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Revenue
₹470 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ola Electric reported Q3 FY26 consolidated revenue of ₹470 crore, with gross margin expanding to 34.3% (+16pp YoY, +340bps QoQ), driven by vertical integration and Gen 3 platform benefits. Deliveries were 32,670 units (production 72,500). Management acknowledged service execution gaps that impacted brand trust and sales, but highlighted a structural cost reset: consolidated opex reduced from ₹844 crore peak to ₹484 crore, targeting ₹250-300 crore steady state. EBITDA breakeven is now at ~15,000 units/month. The gigafactory reached commercial production of 4680 cells, with 2.5 GWh installed, scaling to 6 GWh by March 2026. Heavy capex phase is behind; focus shifts to capacity utilization. Risk: service recovery may take longer than expected, delaying sales rebound.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated gross margins to stabilize in the 35-40% range during FY26-27, driven by vertical integration and scale.
- Opex expected to reduce to ₹250-300 crore over the next couple of quarters, from ₹484 crore in Q3, through cost actions already taken.
- With the cost reset, EBITDA breakeven is now approximately 15,000 units per month on a consolidated basis including lease costs.
- Cell capacity scaling from 2.5 GWh to 6 GWh by March 2026, supporting ~1.2 million vehicles and energy storage products.
Risks flagged
- Management acknowledged service execution gaps but did not provide a specific timeline for full recovery, which could delay sales rebound.
- Analyst raised concern that EV adoption has plateaued at 6-7%; management cited need for customer education but no concrete catalyst for next growth leg.
- Analyst noted sharp increase in employee costs; management attributed to one-off exit costs but offered to discuss offline, leaving uncertainty.
- Management indicated they are in talks with government to extend PLI timelines; any adverse decision could impact future cell capacity expansion plans.
Key quotes
- We chose to fix the fundamentals rather than optimize for short-term volume.
- The heavy capex phase is behind us. Now our current footprint supports 1 million vehicles and 6 GWh of cell capacity.
- This is a service scale issue and not a product quality issue.
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