Ola Electric Mobility Ltd’s September quarter (Q2FY27) brought no relief, with the electric two-wheeler maker reporting a higher-than-expected consolidated Ebitda loss of ₹218 crore. The company’s revenue was down 39% year-on-year to ₹421 crore.
Ola’s revenue has shrunk from about ₹5,000 crore in FY24 to ₹2,250 crore in FY26. H1FY27 revenue declined 42% year-on-year to ₹875 crore. The revenue plunge reflects Ola’s move from a high-growth, company-owned, direct-to-consumer (D2C) model to a dealership-based model.
The transition is yet to translate into better quarterly operating performances. Ola needs this shift to yield the desired results in terms of recovering volumes and protecting profit margins.
India’s electric two-wheeler market is expanding rapidly, with industry volumes reaching 599,000 units in Q2, up almost 83% year-on-year, as per government vehicle registration data. But Ola’s growth trajectory has diverged. However, Ola’s vehicle deliveries were down 34% year-on-year to 34,667 units in Q2.
The trend persisted in October too, when electric two-wheeler registrations reached 224,064 units, up 48% year-on-year, while Ola’s dropped by 26% to about 12,000 units. Ola’s market share narrowed to 5.4% in October from about 35% in 2024.