Ola Electric Q3 revenue falls 55% YoY to Rs 470 crore; net loss narrows to Rs 487 crore

Ola Electric

• Ola Electric's Q3 revenue dropped 32% to Rs 470 crore
• Deliveries dropped 38 percent quarter-on-quarter to 32,680 units
• Gross margin improved to 34.3 percent in Q3 FY26

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Ola Electric Mobility Ltd reported a 32 percent sequential decline and a 55 percent year-on-year drop in revenue for the December quarter (Q3 FY26), even as gross margins improved, according to the company's financial filings with the BSE .

Revenue from operations fell to Rs 470 crore in Q3 FY26, down 31.9 percent from Rs 690 crore in Q2 FY26 and 55 percent from Rs 1,045 crore in Q3 FY25.

Deliveries declined 38 percent quarter-on-quarter and 61 percent year-on-year to 32,680 units, compared with 52,666 units in Q2 and 84,029 units a year earlier.

The consolidated net loss widened 16.5 percent sequentially to Rs 487 crore in Q3 from Rs 418 crore in Q2. However, the loss narrowed 13.7 percent compared with Rs 564 crore in the year-ago period.

Adjusted operating EBITDA loss increased 25 percent quarter-on-quarter to Rs 323 crore from Rs 258 crore in Q2, but narrowed 34.6 percent from Rs 494 crore in Q3 FY25.

The adjusted operating EBITDA margin deteriorated to negative 68.7 percent from negative 37.4 percent in the previous quarter.

Consolidated gross margin improved to 34.3 percent in Q3 FY26, up 3.4 percentage points sequentially from 30.9 percent and 15.7 percentage points year-on-year from 18.6 percent. Gross profit stood at Rs 161 crore, down 24.4 percent sequentially but lower by 17 percent from Rs 194 crore in Q3 FY25.

Total operating expenses rose 3.8 percent quarter-on-quarter to Rs 432 crore from Rs 416 crore, but declined 34 percent from Rs 654 crore a year ago.

In the automotive segment, revenue fell 32 percent sequentially to Rs 467 crore, while adjusted operating EBITDA loss widened 63.7 percent to Rs 167 crore from Rs 102 crore in Q2.

Cash and cash equivalents declined 31.4 percent quarter-on-quarter to Rs 1,991 crore at the end of December, from Rs 2,903 crore at the end of September.

Ahead of earnings the stock ended at 30.09 Apiece.