Ola Electric Q4 results showed a sharp loss and falling revenue, sending a clear signal to investors and EV fans alike. The electric scooter maker reported a net loss of Rs 870 crore in the March quarter, more than double the Rs 416 crore loss from last year’s same period. Revenue fell dramatically by 62%, dropping to Rs 611 crore from Rs 1,598 crore in Q4FY24.
What does this mean for the average Indian buyer? For now, it means Ola Electric is navigating some tough roads, but it’s not hitting the brakes. The company plans to bounce back with new products and a fresh focus on profitability by FY26.
Shares of Ola Electric nudged up slightly by 0.6%, closing at Rs 53.24 on the BSE, showing cautious optimism from the market. Despite the losses, Ola’s strategy includes a robust product roadmap, deeper vertical integration, and strong R&D efforts. The company is betting on these to speed up EV adoption in India — not just scooters, but motorcycles too.
The vehicle registration numbers add more context to this story. Ola Electric’s deliveries dropped over 52% year-on-year to 56,760 units in the quarter. Interestingly, the entry-level models made up almost 70% of sales, compared to 43.1% a year ago. It’s clear Ola is focusing on affordable rides to keep EVs accessible to many.
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Cash flow is a concern, as Ola looks to raise up to Rs 1,700 crore in new debt to refinance existing loans. But the company is optimistic about hitting auto segment EBITDA profitability by FY26. They expect to break even at under 25,000 units sold, thanks in part to their new Gen 3 platform.
Gen 3’s rollout was a bright spot, helping improve gross margins in Q4. The company forecasts a further 10 percentage point jump in gross margins for Q1FY26, aiming for about 35% in Q2FY26 with incentives from the Production Linked Incentive (PLI) scheme kicking in.
To put it simply, Ola Electric is not out of the race. They delivered 3,59,221 units in FY25, maintaining a lead in the electric two-wheeler segment and pushing India closer to widespread EV use.
In this electric tug of war, Ola’s losses feel like the price of an early innings in a game that’s just heating up. With Gen 3 and plans for profitability, Ola Electric Q4 results are a chapter in a longer story — one where India’s EV market could soon power up faster than ever.
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