Ola Electric shares skyrocket 55% in a month, analysts see further rally till Rs 90

Ola Electric shares have continued their sharp rebound, emerging as one of the top-performing new-age counters in recent weeks. The stock has climbed 55% over the past month, driven by improving technical indicators and optimism after the company secured approval under the government’s Production Linked Incentive (PLI) scheme.

The rally has been accompanied by heavy trading volumes, highlighting strong investor participation. Analysts say the stock’s performance reflects both structural tailwinds and renewed confidence in the company’s medium-term growth prospects.

The Automotive Research Association of India (ARAI) recently granted approval to Ola under the Ministry of Heavy Industries’ PLI scheme for its Gen 3 S1 scooter lineup.


This certification makes Ola eligible for incentives of 13%–18% of sales value until 2028. Notably, the approval extends across all seven Gen 3 S1 models, which together account for more than half of Ola’s sales.

Management has termed the development a structural milestone that could directly improve cost efficiency and margins, bringing the company closer to profitability.

Ola Electric share price target

Ajit Mishra, SVP-Research at Religare Broking, remarked: “Ola Electric has staged a sharp comeback, rallying over 40% in just two weeks and 55% in a month, backed by strong volumes and a breakout from its downtrend.” He added that the stock is now testing a key resistance zone at Rs 65–68, with a decisive close above this range potentially opening the way to Rs 80–90 in the medium term. On the downside, he identified Rs 54–58 as immediate support and Rs 50 as a crucial base.

Other analysts have echoed similar views. Mandar Bhojane of Choice Broking highlighted that Ola has “confirmed a breakout and retest of its falling channel,” with higher highs and higher lows supported by strong volumes. He suggested dips to Rs 52–50 could be seen as buying opportunities, while a move past Rs 57 may set the stage for Rs 62 and Rs 70.

Drumil Vithlani of Bonanza noted resistance at Rs 55–58 and support near Rs 50, cautioning that the RSI level around 68 indicated overbought conditions, raising the possibility of a short-term pullback. Meanwhile, INVasset PMS’s Anirudh Garg emphasized that the stock had “broken out of a year-long downtrend with strong volumes,” projecting upside to Rs 68–70 on a decisive move above Rs 62.

Ola Electric financial performance

Despite the strong run-up, Ola’s fundamentals remain under close watch. The company reported a net loss of Rs 428 crore in the June quarter, widening from a year earlier, while revenue fell 50% year-on-year to Rs 828 crore.

However, gross margins improved to 25.6%, and management underscored that the PLI certification provides crucial cost support. Ola has also received shareholder approval to reallocate IPO proceeds and extend deployment timelines, with an emphasis on capital discipline.

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(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)