Ola Electric Q1 Results: Losses Widen, Revenue Halves

Ola Electric Mobility Ltd. losses during the April-June period widened, but was lesser than anticipated. The net loss of the Bhavish Aggarwal-led company stood at Rs 428 crore during the first quarter of the ongoing financial year ending March 2026, compared with Rs 347 crore clocked in the year-ago period, according to its notification to the stock exchanges. Analysts tracked by Bloomberg had pegged the losses at Rs 452 crore.

Ola Electric's auto gross margins improved from 13.8% in Q4 FY25 to 25.6% in Q1 FY26. It is likely to witness further upside from PLI benefits Q2 onwards. As many as 68,192 vehicles were delivered in Q1 FY26, reporting an increase of 32.7%, compared to the preceding quarter. The auto business turned EBITDA positive in June 2025. The newly introduced Gen 3 scooters accounted for 80% of total scooter sales during the quarter.

• Revenue down 49.6% to Rs 828 crore versus Rs 1,644 crore (Bloomberg estimate: Rs 735 crore).

• Ebitda loss at Rs 237 crore versus Rs 205 crore (Bloomberg estimate: Rs 287 crore).

• Net loss widens to Rs 428 crore versus Rs 347 crore (Bloomberg estimate: Rs 452 crore).

Ola Electric Mobility's inventory spiked to Rs 153 crore from Rs 12 crore in the year-ago period. On the company's outlook, Ola Electric expects FY26 volumes to be around 3.25-3.75 lakh vehicles. The company expects to sell between 3,25,000 to 3,75,000 vehicles and generate revenue of Rs 4,200- 4,700 crore.

With the production linked incentive (PLI) benefits beginning from Q2 for Gen 3 product portfolio, gross margin is projected to rise to 35% - 40%, and the company anticipates full-year auto EBITDA of above 5%.

The company also expects the auto business to remain EBITDA positive from Q2 onwards. The auto capex would largely be around Rs 300 crore for the remaining of FY26. The auto business is likely to generate an operating cashflow later in FY26. The hasn't planned any new product or manufacturing capex in 2025.