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Ola Electric gets ₹366.78 crore PLI incentive for FY25 from Centre
The incentive, approved by the Ministry of Heavy Industries, is linked to Ola Electric’s FY25 sales even as the EV maker faces market share and revenue pressures.
Electric two-wheeler manufacturer Ola Electric Mobility Limited has received a sanction order from the Ministry of Heavy Industries approving incentives worth ₹366.78 crore under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for the financial year ended March 2025.
In a regulatory filing dated December 25, Ola Electric said the sanction order has been issued in favour of its wholly owned subsidiary, Ola Electric Technologies Private Limited. The approval covers the release of demand incentives linked to the company’s eligible sales value recorded during FY25.
The sanctioned amount will be disbursed through IFCI Limited, the designated financial institution under the PLI-Auto scheme, and will be released in accordance with the scheme’s terms and conditions. The incentive is tied directly to Ola Electric’s qualifying sales during the year, the company said.
Operationally, Ola Electric reported deliveries of 3,59,221 electric two-wheelers in FY25, up from 3,29,549 units in the previous fiscal year. However, despite higher annual deliveries, the company has seen its market position weaken in recent months. Data from the Vahan portal shows that TVS Motor Company regained the top spot in electric two-wheeler sales in November, while Ola Electric slipped to the fifth position.
Financial pressures have also intensified for the Bengaluru-based EV maker. Ola Electric’s revenue declined 46% year-on-year in the second quarter of FY26, although the company managed to reduce losses through tighter cost controls. The company’s stock has touched fresh lows amid weak operating performance and investor concerns.
Separately, Ola Electric clarified that promoter Bhavish Aggarwal’s recent stake sale, his third in succession, was carried out at a personal level to repay a loan secured against his shares, and was not linked to the company’s operations or funding needs.
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