Ola Electric Mobility Limited has submitted with the exchange the transcript of the earnings conference call held on August 7, 2026

OLA ELECTRIC MOBILITY LIMITED CIN - L74999KA2017PLC099619 (Formerly known as Ola Electric Mobility Private Limited) August 13, 2026 To, To, National Stock Exchange of India Limited BSE Limited Address: Exchange Plaza, C-1, Block G, Bandra Address: Phiroze Jeejeebhoy Towers Kurla Complex, Bandra (E), Mumbai-400051, Dalal Street Mumbai- 400001, Maharashtra, India. Maharashtra, India. NSE Scrip Symbol: OLAELEC BSE Scrip Code: 544225 Subject: Submission of Transcript of Earnings Conference Call held on August 7, 2026. Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), please find enclosed herewith the transcript of the earnings conference call with analysts and investors held on August 7, 2026, in respect of the unaudited standalone and consolidated financial results of the Company for the first quarter and three months ended June 30, 2026. The above intimation will also be hosted on the website of the Company i.e., www.olaelectric.com. We request you to take the above on your record. Thanking you, For Ola Electric Mobility Limited Abhishek Jain Company Secretary and Compliance Officer Membership No.: A62027 Place: Bengaluru Encl: As above 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 Ola Electric Mobility Limited Q1 FY27 Earnings Conference Call August 07, 2026 Management: Mr. Bhavish Aggarwal – Founder, Chairman and Managing Director, Ola Electric Mobility Limited Mr. Deepak Rastogi – Chief Financial Officer, Ola Electric Mobility Limited Page 1 of 12 Ola Electric Mobility Limited August 07, 2026 Moderator: Hi everyone. Good day, and welcome to Ola Electric's Q1 FY27 Earnings Conference Call. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the opening remarks conclude. Please note that this conference is being recorded. Before we begin, a few quick announcements for the attendees. Anything said on this call which reflects our outlook for the future, or which could be construed as a forward-looking statement, may involve risks and uncertainties. Such statements or comments are not guarantees of future performance, and actual results may differ from those statements. Now, I would like to request Shri Bhavish Aggarwal, Chairman and Managing Director, and Shri Deepak Rastogi, CFO, Ola Electric, to begin the conference. To begin, I would first request Deepak to start with the opening remarks. Deepak Rastogi: Thank you so much. Good afternoon, everyone, and thank you for joining us for Ola Electric's Q1 FY27 Earnings Call. As you are aware, Q1 marks an important point in the evolution of our business. Financial Year 2026 was a year in which we took some difficult decisions and necessary actions. We reset the operating model, streamlined the organisation, tightened execution and materially optimised our cost structure. Q1 FY27 was the first full quarter operating on that reset base, and the results give us confidence that these changes are beginning to translate into business performance. For the quarter, we returned to growth, gained market share, maintained strong gross margins and did so on a significantly leaner operating base. Deliveries increased to approximately 39,200 units, nearly doubling quarter-on-quarter, while orders increased to approximately 44,000. Auto revenue grew 72% sequentially to ₹455 crore, with gross profit of ₹139 crore. Our growth materially outpaced the industry. The broader electric two-wheeler market grew approximately 17% quarter-on-quarter, while Ola registrations grew 97%, taking our market share from 5.1% to 8.4%. This growth was broad-based, with sequential improvement across every region of the country, giving us a diversified base from which to scale. The second important point is the quality of this growth. Despite a challenging commodity environment, we sustained Auto gross margin at 30.5%, reflecting the underlying strength of our product economics. At the same time, we continued to optimize the cost base of our business. Consolidated operating expenses declined 22% quarter-on-quarter to ₹333 crores, and we remain focused on moving towards a steady- state operating cost base. As a result, consolidated adjusted operating EBITDA improved from negative ₹326 crores in Q4 FY26 to negative ₹195 crores in Q1 FY27. Our objective is to grow on this leaner operating base and progressively translate incremental revenue and gross profit into operating leverage, taking us towards break-even and sustainable profitability. Page 2 of 12 Ola Electric Mobility Limited August 07, 2026 The balance sheet strengthened during the quarter through the successful completion of a ₹780 crore QIP, giving us greater financial flexibility as we pursue the next phase of our growth. Beyond the immediate financial performance, there are a few structural drivers that are increasingly important to our medium-term economics. The 4680 NMC Bharat Cell is already commercially deployed, while the 46100 LFP cell is now BIS-certified and vehicle-ready. As LFP is progressively integrated into our portfolio, we expect battery cost optimization to become an additional lever for product economics. More broadly, owning the cell roadmap gives us greater control over cost, supply and product development. The second driver is monetisation beyond the initial vehicle sale. We now have an installed base of more than one million customers. As this base matures, service can increasingly develop into a recurring, high-margin revenue stream, with our roadmap targeting service revenue of approximately ₹400-500 crore by FY 2027-28. We are also increasingly using AI as an operating productivity layer across sales, registration, fulfilment, service and R&D. The objective is simple: improve customer experience and execution while allowing the organisation to scale without proportionately scaling costs. Finally, on the Cell business, we are moving from capability creation towards commercial deployment. The Gigafactory is expected to be operational at 6 GWh by September, supporting greater own-cell integration in our vehicles as well as opportunities across energy storage and other applications. As we look ahead, our priorities are clear: scale volumes on a leaner cost base, drive operating leverage, deepen vertical integration, broaden distribution and lifecycle monetisation, and remain disciplined on capital and cash. The external environment remains supportive, with electric two-wheeler penetration in India crossing 10% for the first time in June this year. For us, however, the focus remains firmly on execution. Q1 is an encouraging first proof point after the reset. We have demonstrated that Ola can grow significantly faster than the market while operating with a materially lower cost structure. The task is to compound that progress and translate higher scale, stronger product economics and deeper technology ownership into improved margins, lower cash burn and, ultimately, sustainable profitability. With that, I will stop here and seek comments and questions from the group. Thank you so much. Moderator: Thank you, Deepak. We will now begin the Question & Answer session. Anyone who wishes to ask a question may use the raise-hand option. If you wish to remove yourself from the question queue, you may select the raise-hand option once again. Participants are requested to unmute themselves before asking a question. Before asking your Page 3 of 12 Ola Electric Mobility Limited August 07, 2026 question, please introduce yourself with your full name and organisation. We will wait for a moment while the question queue assembles. Bhavish Aggarwal: While we wait, I just [Showing first 8,000 characters — download PDF for full document]