Bhavish Aggarwal denies report of Ola Electric's showroom shutdowns in Maharashtra
Ola Electric has a total of 450 stores in the state at present, and is a key market for the company, accounting for 12% of the total sales in the last fiscal year
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Ola Electric Chairman and Managing Director (CMD) Bhavish Aggarwal has dismissed the report, claiming that Maharashtra authorities are shutting down 90 percent of the company's showrooms due to a lack of permits for storing vehicles.
In an interview with CNBC-TV18, Aggarwal said his company has not received any official communication from the state government regarding the shutdown of stores.
A media report has mentioned that Maharashtra's transport authority had sent a letter to Ola Electric on July 3 stating that action would be taken against the 2-wheeler EV manufacturer for insufficient valid trade certificates.
Ola Electric has a total of 450 stores in the state at present, and is a key market for the company, accounting for 12% of the total sales in the last fiscal year.
Separately, Ola Electric declared its Quarter 1 results for the fiscal year 2026 on Monday.
The Bengaluru-headquartered company registered a loss of Rs 428 crore in Q1 FY26 compared to Rs 347 crore in the corresponding quarter last fiscal. The auto segment losses increased to Rs 261 crore in the April to June quarter (Q1) in FY2026 as against Rs 209 crore in Q1 FY25. While the cell segment's losses climbed to Rs 69 crore in Q1 FY26, as against Rs 37 crore.
In an exchange filing, Ola Electric has anticipated vehicle volumes between 3,25,000 - 3,75,000 and revenue surging to be around Rs 4,200-Rs 4,700 crore.
Aggarwal's company has pinned hope on Gen 3 Scooters and Roadster bikes for the current fiscal year. " We see strong momentum of our new products - Gen 3 scooters and the Roadster bike leading into the festive season".
As per the Q1FY26 report, Gen 3 products accounted for almost 80% of scooter sales in Q1 FY26.
Besides, the company has expected that the auto EBITDA will turn positive and the business will generate operating cash flow later in FY26.
As of June 30, 2025, Ola Electric EBITDA stood at a loss of 11.6 percent.
The company has projected that the auto capex would largely be around 3,300 crore (including capitalised R&D).
