Ola Electric, helmed by Bhavish Aggarwal, ended the March 2025 quarter with a bruising net loss of ₹870 crore—more than double the ₹416 crore it reported in the same quarter last year. The steep drop comes as India’s largest electric two-wheeler manufacturer finds itself navigating a tough patch marked by falling demand, delayed deliveries, and operational hiccups.
Revenue from operations nosedived 62% year-on-year to ₹611 crore, a stark fall from ₹1,598 crore in Q4 FY24. Scooter registrations mirrored the slide, dropping 52% to 56,760 units. But Ola’s own internal delivery tally came in even lower, at just 51,375 scooters—pointing to swelling unsold stock sitting idle in warehouses or showrooms.
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On the profitability front, the numbers were grim. The auto division’s EBITDA margin took a nosedive, crashing from -9.3% to a staggering -78.6% in just one year. Ola’s overall consolidated EBITDA for the quarter plummeted further into the red at -101.4%, reflecting intense margin pressure and ballooning provisioning costs.
Despite the dismal results, there was one silver lining. The company’s gross margin nudged up slightly to 19.2%, thanks largely to its next-generation Gen-3 scooters. These new models promise 20% more performance and range, while shaving off 11% in production cost compared to their Gen-2 predecessors—making them a small but significant bright spot in an otherwise rocky quarter.
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As Ola Electric gears up for the coming months, the question now is whether its Gen-3 platform can drive a turnaround—or whether the company’s ambitious scale-up has run ahead of real-world demand.
