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Ola Electric reported a Q4FY25 loss of Rs 870 crore, over double last year’s Rs 416 crore. Revenue fell 62% to Rs 611 crore, deliveries dropped to 51,375 units.
Ola Electric’s auto EBITDA margin fell sharply in Q4FY25 to -78.6% as against -9.3% a year ago.
Ola Electric Q4 Results: Electric two-wheeler maker Ola Electric on Thursday reported a widening in its losses for the latest March 2025 quarter. Its losses more than doubled to Rs 870 crore in Q4FY25, compared with Rs 416 crore a year ago. Its revenue from operations during January-March 2025 slumped by 62 per cent to Rs 611 crore.
Its auto EBITDA margin fell sharply in Q4FY25 to -78.6% as against -9.3% a year ago, and the consolidated EBITDA margin stood at -101.4%, reflecting high provisioning costs and reduced operating leverage during the quarter.
The company’s deliveries declined to 51,375 units, compared with 1.15 lakh units in Q4FY24.
Since going public in August 2024, Ola has struggled with slowing sales, regulatory pressure and competition from established two-wheeler makers.
Ola Electric remains the leading electric two-wheeler brand in India by volume, though its advantage over traditional players like Bajaj Auto and TVS Motor has shrunk in recent months, as both have introduced competitively-priced models.
Ola’s vehicle registrations fell more than 52% year-on-year to 56,760 units in the quarter. Its entry-level models made up 69.3% of volumes, higher than 43.1% a year before.
The company said it is exploring a debt raise of up to Rs 1,700 crore to refinance existing debt repayment obligations.
Smaller rival Ather Energy posted a narrower quarterly loss on strong demand for its family scooter.
Shares of Ola Electric Mobility on Thursday rose 0.6 per cent to close at Rs 53.24 apiece on the BSE.
What Company Says On Q4 Results, Future Profitability
In its letter to shareholders, Ola Electric on Thursday said this performance does not include PLI on Gen3, which is expected to accrue Q2FY26 vs 100 per cent of the product portfolio accruing PLI in Q3 FY25.
It is important to note that the company has yet to turn a profit.
“We remain in line of sight of profitability. The rollout of Gen 3 in Q4 FY25 has been a key driver of our gross margin improvement. Our Q1 FY26 gross margin shows an improvement of 10 pp over Q4 FY25. This will be helped by the scale up of our Gen 3 platform. Notably, this performance does not include PLI on Gen3, which is expected to accrue Q2FY26 vs 100 per cent of the product portfolio accruing PLI in Q3 FY25. We expect our Gross
Margins to improve to about 35% in Q2 FY26 with PLI,” it added.
As we close FY25, Ola Electric is “well-positioned” to lead the next phase of India’s EV transition, according to the letter.
“We enter FY26 with a clear focus on improving unit economics and achieving Auto segment profitability, while scaling the reach and impact of our Roadster and S1 product franchises,” Ola Electric said.
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