Overview
- Ola Electric shares hit an all-time low of Rs 28.73 on Feb 16 and slid to Rs 27.36 on Feb 17 before rising 4.9% to Rs 29.35 in early trade on Feb 18.
- Q3 FY26 revenue fell 55% year-on-year to Rs 470 crore as net loss came in at about Rs 487 crore, with an EBITDA loss of Rs 271 crore and a record gross margin of 34.3%.
- Deliveries dropped to 32,680 units in the quarter, with market share around 6% and a fall from roughly 125,000 units in Q1, reflecting sustained demand pressure.
- Emkay cut the rating to Sell with a target of Rs 20 and estimated a shift to roughly Rs 670 crore net debt over nine months, while Citi downgraded to Sell with a Rs 27 target citing volume stress and brand perception issues.
- Management called the quarter a structural reset, guiding quarterly opex to Rs 250–300 crore and aiming for EBITDA breakeven at about 15,000 units per month, while saying service backlogs have halved with most tickets resolved the same day.