However, cells produced rose sharply to 72,418 units, up 90.2% QoQ from 38,080 units.

On a consolidated basis, revenue from operations stood at Rs 470 crore, declining 55.0% YoY from Rs 1,045 crore and 31.9% QoQ from Rs 690 crore. Automotive and cell sales dropped 53.1% YoY and 35.5% QoQ to Rs 433 crore. Production-linked incentive income declined 69.4% YoY, though increased 94.7% QoQ to Rs 37 crore.

Gross profit came in at Rs 161 crore, down 17.0% YoY and 24.4% QoQ. However, gross margin improved to 34.3%, compared with 30.9% in Q2 FY26 and 18.6% in Q3 FY25.

Total operating expenses stood at Rs 432 crore, down 33.9% YoY, but up 3.8% QoQ. R&D expenses rose 124.1% YoY and 8.3% QoQ to Rs 65 crore. SG&A expenses declined 38.1% YoY and 4.4% QoQ, while other operating expenses fell 42.2% YoY but increased 5.6% QoQ.

Adjusted operating EBITDA loss stood at Rs 323 crore, widening from Rs 258 crore in Q2 FY26 but improving from Rs 494 crore in Q3 FY25. Operating EBITDA margin was -68.7%, compared with -37.4% in Q2 FY26 and -47.3% a year ago.

Net loss for the quarter stood at Rs 487 crore, widening from Rs 418 crore in Q2 FY26 but narrowing compared with Rs 564 crore in Q3 FY25.

Cash flow from operations remained negative at Rs 575 crore in Q3 FY26, compared with a negative Rs 255 crore in Q2 FY26 and negative Rs 851 crore in Q3 FY25.

Free cash flow stood at negative Rs 781 crore in Q3 FY26, compared with negative Rs 405 crore in Q2 FY26 and negative Rs 1,076 crore in Q3 FY25.

In the automotive segment, revenue from operations stood at Rs 467 crore, down 55.3% YoY from Rs 1,045 crore and lower by 32.1% QoQ from Rs 688 crore. Adjusted operating EBITDA loss stood at Rs 167 crore, improving significantly from a loss of Rs 373 crore in Q3 FY25 but widening from a loss of Rs 102 crore in Q2 FY26. Adjusted EBITDA margin was -35.8%, broadly in line with -35.7% YoY, but weaker than -14.8% in Q2 FY26.

In the cell segment, revenue from operations stood at Rs 9 crore, up from Rs 3 crore in Q3 FY25 and Rs 4 crore in Q2 FY26, reflecting scaling up of cell operations. Adjusted operating EBITDA loss widened to Rs 39 crore, compared with losses of Rs 8 crore in Q3 FY25 and Rs 27 crore in Q2 FY26. Adjusted EBITDA margin deteriorated sharply to -228.5%, versus -29.6% YoY and -100.0% QoQ.

Ola Electric spokesperson said, Q3 FY26 marks a structural reset for Ola Electric. We chose to fix the fundamentals by restoring service execution, resetting our cost structure, and deepening vertical integration. The result is a leaner operating model with materially lower breakeven and industry-leading gross margins. With service metrics stabilising and our Gigafactory transitioning into commercial scale deployment, we are positioned to enter the next phase of growth with significantly improved operating leverage.

Ola Electric Mobility is India's leading electric vehicle (EV) manufacturer. It specialises in the vertical integration of technology and manufacturing for EVs and their components, including battery cells.

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