Ola Electric Narrows Losses in Q3 FY26 Amid Sharp Revenue Decline

Electric reported a consolidated net loss of ₹487 crore for the third quarter of FY26 (ended December 2025), an improvement from ₹564 crore in the same period last year, though it widened sequentially from ₹418 crore in Q2. Revenue from operations fell 55% year-on-year to ₹470 crore, down from ₹1,045 crore, primarily due to softer sales and deliveries dropping 61% YoY to 32,680 units. The company highlighted progress in cost management, with EBITDA loss narrowing to ₹271 crore from ₹460 crore YoY. Gross margins reached a record 34.3%, up significantly from 18.6% a year ago, driven by vertical integration and the Gen3 platform. Ola invested heavily in infrastructure, spending ₹5,300 crore on manufacturing, battery innovation, and R&D. Its Gigafactory doubled cell production quarter-on-quarter to 72,418 cells, achieved the first commercial deployment of in-house 4680 Bharat cells in customer vehicles, and launched Ola Shakti, a battery energy storage product powered by Gigafactory output. The firm attributed recent sales softness to service execution challenges rather than product issues, noting a third-party survey showing 90% product satisfaction. It stated service backlogs are reducing, with nearly 80% same-day resolutions, and confidence is normalizing as Hyperservice scales.