Ola Electric saw its sharpest rally in over three months on Wednesday, with the stock rising about 16% after the company reported a 150% month-on-month jump in electric two-wheeler sales for March.
The Bengaluru-based EV maker staged a recovery in business performance, with daily orders crossing 1,000 units in the last week of March 2026 and registrations climbing to 10,117 units, up from 3,973 units in February, according to the latest Vahan data.
Shares of Ola Electric rose to an intraday high of ₹26.36 on the NSE before settling at ₹25.89, up 14% from Monday’s close. Despite the rebound, the stock remains about 66% below its IPO price of ₹76 at the time of listing in August 2024. The shares had fallen to a low of ₹22.25 on March 16 after several brokerages downgraded the stock to ‘sell’ with a target price of ₹20, citing weak sales and concerns over the company’s shifting focus to its battery energy storage business.
The jump in monthly volumes also helped Ola Electric reclaim the fifth position in the electric two-wheeler sales rankings, which it ceded to smaller rival Greaves Electric in February.
Operational Overhaul
Ola Electric attributed the recovery in demand to improvements in its service operations. In an exchange filing, the company said that following a period of service-related challenges in recent months, it has implemented operational changes that have led to better turnaround times and customer experience, helping restore customer confidence and drive demand.
“Over 80% of vehicles are now serviced on the same day, enabled by improved parts availability, faster diagnostics, and tighter operational control across the network,” the company said.
Aggressive Pricing
Ola also launched a sales campaign in the last week of March offering the Gen 3 S1 X (2kWh) and Roadster X (2.5kWh) at a starting price of ₹49,999, along with benefits of up to ₹50,000 across its portfolio, which helped bump up the volumes. During the month, Ola Electric also became the first EV brand in India to cross 1 million cumulative registrations, as per VAHAN data.
The broader electric two-wheeler industry recorded 1.91 lakh registrations in March, the highest monthly tally so far, driven by a year-end sales push and pre-buying ahead of expected price increases due to rising raw material costs. The previous peak stood at 1.43 lakh units in October 2025 during the festive season.
TVS Motor retained its market leadership with a 26% market share, with its iQube and Orbiter electric scooters selling 49,453 units in March compared to 31,877 units in February. Bajaj Auto and Ather Energy held on to the second and third positions with market shares of 24% and 19%, respectively. Hero MotoCorp emerged as the fourth-largest player, with an 11% market share and 21,434 units sold during the month.