Shares of Ola Electric Mobility, one of India’s leading two-wheeler EV makers, surged almost 20 percent this week after the company announced that it had secured Production Linked Incentive (PLI) certification for its Gen 3 scooter portfolio. The development, the company said, would strengthen margins and profitability starting this quarter. On Friday’s trade alone, the stock rose 5 percent to hit an intraday high of ₹57.50.
PLI Certification for Gen 3 Scooters
Ola Electric informed exchanges on Monday, post-market hours, 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 all seven models of the company’s Gen 3 S1 scooter portfolio, which accounts for more than half of its sales. With this recognition, Ola now has both Gen 2 and Gen 3 lineups PLI-certified.
This certification makes the company eligible for incentives ranging from 13 percent to 18 percent of the determined sales value (DSV) until 2028. Ola said the benefit would directly strengthen its cost structure and help expand margins, pushing it closer to achieving EBITDA positivity.
The Gen 3 lineup includes the 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, which collectively represent the bulk of its current sales. The certification is expected to significantly lift profitability beginning in Q2 FY26.
New Models Introduced at ‘Sankalp’ Event
At its annual ‘Sankalp’ event, Ola unveiled several new offerings, 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), which will run on 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 Navratri 2025.
During the event, founder and chairman Bhavish Aggarwal outlined Ola Electric’s growth plans, targeting a 25–30 percent share of India’s two-wheeler EV market. He emphasized that vertical integration and a strong pipeline of new products would be key to achieving this ambition.
Q1FY26 Results Show Narrowing Losses
Alongside these developments, Ola Electric reported its earnings for the June-ended quarter. The company posted a consolidated net loss of ₹428 crore in Q1FY26, narrowing from a loss of ₹870 crore in Q4FY25, though slightly higher than the ₹347 crore loss reported in Q1FY25.
Revenue, however, declined sharply to ₹828 crore, down 49.6 percent year-on-year from ₹1,644 crore in Q1FY25, reflecting weaker demand and pricing pressure in the EV segment.
Stock Price Trend
Ola Electric’s stock has staged a sharp rebound in August, gaining over 37 percent so far, after suffering back-to-back monthly declines of 4.3 percent in July and 15.3 percent in June. Despite this recovery, the stock remains under pressure in 2025, with a 34 percent year-to-date loss. Over the last one year, it has eroded more than 56 percent of investor wealth.
The shares had touched their 52-week high of ₹181 in August 2024, while the 52-week low of ₹39.58 was recorded in July 2025.
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