This article was written by

Simon Pryce
CEO & Executive Director

So good morning, everybody. Welcome to the RS Group Preliminary Results Presentation for the year ended 31st of March 2026, which was a year for us of good progress and building momentum. Thanks for joining us here today at the Teneo offices and thank you for your continuing interest in RS.

Our presentation should take about 30 minutes today, and we’ll leave some time at the end for questions, but we’ll try and make sure everybody gets away by no later than 10:00. The presentation materials are already available on our website. There are some hard copies in the room and a recording of this presentation, and the Q&A will be available on that website later today.

But before we start, we always begin our meetings at RS with a health and safety moment. So, there are no planned fire drills today. The fire exit is through the door on my right. Don’t take the lift, take the stairs to the left of the list and assemble outside the building. At RS, we also start each of our meetings with a values moment. And I’d just like to take this opportunity to call out that as one team delivering brilliantly, doing the right thing and making every day better, recognizing the efforts of our RS colleagues across the world who, for the last 2 weeks, have taken part in an Active for Change Challenge. And in

Pure-play electric two-wheeler maker Ola Electric Mobility reported a consolidated net loss of Rs 500 crore for the March quarter, marking a contraction of 42.5% from Rs 870 crore reported in the same period last year. This is attributable to the owners of the company.

The company’s revenue from operations came in at Rs 265 crore, down 57% from Rs 611 crore it posted in the corresponding quarter of the previous financial year.

The company reported an EBITDA loss of Rs 281 crore for the quarter under review versus Rs 630 crore in the year-ago period.

Consolidated gross margin stood at 38.5% in Q4FY26 compared with 34.3% in Q3FY26 and 13.7% in Q4FY25.

The company said this now represents an industry-leading gross margin profile, significantly ahead of most two-wheeler OEMs, including established ICE players.

However, Ola cautioned that gross margins could moderate in Q1 and Q2FY27 due to commodity inflation and pricing measures aimed at accelerating growth amid ongoing geopolitical uncertainties. Despite this, the company said it has sufficient margin buffers to remain aggressive on pricing and customer value propositions while continuing to maintain strong unit economics.
The company said Q4FY26 marked its first quarter of positive operating cash flow despite being a relatively low-volume quarter.Consolidated cash flow from operations (CFO) stood at Rs 91 crore during the quarter, supported by PLI inflows, stronger gross margins, lower operating expenses and tighter working capital discipline. Consolidated free cash flow (FCF) improved to negative Rs 131 crore.

The Auto business generated cash flow from operations of Rs 213 crore and free cash flow of Rs 173 crore in Q4FY26. Meanwhile, the Cell business continued to remain in investment mode as the company ramped up its Gigafactory operations and prepared for the next phase of cell and energy storage product launches.

Ola said FY26 was also a year of cost rationalisation and tighter operating discipline. Consolidated operating expenses, including lease rentals, declined sharply to Rs 428 crore in Q4FY26 from Rs 844 crore in Q4FY25.
According to the company, the reduction was driven by network rationalisation, tighter control over sales and service costs, lower fixed overheads and improved operating governance.

The company added that operating expenses are expected to decline further towards Rs 350 crore per quarter over the next few quarters as the full impact of FY26 cost measures begins to reflect in the business. It said the leaner cost structure positions the company better as volumes recover.

Ola Electric outlook

Based on current trends, the company expects Q1FY27 orders to be in the range of 40,000-45,000 units, nearly double the levels seen in Q4FY26.

As volumes improve, the company expects its auto business to move towards adjusted operating EBITDA and free cash flow positivity during FY27. It said this transition will be supported by strong gross margins, further reduction in operating expenses over the next few quarters, disciplined working capital management, supplier and factory ramp-up, and better utilisation of the existing gross block.

Ola Electric shares ended at Rs 36.94, higher by 1% on the BSE on Wednesday.

Indian stock market recovered all morning losses, with Sensex rebounding nearly 790 points and Nifty jumping over 260 points from their respective intraday lows to close in the green as oil prices cooled down below $110 per barrel, and bond yields inched lower after soaring to record high levels.

At close, Sensex was up over 117 points at 75,318 while Nifty 50 was up 41 points at 23,659. This came as India VIX, which measures volatility in markets, declined around 2% to 18.31 in the afternoon.

The sharp reversal in investor sentiment was broad-based, with Nifty Smallcap 100 and Nifty Midcap 100 indices gaining around 0.6% and 0.07% respectively. Sectorally, Nifty Oil & Gas gained around 1.7% to lead gains, while Nifty Media fell over 1% to lead losses. Around 1,722 stocks advanced on NSE, while 1,543 stocks declined and 107 remained unchanged.

“Markets recovered from intraday lows, supported by selective buying in largecap stocks across autos, financials, and oil & gas. Autos and financials gained on relatively better Q4 earnings, while recent fuel price hikes supported sentiment for OMCs and refiners. Realty stocks also witnessed value buying after the recent correction,” said Vinod Nair, Head of Research at Geojit Investments.

Bond yields inch lower

After a skyrocketing rally to record high levels, bond yields slightly declined. The benchmark 10-year U.S. Treasury yield hit a 16-month high of 4.687% overnight, while the 30-year yield climbed to 5.198%, levels last seen in 2007. Both have since eased slightly to 4.65% and 5.17% respectively. While the bond yields have slightly cooled down on Wednesday morning, the yields remain elevated.

High bond yields typically make bonds attractive to investors, which in turn can lead to some downturn in equity markets.

Iran-US conflict

US President Donald Trump told lawmakers at the White House that the country will “end the war very quickly” with Iran. “There’s so much oil out there, they’re going to come plummeting down..We’re going to end that war very quickly. They want to make a deal so badly…You are going to see oil prices plummet. They’re going to come down. There’s so much oil out there, they’re going to come plummeting down,” he said at a press conference. This came after he threatened Iran, saying the US may launch new attacks if Tehran fails to agree to some of the terms of the peace deal.Meanwhile, US Vice President JD Vance said that the Iran conflict will not become a “forever war”. “We’re going to take care of business and ⁠come home,” he said during a White House briefing.

Oil prices fall below $110/barrel

As a result, oil prices cooled down. Brent crude fell nearly 2% to close at a little over $109 per barrel. WTI Crude also fell around 2% to $102 per barrel. Oil prices, however, continue to remain above the $100 per barrel level amid the prolonged blockade over the Strait of Hormuz, a narrow 33-kilometre waterway connecting the Persian Gulf with the Gulf of Oman that handles over 20% of the world’s daily oil and gas shipments.

Global markets

Asian markets mostly closed in the red, with Japan’s Nikkei and South Korea’s Kospi dropping around 1% each. Hong Kong’s Hang Seng fell 0.7% while China’s Shanghai Composite recorded marginal losses.

European markets moved into the green with the UK’s FTSE, France’s CAC and Germany’s DAX recording marginal gains. Wall Street closed in the deep red yesterday, but Dow Jones futures are currently in the green, indicating a positive start for the American stock market later today.

Rupee hits fresh record low

Despite the optimism, some caution is warranted. Indian rupee extended is free fall, ending at a record closing low of 96.82 against the US dollar. Rupee’s weakness comes as elevated crude oil prices and continued pressure on capital flows kept the currency under stress, said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities. “Sustained higher crude prices are increasing concerns over India’s import bill and widening trade deficit, which is keeping sentiment weak for the rupee,” he said.

“Market participants continue to prefer dollar buying and rupee selling as a hedge against ongoing volatility and external sector pressure. The broader trend remains weak, with the rupee expected to trade in a range of 96.25–97.00 in the near term,” according to the analyst.

FII selling resumes

Foreign investors remained net sellers of Indian equities on Tuesday, selling shares worth Rs 2,457 crore on Dalal Street. This comes after a three-session buying streak during which FII bought Indian shares worth Rs 5,240 crore.

However, foreign investors have mostly remained bearish on Indian markets this month so far, remaining net sellers of Indian equities in eight out of 12 sessions so far in May.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times.)

It is calling on the Welsh Goverment to provide more funding to support flexible learning

Rising demand for flexible higher education in Wales is outpacing funding putting future workforce development and access to study at risk, warns the Open University.

The university says its ability to support growing numbers of students could come under increasing pressure without action from the new Plaid Cymru Welsh Government, despite a sharp increase in learners seeking flexible learning.

Figures show that student numbers at the Open University in Wales have more than doubled over the past decade from 7,000 to over 16,000 currently.

Numbers accelerated notably during the pandemic – with numbers rising by 32% in 2020/21 -and have continued to climb steadily since. More than half of all part-time higher education students in Wales now study with the Open University.

Despite this sustained growth, funding for flexible higher education has fallen significantly in real terms over the last ten years. The university said in today’s prices, this equates to a reduction of approximately £288 (18.98%) per student compared with 2015/16 levels, placing increasing pressure on provision as student numbers continue to rise.

The university warns that while demand is continuing to rise, the financial support system has not kept pace, placing increasing pressure on provision.

Across all providers in Wales, total funding for part-time higher education provision in Wales was £28.6m in 2015/16. By 2024/25 this had risen to £34.8m. The Open University says if funding kept pace with inflation, the equivalent figure would have been around £38.3m in 2024/25 terms.

At the same time, student numbers studying part-time across Wales increased by around 12%, meaning the system is supporting more learners with comparatively fewer resources in real terms.

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On a per-student basis, funding equated to £1,135 in 2015/16. Adjusted for inflation, this would be around £1,519 today, compared with actual funding of £1,231 per student – a real-terms reduction of approximately 19%.

In the current 2025-26 financial year Medr, the Welsh Government’s post-16 education body, has allocated the Open University £22.9m for its Welsh activities.

While the university doesn’t incur the same campus related costs of physical universities it stressed that flexible and distance learning provision still requires significant investment in teaching, student support, specialist course development and support services – particularly given the high proportion of part-time, working, disabled and widening participation learners it supports.

Ben Lewis, principal and nation director of the Open University in Wales, said:“Flexible learning has moved firmly into the mainstream, becoming central to how many people access education and develop their skills throughout their lives.

“We are seeing sustained growth in demand from people who are balancing study with work and family commitments, but the current funding model is not keeping pace with that reality.

“Without early action from the new Welsh Government, there is a real risk to the long-term sustainability of flexible higher education. This matters not just for universities, but for Wales’ future workforce, its economic growth, and the delivery of the government’s priorities.

“Flexible higher education plays a critical role in widening participation, enabling people to retrain, upskill and change careers. It helps address workforce shortages in key sectors such as teaching, nursing and social care, and opens up access to higher education for those who may not otherwise have the opportunity.”

The university is calling on the Welsh Government to take action to safeguard and strengthen the sector. This includes improving funding for flexible provision, protecting maintenance support for part-time students, and increasing the amount part-time students can borrow to cover tuition fees.

It says flexible learning helps retain skills within local communities, enabling people to study and progress without leaving their area.

Many Open University students in Wales use flexible learning to progress in their careers, retrain or access new opportunities while continuing to work and support their families – with learners like Rachel Townsend demonstrating the real-world impact of flexible study.

Rachel, 43, from Ystalyfera, balanced full-time work and raising two children as a single parent while studying for a BA (hons) in social work through a local authority scheme with the Open University.

Previously working in social care support roles, she had reached a ceiling in her career progression without a qualification. Unable to give up work or attend in-person sessions, traditional university was not an option. Flexible learning provided a route into higher education that could fit around family responsibilities and working fulltime.

Since graduating, she has progressed into senior leadership roles within social care, including managing a hospital social work team, and has now launched her own care home business, supporting people with disabilities and complex needs. Alongside her work, she also mentors and supervises Open University social work students herself, helping support the next generation entering the profession.

She said: “Without the flexibility of the Open University, I simply would not have been able to study. I was working full time, raising two children on my own and needed to keep earning while improving my qualifications. Traditional university was never a realistic option for me.

“The flexibility meant that I could fit study around my life – often doing coursework in the evenings after the children had gone to bed. It completely changed my future.

“My degree has given me the opportunity to progress in my career, improve my financial stability and ultimately achieve things I never thought would be possible. I’ve gone from feeling stuck in my role to managing teams, mentoring students and now building my own care business supporting others.”

Since 2021/22, 248 social workers have qualified through the Open University in Wales, with annual graduate numbers rising by more than 220%.