Ola Electric Q3FY26 result: Loss narrows to ₹487 cr, revenue drops 55%

Ola Electric's Q3 revenue decline was due to a steep drop in the company's scooter sales to 32,680 units from 84,029 units in Q3FY25

Electric vehicle (EV) maker Ola Electric on Friday reported a consolidated net loss of ₹487 crore in the third quarter of the financial year 2025-26 (Q3FY26), down from ₹564 crore in the same quarter last year. However, on a sequential basis, the company's losses widened from ₹418 crore in Q2FY26.

 

The SoftBank-backed startup also included a cost of ₹5.06 crore arising out of the implementation of new Labour codes.

 

Its revenue from operations dropped 55 per cent year-on-year (Y-o-Y) to ₹470 crore, from ₹1,045 crore in Q3FY25. Sequentially, revenue fell around 32 per cent from ₹690 crore in Q2FY26.

 

The decline was due to the steep drop in the company's scooter sales to 32,680 units in Q3FY26 from 84,029 units during the same period last year. 

 

The company, however, said that it consolidated gross margin improved to 34.3 per cent, up 15.7 percentage points Y-o-Y. 

 

"Q3FY26 marks a structural reset for Ola Electric. We chose to fix the fundamentals by restoring service execution, resetting our cost structure, and deepening vertical integration. The result is a leaner operating model with materially lower breakeven and industry-leading gross margins. With service metrics stabilising and our Gigafactory transitioning into commercial scale deployment, we are positioned to enter the next phase of growth with significantly improved operating leverage,"  Ola Electric's spokesperson said.

 

The company also said that the increased automation and recent job cuts are expected to bring quarterly operating expenses to ₹250-300 crore. Its total expense during Q3FY26 stood at ₹714 crore, the company said.

 

Shares of Ola Electric closed largely flat at ₹30.9 apiece on the BSE on Friday, ahead of the results announcement.