DBT Bureau
Pune, 14 Feb 2026
● Consolidated Gross Margin at 34.3%, up 15.7 pp YoY and 3.4 pp QoQ – highest in the electric two-wheeler industry
● Quarter marks structural operating model reset; quarterly opex reduced from ₹840 Cr peak (Q4 FY25) to ₹484 Cr in Q3 FY26 with roadmap of quarterly opex of ₹250-300 Cr over the next couple of quarters
● EBITDA breakeven reset to approximately 15,000 units monthly; current manufacturing footprint supports 3-4x volume scaling with minimal incremental fixed cost
● Nearly 80% same-day service completion; service backlog reduced approximately 50% from its peak
● Gigafactory doubles cell production QoQ; first commercial deployment of in-house 4680 Bharat Cells into customer vehicles
According to an exchange filing reviewed by the DataBizTimes team, Ola Electric released its financial results for the quarter ended December 31, 2025.
The company delivered a record consolidated gross margin of 34.3%, expanding 15.7 percentage points YoY and 3.4 percentage points QoQ, reflecting the structural advantages of its vertically integrated model, Gen 3 platform economics and disciplined execution.
The company’s consolidated revenue from operations stood at ₹470 Cr, with total E2W deliveries of 32,680 units in Q3 FY26.
Commenting on the performance, Ola Electric spokesperson said, “Q3 FY26 marks a structural reset for Ola Electric. We chose to fix the fundamentals by restoring service execution, resetting our cost structure, and deepening vertical integration. The result is a leaner operating model with materially lower breakeven and industry-leading gross margins. With service metrics stabilising and our Gigafactory transitioning into commercial scale deployment, we are positioned to enter the next phase of growth with significantly improved operating leverage.”
Gross Margin Expansion Driven by Structural Advantages
Ola Electric achieved a 34.3% consolidated gross margin in Q3 FY26, improving from 30.9% in Q2 FY26 and 18.6% in Q3 FY25. This margin expansion was supported by the company’s vertically integrated manufacturing model and improved unit economics driven by the Gen 3 platform.
Structural Cost Reset Strengthens Path to Sustainable Profitability
Ola Electric has undertaken a comprehensive transformation of its operations through store and service network optimisation and AI-led automation. Over the next couple of quarters, these measures are expected to bring quarterly consolidated opex down to ₹250-300 Cr in next couple of quarters, lowering the company’s EBITDA breakeven to about 15,000 units per month. As demand recovers, this operating model is expected to enable up to 3-4x volume scaling with minimal incremental opex, resulting in strong operating leverage and a clearer path to sustainable profitability.
