Ola Electric Revenue Falls 55% in Q3 FY26 as Net Loss Widens Over 16% QoQ

Ola Electric Mobility announced its Q3 FY26 results on Friday, reporting a 31.9% sequential decline in revenue and a net loss of ₹487 crore.

Consolidated revenue from operations stood at ₹470 crore in Q3 FY26, down 31.9% from ₹690 crore in Q2 FY26 and 55% lower than ₹1,045 crore in Q3 FY25. The company delivered 32,680 electric two-wheelers (E2Ws) during the quarter.

The consolidated net loss widened 16.5% quarter-on-quarter to ₹487 crore, compared with ₹418 crore in Q2. However, on a year-on-year basis, the loss narrowed by 13.7% from ₹564 crore in Q3 FY25.

However, the company recorded an improvement in its consolidated gross margin, which rose to 34.3%.

Ola Electric Q3 in Detail

Adjusted operating EBITDA loss increased 25% sequentially to ₹323 crore from ₹258 crore in Q2. On a year-on-year basis, it improved significantly, narrowing 34.6% from ₹494 crore in Q3 FY25.

The adjusted operating EBITDA margin deteriorated to negative 68.7%, compared with negative 37.4% in the previous quarter.

Total operating expenses also rose 3.8% quarter-on-quarter to ₹432 crore from ₹416 crore, but declined 34% compared with ₹654 crore in the year-ago period.

Commenting on the performance, an Ola Electric spokesperson said Q3 FY26 marked a “structural reset” for the company. The spokesperson noted that the company focused on strengthening fundamentals by improving service execution, restructuring costs and deepening vertical integration.

This, they said, has resulted in a leaner operating model with a lower breakeven point and industry-leading gross margins. With service metrics stabilising and its Gigafactory moving toward commercial-scale deployment, the company believes it is better positioned for the next phase of growth with improved operating leverage.

Ola Electric’s consolidated gross margin improved to 34.3% in Q3 FY26, up from 30.9% in Q2 FY26 and 18.6% in Q3 FY25. The margin expansion was supported by its vertically integrated manufacturing model and improved unit economics from its Gen 3 platform.

Ola Operational Changes

The company expects that ongoing cost-control measures will reduce quarterly consolidated operating expenses to ₹250–300 crore over the next few quarters.

This is projected to lower the EBITDA breakeven level to approximately 15,000 units per month. As demand recovers, the company believes its current operating model could support three to four times volume growth with limited incremental operating expenses, resulting in stronger operating leverage and a clearer path to sustainable profitability.

Ola Electric also continued expanding its Hyperservice programme to improve customer experience.

Under this initiative, the company enhanced spare parts availability, increased technician hiring and training, strengthened service governance and deployed AI-led automation for faster diagnostics and job processing. As a result, service backlogs have nearly halved, from a peak wait time of 14 days to around 7–8 days currently, with approximately 80% of service requests now being completed on the same day.