Mumbai — Ola Electric reported a sharp decline in its financial performance for the third quarter of FY26, with revenue from operations dropping by 55.02 per cent year-on-year to Rs 470 crore, compared to Rs 1,045 crore recorded during the same quarter in the previous fiscal year.
The company’s overall revenue also witnessed a substantial fall during the October–December quarter. Total revenue declined by 56.99 per cent to Rs 504 crore, down from Rs 1,172 crore in the corresponding period last year.
The electric two-wheeler manufacturer continued to post losses during the quarter. The company reported a net loss of Rs 487 crore in Q3 FY26, slightly lower than the Rs 564 crore loss reported during the same quarter last year. However, losses increased on a quarter-on-quarter basis, as the company had recorded a loss of Rs 418 crore in the September quarter.
Despite the decline in revenue, the company managed to reduce its overall expenses during the December quarter. Total expenses dropped by 50.76 per cent to Rs 741 crore, compared to Rs 1,505 crore in the same period last fiscal. The reduction was mainly driven by a significant fall in the cost of materials used in manufacturing. Material costs stood at Rs 223 crore in Q3 FY26, marking a 74 per cent decrease from Rs 867 crore spent during the corresponding quarter of FY25.
In the stock market, Ola Electric’s shares closed at Rs 30.9 on Friday, registering a marginal decline of 0.26 per cent. During the trading session, the stock touched a new 52-week low of Rs 30.41. Over the past year, the company’s stock has delivered a negative return of 51.90 per cent, while it has declined by 17.59 per cent since the beginning of the current year.
The company has also been undergoing restructuring measures. Last month, Ola Electric announced layoffs impacting around 5 per cent of its workforce as part of organisational restructuring. The company stated that the move aims to enhance customer experience and create a leaner structure to achieve sustainable and profitable long-term growth.
With inputs from IANS