first 5 years and goes up to 18% by 2039 of steel used in its vehicles 15 years back in case of Commercial Vehicles. Central Pollution Control Board ("CPCB"} is in the process of giving clarity of the EPR policy including (a) Cost of the certificate (b} Clear methodology for calculating steel content/liability targets for OEMs (c} Process for transaction between OEMs and RVSFs and thus the cost of meeting the obligations under EPR cannot be reliably estimated as at September 30, 2025. Further, the Battery Waste Management Rules, first notified in 2022 and as amended from time to time, are issued by the Ministry of Environment, Forest and Climate Change (MoEFCC). These rules aim to regulate the collection, recycling, and disposal of battery waste in India under the Extended Producer Responsibility (EPR). These regulations have significant implications for entities involved in the manufacture, import, sale, and recycling of batteries. Further guidance or clarification regarding the practical challenges and concerns related to waste collection and the associated costs, from the Ministry are awaited. Consequently, the Group is unable to reliably estimate the range of outcomes and the potential impacts of these rules. The Group will continue to assess its ability to measure the obligation as and when further guidance/details are available. 10. Consolidated Segment Information: Effective 01 April 2024, the Chief Operating Decision Maker (CODM) has commenced the review of the operating segments individually. The Group's reportable segments are "Automotive " and "Cell," which are primar"ily organized and managed separately based on the organizational structure. Below is the description of each reportable segment for all periods: • Automotive: This segment includes the sale of automobiles and related services. • Cell: This segment encompasses the sale of cells. The measurement of each segment's revenue, expenses, assets, and liabilities aligns with the accounting policies used in the preparation of the financial statements. Corporate and support expenses in the nature of employee benefits and other expenses such as technology cost, legal and professional, advertising, marketing and sales promotion which are not allocated to the respective segments based on the COD M's review of operating segments. The segment's cost of goods sold includes the cost of material consumed, the purchase of stock-in trade, and changes in inventories of finished goods, stock-in-trade and work-in-progress (excluding certain other direct expenses such as employee benefits and other expenses).
Page 14
11. The unaudited consolidated financial results for the quarter and six months ended September 30, 2025 are available on the stock exchanges websites of NSE at www.nseindia.com and BSE at www.bseindia.com and Company's website www.olaetectric.com. Ola Electric Mobility Limited (formerly known as Ola Electric Mobility Private Limited) ~ Bhavi~ Chairman and Managing Director (DIN: 03287473) Date: November 06, 2025 Place: Bangalore
Page 15
BS R & Co. LLP Chartered Accountants Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 1312, off Intermediate Ring Road Bengaluru - 560 071, India Telephone: +91 80 4682 3000 Fax: +91 80 4682 3999 Limited Review Report on unaudited standalone financial results of Ola Electric Mobility Limited for the quarter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Ola Electric Mobility Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Ola Electric Mobility Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Bengaluru 06 November 2025 For B 5 R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 ~ b Parlner Membership No.: 223018 UDIN:25223018BMLCXZ4816 Registered Offi~ BS R & co, (.a partnersllip lirmw~h RegistratiDn No BA61223) converted fnla BS R & Co LLP (a Limi1ed Liability Partnership wi1h LLP Re{! islration No. AAB-81 B1) with effect from Octa Mr 14, 201 3 141h ~•oor, Central B Wing ar\O North C Wing, Nesco IT Pi!!r\. 4, N~ca Cenlef, VVestem E::qire.s.s Highway, Go(cgaon. (Easl), Mumbai• 400003 Page 1 of 1
Page 16
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) CIN: L74999KA2017PLC099619 Registered Office: Ola Campus, Wing C, Prestige RMZ Startech, Hosur Road. Municipal Ward No.67, Municipal No. 140, Industrial Layout, Koramangala VI Bk, Bangalore, Bangalore South, Karnataka, India, 560095 T: 080-35440050. Email Id: companysecretary@olaelectric .com Statement of unaudited standalone financial resu Its for the quarfor and six months ended September JO, 2025 IN m s: e~cent per .sharn dars Quarter ended Six months ended Year ended Part\culars September June September September September March 30. 2025 30.2.025 30. 2024 30, 2025 30, 2024 31. 2025 Unaudtted Unaudited Unaudited Unaudned Unaudited A.ud.tted Income I. Revenue from operations 0 1 1 1 2 3 II. Otl'er income 25 28 52 53 79 192 Ill. Total income (1+11) 25 29 53 54 81 195 IV. Expense>s Purchase of stock-in-trade 1 1 1 1 4 Changes In inventories of stock-in-trade (1) 0 (0) (1) a 2 Employee benefits e,cpense 0 8 12 B 18 14 lmpalrmenl losses on finarcial assets 3 0 6 3 7 48 Olherexpenses 12 7 20 19 27 72 Total Expenses (IV) 14 16 39 30 53 140 V. Profit before finance costs, depreclatlon, _amortwition and tax 11 13 14 24 28 55 expense Finance costs 24 23 24 47 43 92 Depreciation and amortization expense 1 1 1 2 2 3 Vt Loss before tax (14) (11) (11) (25) (17) (40) VII. Tax expense (1) Currern tax - - - - - - (2) Deferred tax - - Total tax expe.nse (1+2) - - VIII. Loss for the period I year (VI-VII) {14 111 {11 f25 1171 (40 IX. Other comprehensive lncomel(Loss ) I/ems nor 10 be reclass,fied 10 sut>sequently to profit or loss: /i/ Re-messurements of defined benefit liability 0 (0) 0 0 1 (ii) Income lax relating lo I/ems that will not be reclassified to profit or loss . . Other comprehensive lncomel(Loss), net of tax . 0 (0) 0 0 1 Total comprehensiv e Loss for the period / year (Vlll+IX) {14 111 l 111 f25) {17 (39 Earnl ngs per equity share (face va.lue: INR 10 each) Not annualised Not annualised Not a rmualised Not anr.;alised Not annualised Annualised (1) Basic Earnings per equity share (0.03) (0.02) (003) (0.06) (0.04) (0.10) (2) Diluted Earnings per equity share ~.e. arui-<lilutive) (0.03) (0.02) (0-03) (0.06) (0.04) (0.10 ) Paid-up eqLily share capital (face valua: INR 10 each) 4,411 4,411 4,411 4.411 4,411 4.411 Olher eoLitv 6.606 "O" deootes .amount less 1M:n INR O 5 crora
Page 17
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) Statement of unaudited standalone assets and liabilities as at September 30, 2025 (INR in Crores) As at As at Particulars September 30, 2025 March 31, 2025 Unaudited Audited ASSETS Non-current assets (a) Property, plant and equipment 8 10 (b) Capital work-in-progress 0 - (c) Goodwill 6 6 (d) Other intangible assets 14 11 (e) Intangible assets under development 9 4 (f) Financial assets (i) Investments 10,134 9,010 (ii) Other financial assets - 42 (g) Deferred ta)( assets (net) - - (h) Other tal< assets (net) 9 6 (i) Other non-current assets 28 48 Total non-current assets 10,208 9,137 Current assets (a) Inventories 1 0 (bl Financial assets (i) Investments - 2 (ii) Trade receivables 5 5 (iii) Cash and cash equivalents 34 34 (iv) Bank balances other than {iii) above 1,074 1,854 (v) Other financial assets 208 565 ( c) Other current assets 43 47 Total current assets 1,365 2,507 Total assets 11,573 11,644 EQUITY AND LIABILITIES Equity (a) Equity share capital 4,411 4,411 (b) Other equity (i) Reserves and Surplus 6,617 6,606 Total equity 11,028 11,017 Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings 172 330 (b) Provisions 0 0 (c) Other non- current liabilities 1 1 Total non-current liabilities 173 331 Current liabilities (a) Financial liabilities (i) Borrowings 302 236 (ii) Trade payables -Total outstanding dues of micro enterprises and small enterprises; and 2 0 -Total outstanding dues of creditors other than micro enterprises and 35 26 small enterprises (iii) Other financial liabilities 27 32 (bl Other current liabilities 6 2 (c) Provisions 0 0 Total current liabilities 372 296 Total liabilities 545 627 Total equity and liabilities 11,573 11,644 - ·~o "O" denotes amount less than INR 0.5 crore d ~v" .&;, ,c.: ~ ..... ::,.\ c:..: , UJ -
Page 18
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) Statement of unaudited standalone cash flows for six months ended September 30, 2025 P arti cu la rs A. Cash flows from operating activities Loss before tax Adjustments to reconcile loss before tax to net cash used in operating activities Depreciation and amortisation expense Unrealized foreign exchange gain,nel Impairment losses on financial assets Interest income Guarantee commission income Net gain on sale of mutual fund units Net gain due to fair valuation of mutual fund units Fina nee costs Equity settled share-based expense Operating loss before working capital changes Movement in Inventories Movement in other financial assets Movement in Trade receivables Movement in other assets Movement in trade payables Movement in other financial liabilities Movement in other liabilities and provisions Cash used in operating activities Income lax (paid)/refund Net cash generated from/(used in) operating activities (A) B. Cash flows from investing activities Investment in subsidiaries Acquisition of property, plant and equipment Development expenditure on internally generated intangible assets Proceeds from sale of mutual funds Proceeds from interest bearing deposits Investment in interest bearing deposits Interest received Net cash used in investing activities (B) C. Cash flows from financing activities Proceeds from issue of equity share capital (net of expenses) Proceeds from issue of non-convertible debentures Transaction cost towards issue of ncn-convertible debentures Repayment to debenlure holders Interest paid Net cash (used in)lgenerated from financing activities (C) Net increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Components of cash and cash equivalents Cash In hand Balance with Banks -On current account -Deposit accounts (Original maturity upto 3 months) Cash and cash equivalents in the Standalone Statement of Cash Flows (INR in Crores) Six months ended September September 30, 2025 30. 2024 Unaudited (25) 2 0 3 (43) (7) (0) 47 10 (13) (1) 186 24 11 (5) 4 206 13\ 203 (1,059) (0) (8) 2 2,814 (1,886) 72 (65) (96) (421 1138) 0 34 34 33 1 34 Unaudited (17) 2 0 7 (63) (7) (1 ) 1 43 10 (25) 0 (2) (0) (35) 53 (24) 12 (21' (20' (3,397) (1) 24 1,490 (2,374 ) 64 (4,194) 5,341 200 (2) (43) 5,496 1,282 35 1,317 126 1.191 1,317 The above unaudited standalone statement of cash flows has been prepared under the 'Indirect Method' as set out in Ind AS 7 'Statement of Cash Flows' "O" denotes amount less than INR 0.5 crore
Page 19
OLA Electric Mobility Limited (formerly known as OLA Electric Mobility Private Limited) Notes to the unaudited standalone financial results for the quarter and six months ended September 30, 2025 1. The above standalone financial results of Ola Electric Mobility Limited (the 'Company') for the quarter and six months ended September 30, 2025, have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 06, 2025. The Statutory Auditors of the Company have conducted a "Limited Review" of the results in accordance with Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. These standalone financial results have been prepared in accordance with the recognition and measurement principles outlined in the Indian Accounting Standards (Ind AS) as specified under Section 133 of the Companies Act, 2013, as amended, read along with the relevant rules issued there under, other generally accepted accounting principles in India and in accordance with the Listing Regulations. 3. The Company along with its subsidiaries (Company and subsidiaries together referred as 'the Group') has negative cash flow from operations during six months ended September 30, 2025 amounting to INR 343 crores (Year ended March 31, 2025: IN R 2,391 crores), which is primarily on account of continued operating losses and lower-than expected growth in sales volume, which requires the Group to consider mitigating circumstances, in order to support its operations and meet its continuing obligations. Further, the Company has provided letters of support to all its subsidiaries indicating the Company's intent to provide necessary financial support, which requires the Company to consider mitigating circumstances, in order to support its operations and meet its continuing obligations. Accordingly, the Company's management has carried out an assessment of its going concern assumption and believes that the Company will be able to continue to operate as a going concern for the foreseeable future and meet all its liabilit ies as they fall due for payment. To arrive at such judgement, the management has considered a) available cash and bank balances; b) expected future operating cash flows of a material subsidiary based on its business projections from expansion of its business operations, increase in gross margins, launch of new products, and expected operational efficiencies; c) available credit limits; and d) ability to raise borrowings from the bank. Further, the Shareholders' vide its meeting dated August 22, 2025, has approved the extension of the timeline for util'lzation of the I PO proceeds including reallocation of utilization of the proceeds between Objects of the prospectus from the Initial Public Offering (IPO) as below: Amount in INR crores SI No Object of the IPO Net IPO Net IPO proceeds to be proceeds to utilized as per be utilized as prospectus per reallocation Capital expenditure to be incurred by Ola cell Technologies 1 Private Limited for expansion of the capacity of cell 1,228 -manufacturing plant from 5GWh to 6.4 GWh, classified as phase 2 under expansion plan Repayment or Prepayment, in full or part, of the 2 indebtedness incurred by Ola Electric Technologies Private 800 800 Limited 3 Investment into research and product development 1,600 1,505 .- f~ 4 Expenditure to be incurred for organic growth initiatives 350 1,2~r La.'r..,. 7 1 il0.&1: ..... ~ t,., .,,, ~ llJ - I u.; cl ~ / ,~ 0 l ~?}"Y ~,. "
Page 20
5 General corporate purpose 1,297 1,374 Repayment or Prepayment, in full or part, of the 6 indebtedness incurred the Company and/or its - 395 subsidiaries Total Net Proceeds 5,275 5,275 Further, the Board of Directors of the Company in the·1r meeting dated May 22, 2025 have approved the resolution to raise funds up to INR 1,700 crores through issuance of term loans, working capital facilities, non-convertible debentures and other eligible debt securities. Additionally, the Board of Directors of Company, vide its meeting dated October 25, 2025, have approved the resolution to raise funds up to I NR 1,500 crores by issue of such number of fully paid-up Equity Shares, and/or convertible securities (including warrants, or otherwise, in registered or bearer form, ADRs, GDRs, amongst others, as applicable through further public offer, rights issue, qualified institutional placement, private placement and/ or any other permitted modes under applicable laws. Accordingly, these unaudited standalone financial results have been prepared on a going concern basis. 4. During the year ended March 31, 2025, the Company had completed its initial public offering (IPO) of 808,699,624 equity shares with a face value of INR 10 each at an issue price of INR 76 per share {includes 797,101 equity shares with a face value of INR 10 each at an issue price of INR 69 per share), comprising fresh issue of 723,757,627 shares and an offer for sale of 84,941,997 shares. The Company's equity shares were listed on the National Stock Exchange of India Limited {NSE) and BSE Limited (BSE) on August 09, 2024. The total proceeds on account of fresh issue were INR 5,275 crores (net of issue expenses of IN R 225 crores). The utllization of net of IPO proceeds as at September 30, 2025 is summarized below: Amount in !NR crores Net IPO Net IPO Utilization Un utilized proceeds to proceeds to oflPO IPO Particulars be utilized as be utilized as proceeds proceeds per upto as on per reallocation September September prospectus (refer note 3) 30,2025 30,2025 Capital expenditure to be incurred 1,228 - - - by our Subsidiary, Ola Cell Technologies Private Limited for the project specified in prospectus Repayment or prepayment, in full 800 800 800 - or pa rt, of the indebtedness incurred by our Subsidiary, Ola Electric Technologies Private Limited Expenditure into research and 1,600 1,505 616 889 product development Expenditure to be incurred for 350 1,201 342 859 organic growth initiatives General corporate purposes 1,297 1,374 1,130 244 Repayment or Prepayment, in - 395 86 309 full or part, of the indebtedness incurred the Company and/or its subsidiaries Total Net Proceeds 5,275 5,275 2,974 2,301 - - ~c 1VJoe.1. ~ ~~ .1"' -~ 0 . i.d cl . ~
Page 21
Out of the net proceeds which were unutilized as at September 30, 2025 INR 1,869 crores are temporarily invested in fixed deposits, IN R 432 crores is held in the Group's monitoring accounts. The above IPO funds has been raised by the Company to be used in its wholly owned subsidiaries (ultimate beneficiaries) as per the Company's prospectus. 5. During the year ended March 31, 2025, the Central Consumer Protection Authority (CCPA) had requested information with respect to various consumer grievances, registered on the National Consumer Helpline from September 01, 2023 to August 30, 2024, on which the Company had provided its response to CCPA. Subsequently, the Company had received notice under Section 19(3) of the Consumer Protection Act, 2019, and further queries seeking additional information, which was also furnished by the Company. The management does not expect any material impact of this matter on the financial results of the Company for the quarter and six months ended September 30, 2025. 6. The Company had received various email communications/letters in the previous year and during six months ended September 30, 2025, from the National Stock Exchange Limited and Securities and Exchange Board of India (SEBI), seeking information with respect to variance in the number of vehicles sold as per Vahan portal and as mentioned in the Company's press announcement dated February 28, 2025. The Company had provided response to the above email communications/letters on various dates to National Stock Exchange Limited and Securities and Exchange Board of India (SEBI), which includes a clarification stating that the press announcement of 25,000 units of vehicles sold was with respect to vehicle bookings. The Company has further clarified that as per the Company's revenue recognition policy, revenue is recognized by the Company on the basis of delivery of the scooter to the customers after completion of the registration process. The management does not expect any material impact of these communications on the financial results of the Company for the quarter and six months ended September 30, 2025. 7. During the quarter ended September 30, 2025, the Company has reversed certain variable incentives related to previous year which is no longer payable. 8. Extended Producer Responsibility ("EPR") for End of Life of Vehicles for OEMs was notified in January 2025, w.e.f. April 1, 2025. EPR calls for OEMs to buy certificates from Registered Vehicle Scrapping Facility ("RVSFs") equivalent to 8% for the first 5 years and goes up to 18% by 2039 of steel used in its vehicles 15 years back in case of Commercial Vehicles. Central Pollution Control Board ("CPCB") is in the process of giving clarity of the EPR policy including {a) Cost of the certificate (b) Clear methodology for calculating steel content/liability targets for OEMs le) Process for transaction between OEMs and RVSFs and thus the cost of meeting the obligations under EPR cannot be reliably estimated as at September 30, 2025. Further, the Battery Waste Management Rules, first notified in 2022 and as amended from time to time, are issued by the Ministry of Environment, Forest and Climate Change (MoEFCC). These rules aim to regulate the collection, recycling, and disposal of battery waste in India under the Extended Producer Responsibility (EPR). These regulations have significant implications for entities involved in the manufacture, import, sale, and recycling of batteries. Further guidance or clarification regarding the practical challenges and concerns related to waste collection and the associated costs, from the Ministry are awaited. Consequently, the Company is unable to reliably estimate the range of outcomes and the potential impacts of these rules. The Company will continue to assess it s ability to measure the obligation as and when further guidance/details are available.
Page 22
9. The unaudited standalone financial results for the quarter and six months ended September 30, 2025 are available on the stock exchanges websites of NSE at www.nseindia.com and BSE at www.bseindia.com and Company's website www.olaelectr ic.com. Ola Electric Mobility Limited {formerly known as Ola Electric Mobility Private Limited) ~ .,,:.----__,,.. Bhavish Aggarwal Chairman and Managing Director (DIN: 03287473) Date: November 06, 2025 Place: Bangalore