Ola Electric Mobility Ltd.Structural Reset with Record Margins

Ola Electric reported Q3 FY26 consolidated revenue of ₹470 crores with vehicle deliveries of 32,680 units, marking a deliberate strategic reset prioritizing fundamentals over short-term volume.

The company achieved a record gross margin of 34.3%, up 16 percentage points year-on-year and 3.4 points quarter-on-quarter, with guidance to stabilize at 35-40% in FY26-27. Management reduced quarterly OPEX from a peak of ₹840 crores to ₹484 crores, targeting ₹250-300 crores steady state, lowering EBITDA breakeven to approximately 15,000 units monthly. Service backlog decreased 50% from 14 days to 7-8 days, with 80% tickets now resolved same day.

The company completed its heavy capex phase totaling ₹5,300 crores, establishing 1 million vehicle and 6 GWh cell manufacturing capacity supporting ₹15,000-20,000 crores revenue potential. Cell production doubled to 72,500 units in Q3, with capacity scaling to 6 GWh by March 2026. Management emphasized product quality exceeds 90% satisfaction, distinguishing service execution gaps as the primary challenge being addressed through hyper service initiatives.