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Ola Electric Q1 Results FY25-26: Revenue Jumps 35.5% QoQ, Auto Business Turns EBITDA Positive

Ola Electric Mobility Ltd. reported a strong start to FY25-26, with revenue from operations increasing by 35.5% quarter-on-quarter to ₹828 crore in Q1 FY26. The company delivered 68,192 vehicles during the quarter, a 32.7% rise over Q4 FY25. Notably, Ola's auto business turned EBITDA positive in June 2025 for the first time, backed by improvements in gross margins and operational efficiency.

The Board of Directors reviewed and approved the unaudited financial results, highlighting the company's continued focus on cost discipline and vertical integration.

Key Highlights / Quick Insights

Here are the key takeaways from Ola Electric’s Q1 FY25-26 performance:

  • Revenue from operations: ₹828 crore (From ₹611 crore in Q4 FY25)

  • Vehicle deliveries: 68,192 units (↑32.7% QoQ from 51,375 units)

  • Auto business: EBITDA positive in June 2025

  • Auto EBITDA margin (Q1 FY26): Improved to –11.6% from –90.6% in Q4 FY25

  • Consolidated EBITDA: –28.6%, showing significant recovery

  • Free Cash Flow (FCF): Improved to –₹107 crore from –₹455 crore in Q4

  • Monthly auto opex: Reduced to ₹105 crore from ₹178 crore

  • Project Lakshya: Key cost-optimisation initiative delivering improved efficiencies

  • MoveOS+ adoption: Surged to ~50% in Q1 FY26, up from 2% in Q4

  • Product mix: Gen 3 scooters accounted for 80% of total scooter sales

  • Current Share Price: ₹47.13 per share as of 14 July 2025, 03:40 PM IST

OLA ELECTRIC MOBILITY LTD

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54.05-0.79 (-1.44 %)

Updated - 29 August 2025
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Quarterly - Ola Electric Q1 Results FY25-26

Ola Electric’s Q1 FY26 results reflect strong operational momentum and effective execution. The revenue grew to ₹828 crore, marking a 35.5% QoQ increase, driven by higher vehicle sales and product upgrades. The company delivered 68,192 electric vehicles during the quarter, compared to 51,375 units in Q4 FY25.

The auto segment turned EBITDA positive in June 2025. Overall auto EBITDA for the quarter improved to –11.6% from –90.6% in Q4. Consolidated EBITDA also improved significantly to –28.6%. The company achieved near-neutral operating cash flow in its auto business, with a marked improvement in free cash flow.

Metric

Q1 FY25-26

Q4 FY24-25

Revenue from operations

₹828 crore

₹611 crore

Vehicles delivered

68,192 units

51,375 units

Auto EBITDA margin

–11.6%

–90.6%

Consolidated EBITDA margin

–28.6%

Not stated

Free Cash Flow (FCF)

–₹107 crore

–₹455 crore

Monthly auto opex

₹105 crore

₹178 crore

MoveOS+ adoption (new customers)

~50%

2%

Segment Highlights

Ola Electric’s core auto business continued to gain traction with a mix of product innovation and cost efficiency. Gen 3 scooters, which offer improved performance and margins, made up 80% of all scooter sales in Q1 FY26. Warranty claims dropped substantially, reflecting the effectiveness of engineering upgrades.

On the software side, adoption of MoveOS+ rose to nearly 50% of new customers in Q1, up from just 2% in the previous quarter, showing higher engagement with value-added features. The Roadster X motorcycle rollout expanded to 200 stores, with further scale expected during the festive season.

Battery tech and vertical integration remain critical pillars of Ola's strategy. The company is set to launch vehicles powered by in-house developed Bharat 4680 cells during Navratri and introduce HRE-free motors in Q3 FY26. These steps are expected to enhance performance and cost control.

Sector Expectations for Ola Electric Q1 Results FY25-26

The electric two-wheeler industry has been navigating a dynamic regulatory and pricing landscape. Ola Electric's performance in Q1 FY26 exceeded expectations with double-digit sequential growth in both revenue and deliveries. The transition to Gen 3 scooters and deep investment in vertical integration positioned the company ahead of peers in cost control and product differentiation.

Ola’s ability to achieve positive auto EBITDA ahead of its FY26 plan reinforces its competitive edge, particularly as Production Linked Incentive (PLI) benefits begin to flow in Q2 onwards.

Management Commentary

Abhishek Chauhan, Corporate Communication Lead at Ola Electric, said,
“Q1 FY26 marked a pivotal shift for Ola Electric as our auto business turned EBITDA positive for the first time in June. This milestone was driven by robust gross margins and disciplined cost control, enabled by our vertical integration strategy and the success of Project Lakshya.”

“Our Gen 3 scooters now make up 80% of total sales and have significantly improved margins and reliability. At the same time, software adoption surged, with nearly 50% of new customers opting for MoveOS+, showing growing engagement with our ecosystem. We are on track to deliver between 3.25 to 3.75 lakh vehicles this fiscal and expect to maintain EBITDA positivity in our auto business from Q2 onwards, supported by PLI-linked margin expansion.”

Conclusion

Ola Electric posted a robust performance in Q1 FY25-26, demonstrating momentum in revenue growth, cost efficiency, and product innovation. With the auto business turning EBITDA positive, vertically integrated technology taking shape, and strong customer adoption of Gen 3 scooters and MoveOS+, the company appears well-positioned to capitalise on upcoming opportunities. The outlook remains optimistic as Ola targets margin expansion and sustained profitability in the remaining quarters.

For a full list of upcoming results and earnings, check the Quarterly Results Calendar 2025.

Source - Q1 FY25-26 Quarterly Results Uploaded on BSE 14 July

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