Ola Electric Gets ₹95.81 Crore PLI Incentive

Ola Electric has secured a ₹95.81 crore incentive from the government for the fiscal year FY27. The Ministry of Heavy Industries awarded the funds under its Production Linked Incentive scheme for advanced automotive technology products.

This marks the third consecutive year the Bhavish Aggarwal-led electric two-wheeler maker has received PLI-Auto incentives. The company previously received a sanction of ₹73.74 crore for FY24 in March 2025, followed by ₹366.78 crore for FY25, announced in December 2025.

PLI Incentive Details

An Ola Electric spokesperson framed the latest sanction as an endorsement. "The sanction of ₹95.81 Cr under the PLI-Auto Scheme, for the third consecutive year, is a strong endorsement of Ola Electric’s manufacturing capabilities and our commitment to building world-class EV technology in India," the spokesperson said.

The PLI scheme provides financial incentives of up to 18% on sales to boost domestic manufacturing of advanced automotive technology products.

Battery Cell PLI and New Products

Beyond the auto scheme, Ola Electric is also targeting up to ₹7,240 crore in battery cell PLI incentives. The Ministry of Heavy Industries revised timelines under the advanced chemistry cell PLI scheme, giving Ola Electric’s battery subsidiary, Ola Cell Technologies Pvt Ltd, a five-year incentive window.

According to a company filing on August 12, this new window allows it to potentially claim cumulative incentives of up to ₹7,240 crore.

The incentives arrive amid a sales slowdown for the company. Ola Electric’s vehicle registrations fell 20% to 13,085 units in July from 16,249 units in June. Its market share slipped to about 7%.

Concurrently, the company launched its new S1Z e-scooter range, powered by its locally developed 46-series lithium iron phosphate Bharat Cell technology. Ola Electric is also shifting to a dealer-led sales and service model.

Expansion into Energy Storage

The company is entering the energy storage segment. Earlier this month, it launched three battery energy storage systems as part of a push into energy solutions.

The portfolio includes the second-generation residential Ola Shakti, the industry-focused Shakti Rack, and the utility-scale Mahashakti. Ola Electric also launched the Shakti Solar Charge Controller, which will be available in 3 kW and 6 kW variants from March 2027.

Financial Performance

On the financial front, Ola Electric’s consolidated net loss narrowed 22% year-on-year to ₹336 crore from ₹428 crore. Its operating revenue fell 45% from ₹828 crore in the first quarter of FY26.

Scooter deliveries for the quarter stood at 39,192 units, nearly double the 20,256 units shipped in the fourth quarter of FY26.