Ola Electric Q3 FY26: Revenue Plunges 55% YoY Amid Sales Slump

tric Mobility reported a sharp 55% year-on-year decline in revenue for the December quarter (Q3 FY26), falling to Rs 470 crore from Rs 1,045 crore in Q3 FY25. Sequentially, revenue dropped 32% from Rs 690 crore in Q2 FY26. Vehicle deliveries tumbled 61% YoY and 38% QoQ to 32,680 units, reflecting slower EV market growth and operational adjustments. Despite the top-line pressure, the company achieved a record gross margin of 34.3%, driven by vertical integration, Gen 3 platform benefits, and cost discipline. It described the quarter as a "structural reset," including retail network optimization and service improvements to lower breakeven levels. The consolidated net loss narrowed 13.7% YoY to Rs 487 crore from Rs 564 crore, though it widened sequentially from Rs 418 crore. Adjusted operating EBITDA loss stood at Rs 323 crore, better YoY but deeper QoQ. Ola Electric highlighted progress at its Gigafactory, with doubled cell production and initial commercial use of in-house 4680 Bharat Cells. The firm targets reducing quarterly opex to Rs 250-300 crore soon, aiming for EBITDA breakeven at around 15,000 units per month and stronger leverage as demand rebounds.