Ola Electric Reports INR 828 Cr Revenue in Q1 FY26, Auto Business Turns EBITDA Positive in June
Ola Electric reported a 36 percent jump in Q1 FY26 revenue to INR 828 crore from INR 611 crore in Q4 FY25. The company’s auto business turned EBITDA positive in June, driven by strong margins owing to its vertical integration strategy.
July 14, 2025. By Mrinmoy Dey
The company’s cost optimisation initiative, Project Lakshya, has driven significant operating efficiencies, reducing monthly auto opex from INR 178 crore to INR 105 crore. Consolidated opex now stands at INR 150 crore per month, and further reduction to about INR 130 crore/month is targeted through FY26, the company said in a statement.
It further added that the newly introduced Gen 3 scooters accounted for 80 percent of total scooter sales during the quarter. Meanwhile, the rollout of Ola Electric’s Roadster X motorcycles is progressing in phases, with the product now available in 200 stores across India and set to scale further during the upcoming festive season.
One of Ola Electric’s most significant technological advancements is the in-house production of its 4680 Bharat Cell, which will begin powering vehicles starting this Navratri. The company expects that by the end of FY26, it would fully utilise the 1.4 GWh, and install the remaining capacity to get to 5 GWh and scale consumption to 5 GWh through FY27, it said.
The company has also successfully developed Heavy Rare Earths (HRE) free Motors, which are scheduled for production deployment in Q3 FY26. These initiatives, enabled by the company’s deep investment in vertical integration and R&D, are designed to reduce cost, enhance performance, and improve supply chain resilience. Furthermore, the company’s in-house dry coating process for cell manufacturing helps lower conversion costs, providing long-term cost leadership.
The company expects to sell between 3,25,000 to 3,75,000 vehicles and generate revenue of INR 4,200-4,700 crore. “With Production Linked Incentive (PLI) benefits beginning from Q2 for Gen 3 product portfolio, gross margin is projected to rise to 35-40 percent,” it said.
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