Ola Electric’s revenue took a major hit in the second quarter of FY26. The electric vehicle company’s revenue declined by 43.16 per cent YoY in the quarter. The company reported a consolidated revenue of Rs 690 crore from operations in Q2 FY26. Last fiscal year, its consolidated revenue stood at Rs 1,214 crore in Q2.
While its revenue saw a significant decline, Ola Electric’s losses contracted to Rs 418 crore in the second quarter of FY26. The Bhavish Aggarwal-led company’s losses in Q2 FY25 were at Rs 495 crore.
Ola Electric’s auto segment turns profitable for the first time, as gross margin increased to 30.7per cent. The company’s auto business achieved positive EBITDA of 0.3%, compared to -5.3% in Q1 FY26, marking the company’s first quarter of auto EBITDA profitability.
Ola Electric sales decline
Ola Electric’s scooter sales declined by 46 per cent on a yearly basis. The company’s EV sales came down to 52,666 units in Q2 FY26 from 98,619 units in the same quarter of FY25. In the first quarter of the current fiscal year, Ola Electric’s total sales were 68,192 units.
Ola Electric was once the top seller of electric scooters, but now the startup has slipped to the 5th position in monthly sales as the legacy companies like Hero and Bajaj gain market share.
In October, according to the Vahan data, Ola Electric sold just 6,335 units, while Bajaj Auto, which currently leads the market, sold 12,620 electric scooters. TVS, Ather, and Hero ranked second, third, and fourth in October, with sales of 12,246, 10,777, and 7,258 units, respectively.