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Ola Electric Posts First Quarterly Auto Profit as Revenue Slumps 43% in Q2 FY26

Ola Electric Posts First Quarterly Auto Profit as Revenue Slumps 43% in Q2 FY26

Post by : Badri Ariffin

Ola Electric Mobility Ltd reported an important shift in its auto operations, achieving a quarterly profit for the first time even as the group reported a consolidated net loss of Rs 418 crore in Q2 FY26, an improvement from Rs 495 crore a year earlier.

Top-line receipts weakened: revenue from operations declined 43% year-on-year to Rs 690 crore from Rs 1,214 crore in the corresponding quarter, reflecting softer demand over the period.

Margins Strengthen as Costs Come Down

The company narrowed its operating EBITDA loss to Rs 203 crore from Rs 379 crore a year ago, indicating tighter cost control. The auto business shifted into positive territory with EBITDA at 0.3%, versus -5.3% in the previous quarter. Gross margins rose sequentially by 510 basis points to 30.7%, underscoring efficiency gains despite lower sales.

Auto operating expenses fell to Rs 258 crore from Rs 308 crore in Q1, while consolidated operating costs decreased to Rs 416 crore from Rs 451 crore. Management expects auto operating costs to reduce further to roughly Rs 225 crore by Q1 FY27.

Roadster Emerges as a Demand Driver

The Roadster model stood out during the quarter, with volumes increasing fourfold from Q1 and peaking at about 450 units per day during the festive period. It now represents roughly 15% of Ola’s total sales mix.

Scaling Cell Production and New Battery Offerings

Ola activated 2.5 GWh of capacity at its Gigafactory — India’s first operational gigawatt-scale cell facility — and is targeting 5.9 GWh by March 2026, with plans to expand capacity to 20 GWh in the second half of FY27.

The company also unveiled Ola Shakti, a home battery energy storage system built on in-house 4680 Bharat Cells. Ola expects the product to generate about Rs 100 crore in Q4 FY26 and between Rs 1,000–1,200 crore in FY27, with anticipated gross margins in the 40–50% range.

Guidance for the Year Ahead

For H2 FY26, Ola is aiming to deliver approximately 100,000 units and is forecasting consolidated full-year revenue of Rs 3,000–3,200 crore. The company projects auto gross margins near 40% and segment EBITDA around 5% by Q4, and expects the cell business to begin contributing to revenue.

Following the earnings release, Ola Electric’s shares slipped modestly, trading at Rs 49.4 on the NSE — down about 1.3% from the previous close.

Nov. 6, 2025 12:11 p.m. 707

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