Ola Electric shares climb over 103% in three months; is more steam left in the EV stock?

Shares of Ola Electric Mobility Ltd jumped 6.36 per cent on Tuesday to settle at Rs 47.32, extending a sharp recovery rally after hitting a record low of Rs 21.21 on March 2, 2026. At the current closing price, the stock has surged 103.44 per cent in the past three months. However, it still trades 33.58 per cent below its one-year high of Rs 71.25, touched on September 4 last year.

The EV two-wheeler maker has recently raised Rs 780 crore through Qualified Institutional Placement (QIP). The company allotted around 21.8 crore equity shares at an issue price of Rs 35.86 per share.

Mirae Asset received the largest allocation, accounting for 15.38 per cent of the issue through multiple schemes, followed by Motilal Oswal Mutual Fund with 9.61 per cent. JM Financial Mutual Fund was allotted 5.13 per cent through various schemes.

Separately, the Bhavish Aggarwal-led company mentioned that it is developing lithium-ion prismatic cells for its grid energy storage product, Mahashakti. "We are also working on a prismatic cell, which will be out soon. We haven't yet released details of that," Aggarwal said during the company's Q4 FY26 earnings conference call.

Mahashakti, intended for grid storage applications, will be built on Ola Electric's prismatic LFP platform, he added. Prismatic cells are housed in a rigid rectangular casing. Its flat, compact design allows cells to be packed closely together, improving space utilisation by minimising unused gaps between batteries.

"We are right now in product development. We have had conversations with many platforms there. We have shared specs. People are excited about our product there. And more details will follow through the next couple of quarters," Agarwal also said.

Ola Electric currently manufactures cylindrical cells for automobiles and battery energy storage systems.

Market veteran Arun Kejriwal noted, "There has been a sharp rebound in the stock price. Ola Electric has also claimed that work on the new cell technology is at an advanced stage. Looking at its management commentary, the company may gain an edge given the ongoing cell development."

Ravi Singh, Chief Research Officer at Master Capital Services, highlighted, "Ola Electric remains aggressive in expansion and battery manufacturing plans, but the company is still facing concerns around service quality, execution and profitability."

Given the stock's elevated volatility, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said it may be suitable only for investors with a high-risk appetite.

From a technical standpoint, AR Ramachandran, Sebi-registered research analyst at Tips2trades, said, "Ola Electric is bullish but also overbought on daily charts with next resistance at Rs 52. Investors should keep booking profits as a daily close below support of Rs 44 could trigger a fall towards Rs 36.7 in the near term."