Extending their winning run for the second straight day, Ola Electric Mobility, one of the country’s leading two-wheeler electric vehicle manufacturers, surged another 5.3% to hit the day’s high of ₹ 51.15 apiece in Tuesday’s trading session.
The rally came after the company secured PLI certification for its Gen 3 scooter portfolio.
On Monday, post-market hours, the company informed investors through an exchange filing that it had received certification for compliance with eligibility assessment requirements under the Production Linked Incentive (PLI) Scheme for the automobile and auto components sector.
The certification covers its Gen 3 scooter portfolio, including all seven Ola S1 Gen 3 scooters, which account for the bulk of its sales. The PLI certification makes Ola Electric eligible for incentives ranging from 13% to 18% of the determined sales value (DSV) until 2028. The company said that the award will directly strengthen its cost structure and margins as it aims to turn EBITDA positive.
With this, Ola Electric’s Gen 2 and Gen 3 scooter portfolios are now PLI-certified. The Gen 3 lineup, comprising S1 Pro 3 kWh, S1 Pro 4 kWh, S1 Pro+ 4 kWh, S1 X 2 kWh, S1 X 3 kWh, S1 X 4 kWh, and S1 X+ 4 kWh, represents the majority of the company’s current sales. As a result, the certification is expected to significantly boost Ola Electric’s profitability from Q2 FY26 onwards.
At its annual ‘Sankalp’ event, the company also unveiled new models: the S1 Pro Sport (5.2 kWh and 4 kWh variants), the S1 Pro+ (5.2 kWh), and the Roadster X+ (9.1 kWh) powered by the 4680 Bharat Cell. The company said the deliveries for the S1 Pro Sport will begin in January 2026, while the S1 Pro+ 5.2 kWh and Roadster X+ 9.1 kWh will be available starting this Navratri.
Heads for biggest monthly gain since listing
After being under sustained bearish pressure, shares of the electric two-wheeler (E2W) maker staged a strong comeback in August, gaining 23% so far this month. If the momentum sustains through the end of August, it will mark the stock’s biggest monthly gain since its listing in August 2024.
The bullish streak was fueled after founder and chairman Bhavish Aggarwal, at the company’s annual Sankalp event, outlined growth plans to capture a 25-30% share of India’s two-wheeler EV market, supported by vertical integration and new product launches.
Despite the sharp recovery, the stock remains 33% below its IPO price of ₹76 and is still down 62% from its all-time high of ₹157.
The company also reported better-than-expected earnings for the June-ended quarter, posting a consolidated net loss of ₹428 crore in Q1FY26, compared with a loss of ₹870 crore in Q4FY25 and ₹347 crore in Q1FY25. Revenue, however, fell to ₹828 crore, marking a 49.6% year-on-year (YoY) decline from ₹1,644 crore.