Ola Electric Stock Jumps 35% in 10 Days on PLI Nod, New Scooter Launch Plans

Ola Electric share price continues to show strong momentum on the Bombay Stock Exchange (BSE) as it jumped 9.7% in early trade on Thursday. The stock was trading at 9.31% higher at ₹55.50 at 11:35 am. The company’s market capitalisation reached ₹24,475.10 crore.

The EV maker has been showing upward trend over the last few days due to improvement in its financial performance, plans to use its own battery cells in EVs, announcement of new scooter launch, and receiving the PLI certification for its Gen3 scooter portfolio. Since August 18, the stock has surged approximately 35%.

The certification was granted by the Automotive Research Association of India (ARAI) to all seven Ola S1 Gen 3 scooters. With this milestone, Ola Electric's Gen 2 and Gen 3 scooter portfolio now stands PLI-certified.

The Gen 3 portfolio, comprising S1 Pro 3 kWh, S1 Pro 4 kWh, S1 Pro+ 4 kWh, S1 X 2 kWh, S1 X 3 kWh, S1 X 4 kWh and S1 X+ 4 kWh, represents the majority of the company's current sales. The company stated that this certification is set to significantly enhance Ola Electric's profitability from Q2 FY26 onwards.

The PLI certification makes Ola Electric eligible for incentives ranging from 13% to 18% of the determined sales value (DSV) until 2028. 

Ola Electric's Q1 FY26 Financials

The company's consolidated net loss increased to ₹428 crore for the quarter ended June 2025. While there is more than 49% fall in revenue (YoY) to ₹828 crore  from ₹1,644 crore, the EV maker met its tip-line guidance and witnessed a sequential growth of over 35% from ₹611 crore in the first quarter of FY26.

In addition, the company’s EBITDA margin of auto segment also turned positive in June – for the first time by Ola Electric. It also reported its best gross margin so far, which stood at 25.6%. Ola’s better-than-expected margin performance has been fueled by the demand for its Gen 3 scooters, Roadster bikes, and the high-margin MoveOS+ software.

It has also reduced its auto operating expenses to ₹105 crore per month from ₹178 crore in Q3 FY25, under its cost-cutting program called ‘Lakshya’.

“There is more room to optimise opex over the coming quarters and we will be targeting bringing this down further to ₹130 crore a month (iso-volume) through FY26. Even with doubling the volume, consolidated opex at FY26 exit should remain around ₹150 crore a month,” the company said.

Ola Electric significantly trimmed its Q1 expenses, which dropped 42.4% year-on-year to ₹1,065 crore. This helped narrow consolidated EBITDA losses to ₹237 crore, with the margin improving sharply to -28.6% from -113.9% in the prior quarter. The auto segment also showed progress, with EBITDA improving to -11.6%.