Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.</li>
<li>As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.</li>
<li>The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.</li>
</ul>



Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.


2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.</li>
<li>The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.</li>
<li>Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.</li>
</ul>


Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.
The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.
Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.


Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

Equity Bottom-Up

<ul>
<li>Ola secured Auto-PLI compliance for its Gen-3 scooters and guided first deliveries with in-house “Bharat” 4680 cells in Q2 FY26, with heavy rare-earth-free motors in Q3 FY26. </li>
<li>ACC-PLI plus Auto-PLI and insourced cells/motors can lift gross margins structurally, derisk China-centric magnet supply, and shift Ola from assembler to integrated value-chain player.</li>
<li>Watch PLI accrual from Q2 FY26, the 1.4→5 GWh cell ramp, and ferrite motor rollout in Q3 FY26. Execution across these will validate the “not just an EV company” narrative.</li>
</ul>


Ola secured Auto-PLI compliance for its Gen-3 scooters and guided first deliveries with in-house “Bharat” 4680 cells in Q2 FY26, with heavy rare-earth-free motors in Q3 FY26. 
ACC-PLI plus Auto-PLI and insourced cells/motors can lift gross margins structurally, derisk China-centric magnet supply, and shift Ola from assembler to integrated value-chain player.
Watch PLI accrual from Q2 FY26, the 1.4→5 GWh cell ramp, and ferrite motor rollout in Q3 FY26. Execution across these will validate the “not just an EV company” narrative.


Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.</li>
<li>Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.</li>
</ul>


With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.


NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

<ul>
<li>Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries</li>
<li>Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.</li>
<li>Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.</li>
</ul>


Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries
Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.
Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.


Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

India

OLA Electric Mobility Limited manufactures electric vehicles. The Company focuses on designing, engineering, and manufacturing of electric scooters and bikes, as well as components like battery packs, motors, and vehicle frames. OLA Electric Mobility serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ola Electric (OLAELEC IN)

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

Ola's strategic moves towards Auto-PLI compliance and in-house cell/motor production aim to boost margins, reduce supply chain risks, and position...

Nimish Maheshwari

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

​Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

​Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

​Ola's strategic moves towards Auto-PLI compliance and in-house cell/motor production aim to boost margins, reduce supply chain risks, and position...

Nimish Maheshwari

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

​Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...

Nimish Maheshwari

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Ola's strategic moves towards Auto-PLI compliance and in-house cell/motor production aim to boost margins, reduce supply chain risks, and position...

Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...