Ola Electric Q2 FY27: revenue craters 39% YoY, Auto EBITDA swings to -20% margin

Ola Electric's consolidated revenue fell 39% YoY and 7% QoQ to ₹421 Cr, while the net loss narrowed 13% YoY to ₹362 Cr (from ₹418 Cr) but widened 8% QoQ (from ₹336 Cr). YoY is the primary read here, and it is not the flattering headline: NPM deepened to -80.8% from -55.3% and OPM to -51.8% from -29.4%, because total income nearly halved while costs fell more slowly. Adjusted for a ₹38 Cr one-off depreciation benefit from a useful-life revision effective this half, underlying YoY PAT improvement shrinks to roughly 4%, not 13% — most of the reported narrowing is an accounting-estimate change, not operating improvement. The clearest deterioration is in the Auto segment, which management had flagged as its first profitability milestone: Auto EBITDA margin flipped to -20.2% (segment loss ₹85 Cr on ₹420 Cr revenue) from +0.3% positive a year ago and -17.8% last quarter. Gross margin held near 29.9%, still short of management's guided 35-40% stabilization band from the last concall, and OpEx (employee + other expenses) of ₹344 Cr remains above the guided ₹250-300 Cr steady-state target needed to lower the breakeven to ~15,000 units/month — guidance is not yet met on either lever. Adding to the noise, auditors qualified their review of the June and September quarters because they believe a ₹57 Cr PLI liquidated-damages provision at subsidiary OCTPL should have been reversed in this quarter (when MHI's waiver letter arrived) rather than in Q1, meaning part of the prior quarter's smaller loss was itself a timing artifact. Against our pre-result preview, this is a clear miss: we had flagged ~₹700 Cr revenue and 0.5-1.5% Auto EBITDA margin as the on-plan bar, while the Street read going in was already deeply skeptical (Goldman Sachs at Sell, consensus target cut to ₹29.88 from ₹42). Actual revenue of ₹421 Cr is roughly 40% below that expectation and Auto EBITDA margin came in far worse than the guided range, confirming rather than contradicting the bearish pre-result setup. The quarter's corporate activity — a 37.03 Cr-share rights issue (₹1,000 Cr targeted, ₹600 Cr application money received so far) and a ₹780 Cr QIP completed during H1 — exists specifically to plug the ₹403 Cr H1 operating cash outflow underlying the auditors' going-concern note. No management press release was available in this filing to cross-check against the numbers. Heading into Q3, the print leaves two open threads: whether dealer-channel deliveries stabilize revenue off this lower base, and whether the Auto segment can claw back to the EBITDA breakeven it briefly touched a year ago, given OpEx and gross margin are both still outside management's own guided ranges.