Ola Electric Q1 FY26 Financial Report Officially Out: 68,192 EVs Sold With 25.6% Auto Gross Margin
Ola Electric CEO – Bhavish Aggarwal has now shared the company’s Q1 FY26 financial report via his X official handle. Also, this quarter is said to be the company’s first reflection since changing the brand strategy from rapid expansion to profitable growth and stable operation.
Read more about it below.
Ola Electric Q1 FY26 Financial Report
As per what has been shared, Ola Electric in Q1 FY26 was able to deliver 68,192 EV vehicles in total. Also to add, in the month of June 2025, the brand is revealed to have a EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization that is greater than zero (~ positive). Moreover, with minimal PLI benefit too, the brand’s Auto Gross Margin is reported to be 25.6%, and the 80% of total S1 sales was contributed by the 3rd generation models.
Also, the brand’s consolidated operating expenses for Q1 FY26 is mentioned to be just about INR 150 crore thanks to the Operating Cost Reduction Program – Lakshya. The monthly auto operating expense is revealed to have been reduced to INR 105 crore from the previous INR 178 crore. Notably, it is also said that even if the sales volume of the brand increases by double, this is believed to stay stable.
Another key area of the Q1 FY26 financial report is with respect to the warranty costs and product quality management. In comparison to the 2nd generation models, the complaints for the latest 3rd generation models have been reduced by 60%. Additionally, the self-developed in-house motors as well as controllers helped in bringing failures down by more than 90% too. On the software side, the paid software MoveOS+ was adopted by about 50% of customers in Q1, from the previous 2% of Q4. Following the roll-out of the MoveOS 5 and the MoveOS 6, this is believed to increase.
About a few other updates, the new Roadster bike is now in 200 stores with a strong customer response, and the brand aims to scale up the availability of it in more stores as well. Also, the in-house ABS system of the brand will be made ready before the regulatory deadline of January 2026. On top of these, the 4680 Bharat Cell battery will be integrated onto the new production units from this coming Navratri (22nd September 2025 ~ 2nd October 2025). From the next quarter onward, Ola Electric also plans to adopt its rare earth magnet-free motors too onto its products.
Regarding its financial outlook for FY26, the brand is targeting sales of 3.25 to 3.75 lakh EV vehicles and a revenue ranging from INR 4,200 crore to INR 4,700 crore. A 35% to 40% exit gross margin range and an auto EBITDA exceeding 5% will also be certain key focus areas.
