Ola Electric Mobility Ltd Share Price – NSE /  BSE

Automobile, Small Cap

Deliveries stood at 32,680 units in Q3 FY26, down 61.1% YoY from 84,029 units and down 37.9% QoQ from 52,666 units. Premium deliveries fell 79.3% YoY to 6,065 units and declined 54.8% QoQ. Mass segment deliveries dropped 51.4% YoY and 32.2% QoQ to 26,612 units.

However, cells produced rose sharply to 72,418 units, up 90.2% QoQ from 38,080 units.

On a consolidated basis, revenue from operations stood at Rs 470 crore, declining 55.0% YoY from Rs 1,045 crore and 31.9% QoQ from Rs 690 crore. Automotive and cell sales dropped 53.1% YoY and 35.5% QoQ to Rs 433 crore. Production-linked incentive income declined 69.4% YoY, though increased 94.7% QoQ to Rs 37 crore.

Gross profit came in at Rs 161 crore, down 17.0% YoY and 24.4% QoQ. However, gross margin improved to 34.3%, compared with 30.9% in Q2 FY26 and 18.6% in Q3 FY25.

Total operating expenses stood at Rs 432 crore, down 33.9% YoY, but up 3.8% QoQ. R&D expenses rose 124.1% YoY and 8.3% QoQ to Rs 65 crore. SG&A expenses declined 38.1% YoY and 4.4% QoQ, while other operating expenses fell 42.2% YoY but increased 5.6% QoQ.

Adjusted operating EBITDA loss stood at Rs 323 crore, widening from Rs 258 crore in Q2 FY26 but improving from Rs 494 crore in Q3 FY25. Operating EBITDA margin was -68.7%, compared with -37.4% in Q2 FY26 and -47.3% a year ago.

Net loss for the quarter stood at Rs 487 crore, widening from Rs 418 crore in Q2 FY26 but narrowing compared with Rs 564 crore in Q3 FY25.

Cash flow from operations remained negative at Rs 575 crore in Q3 FY26, compared with a negative Rs 255 crore in Q2 FY26 and negative Rs 851 crore in Q3 FY25.

Free cash flow stood at negative Rs 781 crore in Q3 FY26, compared with negative Rs 405 crore in Q2 FY26 and negative Rs 1,076 crore in Q3 FY25.

In the automotive segment, revenue from operations stood at Rs 467 crore, down 55.3% YoY from Rs 1,045 crore and lower by 32.1% QoQ from Rs 688 crore. Adjusted operating EBITDA loss stood at Rs 167 crore, improving significantly from a loss of Rs 373 crore in Q3 FY25 but widening from a loss of Rs 102 crore in Q2 FY26. Adjusted EBITDA margin was -35.8%, broadly in line with -35.7% YoY, but weaker than -14.8% in Q2 FY26.

In the cell segment, revenue from operations stood at Rs 9 crore, up from Rs 3 crore in Q3 FY25 and Rs 4 crore in Q2 FY26, reflecting scaling up of cell operations. Adjusted operating EBITDA loss widened to Rs 39 crore, compared with losses of Rs 8 crore in Q3 FY25 and Rs 27 crore in Q2 FY26. Adjusted EBITDA margin deteriorated sharply to -228.5%, versus -29.6% YoY and -100.0% QoQ.

Ola Electric spokesperson said, Q3 FY26 marks a structural reset for Ola Electric. We chose to fix the fundamentals by restoring service execution, resetting our cost structure, and deepening vertical integration. The result is a leaner operating model with materially lower breakeven and industry-leading gross margins. With service metrics stabilising and our Gigafactory transitioning into commercial scale deployment, we are positioned to enter the next phase of growth with significantly improved operating leverage.

Ola Electric Mobility is India's leading electric vehicle (EV) manufacturer. It specialises in the vertical integration of technology and manufacturing for EVs and their components, including battery cells.

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Deliveries stood at 32,680 units in Q3 FY26, down 61.1% YoY from 84,029 units and down 37.9% QoQ from 52,666 units. Premium deliveries fell 79.3% YoY to 6,065 units and declined 54.8% QoQ. Mass segment deliveries dropped 51.4% YoY and 32.2% QoQ to 26,612 units.

However, cells produced rose sharply to 72,418 units, up 90.2% QoQ from 38,080 units.

On a consolidated basis, revenue from operations stood at Rs 470 crore, declining 55.0% YoY from Rs 1,045 crore and 31.9% QoQ from Rs 690 crore. Automotive and cell sales dropped 53.1% YoY and 35.5% QoQ to Rs 433 crore. Production-linked incentive income declined 69.4% YoY, though increased 94.7% QoQ to Rs 37 crore.

Gross profit came in at Rs 161 crore, down 17.0% YoY and 24.4% QoQ. However, gross margin improved to 34.3%, compared with 30.9% in Q2 FY26 and 18.6% in Q3 FY25.

Total operating expenses stood at Rs 432 crore, down 33.9% YoY, but up 3.8% QoQ. R&D expenses rose 124.1% YoY and 8.3% QoQ to Rs 65 crore. SG&A expenses declined 38.1% YoY and 4.4% QoQ, while other operating expenses fell 42.2% YoY but increased 5.6% QoQ.

Adjusted operating EBITDA loss stood at Rs 323 crore, widening from Rs 258 crore in Q2 FY26 but improving from Rs 494 crore in Q3 FY25. Operating EBITDA margin was -68.7%, compared with -37.4% in Q2 FY26 and -47.3% a year ago.

Net loss for the quarter stood at Rs 487 crore, widening from Rs 418 crore in Q2 FY26 but narrowing compared with Rs 564 crore in Q3 FY25.

Cash flow from operations remained negative at Rs 575 crore in Q3 FY26, compared with a negative Rs 255 crore in Q2 FY26 and negative Rs 851 crore in Q3 FY25.

Free cash flow stood at negative Rs 781 crore in Q3 FY26, compared with negative Rs 405 crore in Q2 FY26 and negative Rs 1,076 crore in Q3 FY25.

In the automotive segment, revenue from operations stood at Rs 467 crore, down 55.3% YoY from Rs 1,045 crore and lower by 32.1% QoQ from Rs 688 crore. Adjusted operating EBITDA loss stood at Rs 167 crore, improving significantly from a loss of Rs 373 crore in Q3 FY25 but widening from a loss of Rs 102 crore in Q2 FY26. Adjusted EBITDA margin was -35.8%, broadly in line with -35.7% YoY, but weaker than -14.8% in Q2 FY26.

In the cell segment, revenue from operations stood at Rs 9 crore, up from Rs 3 crore in Q3 FY25 and Rs 4 crore in Q2 FY26, reflecting scaling up of cell operations. Adjusted operating EBITDA loss widened to Rs 39 crore, compared with losses of Rs 8 crore in Q3 FY25 and Rs 27 crore in Q2 FY26. Adjusted EBITDA margin deteriorated sharply to -228.5%, versus -29.6% YoY and -100.0% QoQ.

Ola Electric spokesperson said, Q3 FY26 marks a structural reset for Ola Electric. We chose to fix the fundamentals by restoring service execution, resetting our cost structure, and deepening vertical integration. The result is a leaner operating model with materially lower breakeven and industry-leading gross margins. With service metrics stabilising and our Gigafactory transitioning into commercial scale deployment, we are positioned to enter the next phase of growth with significantly improved operating leverage.

Ola Electric Mobility is India's leading electric vehicle (EV) manufacturer. It specialises in the vertical integration of technology and manufacturing for EVs and their components, including battery cells.

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Ola Electric Mobility will hold a meeting of the Board of Directors of the Company on 13 February 2026.

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Ola Electric today announced the commencement of deliveries of Ola Shakti 9.1kWh, the country's first residential Battery Energy Storage System (BESS) solution powered by 4680 Bharat Cells. Deliveries of the 6kW/9.1kWh configuration of Ola Shakti have begun today in Bengaluru, and will be scaled up across India in the coming months.

Ola Electric also announced that it has secured the Bureau of Indian Standards (BIS) certification for the 3kW/5.2kWh configuration of Ola Shakti , in continuation of the BIS certification received earlier for the 6kW/9.1kWh variant on January 15, 2026. With this, Ola Electric is now certified to manufacture and sell both versions of Ola Shakti across India.

The 3kW/.5.2kWh variant underwent BIS mandatory certification in compliance with safety and environmental standards as per IS 16242 (PART1): 2025 / IEC 62040-1: 2017, including a comprehensive set of safety-critical evaluations covering short-circuit protection, overload protection, electric shock protection, electric energy hazard protection, environmental hazard protection, fire and thermal hazard protection, ingress protection, sonic pressure hazard protection, as well as wiring and connection safety.

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