Ola Electric Mobility Limited is India’s leading electric two-wheeler company and operates in EV scooters

Strengths Strong brand recognition and first-mover advantage in India’s electric scooter market. Vertically integrated business model with in-house manufacturing, battery cells, software and EV ecosystem. Gross margin improved to 34.3% in Q3 FY26, which is among the best in the Indian electric two-wheeler industry. Weaknesses Revenue fell sharply by 55% YoY to ₹470 crore in Q3 FY26 because deliveries dropped 61% to only 32,680 units. The company continues to make large losses. Net loss stood at ₹487 crore in Q3 FY26, which is even higher than quarterly revenue. Ola has been losing market share rapidly as competitors strengthen their presence. Analysts estimate the company’s share has fallen from around 50% in early 2024 to nearly 5–6% by early 2026. Opportunities India’s electric two-wheeler market still has strong long-term growth potential because EV penetration remains low. If Ola successfully completes its “structural reset,” improves service quality and reduces costs, the company could return to profitability faster than expected. Expansion into motorcycles, battery cells and energy storage products can diversify the business beyond scooters. Threats Competition is increasing sharply from players such as Ather Energy Limited, TVS Motor Company and Bajaj Auto Limited, which are gaining market share. Analysts have cut future sales estimates by more than 30% because of slowing EV demand and stronger demand for petrol scooters after GST changes. If the company cannot stabilise sales in the next few quarters, further cash burn may require fresh fundraising or dilution. SEBI Registered Research Analyst Disclaimer (INH000013174): This analysis is prepared only for educational and informational purposes and should not be considered as investment advice, buy recommendation or sell recommendation. Investors should do their own research and consult their financial advisor before taking any investment decision. Registration No.: INH000013174.