Deliveries
32,670
N/A
Quarterly deliveries; production was 72,500 units.
OLAELECTRICMOBILITY
Other
13 Feb 2026
Ola Electric Mobility Ltd — Q3 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Gross Margin
34.3%
+16pp YoY, +340bps QoQ
Highest ever consolidated gross margin, driven by vertical integration and Gen 3 platform.
Consolidated Opex
₹484 crore
-43% from peak ₹844 crore
Opex reduced through structural cost reset; target ₹250-300 crore steady state.
Cell Production (4680)
2,400 cells
2x QoQ
First commercial deployment of in-house 4680 cells; gigafactory at 2.5 GWh installed.
Management Guidance
Gross margin 35-40% in FY26-27
Management expects consolidated gross margins to stabilize in the 35-40% range during FY26-27, driven by vertical integration and scale.
marginsConsolidated opex target ₹250-300 crore
Opex expected to reduce to ₹250-300 crore over the next couple of quarters, from ₹484 crore in Q3, through cost actions already taken.
marginsEBITDA breakeven at ~15,000 units/month
With the cost reset, EBITDA breakeven is now approximately 15,000 units per month on a consolidated basis including lease costs.
growthGigafactory capacity 6 GWh by March 2026
Cell capacity scaling from 2.5 GWh to 6 GWh by March 2026, supporting ~1.2 million vehicles and energy storage products.
capexKey Risks
Service recovery timeline uncertain
Management acknowledged service execution gaps but did not provide a specific timeline for full recovery, which could delay sales rebound.
high · management_commentaryEV industry penetration plateau
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.
medium · analyst_questionEmployee cost spike unexplained
Analyst noted sharp increase in employee costs; management attributed to one-off exit costs but offered to discuss offline, leaving uncertainty.
medium · analyst_questionPLI scheme expansion risk
Management indicated they are in talks with government to extend PLI timelines; any adverse decision could impact future cell capacity expansion plans.
low · management_commentaryNotable 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.