In a period described by management as a “structural reset,” Ola Electric Mobility Ltd reported a sharp 55% year-on-year (YoY) decline in revenue for the third quarter ended December 31, 2025. According to financial results released on February 13, 2026, consolidated revenue from operations fell to ₹470 crore, down from ₹1,045 crore in the same quarter last year.
The company attributed the slump to a deliberate decision to “fix the fundamentals” of its service execution and cost structure rather than chasing short-term sales volume.
Q3 FY26 Financial & Operational Snapshot
The quarter was marked by a significant drop in vehicle deliveries, which impacted the top line, though the company managed to improve its gross margins through vertical integration.
| Metric | Q3 FY25 | Q3 FY26 | Change (YoY) |
| Revenue from Operations | ₹1,045 Cr | ₹470 Cr | ↓ 55.0% |
| Net Loss | ₹564 Cr | ₹487 Cr | Narrowed 13.7% |
| Scooter Deliveries | 84,029 Units | 32,680 Units | ↓ 61.1% |
| Consolidated Gross Margin | 18.6% | 34.3% | ↑ 1,570 bps |
Key Financial Notes:
- Loss Widening (QoQ): While the net loss narrowed compared to last year, it widened sequentially from the ₹418 crore loss reported in Q2 FY26.
- Cost Cutting: Total operating expenses dropped 34% YoY to ₹432 crore as the company reduced its retail footprint from 4,000 stores to approximately 700 stores.
- EBITDA Breakeven: CEO Bhavish Aggarwal stated the company has lowered its EBITDA breakeven point to approximately 15,000 units per month.
The Pivot: Cells and Energy Storage
With vehicle sales under pressure, Ola Electric is increasingly highlighting its progress in battery technology and stationary energy storage.
- 4680 Bharat Cells: Cell production doubled quarter-on-quarter to 72,418 units. The company has begun the commercial deployment of these in-house cells in customer vehicles and is now opening them up for third-party sales.
- Ola Shakti: The company officially entered the Battery Energy Storage System (BESS) market this quarter, targeting residential and commercial portable power solutions.
- Gigafactory Timeline: The installed capacity at the Ola Gigafactory is currently 2.5 GWh, with plans to scale to 6 GWh by March 2026.
Addressing the Service Crisis
Acknowledging that service execution issues had severely eroded brand trust, the company reported progress on its “Hyperservice” initiative:
- Backlog Reduction: The service backlog has been halved, with peak wait times dropping from 14 days to 7–8 days.
- Same-Day Resolution: Approximately 80% of service requests are now reportedly being completed on the same day.
- AI Diagnostics: The company has deployed AI-led automation to speed up diagnostics and job card processing for technicians.
Market Reaction: A New All-Time Low
Following the earnings announcement, Ola Electric’s shares touched a record low of ₹30.41 on the BSE on February 13, 2026, before closing at ₹30.90. The stock has now declined more than 50% from its August 2024 listing price of ₹76.
“Q3 marks a structural reset. We chose to fix the fundamentals—restoring service, resetting our cost structure, and deepening vertical integration. The result is a leaner operating model with materially lower breakeven.” — Bhavish Aggarwal, CMD, Ola Electric.
