Ola Electric expected to return to growth path in FY27 after multi-year reset

Indian electric two-wheeler maker, Ola Electric Mobility Ltd. (NSE: OLAELEC) is projected to return to revenue growth in FY2027 after two years of contraction, as the company works through a period of operational reset and prepares for renewed scaling across scooters, motorcycles and its in-house battery cell ambitions.

According to Visible Alpha consensus, revenue from operations is expected to rise 23% year-on-year to ₹27.7 billion in FY2027, following a steep 50% decline in FY2026 and a further 10% fall in FY2025. The anticipated recovery reflects expectations that recent efforts to address execution challenges, stabilize after-sales service and streamline costs will begin to support higher throughput and improved commercial performance.

Revenue from contracts with customers, which includes electric scooter sales as well as traded goods such as chargers, spare parts, accessories and services, is forecast to increase 15% in FY2027 to ₹23 billion. Other operating revenue, while smaller in absolute terms, is expected to rebound more sharply, rising 160% to ₹6.4 billion.

On volumes, analysts expect a partial recovery with total units rising 7% to 185,622 in FY2027, after a 52% decline in the prior year. Total realizations are projected to improve 13% to ₹146,456.

India’s electric two-wheeler sector has seen uneven momentum after an initial phase of rapid expansion, with competition intensifying from established domestic manufacturers and new entrants, while demand has remained sensitive to pricing, reliability and service infrastructure. Against this backdrop, Ola has said on its FY26 earnings call that the company is focused on fixing execution issues and strengthening the business before returning to growth, signaling a shift from expansion at speed to operational consolidation.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.