Ola Electric's Q4 losses deepen as deliveries slide, revenue nearly halves
Ola Electric's Q4 losses deepen as deliveries slide, revenue nearly halves
BENGALURU: Ola Electric reported a steep deterioration in its March quarter performance, with adjusted revenue plunging to Rs 649 crore in the period ended March 2025, from Rs 1,641 crore a year ago, a near 60% decline.
Consolidated net loss widened to Rs 870 crore for the quarter, compared to Rs 417 crore in Q4 FY24.
Ebitda loss for the quarter expanded to Rs 658 crore, with margins slipping to -101.4%, indicating rising cost pressures and limited operating leverage. Deliveries fell sharply to 51,375 units in Q4 FY25, down from 1.15 lakh units in the same period the previous year. Premium segment deliveries dropped nearly 76% year-on-year to just 15,764 units in the quarter.
For the full year, adjusted revenue dropped 9% to Rs 4,645 crore. Total FY25 losses stood at Rs 2,276 crore, compared to Rs 1,844 crore in FY24. Ola Electric continues to report negative Ebitda margins for all four quarters of FY25, underscoring persistent challenges in its path to profitability.
While the company's gross margin improved to 20.5% for FY25 from 14.8% in the previous year, Q4 margins dipped sequentially.
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Operating expenses continued to rise, hitting Rs 779 crore in Q4 FY25. The company also booked a Rs 250 crore warranty-related provision during the quarter for its Gen 1 and Gen 2 scooter models.
Ola's management attributed the Q4 performance to weak urban demand and underperformance in the premium segment. The company is now banking on its lower-cost S1 X and the newly launched Roadster X motorcycle to revive momentum in FY26.
However, analysts flagged concerns around demand visibility and the lack of sustained scale, especially as overall E2W market growth tapers.
The company said it has structurally reduced its auto segment Ebitda breakeven to under 25,000 monthly units, but sustained breakeven volumes have yet to be achieved. Ola is also preparing to scale battery cell production at its Gigafactory, though commercialisation timelines remain uncertain.
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