Extending its winning streak for the third straight day, Ola Electric Mobility, one of India’s leading two-wheeler EV manufacturers, surged another 4 percent to hit the day’s high of ₹52.80 apiece on Thursday, August 28. This comes despite a weakness in the overall market sentiment.
The rally followed the company’s announcement of securing Production Linked Incentive (PLI) certification for its Gen 3 scooter portfolio. Over the past three sessions, the stock has gained 12 percent.
PLI Certification for Gen 3 Scooters
On Monday, post-market hours, Ola Electric informed investors through an exchange filing that it had received certification for compliance with eligibility assessment requirements under the PLI Scheme for the automobile and auto components sector.
The certification covers its Gen 3 scooter portfolio, which includes all seven Ola S1 Gen 3 scooters that make up the bulk of its sales. With this development, both Ola Electric’s Gen 2 and Gen 3 portfolios are now PLI-certified.
The PLI certification makes Ola Electric eligible for incentives ranging from 13 percent to 18 percent of the determined sales value (DSV) until 2028. The company noted that this award would directly strengthen its cost structure and margins as it works towards becoming EBITDA positive.
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 Ola Electric’s current sales. The certification is therefore expected to significantly boost the company’s profitability beginning Q2 FY26.
New Models Unveiled at ‘Sankalp’ Event
At its annual ‘Sankalp’ event, the company introduced new products, including 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.
Deliveries for the S1 Pro Sport are scheduled to begin in January 2026, while the S1 Pro+ 5.2 kWh and Roadster X+ 9.1 kWh models will be available starting this Navratri.
Founder and chairman Bhavish Aggarwal also outlined Ola Electric’s growth strategy, targeting a 25–30 percent share of India’s two-wheeler EV market. The company plans to achieve this through vertical integration and an expanded product pipeline.
Q1 Results Show Narrowing Losses
Alongside the certification milestone, Ola Electric reported stronger-than-expected results for the June-ended quarter. The company posted a consolidated net loss of ₹428 crore in Q1FY26, improving from a loss of ₹870 crore in Q4FY25 and ₹347 crore in Q1FY25.
Revenue, however, fell sharply to ₹828 crore, marking a 49.6 percent year-on-year decline from ₹1,644 crore in Q1FY25.
Stock Price Trend
Just in August so far, it has soared almost 27 percent after 2 straight months of losses. It fell 4.3 percent in July and 15.3 percent in June. Overall, in 2025 YTD, the stock lost over 38 percent. Meanwhile, in the last 1 year, it has lost over 59 percent of its investor wealth.
The stock hit its 52-week high of ₹181 in August last year and 52-week low of ₹39.58 in July this year.
