Ola Electric Q3 Results: Net loss narrows to ₹487 crore even as revenue plunges 55% YoY

Ola Electric Q3 Results: Ola Electric Mobility on Friday, February 13, posted a narrower consolidated loss for the December-ended quarter of the ongoing fiscal year 2025-2026 (FY26) despite a sharp decline in the topline.

Ola Electric's Q3 FY26 loss came in at ₹487 crore as against ₹564 crore in the same period last year. However, on a sequential basis, the figure was higher than a ₹410-crore loss posted for the September quarter of FY26.

According to a Reuters report, lower manufacturing costs for its new lineup of models helped partly offset a sales slump. The company also recognised a one-time charge of ₹5.07 crore on account of the new labour code.

Ola's revenue for the quarter under review came in at ₹470 crore as against ₹1045 crore, down 55% year-on-year and 31.88% quarter-on-quarter (QoQ) amid a sharp decline in sales for the three-months ended December.

According to the company data, Bhavish Aggarwal-led firm sold 32,680 units during October-December, significantly lower than over 84,000 units in the corresponding quarter of last year. The flagship automotive sector revenue declined to ₹467 crore from ₹1045 crore a year-ago and the cell segment revenue jumped threefold to ₹9 crore.

Adjusted operating EBIDTA loss was at ₹323 crore from ₹(-)494 crore in the December quarter last year. Margins came in at -68.7% versus -47.3% on a YoY basis.

Commenting on the performance, Ola Electric spokesperson said, “Q3 FY26 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 EBITDA breakeven reset to ~15,000 units

The company said that it has undertaken a comprehensive transformation of its operations through store and service network optimisation and AI-led automation, which are expected to bring quarterly consolidated opex down to ₹250-300 crore in the next couple of quarters.

This would also lower Ola's EBITDA breakeven to about 15,000 units per month.

"As demand recovers, this operating model is expected to enable up to 3-4x volume scaling with minimal incremental opex, resulting in strong operating leverage and a clearer path to sustainable profitability.

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