Ola Electric Q1 Results: Loss narrows to Rs 336 crore; revenue falls 45% YoY
Ola Electric reported a narrower Q1 loss of Rs 336 crore as deliveries nearly doubled sequentially and revenue rebounded 72% from Q4. Improved market share, lower operating costs and progress in battery manufacturing supported the company's operational turnaround despite year-on-year revenue decline.
Ola Electric, the electric vehicle (EV) company, reported a narrowing of its net loss by 22% to ₹336 crore in Q1 FY27, down from ₹428 crore in the previous quarter. Sequentially, the loss reduced by 33% to ₹500 crore. Operating revenue, however, dropped 45% to ₹455 crore from ₹828 crore in Q1 FY26, although it increased by 72% on a quarter-over-quarter basis, reaching ₹265 crore.
Total income for the quarter amounted to ₹484 crore, including other income of ₹29 crore. Total expenses declined 42% year-over-year to ₹620 crore.
In its shareholder letter, Ola Electric highlighted that the Q1 marked the first full quarter since its operational reset in FY26. The company reported a 97% quarter-over-quarter increase in registrations, compared to a 17% growth in the overall electric two-wheeler market. Market share rose to 8.4% in Q1 FY27 from 5.1% in Q4 FY26.
Ola Electric continued to reduce costs, with operating expenses falling 22% quarter-over-quarter to ₹333 crore. The company aims to achieve a steady-state operating cost base of around ₹300 crore per quarter while working towards operating breakeven.
Moving ahead, Ola Electric intends to expand its dealer-led distribution network to enhance its presence in non-metro markets. Within 24 hours of announcing this initiative, the company received over 1,200 expressions of interest from prospective dealer partners.
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