Ola Electric Mobility Limited has informed the exchange regarding the monitoring agency report for quarter ended March 31, 2026
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Ola Electric has submitted its Q4 FY2026 monitoring agency report by ICRA Limited, tracking the utilisation of its Rs 5,500 crore IPO proceeds (August 2024). Of the total proceeds, Rs 4,375.95 crore has been utilised as of March 31, 2026, leaving Rs 1,124.06 crore unutilised. Shareholders approved revised utilisation objects at the August 2025 AGM, which reallocated funds from cell manufacturing plant expansion to organic growth initiatives, R&D, corporate purposes, and a new debt repayment object of Rs 395 crore. The monitoring agency reports no material deviations from approved objects, though delays exist in R&D and organic growth spending, with the board attributing the R&D delay to a mature Gen3 architecture reducing incremental requirements, and organic growth delays to extended Phase 1B commissioning timelines. Unutilised funds of Rs 1,125.76 crore are parked in fixed deposits across Axis Bank, Bank of Baroda, Yes Bank, and SBI.
The report shows fund utilisation is progressing in line with shareholder-approved changes, with no red flags from the independent monitor. Delays in R&D and growth spending suggest a shift in strategy, but the temporary FD deployment of idle funds indicates proper stewardship of IPO proceeds.