Ola Electric Shares Gain 1% Despite Goldman Sachs' 50% Target Price Revision

Ola Electric Mobility Shares Rise Amid Downgrades from Global Brokerages

On February 26, shares of Ola Electric Mobility traded 1.2% higher at Rs 25.9 apiece, despite receiving downgrades from global brokerages.

Goldman Sachs has given a "neutral" call and reduced its target price by 50% to Rs 26 from Rs 52. The brokerage has also slashed its FY26 to FY28 revenue estimates and now expects Ola Electric to capture a mid-single-digit market share in FY30 and beyond, down from low-teens expectations earlier.

Goldman Sachs forecasts that Ola Electric's cash burn may trigger the need for a fundraise over the next 12-18 months, citing the company's revised pace of EBITDA losses and capex. The brokerage suggests that key steps are required to turn around the company's business trajectory, including building a sustainable and stable servicing network, establishing a stable senior leadership team, and improving product reliability.

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Ola Electric reported consolidated revenue from operations at Rs 470 crore for Q3 FY26, a 55% year-on-year (YoY) fall from Rs 1,045 crore in the same period of the previous financial year. Citi and Emkay Global have also downgraded the company's shares to "Sell" from "Buy", citing slower-than-expected electric vehicle penetration, continued market-share losses, and mounting balance-sheet concerns amid persistent cash burn.