Ola Electric's Revenue Falls by 60.8% in March Quarter
By Ankur Chandra | Updated at: May 31, 2025 10:46 PM IST
Mumbai, May 29, 2025 – Ola Electric Mobility Ltd (NSE: OLAELEC, BSE: 544225) has released its Q4 and full-year FY25 financials, showcasing progress in product innovation, operational cost control, and strategic EV expansion. Despite maintaining its position as India’s top electric two-wheeler (e-2W) manufacturer by volume, the company encountered margin pressures and delivery challenges.
Financial Snapshot
| Metric | Q4 FY25 | Q4 FY24 | YoY Change | FY25 | FY24 | YoY Change |
|---|---|---|---|---|---|---|
| Deliveries (Units) | 51,375 | 115,386 | ↓ 55% | 3,59,221 | 3,29,549 | ↑ 9% |
| Adj. Revenue (₹ Cr) | 649 | 1,655 | ↓ 60.8% | 4,665 | 5,140 | ↓ 9.3% |
| Auto Gross Margin | 19.2% | 18.0% | ↑ 120 bps | 20.5% | 14.8% | ↑ 570 bps |
| Auto EBITDA Margin | -78.6% | -9.3% | ↓ 6,930 bps | -23.8% | -15.1% | ↓ 870 bps |
| Consolidated EBITDA Margin | -101.4% | -16.4% | ↓ 8,500 bps | -34.6% | -22.5% | ↓ 1,210 bps |
Segment Highlights
Electric Motorcycles
In May 2025, Ola launched the Roadster, its first electric motorcycle, offering a range of 501 km, a top speed of 125 km/h, and features such as ABS, Cruise Control, and Geo-Fencing. Priced under ₹1.5 lakh, the Roadster targets India’s mass-market segment and operates on the cost-effective Gen 3 platform.
S1 Scooter Line-up
Now spanning 14 models between ₹65,000 and ₹1.7 lakh, the S1 franchise saw Gen 3 deliveries commence in March 2025, accounting for 56% of the month’s end volumes. The S1 Pro remains a market leader at ₹1,54,999.
Operational Developments
Network & Fulfillment
Ola’s EV network has expanded to over 4,000 touchpoints, with more than half in Tier 3 and rural regions. Project Vistaar enabled factory-to-store delivery, cutting inventory cycles from ~35 to ~20 days.
Cost Efficiency
Under Project Lakshya, the monthly Auto segment costs decreased from ₹131 Cr in Q3 FY25 to ₹121 Cr in April, with a target of ₹110 Cr by June. A one-time ₹250 Cr warranty provision was made for Gen 1 & 2 scooters, with Gen 3 showing 75% lower warranty costs.
Tech & R&D
The 4680-format Bharat Cell is in final testing for FY26 launch. MoveOS 5, now active on 67,000 scooters, introduces SOS alerts and smartwatch integration. Ola leads India in EV patent filings with 460 applications and 102 grants.
Financial Position & FY26 Outlook
FY25 Capex reached ₹411 Cr, primarily in the Auto segment, with the major investment cycle now complete. Ola holds ~₹4,000 Cr in cash and is considering a ₹1,700 Cr non-dilutive debt raise.
Unofficial Q1 FY26 Guidance:
- Adj. Revenue: ₹800-850 Cr
- Deliveries: 65,000 units
- Auto Gross Margin: 28- 30%
- Auto EBITDA Margin: -10%
- Consolidated EBITDA Margin: -25%
With breakeven expected at sub-25,000 units/month, Ola Electric eyes scale-driven profitability supported by Gen 3 economics and phased PLI incentives.
REF: https://nsearchives.nseindia.com/corporate/OLAELECTRIC_29052025162023_Shareholders_letter_OEM.pdf
