Ola Electric Q1 Results: Loss narrows to Rs 336 crore; revenue falls 45% YoY

Ola Electric Mobility reported a narrower loss for the June quarter, as deliveries nearly doubled from the previous quarter and revenue recovered after a weak Q4. The electric two-wheeler maker posted a consolidated loss of Rs 336 crore in Q1, compared with a loss of Rs 428 crore in the same quarter last year and Rs 500 crore in Q4.

Revenue from operations stood at Rs 455 crore, down 45% from Rs 828 crore a year earlier, but up 72% quarter-on-quarter from Rs 265 crore.

The company said Q1 was the first full quarter after its FY26 reset, during which it streamlined operations, tightened execution and lowered its operating cost base.


Orders rose to 44,071 units from 22,522 units in Q4FY26, while deliveries increased to 39,192 units from 20,256 units. Registrations rose 97% quarter-on-quarter to 43,921 units, outpacing the broader electric two-wheeler market, which grew 17%. Ola’s market share improved to 8.4% in Q1FY27 from 5.1% in Q4FY26.

Margins hold despite cost pressure

Ola Electric’s consolidated gross margin stood at 30.5% in Q1FY27, compared with 25.8% in the year-ago quarter and 38.5% in Q4FY26. Gross profit came in at Rs 139 crore.

The company said commodity costs for the electric two-wheeler industry rose about 11% during the quarter due to higher copper and aluminium prices, lithium supply constraints in China and elevated plastic and polymer costs after crude oil supply disruptions.

Operating expenses fell 22% sequentially to Rs 333 crore. Ola said it remains focused on reaching a lower steady-state operating cost base of about Rs 300 crore per quarter.

Consolidated adjusted operating EBITDA loss stood at Rs 195 crore, improving from Rs 326 crore in Q4FY26. Operating EBITDA loss narrowed to Rs 165 crore from Rs 281 crore in the previous quarter.

Auto business recovers

The automotive segment reported revenue from operations of Rs 455 crore, up from Rs 264 crore in Q4FY26. Auto gross margin stood at 30.5%, while adjusted operating EBITDA loss narrowed to Rs 141 crore from Rs 213 crore in the previous quarter. Auto PAT loss stood at Rs 233 crore.

Ola said sales growth was broad-based across regions. The West grew about 61% quarter-on-quarter, while the North and South each grew about 54%. The East grew about 34%.

The company said its Roadster electric motorcycle business is building a second growth engine beyond scooters. Bike deliveries rose 67% quarter-on-quarter, led by the North and West.

Cell business turns operating EBITDA positive

Ola’s cell segment reported revenue of Rs 5 crore, while gross margin stood at 20%. The segment posted operating EBITDA of Rs 28 crore and adjusted operating EBITDA of Rs 22 crore, helped by a one-time benefit from PLI-related levies. The cell segment’s PAT loss narrowed to Rs 28 crore.

The company said its Gigafactory will be operational at 6 GWh by September. It has deployed its 4680 NMC Bharat Cell in performance two-wheelers and said its 46100 LFP cell has received BIS certification and is vehicle-ready.

Ola also said it will launch Mahashakti, its commercial and utility-scale energy storage platform, on August 15. The company recently signed an MoU with Axis Energy for potential deployment of up to 20 GWh of battery storage by 2032.