Ola needs 2.6x today’s sales to cover its running costs. We ran the numbers.

Ola Electric lost ₹362 crore in July to September. That’s the number in the headlines.

The more useful one is 31,650.

That’s roughly how many vehicles Ola would need to sell every month for its vehicle business to cover its operating costs, at what each vehicle earned last quarter. In October, 12,096 Ola vehicles were registered.

If you own the stock, or one of the Motilal Oswal funds that has kept buying it, that gap is what matters. So we modelled it: the break-even, the battery-cell factory, the cash, and what management said against what happened.

This isn’t a buy or sell call. It’s arithmetic on the company’s own numbers.

Revenue fell 74%. The loss stayed the same size

In April to June 2024, Ola sold ₹1,644 crore worth of vehicles and lost ₹347 crore. In July to September 2026, it sold ₹421 crore and lost ₹362 crore.

Across those ten quarters, revenue added up to about ₹7,640 crore and losses to ₹4,807 crore. Not one quarter made a profit.

EBITDA, profit before interest, depreciation and tax, shows the same thing more sharply. In Q2 FY25 the EBITDA loss was 31.2% of revenue. In Q2 FY27 it was 51.8%. As sales shrank, costs didn’t shrink as fast.

EBITDA = loss before tax + interest + depreciation − other income, from Ola’s filings. Q2 FY27 margin is on ₹421 cr revenue. Matches Ola’s reported EBITDA loss of ₹218 cr in Q2 FY27 and ₹203 cr in Q2 FY26. Ola’s “adjusted operating EBITDA”, which also counts lease costs, was −₹246 cr. Source: Cofacto.