Ola Electric reported a consolidated net loss of ₹487 crore in the third quarter of FY26. Its revenue fell 55% year-on-year to ₹470 crore amid poor vehicle sales. The Bengaluru-based EV maker’s net loss narrowed from ₹564 crore in the year-ago quarter but widened sequentially from ₹418 crore in Q2FY26.
Deliveries of electric scooters declined 61% to 32,680 units in Q3, dragging down revenue from ₹1,045 crore in the corresponding period last year. However, production of indigenously developed ‘4680 Bharat cells’ doubled to 72,418 units as the company realigned its focus toward the battery and energy storage business over vehicle sales.
Aggarwal calls Q3FY26 a “structural reset”
“Q3FY26 marks a structural reset for Ola Electric,” Chairman and Managing Director Bhavish Aggarwal said in his letter to shareholders. “The focus is now on growing into this revenue potential (from cells and energy storage) of ₹15,000-20,000 crore over next few years,” he said.
Ola Electric currently uses its in-house developed ‘4680 Bharat cells’ across its electric two-wheelers as part of vertical integration and cost optimisation. In October 2025, the company entered the battery energy storage segment with the launch of “Ola Shakti,” targeting portable energy storage solutions for residential and commercial customers. Later, it opened up the cells and battery packs to third parties, spanning households to enterprises across energy, healthcare, defence and robotics.
“This is something which we believe is going to be a very significant lever for strategic strength as well as optionality in revenue in the future,” Aggarwal said during the third quarter earnings call.
The company has invested ₹5,300 crore in manufacturing infrastructure, battery innovation and R&D platforms to create full vertical integration across motors, batteries, cells, electronics and software including its Gigafactory for cell manufacturing in Tamil Nadu. “The heavy capex phase which we have been investing so far is behind us now. Our current footprint supports 1 million vehicles and 6 GW of capacity, and the focus now shifts to scaling into this capacity,” Aggarwal said.
He said the cells produced in the Gigafactory will feed Ola’s auto business and also get revenue and growth in the energy storage opportunity both in India and globally. On the vehicle side, the company earlier lowered its full-year sales guidance to 220,000 units from 325,000–375,000 units. Even meeting that target appears difficult, with 153,538 units sold in first nine months of FY26.
Service issues hit trust, sales; Ola bets on faster fixes
Aggarwal attributed the muted vehicle sales to a slowdown in EV penetration and service execution challenges. “We do have a service challenge which has impacted brand trust and hence sales are down in the last couple of quarters,” he said. He added that the company has outlined a sales recovery and growth plan through service stabilisation and product interventions, including more competitive pricing and longer-range offerings. “We are now completing 80% of service tickets on the same day. We do have some journey to cover and brand trust will take its time to recover,” he said.
Total expenses halved to ₹741 crore, with operating expenses declining 34% to ₹432 crore. Consolidated adjusted operating Ebitda improved to negative ₹323 crore from negative ₹494 crore a year earlier. Automotive segment Ebitda also improved to negative ₹167 crore from negative ₹373 crore. The company attributed the improvement to cost optimisation measures, noting that 85–90% of its consolidated operating expenses are fixed, with only 10–15% variable. “At a steady-state opex of ₹250–300 crore per quarter, Ebitda breakeven reduces to 15,000 units per month,” Aggarwal said. Consolidated gross margin improved to 34.3% from 18.6% in the year-ago period.
Shares of Ola Electric closed flat at ₹30.92 on the NSE. The results were announced after market hours.
