Aggarwal asks Ola Electric holders to look past 50% revenue plunge, bet on gigafactory pivot
FY26 letter concedes a brutal year: deliveries down 43.5% to 173,794 units, revenue halved to ₹2,253 cr. CEO pivots narrative to in-house cells, 2.5 GWh gigafactory ramping to 20 GWh, dry-electrode tech and Shakti storage. Gross margin jumped to 38.5%, warranty costs collapsed to ₹59 cr from ₹555 cr.
Bhavish Aggarwal's FY26 shareholder letter frames Ola Electric's sharp sales drop and service failures as a reset, urging focus on its Gigafactory, dry-electrode battery tech and Shakti energy storage as the long-term value driver.
Why this matters
Follows Q4 where revenue cratered 56.6%, loss halved to ₹500 cr, and analysts at Citi, HSBC, Emkay flagged up to 32% downside while preferring Ather and TVS for E2W exposure.
Leadership signals steady at 69 over 90 days, with Aggarwal's narrative pivots a recurring driver.