Ola Electric revenue halves in Q3 as sales slump, losses narrow

Electric vehicle-maker Ola Electric’s woes continued as its revenue from operations more than halved to Rs 470 crore in Q3 compared to Rs 1,045 crore in the year-ago period.

Thinning revenues come on the heels of dwindling sales at the company, which had been a market leader in electric two-wheeler (E2W) sales up until Q3 2025. During this period, it managed to sell only 32,074 units of its vehicles—a 62.3% decline in sales compared to the year-ago quarter when it had sold 84,970 units. 

Despite a dip in revenue, the Bhavish Aggarwal-led firm managed to narrow its net loss for the quarter to Rs 487 crore compared to Rs 564 crore in Q3 FY25. The company managed to slash its expenses during this quarter, in line with its goal to attain profitability in the near future. 

In Q3, the company saw expenses fall sharply by 50.76% to Rs 741 crore, mainly due to a decline in the cost of materials consumed and other expenses.

The company’s results come weeks after peer Ather Energy reported a revenue from operations of Rs 953.6 crore in the three months ended December 31, 2025, on the back of the firm’s highest-ever quarterly sales of its E2W. It also managed to narrow its losses by 57.7% to Rs 83.6 crore—inching towards profitability. 

Last quarter, Ola Electric had forecasted that it hoped to deliver about 100,000 units in H2 FY26.

During this quarter, the company also opened up its 4680 Bharat Cell platform for startups and businesses in an attempt to widen use cases for its cells and to ramp up production in what is considered a high-margin business. The firm had also expanded its business to enter the Battery Energy Storage Business (BESS) solutions powered by its in-house manufactured cells. 

Ola Electric’s Q3 results come shortly after it said that it will be undertaking a restructuring exercise, which is expected to lay off about 5% of its workforce as it focuses on increasing automation across its front-end operations.