Ola Electric’s Q1 revenue jumps 29% to Rs 1,644 crore as deliveries accelerate

Ola Electric, which made its stock market debut last week, saw its revenue rise nearly 29% year-on-year to ₹1,644 crore in the quarter ended June, helped by accelerated scooter deliveries, while its loss widened to ₹347 crores.

The electric scooter maker led by Bhavish Aggarwal had reported revenue of ₹1,598 crore in the March quarter, with a net loss of ₹416 crores. In the same quarter of the previous year, the company’s net loss was Rs. ₹267 crores.

Ola Electric increased deliveries of its mass-market scooter portfolio (S1 X) during the quarter, which helped accelerate growth, it said in a statement on Wednesday. The existing product portfolio, including S1 Pro, S1 Air and S1 X+, also saw strong demand during the quarter.

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“The increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimizations. These scale benefits are further amplified by the company’s scalable platform-based product development and manufacturing technology, resulting in a high degree of commonality across its products,” the company said.

Ola Electric shares were listed on the National Stock Exchange (NSE) at the issue price of ₹76 on Friday. Since then, the stock has been on the rise and has reached an all-time high of almost ₹On Tuesday, the stock fell to 130 and on Wednesday it closed up 2.6%. ₹110.99 on the NSE.

An offer for sale (OFS) of up to 84,941,997 equity shares and a new issue of up to ₹Rs 5,500 crore was raised in the initial public offering (IPO) of the country’s leading electric vehicle (EV) maker.

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Ola Electric also announced the integration of its cells into its own vehicles by the first quarter of fiscal year 2026 to help the company reduce its dependence on imported components and lower production costs.

“The cell has been a key pillar of our strategy to drive lower cost and as a result higher penetration of EVs in India. The cell accounts for around 30-35% of the vehicle cost. As we start manufacturing it in India, over time, we believe we can save over 20% of that 30% and all of that reflects in the bottom line,” Aggarwal, founder and chief executive officer (CEO) of the company, said during a virtual press conference on Wednesday evening.

According to Aggarwal, the cells will be fully tested and integrated into the company’s vehicles by the first quarter of fiscal year 2026. “We have produced over 30,000 cells and are ramping up production month by month,” he said.

In the coming quarters we will see incremental improvements in gross margin, he said, adding that the big step change in gross margins will occur when the company manufactures its own cell, production of which has already begun.

The company on Thursday plans to launch a portfolio of motorcycles in the mass and premium segments which, according to Aggarwal, will be delivered by the end of this financial year.

Aggarwal noted that the motorcycles’ cost structure and gross margins will start where scooters already are. “Our motorcycles are built on the same platform as our scooters. So, many of the components like the electronics, cell and battery, motor and drive system are all the same as the scooter.”

“The manufacturing capacity we have is interchangeable between scooters and motorcycles, so we will not need to make large investments to adapt motorcycle production to the capacity we currently have,” he added.