Brands
Ola Electric posts Rs 428 crore Q1 loss despite doubling its revenue
MUMBAI: It’s been a quarter of high voltage and higher losses at Ola Electric. Despite clocking a robust revenue of Rs 896 crore for the quarter ended 30 June 2025 more than double from Rs 428 crore in Q1 last year, the EV unicorn reported a net consolidated loss of Rs 428 crore, widening from Rs 347 crore a year ago.
The red flags come despite steady momentum on the top line. Ola’s revenue from operations stood at Rs 828 crore, and other income added Rs 68 crore. Segment-wise, automotive sales accounted for Rs 826 crore of the operating revenue, while cell manufacturing remained a minor contributor at Rs 3 crore.
On the cost side, it was a heavy ride. Total expenses ballooned to Rs 1,065 crore, up from Rs 1,849 crore in Q1 FY24. Material costs alone stood at Rs 441 crore, while employee benefits and other expenses amounted to Rs 451 crore. Ola also booked Rs 259 crore towards depreciation and finance costs.
While the company has notched gains in market presence and brand recall, the earnings sheet paints a more complex picture. Ola’s net loss before tax stood at Rs 428 crore, matching its loss for Q4 FY25. There was no exceptional income or tax expense this time, but the company had previously reversed Rs 23 crore of production-linked incentives.
Ola, which debuted on the stock exchanges in August 2024 after a Rs 5,275 crore IPO, still has Rs 2,594 crore of those funds unutilised. According to filings, Rs 2,563 crore is parked in fixed deposits, and Rs 31 crore remains in monitoring accounts. The company had earmarked Rs 1,228 crore for battery cell production, Rs 800 crore for debt repayment, Rs 1,600 crore for R&D, and Rs 350 crore for organic growth.
While the EV major faces scrutiny from regulatory bodies such as the Central Consumer Protection Authority (CCPA) and the National Stock Exchange over complaints and data discrepancies, management has expressed confidence that these will have no material impact on financials.
Despite negative operational cash flow of Rs 143 crore in Q1, the company is optimistic. It recently secured board approval to raise Rs 1,700 crore via non-convertible debentures to bolster liquidity and growth plans.
Ola Electric chairman and managing director Bhavish Aggarwal noted that the group continues to assess its operations as a going concern, factoring in expected cash inflows, credit lines, and product rollouts.
For Ola Electric, the road ahead may be steep but with big ambitions in the EV and battery space, it’s not shifting gears just yet.
(If you are an Anime fan and love Anime like Demon Slayer, Spy X Family, Hunter X Hunter, Tokyo Revengers, Dan Da Dan and Slime, Buy your favourite Anime merchandise on AnimeOriginals.com.)
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
