Ola Electric’s Comeback Quarter Comes With A Caveat

Ola Electric is cutting costs, regaining market share and betting on batteries, dealers and new products to put its business back on track

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Under deep public scrutiny, Bhavish Aggarwal’s Ola Electric has spent the past year trying to fix a business that had moved sharply away from growth to prevent market share erosion.

The two-wheeler EV maker stepped into FY27 with a clear and simpler objective: sell more vehicles, bring down its cost base and get its manufacturing investments to start paying off. 

Its first-quarter numbers show that some of these efforts are working. With that said, the financials also make it clear that Ola Electric is still far from a comfortable position.

In Q1 FY27, Ola Electric’s consolidated revenue from operations rose 72% QoQ to ₹455 Cr, while its net loss narrowed 22% YoY to ₹336 Cr from ₹428 Cr. Sequentially, the loss came down from the ₹500 Cr it posted in Q4 FY26. 

Yet revenue was still down 45% from ₹828 Cr in Q1 FY26. Delivery of scooters stood at 39,192 units, almost double the 20,256 units shipped in Q4 FY26, but well below the 68,192 units delivered in the year-ago quarter.

The gap between the sequential recovery and the YoY decline is material. The company is today recovering from a very low base rather than returning to the volumes it once commanded. 

Inc42 has tracked this dwindling base throughout the past year: revenue fell 55% YoY in Q3 FY26 and then 57% in Q4, the stock hit successive lows before bottoming at ₹21.21 in March, and the company cut about 5% of its workforce in February.

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