Shares of Bhavish Aggarwal’s Ola Electric Mobility rose 5% to ₹57.50 on Friday, taking the weekly gain to nearly 20%. The shares touched their intraday high of ₹57.50 and lowest of ₹54.32. This rise comes after the company received PLI certification for its third generation scooters; profitability is expected to increase from the second quarter of FY 2026.
The company’s shares had hit their one-year high of ₹157.40 per share on August 20, 2024, while their 52-week low was ₹39.60 per share on July 14, 2025.
Here are some of the key developments fuelling Ola Electric’s bull run:
PLI certification for third-generation scooter portfolio
Ola Electric on Tuesday received production-based incentive (PLI) certification for its third-generation scooter portfolio. The move is expected to boost profitability from the second quarter of FY26.
The certification, granted by the Automotive Research Association of India (ARAI) under the Ministry of Heavy Industries, covers all seven models of Ola’s third-generation scooter lineup, including its flagship S1 Pro and S1X variants.
With both its second and third-generation portfolios now PLI-compliant, the company is eligible for incentives ranging from 13% to 18% of the scheduled sales value until 2028.
Niti Aayog steps in to address slow adoption of electric motorcycles
In another important development, government think tank Niti Aayog has convened a meeting to address the slow adoption of electric motorcycles in India, reports Hindu BusinessLine.
Major two-wheeler manufacturers including Hero MotoCorp, Bajaj Auto, TVS Motor, Ola Electric, Ather Energy and Revolt Motors are expected to attend the meeting. According to reports, the main focus will be on accelerating the electrification of motorcycles, a segment that dominates India’s two-wheeler market but has seen negligible adoption of electric models so far.
Ola Electric’s Bharat Cell
Last week, founder Bhavish Aggarwal shared plans for new launches, including products with 4,680 Bharat Cells that offer 15 years of battery life, five times more capacity and 80% charging in 15 minutes. These products will be available from the company’s Tamil Nadu plant by Navratri. Ola aims to capture 25-30% of India’s two-wheeler EV market through vertical integration, new scooters, motorcycles and ferrite motor technology to reduce the use of rare earth magnets.
Aggarwal had also stressed the need to increase the supply of raw materials from China to Japan, Korea and Australia. Ola’s motorcycles have seen good demand and are gradually being expanded, while the company recently launched the Ola Pro sport scooter equipped with Bharat Cell and ferrite motor technology.
Ola Electric Q1 earnings
Ola Electric Mobility reported a consolidated net loss of ₹428 crore in the April-June quarter of FY 2025-26. The company had reported a net loss of ₹347 crore in the same period last year. Ola’s operating revenue stood at ₹828 crore in Q1 FY26, down 50% from ₹1,644 crore in Q1 FY25. The company’s EBITDA loss stood at ₹237 crore in the quarter under review, compared to ₹205 crore year-on-year (YoY). Ola said its cash generation in the auto segment is within reach: “Q1 FY26 was near-neutral, with structural improvements in operating expenses and working capital.”
The company expects to fully utilise 1.4 GWh by the end of FY26 and ramp up the remaining capacity to 5 GWh and ramp up consumption to 5 GWh by FY27.
The EV maker has also successfully developed heavy rare earth (HRE) free motors, production of which is scheduled to begin in Q3 FY26.
Its Q1 auto GM of 25.6% was largely without PLI, and from Q2 we should also see PLI benefits, taking our exit GM for FY26 to around 35-40%.
