Bengaluru EV maker Ola Electric Q2 FY27 revenue falls 39% to Rs 421 crore

Ola Electric’s revenue from operations fell to Rs 421 crore in Q2 FY27 from Rs 690 crore in the same quarter last year, a 39% decline year on year, according to its consolidated financial statements filed with the National Stock Exchange.

The automotive business generated Rs 420 crore and the cell business Rs 3 crore, before inter-segment eliminations of Rs 2 crore. Other income of Rs 27 crore took total income to Rs 448 crore, against Rs 896 crore a year earlier.

The company’s loss narrowed 13% year on year to Rs 362 crore. On a sequential basis, revenue from operations fell over 7% from Rs 455 crore in Q1 FY27.

For the first half of FY27, revenue declined 42% to Rs 876 crore, while losses narrowed 17.5% to Rs 698 crore. The company recorded 41,650 EV registrations in the quarter, a 17% year-on-year decline.

Procurement costs fell 38% year on year to Rs 295 crore, which helped reduce overall expenses and limit the loss. Total expenses fell 31% to Rs 810 crore from Rs 1,174 crore in the year-ago quarter. Employee benefit cost rose 22% to Rs 67 crore.

Ola Electric is a Bengaluru-based electric vehicle maker. It has faced a prolonged slowdown over the past eight quarters.

Rival Ather Energy reported a contrasting performance, with revenue from operations up 63% year on year to Rs 1,464 crore in Q2 FY27, and turned profitable in the quarter.

Vahan data places Ola Electric fifth among EV two-wheeler players, with 12,096 registrations and a 5.4% market share. It was the only player among the top five to record a month-on-month decline, with registrations falling 10.12% from 13,458 units in September.

Ahead of the results, the company raised Rs 1,000 crore through a rights issue to strengthen its capital position. Its shares closed 3.8% higher at Rs 35.74 on Thursday, giving it a market capitalisation of Rs 16,542 crore ($1.74 billion).