Ola Electric’s Q1 revenue rises 29% to ₹1,644 crore as deliveries accelerate

Ola Electric, which marked its stock market debut last week, saw its revenue rise nearly 29% year-on-year to ₹1,644 crore in the quarter ended June, helped by accelerated deliveries of scooters, while its loss widened to ₹347 crore.

The Bhavish Aggarwal-led electric scooter maker had registered a revenue of ₹1,598 crore in the March quarter, with a net loss of ₹416 crore. In the year-ago quarter, the company’s net loss stood at ₹267 crore.

Ola Electric ramped up deliveries of its mass-market scooter portfolio (S1 X) during the quarter, which helped accelerate growth, it said in a statement on Wednesday. The existing product portfolio, including the S1 Pro, S1 Air and S1 X+, also saw strong demand during the quarter.

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“The increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimizations. These benefits of scale are further amplified by the company’s scalable platform-based product development and manufacturing technology that results in high degrees of commonality across its products,” the company said.

Ola Electric’s shares were listed on the National Stock Exchange (NSE) at the issue price of ₹76 on Friday. The stock has since been rising, hitting a life high of nearly ₹130 on Tuesday before coming off. On Wednesday, the stock closed 2.6% higher at ₹110.99 on the NSE.

An offer for sale (OFS) of up to 84,941,997 equity shares and a fresh issue of up to ₹5,500 crore were included in the initial public offering (IPO) by the leading electric vehicle (EV) manufacturer in the country.

Read more | Ola Electric bears responsibility for being custodians of public money: CEO Bhavish Aggarwal after market debut

Ola Electric also announced the integration of its cells in its own vehicles by Q1 FY26 to help the company reduce its dependence on imported components and lower production costs.

“The cell has been a very core anchor of our strategy to drive lower cost and as a result higher penetration for EVs in India. The cell makes up about 30-35% of the vehicle cost. As we start manufacturing this in India, over time, we believe we can save over 20% of that 30% and all of that flows down to the bottom line,” Aggarwal, the company’s founder and chief executive officer (CEO), said while addressing a virtual press conference on Wednesday evening.

The cells will get fully tested and integrated into the company’s vehicles by Q1 FY26, according to Aggarwal. “We have produced more than 30,000 cells and month-on-month, we are ramping up the production,” he said.

The next few quarters will see incremental gross margin improvements, he said, adding that the big step function change on gross margins will happen with the company manufacturing its own cell, for which production has already started.

On Thursday, the company plans to launch a portfolio of motorbikes across mass and premium segments that, according to Aggarwal, will be delivered by the end of this financial year.

Aggarwal noted that the cost structure for the motorbikes and the gross margins will start where the scooter already is. “Our motorbikes are built on the same platform as our scooters. So, a lot of the components like electronics, cell and battery, motor and powertrain—all of them are the same as the scooter.”

“The manufacturing capacity that we have is fungible across scooter and motorbikes. So, we won’t need to do any large-scale capex to scale motorbikes into the existing capacity that we have,” he added.