Ola Electric reported a sharp 55% year-on-year decline in revenue for the third quarter of FY26, reflecting continued pressure on its electric two-wheeler business. Despite the steep drop in topline, the Bengaluru-based EV maker managed to trim its losses by 14% during the quarter through tighter cost controls.
According to its consolidated financial statements filed with the National Stock Exchange (NSE), Ola Electric’s revenue from operations fell to ₹470 crore in Q3 FY26, compared to ₹1,045 crore in Q3 FY25. Including other income from battery and automobile related activities, total revenue stood at ₹504 crore, down from ₹1,172 crore in the same period last year.
Sales Pressure and Market Share Erosion
Electric scooter sales remained the primary revenue driver, while battery sales contributed marginally. The revenue decline coincides with a significant drop in market share. Ola Electric’s share in the electric two-wheeler segment fell from 24.8% in January 2025 to below 6% in January 2026, amid declining registrations.
In contrast, competitors such as Ather Energy gained market share during the same period, while TVS Motor and Bajaj Auto maintained relatively stable volumes, indicating a redistribution of demand within the segment.
Cost Controls Help Contain Losses
Procurement costs accounted for 31% of total expenses, amounting to ₹309 crore in Q3 FY26. Employee benefit expenses declined 10% to ₹92 crore. Overall, total expenses were reduced by 43% to ₹991 crore from ₹1,736 crore in Q3 FY25.
Lower scale and disciplined spending helped the company narrow its net loss to ₹487 crore in Q3 FY26, compared to ₹564 crore in the year-ago quarter. However, on a sequential basis, losses widened 17% from ₹418 crore in Q2 FY26.
Leadership Changes and Market Outlook
The quarter also saw a key leadership transition. Chief Financial Officer Harish Abichandani resigned for personal reasons, and Deepak Rastogi was appointed as the new CFO and Key Managerial Personnel.
Following the earnings announcement, Ola Electric’s shares were trading at ₹31, valuing the company at a market capitalisation of ₹13,638 crore (approximately $1.5 billion).
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