Ola Electric revenue declines 55% to Rs 470 Cr in Q3 FY26

Ola Electric’s revenue continues its downward spiral with yet another sharp drop in the latest quarter. The EV maker’s revenue shrank by 55% year-on-year during the third quarter of FY26. However, the Bengaluru-based firm managed to cut its losses by 14% in the period.

Ola Electric's revenue from operations reduced to 470 crore in Q3 FY26, compared to Rs 1,045 crore in the previous year of the same quarter, its consolidated financial statements sourced from the National Stock Exchange (NSE) show.

Electric scooter sales remained the primary revenue driver for Ola Electric in the first quarter of FY26, while battery sales contributed only a marginal portion. Other income related to batteries and automobiles took the company’s total revenue of Rs 504 crore in Q3 FY26, down sharply from Rs 1,172 crore in the same quarter last year.

Procurement costs accounted for 31% of Ola Electric’s total expenses in Q3 FY26, standing at Rs 309 crore, according to the company’s disclosure on NSE. Employee benefits decreased by 10% to Rs 92 crore in Q3 FY26. Overall, the company controlled its total expense decreased by 43% to Rs 991 crore in Q3 FY26 from Rs 1,736 in Q3 FY25.

Small scale and controlled expenses helped Ola Electric to cut its losses by 14% year-on-year to Rs 487 crore in Q3 FY26, compared to Rs 564 crore in the same quarter last year. On a sequential basis, the company’s losses increased 17% from Rs 418 crore in Q2 FY26.

Last month, Ola Electric's Chief Financial Officer, Harish Abichandani, resigned for personal reasons, according to a regulatory filing. Deepak Rastogi has been approved by the board as the new CFO and Key Managerial Personnel.

Ola Electric’s electric two-wheeler market share fell from 24.8% in January 2025 to under 6% in January 2026 as registrations declined. In contrast, Ather Energy increased its share during the period, while TVS Motor and Bajaj Auto maintained steady volumes. The shift indicates a redistribution of market share among established and emerging players.

Following the release of its quarterly results, Ola Electric was trading at Rs 31 per share at the end of the trading session. The company’s market capitalization stood at Rs 13,638 crore ($1.5 billion).