Electric two-wheeler maker Ola Electric has announced its Q3 FY26 results (quarter ended December 31, 2025), showing a reduction in losses driven by cost control, but a sharp decline in revenue, reflecting mixed operational performance.
As per the exchange filing, the company’s consolidated net loss narrowed to ₹487 crore from ₹564 crore YoY, improving by ₹77 crore. However, consolidated revenue fell significantly to ₹470 crore from ₹1,045 crore, marking a steep decline of ₹575 crore.
At the operating level, performance improved with consolidated EBITDA loss reducing to ₹270 crore from ₹460 crore, indicating the impact of cost optimization and operational restructuring.
The company reported a record consolidated gross margin of 34.3%, up 15.7 percentage points year-on-year and 3.4 percentage points quarter-on-quarter, claiming it to be among the highest in the industry.
Operational Performance:
During the quarter, Ola Electric delivered 32,680 electric two-wheelers (E2W) and recorded operational revenue of ₹470 crore. Management stated that the quarter reflects a “Structural Operating Reset,” involving permanent restructuring of its retail network, cost structure, and service model.
Cost Reduction Drive:
The company reduced quarterly operating expenses (Opex) from ₹840 crore in Q4 FY25 to ₹484 crore in Q3 FY26. It has outlined a roadmap to further bring this down to ₹250–300 crore per quarter over the coming quarters, which could help reduce losses further.
Market Takeaway:
While margin expansion and reduced losses are positive signals, the sharp drop in revenue remains a key concern. Future performance will depend on demand recovery and sustained cost discipline.
