India, Nov. 8 -- "The budget for the full 5 GWh plant is INR 2,800 Cr. We will be completing the 5 GWh installation by the end of FY26. Given that the EV market has evolved slower in recent quarters, we don't foresee the need to expand beyond 5 GWh till FY29."

This was what Ola Electric said about its cell manufacturing capacity in its Q1 shareholders' letter in July 2025. But, within three months, the company has had a change of plans. It now intends to scale its capacity to 5.9 GWh by March 2026 and further to 20 GWh by the second half of 2027.

Behind this change is the Bhavish Aggarwal-led company's transition to becoming an electric vehicle and energy storage company, rather than just the former. The question is if this would be eno...