Ola Electric Mobility Limited has informed the Exchange regarding a press release dated February 13, 2026, titled "Ola Electric Delivers Record 34.3% Gross Margin in Q3 FY26; Executes Structural Reset to Lower Breakeven and Strengthen Operating Leverage".
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Awaiting price reaction for this filing.
Ola Electric reported consolidated revenue of ₹470 Cr and delivered 32,680 electric two-wheeler units in Q3 FY26. The company achieved a record consolidated gross margin of 34.3%, up 15.7 percentage points year-on-year and 3.4 percentage points quarter-on-quarter, which it claims is the highest in the electric two-wheeler industry. Quarterly operating expenses were cut from a peak of ₹840 Cr in Q4 FY25 to ₹484 Cr in Q3 FY26, with a target of bringing opex down to ₹250-300 Cr in the next couple of quarters. EBITDA breakeven is being reset to about 15,000 units per month, and the current manufacturing setup can support 3-4x volume scaling with minimal additional fixed cost. Service backlog has nearly halved from 14 days to 7-8 days, with around 80% of service requests now completed the same day. The Gigafactory doubled cell production to 72,418 cells quarter-on-quarter, achieved the first commercial deployment of in-house 4680 Bharat Cells into customer vehicles, and launched a new residential battery storage product called Ola Shakti.
The sharp gross margin expansion and aggressive cost reduction show the company is moving toward profitability faster than expected, which is positive for the stock. However, the acknowledgment of slower EV penetration growth and the need for a structural reset suggests near-term demand remains weak, and the stock may stay volatile until unit volumes recover and the lower opex target is achieved.