Ola Electric shares hit an all-time low of ₹27.36, dropping 5% in Tuesday's session
Weak Q3 FY26 earnings triggered a two-day sell-off, with revenue down 31.9% sequentially
The stock fell 7% on Monday, extending losses as investors reacted to stagnant growth
Shares of Ola Electric fell around 5% on Tuesday to hit a fresh all-time low of ₹27.36, extending the plunge for a second straight session after the company reported weak quarterly results.
The stock had already dropped about 7% on Monday, touching ₹28.71.
3 February 2026
Get the latest issue of Outlook Business
The continued decline follows the Bhavish Agarwal-led EV maker’s Q3 FY26 earnings, which showed a sequential fall in revenue and continued losses.
The stock was trading at ₹28.26 as of 1 pm on the National Stock Exchange, down nearly 2% from its previous close of ₹28.83, reflecting sustained selling pressure after the earnings announcement.
Ola Electric Q3 Performance
The company reported consolidated revenue of ₹470 crore in Q3 FY26, down 31.9% from ₹690 crore in Q2 FY26 and 55% from ₹1,045 crore a year earlier.
Net loss stood at ₹487 crore, while adjusted operating EBITDA loss widened 25% quarter-on-quarter to ₹323 crore. The EBITDA margin deteriorated sharply to negative 68.7% from negative 37.4% in the previous quarter. Ola Electric delivered 32,680 electric two-wheelers during the quarter.
Despite the weak revenue performance, operating metrics showed some improvement. The company’s consolidated gross margin rose to 34.3%, compared with 30.9% in Q2 and 18.6% a year earlier, supported by its vertically integrated manufacturing model and improved unit economics from its Gen 3 platform. Total operating expenses increased 3.8% sequentially to ₹432 crore but declined 34% year-on-year.
Brokerages Say ‘Sell’ Ola
Citi has downgraded Ola Electric stock from “Buy” to “Sell” and cut its target price by 51% to ₹27 per share, down from ₹55 earlier. The brokerage cited slower-than-expected electric vehicle adoption, continued loss of market share, and growing balance-sheet concerns due to persistent cash burn. It also reduced its financial estimates and lowered the target EV-to-sales valuation multiple to 3.5x.
In a separate note, Emkay Global Financial Services said Ola Electric delivered a weak performance in the third quarter, even though the overall electric two-wheeler segment continues to show strong long-term growth.
The firm noted that while the industry is recovering after a temporary slowdown caused by GST changes, Ola Electric’s volumes declined to around 32,000 units in Q3, along with a drop in market share.
Similarly, Kotak Securities also issued a “Sell” rating on the stock, setting a target price of ₹20 per share. The brokerage said Ola Electric’s quarterly results fell short of expectations and showed no meaningful improvement in sales volumes.
