Ola Electric lost ground in India’s electric two-wheeler market in February 2026, as registrations fell sharply and its market share dropped below 4%. According to Vahan registration data cited in multiple reports, the company recorded 3,968 units in February, down more than 47% from January which pushed it out of the top five monthly rankings.
The broader electric two-wheeler market also slowed, with total registrations declining to about 111,680 units in February from January levels.
Ola Electric’s February performance marked a major shift in the monthly leaderboard. The company sold 3,968 electric two-wheelers and captured roughly 3.5% to 4% market share, depending on rounding across reports based on Vahan data. Greaves Electric Mobility, which sells Ampere scooters, moved ahead with 4,725 units and a market share above 4%.
The decline also stood out against Ola Electric’s earlier scale in the segment. The company had previously ranked among the leading electric scooter sellers, but February’s registrations showed a steep month-on-month drop. Reports also noted that the company’s volumes fell by more than half on a year-on-year basis in some comparisons, which added pressure to its market position.
The wider market context matters, but it does not fully explain Ola’s slide. India’s electric two-wheeler market fell over 9% month-on-month in February, and the shorter month affected total registrations. Even so, several rivals maintained stronger volumes and improved their positions.
TVS Motor Company retained the lead in February with about 31,600 registrations and a market share near 28.3% to 29.4%, based on Vahan-linked reporting. Bajaj Auto followed with a market share above 22%, while Ather Energy held third place with more than 20,500 registrations and a share close to 18% to 19%.
Hero MotoCorp also stayed ahead of Ola Electric in the monthly ranking. Reports placed Hero in fourth position with registrations above 12,500 units in February. This trend showed that legacy manufacturers and established rivals continued to expand their share while Ola faced weaker demand and execution issues.
At the same time, the segment still showed year-on-year growth despite the monthly slowdown. February electric two-wheeler registrations rose about 46% from the same month last year, which indicates that demand in the category remains healthy even as competition intensifies.
Ola Electric’s sales weakness came as the company continued a retail network reset. The company has said it reduced its store count significantly as part of a “structural reset,” and reports indicated further planned cuts in physical outlets by the end of March. Management has also acknowledged service challenges that affected customer trust in recent quarters.
Financial results also reflected pressure on the business. For the quarter ended December 31, 2025, the company reported lower operating revenue and a net loss, based on widely reported figures. Those results came as Ola Electric pursued diversification, including the launch of its battery energy storage product under the Shakti brand.
Investor sentiment remained weak on March 2. NSE market data snippets showed Ola Electric touching a 52-week low of ₹23.82, while other market trackers also reported fresh lows during the session. The stock decline followed the sharp drop in February registrations and renewed concern about the company’s near-term recovery path.