However, revenue from operations dropped 55% year-on-year to Rs 470 crore, reflecting slower EV penetration and weaker volumes.
Adjusted operating EBITDA losses also improved significantly, narrowing to Rs 323 crore in the third quarter from Rs 494 crore a year ago.
In its Shareholders’ Letter for Q3 FY26, Ola Electric described the quarter as a “structural reset”. The company said it has realigned its retail footprint, cost structure, and operating model to focus on strengthening fundamentals rather than chasing short-term volumes. This recalibration, management noted, has resulted in a structurally lower volume breakeven point and improved operating leverage.
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Ola Electric highlighted that it has invested around Rs 5,300 crore in manufacturing infrastructure, battery innovation, and R&D platforms, calling it one of the largest EV-focused investments among Indian OEMs and a key competitive advantage.
During the quarter, the company reported a record consolidated gross margin of 34.3%, expanding 15.7 percentage points year-on-year and 3.4 percentage points sequentially. The margin improvement was attributed to vertical integration, Gen3 platform economics, and tighter cost discipline. The company reiterated its guidance of achieving gross margins in the 35–40% range in FY27.
Ola Electric further stated that its heavy capital expenditure cycle is largely complete, with the final phase of its Gigafactory expected to be wrapped up by March 2026. Its current manufacturing capacity stands at 1 million vehicles and 6 GWh of cell capacity. Going forward, the focus will shift towards scaling revenues to an estimated Rs 15,000–20,000 crore over the next few years.
On the technology front, the company said its Rs 2,000 crore investment in R&D has matured into a Gen3 architecture platform aimed at delivering improved quality, stronger unit economics, and sharper product differentiation.
Ola Electric Mobility shares closed almost unchanged on the NSE on Friday, slipping marginally by 0.26% to settle at Rs 30.89.
On the technical front, the Relative Strength Index (RSI) stands at 35.8. Typically, an RSI reading below 30 indicates oversold conditions, while a level above 70 suggests the stock may be overbought.
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