Key Takeaways
- Ola Electric’s Q2 FY26 revenue plunged 43% year-over-year to ₹690 crore
- Losses narrowed to ₹418 crore from ₹495 crore in same quarter last year
- Auto business achieved first-ever EBITDA profitability at 0.3%
- Electric scooter sales dropped 46% to 52,666 units in Q2 FY26
Ola Electric reported a sharp 43% decline in revenue but achieved its first-ever EBITDA profitability in the auto segment during Q2 FY26. The Bhavish Aggarwal-led company’s consolidated operational revenue fell to ₹690 crore from ₹1,214 crore in the same quarter last fiscal year.
Financial Performance Improves Despite Revenue Slump
While revenue took a major hit, the company managed to narrow its losses to ₹418 crore in Q2 FY26 compared to ₹495 crore in Q2 FY25. The auto business turned profitable with gross margins improving to 30.7% and achieving positive EBITDA of 0.3% – a significant improvement from -5.3% in Q1 FY26.
Steep Decline in Electric Scooter Sales
Ola Electric’s scooter sales dropped 46% year-over-year to 52,666 units in Q2 FY26, down from 98,619 units in Q2 FY25. The company had sold 68,192 units in the first quarter of the current fiscal year, indicating a continuing downward trend.
Market Position Erodes as Legacy Players Gain
Once the market leader in electric scooters, Ola Electric has now slipped to fifth position in monthly sales. According to October Vahan data, the company sold just 6,335 units while Bajaj Auto led the market with 12,620 units. TVS, Ather, and Hero secured second, third, and fourth positions with sales of 12,246, 10,777, and 7,258 units respectively, as legacy automakers continue to gain market share.
