Ola Electric Reports Narrower Q1 Loss Amid Revenue Decline
EV manufacturer Ola Electric reduced its net loss in Q1 FY27 to ₹336 crore, while operating revenue saw a 45% year-on-year decrease.
Ola Electric, a significant player in the electric vehicle market, reported a net loss of ₹336 crore for the first quarter of the fiscal year 2027, marking a 22% reduction compared to the ₹428 crore loss in the same period last year.
Despite the improved net loss, the company's operating revenue declined by 45% to ₹455 crore from ₹828 crore in the prior year's quarter. This decline occurred as the company underwent an "operational reset" and focused on cost reductions, with total expenses falling 42% year-on-year.
The company noted that its market share in the electric two-wheeler segment increased to 8.4% in Q1 FY27 from 5.1% in the previous quarter. Ola Electric attributed this growth to a 97% quarter-on-quarter rise in registrations, significantly outpacing the broader market's 17% growth.
Ola Electric aims to achieve a steady-state operating cost base of approximately ₹300 crore per quarter. The company also plans to expand its dealer-led distribution network to strengthen its presence in non-metro markets, having received substantial interest from potential dealer partners.