16 Feb , 2026 By : Debdeep Gupta
The shares of Ola Electric Mobility tumbled nearly 7 percent on February 16 after the company released its results for the October-December quarter of the ongoing financial year 2026. Some brokerages have downgraded the stock, while some reduced their target prices.
The shares of the EV scooter-maker dropped to an all-time low of Rs 28.81 apiece on Monday. This marks the first time the stock has fallen below the Rs 30-mark.
It is currently down more than 62 percent from its IPO price of Rs 76 apiece, and around 82 percent lower than its all-time high of Rs 157.40 apiece which it had hit in August 2024 after debut.
Ola Electric Q3 Results:
Ola Electric on February 13 reported consolidated revenue from operations at Rs 470 crore for Q3 FY26. This marks a 55 percent year-on-year (YoY) fall from the Rs 1,045 crore revenue from operations reported in the same period of the previous financial year.
Net loss however narrowed to Rs 487 crore during the quarter under review, as against a net loss of Rs 564 crore in the year-ago period.
Deliveries declined 61 percent YoY to 32,680 units in Q3 FY26, compared with 84,029 units a year earlier. Adjusted operating EBITDA loss narrowed 34.6 percent to Rs 323 crore.
Emkay Global on Ola Electric:
Emkay Global downgraded the shares of Ola Electric to ‘Sell’ from ‘Buy’, and cut its target price to Rs 20 apiece from Rs 50 apiece. The latest target price implies a downside potential of more than 35 percent from the stock’s previous closing price of Rs 30.89 apiece.
According to the brokerage note cited by CNBC-TV18, Emkay’s analysts highlighted that Ola logged a weak third quarter, although its underlying electric two-wheeler theme remains strong.
It added that the industry is witnessing a healthy growth, with a revival in penetration following a brief dip after the GST rat cuts. It noted that Ola saw consistent volume fall to 32,000 units in Q3 FY26, along with market share loss.
Emkay, as quoted by the report, said that this could be a difficult, long-drawn process for Ola, especially amid greater focus from incumbents and scale-up at Ather.
Kotak Securities on Ola Electric:
Kotak Securities also kept a ‘Sell’ call on the stock, with a target price of Rs 20 per share. The domestic brokerage said that Ola Electric’s results were below expectations, and volume growth saw no pick up.
It added that the company is already showing visible strain, and may see a full blown crisis ahead. It expects Ola to see big net losses and net worth erosion in FY26-FY28.
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