Ola Electric shares rallied for three consecutive days, gaining nearly 12%, despite a weak broader market. This surge follows the company’s PLI certification for its Gen 3 scooters and the unveiling of new products at its annual Sankalp event.
Ola Electric Mobility shares kept up their winning streak for a third straight day on Thursday, jumping nearly 4% to hit Rs 52.80 apiece. This comes even as broader markets traded weak. In just three sessions, the stock has surged about 12%, with investors cheering fresh positive news from the EV maker.
PLI Boost for Gen 3 Scooters
The key trigger for the rally was Ola Electric’s announcement that it had secured Production Linked Incentive (PLI) certification for its Gen 3 scooter portfolio.
All seven models in the line-up — from the S1 Pro 3 kWh to the S1 X+ 4 kWh — now qualify under the government’s scheme. This puts both Ola’s Gen 2 and Gen 3 scooters on the certified list, making the company eligible for incentives worth 13–18% of determined sales value until 2028.
For Ola, this recognition isn’t just a compliance milestone. Analysts believe it could help improve margins and strengthen the company’s push toward profitability in the coming years.
New Launches at Annual Sankalp Event
The momentum was further boosted by Ola’s annual Sankalp event, where the company pulled the covers off a fresh set of products.
The highlight was the S1 Pro Sport (available in 5.2 kWh and 4 kWh options), the S1 Pro+ (5.2 kWh), and the Roadster X+ (9.1 kWh), powered by Ola’s in-house 4680 Bharat Cell.
Deliveries for the S1 Pro Sport are set to begin in January 2026, while the S1 Pro+ and Roadster X+ are scheduled for launch around Navratri this year.
Founder and chairman Bhavish Aggarwal used the event to outline Ola Electric’s next big ambition: grabbing a 25–30% share of India’s two-wheeler EV market by betting on vertical integration and a larger product pipeline.
Q1 Results Show Narrowing Losses
On the financial side, Ola Electric reported mixed results for Q1FY26. The company managed to narrow its consolidated net loss to Rs 428 crore, almost halving it from the Rs 870 crore reported in the previous quarter.
Revenue, however, slipped sharply to Rs 828 crore, down nearly 50% year-on-year, showing the challenges Ola still faces on the sales front.
Stock Trend: A Volatile Ride
The recent rally offers some relief to investors after what has been a rough year. The stock is up 27% in August alone, but that comes after steep losses of 15.3% in June and 4.3% in July.
Year-to-date, Ola Electric shares are still down 38%, and over the last 12 months, they have shed nearly 59% of investor wealth. From a 52-week high of Rs 181 in August 2024, the stock plunged to a low of Rs 39.58 in July this year, underscoring its volatility.