Ola Electric Reports ₹828 Crore Revenue in Q1 FY26 Despite 50% YoY Decline; Eyes ₹4,700 Crore for FY26
Ola Electric, India’s leading electric two-wheeler manufacturer, reported its financial results for the first quarter of FY26, posting ₹828 crore in revenue. While the figure marks a significant 50% decline compared to the same quarter last year, the company showed improvement on a sequential basis from the preceding quarter, signaling early signs of recovery and strategic recalibration.
The Q1 FY26 net loss stood at ₹428 crore, indicating the high capital burn and continued investment in scaling operations, R&D, and capacity expansion. However, the company highlighted that June 2025 was a turning point, as Ola’s auto business turned EBITDA positive for the first time—a key milestone in the path to profitability.
Despite the year-on-year dip, Ola Electric remains optimistic about its full-year performance. The company is targeting sales of up to 3.75 lakh electric two-wheelers and revenue of ₹4,700 crore in FY26. Achieving this target would mark a significant rebound and reflect strong demand in the upcoming quarters, especially with the festive season and new product launches lined up.
Founder and CEO Bhavish Aggarwal emphasized the long-term vision of Ola Electric and reaffirmed the company’s commitment to innovation and localization. Ola continues to invest heavily in its upcoming Gigafactory in Tamil Nadu, with plans to begin battery production later this year. The company believes in the long-term opportunity presented by India’s transition to electric mobility and views current losses as part of a growth-oriented strategy.
Ola Electric has also been expanding its product line-up, focusing on affordability and performance. The company recently launched its S1 X range aimed at price-sensitive buyers, while continuing to enhance its premium offerings with software updates like MoveOS 5.
With India’s EV market expected to grow rapidly over the next five years, Ola Electric’s strategic focus on vertical integration, indigenous manufacturing, and software-driven innovation could place it at the forefront of the industry—despite short-term financial headwinds.
As Ola navigates Q2 and beyond, all eyes will be on how it balances growth, cost-efficiency, and scale, especially in a highly competitive two-wheeler EV market that is witnessing increased participation from legacy OEMs and startups alike.
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