Ola Electric secures PLI nod for Gen 3 scooters, aims to turn EBITDA positive
With this milestone, Ola Electric’s Gen 2 and Gen 3 scooter portfolio now stands PLI-certified, the Bengaluru-based firm said in a statement.
The Gen 3 portfolio, 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 the company’s current sales, it added.
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As a result, this certification is set to significantly enhance Ola Electric’s profitability from Q2 FY26 onwards, it noted.
“Securing PLI certification for our Gen 3 scooters, which form the bulk of our sales, is a critical step towards profitability. This will directly strengthen our cost structure and margins, enabling us to deliver sustainable growth,” a company spokesperson said.
With the auto business targeted to turn EBITDA (earnings before interest, taxes, depreciation and amortisation) positive, the certification acts as a strong catalyst to achieve that goal while ensuring that customers continue to get the best-in-class EVs (electric vehicles) at highly competitive prices, the spokesperson added.
The PLI certification makes Ola Electric eligible for incentives ranging from 13% to 18% of the determined sales value (DSV) until 2028.
Ola Electric’s loss has widened year-on-year for the quarter ended June 2025, as intensifying competition and a post-subsidy slowdown in the EV market halved the company’s revenue.
The company’s consolidated net loss widened to Rs 428 crore in the first quarter of FY26, compared with Rs 347 crore a year earlier.
Revenue from operations fell 49.6% year-on-year from Rs 1,644 crore to Rs 828 crore, as deliveries dropped to 68,192 units, down from 1,25,198 units a year ago. However, revenue rose sequentially from Rs 611 crore in the March quarter, suggesting a partial recovery in volume and/or price realisation.
(With additional inputs from PTI)
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)
Edited by Suman Singh
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