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Ola Electric shares soar 10%, stock rallies 86% in 6 months. More upside ahead?

By Sohail Khan 23 September 2026, 10:23 am

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Business News›Markets›Stocks›News›Ola Electric shares soar 10%, stock rallies 86% in 6 months. More upside ahead?

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Ola Electric shares soar 10%, stock rallies 86% in 6 months. More upside ahead?
Synopsis

Ola Electric shares surged nearly 10%, extending their three-session rally and gaining over 86% in six months from the March low. Brokerages, however, remain cautious amid weak volumes, lower margins and continued cash burn.

Ola Electric shares soar 10%, stock rallies 86% in 6 months. More upside ahead?<br> — Ola Electric shares extend their recent recovery despite cautious brokerage views.

Ola Electric Mobility shares surged nearly 10% on Wednesday, extending sharp gains for the third consecutive session and rallying over 86% in just six months after hitting a record low in March this year.

Shares of the EV scooter-maker soared to Rs 41.44 apiece on NSE on Wednesday morning, pushing its market capitalisation beyond Rs 19,000 crore. This came on the back of strong trading volumes on the counter.

Despite the recent gains, the shares of Bhavish Aggarwal’s company remain in the deep red for its IPO investors. After a flat market debut in August 2024, Ola shares rallied sharply to hit a lifetime high of Rs 157.40 apiece later that year. But the momentum reversed dramatically, with the stock falling to a lifetime low in March 2026, nearly one-seventh of its peak value.

Also read | Ather & Ola Electric: A tale of two contrasting rides

Ola Electric shares have seen sharp upswings and downswings this year. The stock had crashed more than 62% from its 52-week high of Rs 59.2 apiece, which it had hit in September last year, to a 52-week low of Rs 22.25 apiece in March this year. However, the stock soon staged a sharp recovery. Overall, Ola Electric shares have gained 9% in 2026 so far, as strong sales data, PLI incentives and other factors boosted investor confidence in the EV scooter-maker.

Should you buy, sell or hold Ola Electric shares?

Ola Electric last month reported a reduction in net loss to Rs 336 crore in Q1 FY27, down from Rs 428 crore in the same period last year, although revenue from operations fell 45% year-on-year.

Following the Q1 results, brokerages continued to remain bearish on the stock. Citi maintained its ‘Sell’ call on the shares of Ola Electric, with a target price of Rs 26 apiece. Weaker volumes and lower gross margin were offset by cost control and PLI penalty reversal, it said.

Kotak Institutional Equities also maintained its ‘Sell’ call on the shares of Ola Electric, with a target price of Rs 20 apiece. The brokerage noted that the company’s volume scale remains the critical hurdle.

Goldman Sachs has a ‘Neutral’ rating on the shares of Ola Electric with a target price of Rs 40 apiece. The company’s cash burn remains a concern, with FCF at negative Rs 3.5 billion and no material cell revenue expected in Q2, the international brokerage said.

Also read | Voltas share price: Nuvama upgrades rating but Jefferies cuts target price after analyst meet. Here’s why

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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