Ola Electric Q2 Results: Ola Electric Mobility on Thursday reported a consolidated net loss of ₹418 crore for the quarter ended September 30, 2025, narrowing its losses from ₹495 crore in the same period last year. Revenue from operations fell sharply by 43% year-on-year to ₹690 crore compared to ₹1,214 crore reported in the September 2024 quarter.
Ola Electric announced that it reached Auto EBITDA profitability for the first time, backed by a gross margin of 30.7%, which represents an increase of 510 basis points from the previous quarter.
The company indicated that it reduced operating expenses by approximately 52% compared to the last quarter.
During this quarter, its auto segment became cash-positive, with underlying cash flow from operations at ₹15 crore; however, it reported a negative cash flow of ₹40 crore due to a one-time increase in festive inventory.
For the automotive division, the projected capital expenditure for the third and fourth quarters of FY26 is anticipated to be between ₹100 crore and ₹150 crore. Ola is aiming for its automotive operations to achieve positive free cash flow by the conclusion of FY26.
Investment in the battery segment will persist as efforts continue to complete the installation of the 5.9 GWh Gigafactory, which is primarily financed through project funding from the State Bank of India, according to Ola. The firm also intends to initiate the next phase of capacity expansion to 20 GWh in the first half of FY27, in line with the scaling up plans.
Business Outlook
Ola anticipates a more balanced and diverse revenue composition in the upcoming quarters as energy products increase. Gross margins are expected to improve further with the rise in Gen 3 volumes, internal cell integration, and ongoing cost efficiencies.
For the latter half of FY26, the company aims for total deliveries of approximately 100,000 units. Consolidated revenue for FY26 is estimated to be around ₹3,000–3,200 crore, maintaining an emphasis on profitability rather than simply increasing volume. The gross margins for the auto segment are projected to achieve about 40% by Q4, with the segment’s EBITDA around 5%.
The cell division is predicted to begin contributing to revenue starting Q4 FY26 through inter-group supply and external sales of Ola Shakti units. Gross margins for the cell segment are anticipated to stabilize at roughly 30% by early FY27.