Ola Electric Share Price Hits 52-Week Low After Q3FY26 Revenue Drops 55%

Ola Electric Mobility shares fell 3.5% on Tuesday, February 17, and touched a 52-week low of ₹27.82 in intraday trade. The fall extended a four-session slide that has erased more than 12% over that stretch.

At the day’s low, the Ola Electric share price traded about 61% below its September 2025 peak of ₹71.24. The stock also stood about 62% below its IPO price of ₹76 and about 82% under its record high of ₹157.40.

Investors reacted to weak December-quarter numbers and fresh brokerage downgrades. The results showed a stronger gross margin, but revenue and deliveries fell sharply.

Q3FY26 earnings show weaker revenue despite margin gains

Ola Electric reported a narrower consolidated net loss of ₹487 crore for Q3FY26, compared with ₹564 crore a year earlier. Consolidated revenue from operations dropped 55% year-on-year to ₹470 crore, with a focus on demand and pricing.

The company delivered 32,680 electric two-wheelers in the quarter ended December 31, 2025. Ola Electric also reported a consolidated gross margin of 34.3%, up 15.7 percentage points year-on-year and 3.4 points quarter-on-quarter.

An Ola Electric spokesperson called Q3FY26 a “structural reset” that focused on “restoring service execution” and “resetting our cost structure.”

Company commentary linked the softer quarter to slower EV penetration and the need to strengthen service execution.

Cost reset targets service metrics and a lower breakeven point

Management said it adjusted its retail footprint and operating model to improve reliability and reduce fixed costs. The company said it used store and service network optimization and AI-led automation to speed up diagnostics and job processing.

Ola Electric said it cut service backlogs by about half from earlier peaks. It also said it now completes about 80% of service requests on the same day.

In manufacturing, the company said it doubled cell production quarter on quarter. It also said it began deploying in-house 4680 “Bharat Cells” in customer vehicles.

Ola Electric said it expects quarterly operating expenses to fall to about ₹250–300 crore over the next couple of quarters. It also said it aims to bring EBITDA breakeven down to around 15,000 units per month at that cost base.

Analyst downgrades add pressure on Ola Electric stock

Emkay Global Financial Services downgraded the stock to “Sell” from “Buy” and cut its target price to ₹20 from ₹50. The brokerage pointed to weak quarterly performance and continued market-share pressure.

Citi also moved to “Sell” and cut its target to ₹27 from ₹55, citing slower EV penetration and ongoing cash burn.

Ola Electric has said it expects the leaner model to support 3–4 times volume scaling with limited incremental operating costs once demand improves. The next few quarters will show whether lower costs and service improvements can stabilize deliveries and revenue.