Ola Electric shares plummet 10% after Q4 losses double to Rs 870 crore; revenue slips 62%

Ola Electric Mobility shares plummeted 9.7% to their intraday low of Rs 48.07 on the BSE in Friday's trade after the electric two-wheeler maker reported a sharp rise in losses for the March quarter, with net loss widening to Rs 870 crore from Rs 416 crore in the same period last year.

Revenue from operations declined 62% year-on-year to Rs 611 crore. Vehicle deliveries dropped to 51,375 units in Q4 FY25 from 1.15 lakh units in Q4 FY24.

Auto EBITDA margin plunged to -78.6% from -9.3% a year ago, while consolidated EBITDA margin stood at -101.4%, impacted by high provisioning costs and reduced operating leverage.


Ola’s gross margin improved marginally to 19.2% on the back of better monetisation and the growing share of Gen-3 platform vehicles, which offer 20% more power and range with 11% lower costs than Gen-2 scooters.

Ola said there have been market share pressures in recent quarters due to execution challenges and slower-than-expected industry growth.

For FY25, Ola Electric recorded total deliveries of 3.59 lakh units, up from 3.29 lakh in FY24. Full-year adjusted revenue came in at Rs 4,665 crore, with a consolidated EBITDA margin of -34.6%.

To broaden adoption beyond urban areas, Ola launched the Roadster X -- the first EV motorcycle from a major OEM in India -- with a 501 km range and 125 km/h top speed.

With motorcycles accounting for twice the scooter market, the company is betting big on rural demand, aided by a strong direct-to-customer (D2C) network spanning over 4,000 touchpoints, half of which are in Tier-3 or rural India.

The company remains optimistic about its path to profitability, backed by operational upgrades, a shift to its Gen-3 platform, and entry into electric motorcycles.

Despite the Q4 hit, Ola forecasts improved numbers in Q1 FY26, targeting Rs 800–850 crore in adjusted revenue and a reduced auto EBITDA margin of -10%. The company expects to break even at less than 25,000 unit sales per month, thanks to cost efficiencies and increased scale.

The company's total gross cash stood at around Rs 4,000 crore at the end of Q4, and it is exploring non-dilutive debt of Rs 1,700 crore to meet obligations.

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Ola Electric share price target

According to Trendlyne, the average target price for Ola Electric is Rs 67, suggesting an upside of nearly 25% from current levels. Of the seven analysts tracking the stock, the consensus rating is ‘Hold’.

While shares have declined 6% in the past three months, they are down 39% over the past six months. Ola Electric’s current market capitalisation stands at Rs 23,483 crore.

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