Ola Electric Mobility Limited has informed the exchange regarding monitoring agency report for quarter ended March 31, 2026
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Ola Electric submitted its Q4 FY2026 monitoring report (ICRA Limited) for the August 2024 IPO proceeds of Rs 5,500 crore. About Rs 4,376 crore has been utilized, leaving Rs 1,124 crore unutilized parked in fixed deposits with banks like Axis Bank, Yes Bank, SBI, and Bank of Baroda. The report confirms no material deviation as utilization changes were approved by shareholders in August 2025 AGM. Key reallocations include: shifting Rs 1,227.61 crore from cell manufacturing expansion to other uses, increasing organic growth budget from Rs 350 crore to Rs 1,200.64 crore, and creating a new Rs 395 crore debt repayment object. Delays exist in R&D spend (Rs 670.74 crore pending) due to mature Gen3 architecture, and organic growth (Rs 264.19 crore pending) due to Phase 1B commissioning delays.
Shareholders should note that the company is actively reallocating IPO funds away from original plans, with significant delays in R&D and capacity expansion. The unutilized Rs 1,124 crore earns modest returns in FDs but signals slower-than-expected project execution.