Ola Electric Shares Jump Nearly 15% on PLI Certification Boost

Ola Electric Mobility's shares surged up to 14.8% on Monday, touching Rs 62.05 on the NSE, as investors cheered the company’s recent Production Linked Incentive (PLI) certification for its Gen 3 electric scooters. The stock has gained nearly 29% in the last five trading sessions.

The certification, granted under the Centre’s PLI scheme for automobiles and auto components, covers all seven models in Ola’s Gen 3 S1 scooter lineup, which together account for more than half of its sales. With this, both its Gen 2 and Gen 3 scooters are now eligible for incentives ranging from 13% to 18% of determined sales value until 2028.

The Bhavish Aggarwal-led firm stated that the approval will help lower costs, strengthen margins, and push the company closer to EBITDA breakeven.

“Securing PLI certification for our Gen 3 scooters is a critical step towards profitability,” a company spokesperson said, noting that the move will enhance cost efficiency while supporting competitive pricing.

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The Gen 3 range includes the S1 Pro (3 kWh and 4 kWh), S1 Pro+ (4 kWh), and S1 X series (2 kWh, 3 kWh, 4 kWh, and X+ 4 kWh). The company expects the incentives to materially impact profitability from the second quarter of FY26.

At its annual ‘Sankalp’ event, Ola also expanded its portfolio with new launches powered by its in-house 4680 Bharat Cell. The line-up includes the S1 Pro Sport (5.2 kWh and 4 kWh), S1 Pro+ (5.2 kWh), and the Roadster X+ (9.1 kWh), priced between Rs 1.49 lakh and Rs 1.89 lakh. Deliveries for the S1 Pro Sport will begin in January 2026, while the other two models will be available from Navratri this year.

However, the company’s financials remain under strain. For the June quarter of FY26, Ola reported a net loss of Rs 428 crore, widening from Rs 347 crore a year earlier, with revenue falling by nearly 50%.

The certification, coupled with fresh launches, has buoyed market sentiment, but analysts caution that profitability will depend on scaling volumes and sustaining demand in an increasingly competitive EV market.