Bhavish Aggarwal-led Ola Electric claims to be in consolidation mode — the company’s Q1 FY26 results show a slight increase in revenue on a sequential basis, but Ola Electric is still some way away from its FY25 position after the June quarter.

But Aggarwal told analysts and shareholders that this is a period for the company to extract profits from its full stack approach. Ola Electric claims it is going from a hypergrowth EV disruptor to a maturing company focused on capital efficiency, vertical integration, and long-term sustainability.

Incidentally, the broader Indian electric vehicle market is also no longer in its euphoric phase. So is this Ola Electric simply acknowledging that the boom is over and now is the time for the real test and investment in the long term?

EV Market Slows Down

Most indications are that the initial momentum for EV adoption has slowed, especially as government incentives have been phased out. Consumer sentiment is entering a phase of cautious optimism rather than enthusiasm.

Just a day before Ola Electric’s results, close competitor Ather Energy stressed that it’s time for the industry to move beyond sales and focus on innovation. Ola Electric is now singing the same tune. Is this just Ola and Ather managing investor expectations at this point in time?

Either way, in this environment, Ola’s decision to shift gears seems logical.

There’s some merit to this as far as the fundamentals are concerned. Ola Electric’s auto segment was EBITDA positive in the month of June, a first for the company. It’s not clear what exactly changed in June for this........

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