Ola Electric Mobility Ltd reported a narrower consolidated net loss of Rs 418 crore for the September quarter (Q2 FY26), compared with a loss of Rs 495 crore in the corresponding period last year. Revenue from operations, however, declined 43 percent year-on-year to Rs 690 crore from Rs 1,214 crore in the same quarter last year, indicating weaker sales performance during the period.
The electric two-wheeler maker Ola Electric's Operating EBITDA loss also improved to Rs 203 crore in Q2 FY26 from Rs 379 crore a year earlier, reflecting better cost efficiency despite lower topline.
Ola Electric also reported its first-ever profitable quarter for the auto business in Q2 FY26, posting a positive Ebitda margin of 0.3% compared with -5.3% in the previous quarter. Gross margins expanded by 510 basis points sequentially to 30.7%, the firm said in a statement on November 6.
Operating expenses in the auto segment fell to Rs 258 crore from Rs 308 crore in Q1. Consolidated operating expenses were Rs 416 crore, down from Rs 451 crore. The company expects auto opex to decline to around Rs 225 crore by Q1 FY27.
According to the company's statement, sales of the Roadster model were four times higher than in Q1, peaking at 450 units a day during the festive season. The model now accounts for about 15% of total sales.
During the quarter, Ola commissioned 2.5 GWh capacity at its Gigafactory, making it India’s first operational gigawatt-scale cell manufacturing facility. The company aims to reach 5.9 GWh by March 2026 and plans to expand to 20 GWh by the second half of FY27.
Ola also launched Ola Shakti, a residential battery energy storage system built using in-house 4680 Bharat Cells. The company expects Rs 100 crore in revenue from the product in Q4 FY26 and between Rs 1,000 crore and Rs 1,200 crore in FY27, with gross margins of 40–50%.
Outlook
For the second half of FY26, Ola targets deliveries of around 1,00,000 units and expects full-year consolidated revenue of Rs 3,000–3,200 crore.
The company projects auto gross margins of about 40% and segment EBITDA of 5% by Q4, with the cell business beginning to contribute revenue in the same period.
Ola Electric stock fell after the Q2 results, and was trading at Rs 49.4 on NSE at about 10.30 am, down 1.3 percent from the previous close.
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