Ola Electric cuts March-quarter loss amid falling revenue

Ola Electric narrowed its losses in the March quarter as the company cut costs sharply, even as revenue continued to decline amid slowing electric scooter demand and rising competition.

The Bhavish Aggarwal-led company reported a net loss of Rs 500 crore in the January-March period, compared with a loss of Rs 870 crore a year earlier. Sequentially, losses were marginally higher than Rs 487 crore in the December quarter.

Total expenses nearly halved year-on-year to Rs 546 crore from Rs 1,306 crore. Cost of materials consumed fell to Rs 124 crore from Rs 350 crore a year earlier. Employee benefit expenses also declined to Rs 58 crore from Rs 99 crore.

The results come as Ola Electric faces pressure from rivals including Bajaj Auto and TVS Motor, which have gained market share in India’s electric two-wheeler market over the past year. The company has been focusing on automation, store rationalisation and higher in-house manufacturing to lower operating costs.

Earlier this month, Ola Electric said it would invest Rs 2,000 crore into its EV and battery cell subsidiaries as it doubles down on vertical integration and local cell manufacturing.

Total income for the March quarter fell to Rs 304 crore from Rs 728 crore a year earlier. Revenue from operations declined to Rs 265 crore from Rs 611 crore.

For the financial year 2025-26, Ola Electric reported total income of Rs 2,460 crore, down from Rs 4,932 crore in the previous year. Net loss for the year narrowed to Rs 1,633 crore from Rs 2,276 crore a year earlier.