Mumbai’s electric two-wheeler giant Ola Electric unveiled its Q3 FY26 results on Friday, painting a grim picture of its financial health. Operational revenue for the October-December quarter plummeted 55.02% year-on-year to ₹470 crore, down sharply from ₹1,045 crore in the same period last year. Total revenue followed suit, slumping 56.99% to ₹504 crore from ₹1,172 crore.
The company remains mired in losses, posting a net loss of ₹487 crore in the quarter, a slight improvement from ₹564 crore YoY but worse than the ₹418 crore loss in the previous September quarter. Despite the revenue nosedive, expenses dropped significantly by 50.76% to ₹741 crore from ₹1,505 crore, largely due to a 74% cut in material costs to ₹223 crore from ₹867 crore. This points to scaled-back production amid challenging market conditions.
Ola Electric’s stock reflected the woes, closing 0.26% lower at ₹30.9 after hitting a 52-week low of ₹30.41. The share has shed 51.90% over the past year and 17.59% year-to-date. Adding to the pressures, the firm announced layoffs last month, impacting about 5% of its workforce as part of structural changes aimed at streamlining operations.
Company statements emphasize a focus on customer experience and sustainable growth. Ola claims early wins from its HyperService model, resolving over 80% of service requests on the same day nationwide. As it battles headwinds in India’s competitive EV space, investors watch closely for signs of recovery and a path to profitability.