Ola Electric sees sharp 50% fall in Q1 FY26 revenue, losses up 23%

Ola Electric’s revenue continues its downward spiral with yet another sharp drop in the latest quarter. The EV maker’s topline shrank by nearly 50% year-on-year during the first quarter of FY26. At the same time, the Bengaluru-based firm’s losses widened by 23.3%.

Ola Electric's revenue from operations reduced to 828 crore in Q1 FY26, compared to Rs 1,644 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 896 crore in Q1 FY26, down sharply from Rs 1,718 crore in the same quarter last year.

Procurement costs accounted for 58% of Ola Electric’s total expenses in Q1 FY26, standing at Rs 614 crore, according to the company’s disclosure on NSE. The company’s overall quarterly burn rose to Rs 1,065 crore, driven by additional spends on employee benefits, advertising, and technical support.

The shrinking scale pushed Ola Electric’s losses up 23.3% year-on-year to Rs 428 crore in Q1 FY26, compared to Rs 347 crore in the same quarter last year. However, on a sequential basis, which means when compared to Q4FY25, losses for Ola Electric narrowed by 50.8% while its revenue grew 35% QoQ.

Following the release of its quarterly results, Ola Electric was trading at Rs 39.95 per share as of 11:25 AM on Monday, hitting its 52-week low. The company’s market capitalization stood at Rs 17,612 crore ($2.1 billion), a steep 75.6% decline from its 52-week high in August last year, when it was valued at $8.1 billion.