Ola Electric's Q2 Revenue Fell 39% to ₹421 Crore, and Two Outlets Print Different Expense Totals

Ola Electric's revenue from operations fell 39% to ₹421 crore in the September 2026 quarter from ₹690 crore a year earlier, and the net loss narrowed 13% to ₹362 crore, according to Inc42 and Entrackr, both published November 12. Quarter on quarter, revenue slipped about 7% from ₹455 crore.

The two reports agree on the headline numbers and then split on the cost side, which matters because the loss only reconciles with one of them.

Revenue and loss, quarter by quarter

1. Q2 FY26690 ₹ crore
2. Q1 FY27455 ₹ crore
3. Q2 FY27421 ₹ crore

Source: Inc42 and Entrackr, Nov. 12, 2026

First-half FY27 revenue was ₹876 crore, down 42%, and the half-year loss was ₹698 crore, narrower by 17.5%, per Entrackr. Inc42 puts the quarter's loss up 8% from ₹336 crore in Q1 FY27 and down from ₹418 crore a year earlier.

Where the two reports diverge

Line	Entrackr	Inc42
Total income, Q2 FY27	₹448 Cr	₹448 Cr
Total expenses, Q2 FY27	₹810 Cr	₹639 Cr
Prior-year total income	₹896 Cr	₹756 Cr
Prior-year total expenses	₹1,174 Cr	₹893 Cr

Total income of ₹448 crore less Entrackr's ₹810 crore of expenses is a ₹362 crore loss, exactly the reported figure. Inc42's ₹639 crore leaves ₹191 crore unaccounted for, which could be exceptional items or tax that its summary does not list. The prior-year columns do not reconcile to the ₹418 crore loss on either set, so a reader pricing the year-on-year cost decline (Entrackr says 31%, Inc42 says 28%) should go to the exchange filing rather than either summary.

Segments and cash

Inc42 reports the automotive segment at ₹420 crore of revenue with an operating EBITDA loss of ₹120 crore, 2.6 times the year-ago loss. The cell business booked ₹3 crore of revenue against a ₹32 crore EBITDA loss. Consolidated operating EBITDA loss was ₹218 crore, and gross margin was 29.9% against 30.9% a year earlier.

Free cash flow was negative ₹371 crore and operating cash flow negative ₹188 crore. Total borrowings stood at ₹1,819 crore in September 2026, down from ₹3,132 crore in December 2024. The company raised ₹780 crore through a QIP in June and ₹1,000 crore through a rights issue. Inc42 does not state a cash balance.

Demand claim against registrations

The Economic Times headlined its earnings-call report with Bhavish Aggarwal's view that demand is no longer a constraint; that article could not be retrieved for this piece, so only the headline is used. Against it, Entrackr cites 41,650 EV registrations, down 17% from a year earlier, and a monthly Vahan count of 12,096, a 5.4% share that ranks Ola fifth among electric two-wheeler makers and is down 10.12% from 13,458 in September. Inc42 says Q2 vehicle sales were not disclosed, and that production has been broadly flat for several months and is expected to reach about 25,000 vehicles in December.

Entrackr sets this beside Ather Energy, whose revenue rose 63% to ₹1,464 crore and which turned profitable.

What the market is paying

Entrackr gives a share price of ₹35.74 and a market capitalisation of ₹16,542 crore, or $1.74 billion. Annualising the quarter's ₹421 crore gives ₹1,684 crore, so the market is paying about 9.8 times run-rate revenue for a company whose automotive segment loses ₹120 crore of EBITDA on ₹420 crore of sales. That multiple is arithmetic on the reported figures, not a number either outlet publishes.

The site covered a different kind of mismatch in Atomberg's SEBI approval, where two outlets disagreed on whether its loss widened, and a quarter where one cost line decided the result in Delhivery's Q2 profit. The confirming document here is Ola's filing with the exchanges and the shareholder letter; December production against the 25,000 guide is the next number that tests the demand claim.