Ola Electric

The company is targeting more than 500 dealerships over the next two quarters. It is a shift away from the company-owned retail model.

The Ministry of Heavy Industries cleared the FY27 demand incentive for disbursement through IFCI. Qualifying three years running confirms the localisation, but the payout is demand-linked, and at roughly a quarter of last year's figure the number says more about volumes than about eligibility.

This is a price-led entry model rather than a flagship, aimed at the commuter volume the company needs to fill its own plant.

Shakti Gen2 deliveries begin November 2026 and the racks only from March 2027, so this revenue lands in FY28 and not the current year.

The reset effectively buys two extra years, with 2.5 GWh running and 3.5 GWh building, and turns disbursals quarterly from next quarter against a December 2026 milestone of 6 GWh.

The company's own release led with a sequential comparison instead, noting revenue nearly doubled from 265 crore in the March quarter and that registrations grew 97 percent quarter on quarter against 17 percent for the electric two-wheeler market, lifting its share from 5.1 percent to 8.4 percent. Both framings are accurate and they point in opposite directions, which is the whole story. The business is recovering sharply from a collapsed March quarter but is still running at roughly half its year-ago scale, with 43,908 registrations in the quarter, down 25 percent on the year, and 39,192 units delivered. Total expenses fell to 620 crore from 1,065 crore, so the smaller loss is a cost outcome rather than a revenue one, and consolidated operating expenses were cut 22 percent sequentially to 333 crore. Gross margin at 30.5 percent is the one number that has held through the FY26 reset. The test from here is whether the sequential recovery continues far enough to clear the year-ago base, because cost cuts cannot repeat at this rate.