| Metric | Value (₹ Cr) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 470.00 | 31.9% | 55.0% |
| Total Income | 504.00 | 33.3% | 57.0% |
| Expenditure | 991.00 | 15.6% | 42.9% |
| PBT | -487.00 | 16.5% | 13.7% |
| Net Profit | -487.00 | 16.5% | 13.7% |
| OPM | -57.66% | 28.24pp | 30.57pp |
| NPM | -96.63% | 41.34pp | 48.51pp |
| EPS | 1.10 | 15.8% | 185.9% |
Ola Electric Delivers Record 34.3% Gross Margin in Q3 FY26; Executes Structural Reset to Lower Breakeven and Strengthen Operating Leverage
13 Feb 2026 · 13 Feb, 4:10 pm
Summary
Ola Electric announced its Q3 FY26 results, marking a structural reset with a record consolidated gross margin of 34.3%. The company improved its unit economics driven by the Gen 3 platform and achieved PLI certification for the entire Gen 3 portfolio. Ola Electric is expected to lower its EBITDA breakeven to about 15,000 units per month with up to 3-4x volume scaling and strong operating leverage.
Key Highlights
- 1
Consolidated Gross Margin at 34.3%, up 15.7 pp YoY and 3.4 pp QoQ - highest in the electric two-wheeler industry
- 2
Quarterly opex reduced from ¥840 Cr peak (Q4 FY25) to ¥484 Cr in Q3 FY26 with a roadmap of quarterly opex of ¥250-300 Cr over the next couple of quarters
- 3
EBITDA breakeven reset to approximately 15,000 units monthly; current manufacturing footprint supports 3-4x volume scaling with minimal incremental fixed cost
- 4
Nearly 80% same-day service completion; service backlog reduced approximately 50% from its peak
- 5
Gigafactory doubles cell production QoQ; first commercial deployment of in-house 4680 Bharat Cells into customer vehicles
Management Comments
Ola Electric spokesperson
Q3 FY26 marks a structural reset for Ola Electric. We chose to fix the fundamentals by restoring service execution, resetting our cost structure, and deepening vertical integration. The result is a leaner operating model with materially lower breakeven and industry-leading gross margins. With service metrics stabilising and our Gigafactory transitioning into commercial scale deployment, we are positioned to enter the next phase of growth with significantly improved operating leverage.
Informational and educational content only. Not investment advice.