Ola Electric Mobility shares surged as much as 9% to hit an intraday high of Rs 40.77 on January 2, 2026, extending the stock's strong start to the new year with gains of over 12% in just two trading sessions. The rally follows the company's impressive December performance, which saw 9,020 vehicle registrations and a significant market share recovery.

Market Share Recovery Drives Momentum

The electric vehicle manufacturer's market share increased to 9.3% in December from 7.2% in November 2025, marking a notable 2 percentage point improvement. The momentum was particularly strong in the second half of December, with market share climbing to nearly 12%, indicating clear acceleration in demand and sustained market share gains.

Regional Performance Shows Strong Growth

While Ola Electric expanded its pan-India market share by 2 percentage points between November and December 2025, the momentum was particularly strong in Southern India. The region saw a market share gain of 2.5 percentage points during the period, led by Bengaluru, where the company added around 4 percentage points of market share according to VAHAN data.

Driven by market share gains and increased demand in December 2025, Ola Electric reclaimed its position among the top three EV players in nearly a dozen states, including key EV markets such as Tamil Nadu, Uttar Pradesh, Bihar, Jharkhand, Punjab, and Haryana.

Product Portfolio and Technology Integration

The company began deliveries of its 4,680 Bharat Cell-powered S1 Pro+ 5.2 kWh scooters in November 2025 and has seen strong early demand for the model. Additionally, Ola Electric received government certification in December 2025 for its 4680 Bharat Cell-powered Roadster X+ motorcycle, extending the in-house cell platform across both scooters and motorcycles.

This marks the start of in-house cell integration across Ola Electric's two-wheeler portfolio, representing a key long-term lever for margins and supply-chain resilience.

Financial Performance and Outlook

In the second quarter, Ola Electric's consolidated loss narrowed to Rs 418.00 crore, compared to a loss of Rs 495.00 crore in the year-ago period. The company's consolidated total revenue from operations for the second quarter stood at Rs 690.00 crore, reflecting a 43% year-on-year decline compared to Rs 1,214.00 crore reported in the September 2024 quarter.

For the second half of the financial year, the company targets total deliveries of about 100,000 units. Consolidated revenue is projected at around Rs 3,000-3,200 crore, with a continued focus on profitability over volume growth. The auto segment's gross margins are expected to reach about 40% by the fourth quarter, with segment EBITDA of around 5%.

Stock Performance Context

At present, Ola Electric shares are trading 54% below their 52-week high of Rs 88.59 hit on the same day last year. The stock trades significantly lower from its all-time high of Rs 157.40, indicating substantial room for recovery as operational metrics improve.

Ola Electric Mobility Limited has announced a significant business turnaround in December 2025, driven by its comprehensive Hyperservice program that has delivered measurable improvements in customer experience and market performance. The company's focused service transformation initiative is positioning it for sustained growth with rising demand and disciplined operational execution.

Market Share Recovery and Performance

The company achieved substantial market share gains during December 2025, demonstrating strong momentum in business recovery. The following table highlights the key performance metrics:

Driven by these market share gains, Ola Electric reclaimed its position among the top three EV players in nearly a dozen states, including key markets such as Tamil Nadu, Uttar Pradesh, Bihar, Jharkhand, Punjab and Haryana.

Hyperservice Program Delivers Results

The company's Hyperservice program, designed to address service bottlenecks encountered during rapid scale-up, has shown significant improvements in service delivery. The program focuses on backlog resolution, workforce capacity, parts availability, and customer self-service capabilities.

Regional Performance and Product Innovation

The momentum has been particularly strong in Southern India, where the company gained 2.50 percentage points market share, with Bengaluru leading at approximately 4.00 percentage points gain during the same period.

Ola Electric commenced deliveries of its 4680 Bharat Cell powered S1 Pro+ 5.20 kWh scooters in November 2025, receiving strong early demand. The company also received government certification for its 4680 Bharat Cell powered Roadster X+ Motorcycle in December 2025, marking the beginning of in-house cell integration across its two-wheeler portfolio.

Strategic Outlook

Bhavish Aggarwal, Chairman and Managing Director, emphasized that Hyperservice represents a structural program rather than a short-term fix, with clear outcomes visible in customer experience, market share, and bookings momentum. The company expects demand momentum to continue, supported by product innovation, vertical integration, and disciplined execution, with Ola Shakti (BESS) deliveries expected to begin in the coming months.