Ola hits 12,166 sales as predicted by us. This has been the best in last 5 months.

In March Ola Electric did 10,117 unit sales… which was better than not only Jan and Feb 2026 (7,531 & 3968) but also Dec 2025 (9,021).

On paper Dec 2026 sales (9,021) was better than Nov sales (8,400)… but Nov 2025 to Feb 2026 saw a dangerous fall fro Oct 2025 sales (16,000). This was due to 3 main reasons:

1) Some places Ola shops were closed down for some silly reasons.

2) Ola reduced its shops from 4,000+ to around 350+

3) Bhavish was trying to build inventory of parts replacement. So if say 10,000 vehicles were built in a mth… 3,000-4,000 vehicle will not get built because those parts would be held as inventory backup or sent to various shops.

4) Bhavish was also trying to get the service improved and seems to have managed a 80% same day service.

So a lot of stuff and work was going on in the background… and Bhavish was doing a lot of fire fighting.

Ola Sales had fallen below the 300 and even 200 per day sales figure. Anything below 300 avg sales per day is bad news.

For the month of April Ola has managed to cross 400 sales per day avg. For Ola to become profitable it has to hit at least 500 sales per day… and more than 1,000 per day to catch Ather.

But Ola is not a Vehicle-Only company… so if Ola manages to sell its Shakti-Inverters it could add to top and bottom line heavily… but how much inverters it sold can be had by checking with Ola Showrooms…right now its very, very less… this also it seems because of the high price of Shakti… and the low price Shakti is not available for sale yet… just like the Z-series… implying that they are the same portable battery.

Q4 Result is expected in 1st week of May and Ola could do well if Loss is reduced to Rs 100 crores… This is very difficult because its biggest profit product the Roadster and Shakti both were launched quite late …Roadster almost in March… and deliveries happened in May 2026… while Shakti till now seemingly has very less sales.

Remember Q4 results will be incomplete picture of Ola Electric… because will not have full 3mth sales of neither Roadster, Shakti or 4680 cells and the sales in Jan and Feb 2026 were subdued… Ola Revival started only mid-March… so Q4 will account for scooters ONLY … and that too 2mths of subdued tapering sales (Jan& Feb).

Good thing to come out now is visibility of Z-Series in Ola website. Meaning it could be available in near future.

There was absolutely no news about Z-Series scooters or Gig-Scooters… many thought it was shelved due to low profits it will generate.

But now when you press the “Buy Now” tab in Ola Scooters section … you can swipe left to see the “Ola S1Z” tab… clicking on it you can see 146km range and top speed of 70kmph available for Rs 60,000. But right now its on “Reserve for Rs 499” mode…meaning still not available.

Below the S1Z you can see the S1Z+ with same specs but “big-daddy” 14-inch wheels for Rs 65,000 also in “Reserve” mode. Ather too has planned a 14 inch wheel product around the 1L price (BaaS Price could be Rs 50,000) based on the EL-platform.

Once the Z-Series comes out the sales of Ola Electric should shoot through the roof. This is because the BaaS sales by rivals have created a condition where customers think they get lower price in BaaS and Ola till now has refused to give BaaS option… maybe because it complicates everything collecting BaaS (EMI) every month and accounting.

BYJUS also got into accountimg trouble for showing 3yr course fees for this year in Balance Sheet instead differing the fees over 3 yrs.

So we dont know how the escooter companies giving BaaS are accounting Battery (BaaS) fees of the yet uncollected Rs 70,000 as “sales” of this year or reporting after collecting the BaaS EMI at the end of every month?

If they are showing the yet uncollected Rs 70,000 which is the cost of battery as sales done this month then its not correct… because just like in BYJUS case it should be differed over many months… this complicates accounting when you consider the fact that Ola EMI is much cheaper than total EMI under BaaS model (Scooter EMI + BaaS EMI).

Q1 Results which might become available in 1st week of Aug 2026 would include the proper sales of Ola:

1. 3 mth Sale of Roadster.
2. 3 mth Sale of Shakti.
3. 3 mth of Revived sales ( min 10,000+ mthly) of Ola 2Wheelers.
4. 3 mth sale of 4680 cells.
5. Possibly Ola could launch another vehicle by then

All of the above could make Ola EBITDA positive… in Q1

Q1 results would show Ola firing on all of the above cylinders… as none of these cylinders were firing in Q3 or Q4… although they were supposed to fire in Q3 itself.