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Makes electric scooters in India and is building its own battery cells to vertically integrate EV manufacturing.
Makes electric scooters in India and is building its own battery cells to vertically integrate EV manufacturing.
Sells scooters directly to buyers through its own stores and website, without dealers, and has relied on government incentive schemes to support pricing. Founder Bhavish Aggarwal, who also started the Ola ride-hailing app, controls the company, which listed in 2024. Its battery-cell plant is meant to cut dependence on bought-in cells.
In one line: India's scooter-focused EV startup.
Moat: none (brand). Strong initial brand awareness but no durable cost or technology moat versus established two-wheeler makers.
Headquarters: Bengaluru, India · Founded: 2017 · Employees: 6,139
Size Ola Electric Mobility (OLAELEC.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $1.81B, the 392nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹34.21 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against -15.8% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue fell 49.2% over the last twelve months (peer median +8.4%); the operating margin is -83.3% (peer median 5.9%).
Valuation It trades at 9.1× enterprise value to sales against a peer median of 1.3× (most expensive of 20).
Capital Return on invested capital runs 50.1 points below its cost of capital (15.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹18.8B | ₹21.6B | ₹41.2B | ₹49.1B | ₹26.3B |
| Revenue growth | — | -48% | -16% | +87% | — |
| Gross profit | -₹2.85B | -₹6.76B | -₹9.68B | -₹4.94B | -₹6.12B |
| EBITDA | -₹9.20B | -₹10.7B | -₹21.1B | -₹13.4B | -₹12.5B |
| Net income | -₹17.4B | -₹18.3B | -₹22.8B | -₹15.8B | -₹14.7B |
| Free cash flow | n/a | -₹14.3B | -₹31.9B | -₹16.4B | -₹19.4B |
| Capital expenditure | n/a | ₹7.18B | ₹9.77B | ₹12.1B | ₹8.43B |
| Total debt | n/a | ₹27.6B | ₹35.6B | ₹27.1B | ₹17.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ola Electric Mobility OLAELEC.NS | $1.81B | -3% | -49% | -83% | 9.1× | n/a |
| TVS Motor TVSMOTOR.NS | $22.6B | +21% | +34% | 12% | 3.8× | n/a |
| Bajaj Auto BAJAJ-AUTO.NS | $31.7B | +3% | +48% | 19% | 3.9× | 27.3% |
| Hero Motocorp HEROMOTOCO.NS | $11.7B | +3% | +27% | 12% | 1.9× | 14.1% |
| Ather Energy ATHERENERG.NS | $7.57B | +101% | +63% | -7% | 14.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OLAELEC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -0.9% | 9th lowest of 21 |
| 6-month return | -2.5% | -15.8% | 4th highest of 20 |
| Distance from 52-week high | -34.0% | -35.6% | 10th highest of 21 |
| Revenue growth (TTM) | -49.2% | +8.4% | lowest of 21 |
| Operating margin | -83.3% | 5.9% | 2nd lowest of 21 |
| EV / Sales | 9.1× | 1.3× | most expensive of 20 |
| ROIC minus cost of capital | -50.1 pp | +0.8 pp | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ola Electric Mobility OLAELEC.NS | India | $1.81B | -3% | -49% | -83% | 9.1× | n/a | n/a |
| Blue Bird BLBD | United States | $1.82B | -18% | +13% | 12% | 1.1× | 3.7% | +11.0% |
| Zhejiang Taotao Vehicles 301345.SZ | China | $1.91B | -54% | +53% | 25% | 2.3× | 2.2% | +23.3% |
| Jiangling Motors 000550.SZ | China | $1.70B | -12% | +7% | 1% | n/a | n/a | n/a |
| Xuzhou Handler Special Vehicle 300201.SZ | China | $1.64B | -9% | +18% | 22% | 5.4× | 22.0% | -3.3% |
| Dongfeng Automobile 600006.SS | China | $1.53B | -24% | -5% | -13% | 1.3× | n/a | n/a |
| China Railway Materials 000927.SZ | China | $2.20B | -14% | +1% | 2% | 0.6× | 6.3% | -5.0% |
| Sanyang Motor 2206.TW | Taiwan | $1.43B | +8% | -3% | 8% | 1.4× | 1.2% | +9.0% |
| Thule THULE.ST | Sweden | $2.39B | -6% | +2% | 17% | 2.6× | 9.3% | +5.9% |
| Lucid LCID | United States | $1.30B | -48% | +67% | -259% | 4.6× | n/a | n/a |
| Force Motors FORCEMOT.NS | India | $2.64B | -8% | +16% | 12% | 2.4× | 25.2% | +35.4% |
| Aima Technology 603529.SS | China | $2.67B | -11% | -11% | 5% | 0.8× | n/a | n/a |
| Tianjin FUJI-TA Bicycle Industrial 603468.SS | China | $1.19B | n/a | +3% | 8% | 1.1× | 13.5% | +4.9% |
| Brilliance China Automotive 1114.HK | Hong Kong | $1.15B | -40% | +18% | -30% | 1.9× | n/a | n/a |
| Tianrun Industry Technology 002283.SZ | China | $1.14B | -39% | +31% | 9% | 1.7× | 6.1% | -1.7% |
| Beiqi Foton Motor 600166.SS | China | $2.88B | -31% | +13% | 1% | 0.4× | -1.2% | +1.3% |
| Trigano TRI.PA | France | $2.93B | -16% | +2% | 9% | 0.6× | -6.0% | +10.9% |
| Aerosun 600501.SS | China | $1.10B | -28% | +10% | -5% | 3.3× | n/a | n/a |
| Giant Manufacturing 9921.TW | Taiwan | $1.06B | +29% | -15% | 2% | 0.6× | 1.3% | -3.0% |
| Mitsubishi Motor 7211.T | Japan | $3.21B | +13% | +5% | 3% | 0.2× | n/a | n/a |
| Yadea 1585.HK | Hong Kong | $3.36B | -28% | +13% | 7% | 0.5× | -11.2% | +13.0% |