Ola Electric Share Price Takes a Hit Amidst Declining Deliveries

On April 13, 2026, Ola Electric Mobility Ltd faced a significant setback as its share price tumbled over 7%. This decline comes in the wake of disappointing delivery figures and revenue reports for the third quarter of fiscal year 2026.

Just two days prior, on April 11, 2026, the company had experienced a brief rally, with its stock price rising over 6%. However, this optimism was short-lived as the reality of falling deliveries set in.

In Q3 FY26, Ola Electric reported deliveries of only 32,680 units, a stark contrast to the 84,000 units delivered in the same period the previous year. This represents a significant decline in performance, raising questions about the company’s ability to compete effectively in the electric two-wheeler market.

Revenue for the quarter also dropped sharply to ₹470 crore, nearly half of what it was a year ago. This decline is particularly concerning given that Ola had initially guided for over 3.25 lakh units in sales for FY26 but only managed about 1.5 lakh units in the first nine months.

Furthermore, Ola’s market share has fallen to under 6%, a notable decrease from the 30–35% share it held after its IPO. This decline reflects the intense competition in the electric vehicle sector, particularly from rivals such as TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp.

Despite the challenges, there was a silver lining as gross margins improved to 34.3% in Q3 FY26, compared to 25.8% and 30.9% in the previous two quarters. However, the company’s EBITDA margin remained concerning at -68.7%.

Industry analysts have noted that battery innovation is critical for improving EV margins, indicating a strategic intent from Ola to enhance its product offerings. A dealer at a domestic brokerage firm commented that the recent rebound in share price was not merely technical but was supported by improving fundamentals and sentiment.

As the situation stands, Ola Electric’s ability to sustain its recent rally in share price amidst ongoing profitability concerns remains uncertain. Details remain unconfirmed regarding the impact of new LFP battery technology on the company’s overall performance and market acceptance.