At a Glance
Ola Electric is the undisputed king of electric two-wheelers in India. It’s also the king of operating losses, cash burn, and “YOLO accounting.” With a 19.6% market share in Q1 FY26, it shipped 68,000+ scooters—while managing to lose ₹428 Cr in just one quarter. The stock is down 75% from its ₹158 high to ₹40 now. Market cap? ₹17,780 Cr. And ROE? -108%. That’s not negative. That’s post-apocalyptic.
Introduction
Once hailed as India’s answer to Tesla (but on a bike), Ola Electric hit the bourses with promises of green revolutions, gigafactories, and India Inside e-mobility. Instead, what we got was a recurring circus of quarterly losses, a stock chart that looks like a ski slope, and an OPM of -48%.
Let’s be clear: Ola sells. But Ola also burns. Money, that is. Revenue declined from ₹5,010 Cr in FY24 to ₹4,514 Cr in FY25, and cash flows are so negative they probably need a therapist.
Business Model (WTF Do They Even Do?)
- Core Products: Electric two-wheelers (S1 Pro, Air), battery packs, and key components (motors, chassis).
- Integrated Production: Ola Futurefactory—promoted as the world’s largest women-only, automated EV factory (PR: 10/10, Profits: 0/10).
- B2C Focus: Direct online sales, which removes the dealer network—but also adds complexity to customer service.
- Vertical Integration: Ola makes its own battery packs, motors, and frames. In theory, this should reduce costs. In reality… well, refer to the “-₹2,357 Cr PAT” line.
Financials Overview
FY25 Performance:
- Revenue: ₹4,514 Cr (↓10% YoY)
- EBITDA: -₹1,735 Cr (OPM: -38%)
- PAT: -₹2,276 Cr (EPS: -₹5.16)
- Other Income: ₹391 Cr (thank you VC funding)
- ROCE: -28.1% | ROE: -108%
Q1 FY26 (Jun 2025):
- Sales: ₹828 Cr (↓49% YoY)
- Loss: ₹428 Cr
- EPS: -₹0.97
- OPM: -29% (a slight improvement, like being stabbed with a smaller knife)
Valuation
Oh boy, here we go:
- P/E Method
- Not applicable. Because the “E” is negative and screaming.
- EV/EBITDA
- Market Cap: ₹17,780 Cr
- Debt: ₹3,556 Cr
- Cash: Practically none
- EV = ~₹21,300 Cr
- EBITDA
