Ola Electric Q2 results: Net loss narrows to Rs 418 crore; revenue falls 43%

Ola Electric Mobility Ltd on Thursday reported a narrower consolidated net loss of Rs 418 crore for the July–September quarter (Q2 FY26), compared with a loss of Rs 495 crore in the same period last year. However, the company's revenue from operations declined 43 per cent year-on-year (YoY) to Rs 690 crore from Rs 1,214 crore in Q2 FY25.

The electric vehicle (EV) maker said its auto business turned profitable during the quarter, with gross margins expanding to 30.7 per cent. Ola Electric also noted that the auto segment became cash-generative, recording cash flow from operations of Rs 15 crore, although the reported figure stood at a negative Rs 40 crore due to a one-time festive inventory build-up.

During the quarter, the company launched Ola Shakti, India's first residential Battery Energy Storage System (BESS), built using its in-house developed 4680 Bharat Cells. Ola expects revenue of about Rs 100 crore from the BESS business in Q4 FY26 and between Rs 1,000 crore and Rs 1,200 crore annually in FY27.

The company commissioned its Ola Gigafactory with an initial capacity of 2.5 GWh and said it remains on track to scale this up to 5.9 GWh by March 2026.

Sales of Ola Roadster, the company's performance electric motorcycle, continued to rise sequentially. Q2 Roadster sales were four times higher than Q1 levels, peaking at 450 units in a single day during the festive period. The model now accounts for around 15 per cent of Ola's total sales.

In the after-sales domain, Ola launched HyperService, aimed at expanding access to genuine parts for both customers and third-party garages.

Separately, the company appointed PricewaterhouseCoopers Services LLP as its internal auditors for FY26.

Following the earnings announcement, shares of Ola Electric were trading 1.72 per cent lower at Rs 49.20.