On June 23, Ola Electric’s stock crashed to an all-time low of ₹43. 

This week, the stock staged a brief rebound, jumping nearly 20% in a single session. But at ₹47, it’s still trading far below its IPO price of ₹76 and more than 70% off its post-listing peak.

On an earnings call, founder Bhavish Aggarwal insisted the company was on track. With rising margins and tighter cost control, he said, Ola would hit EBITDA break-even at 25,000 units a month.

But a closer look at Ola’s financials tells a very different story.

For FY25:
— Revenue dropped nearly 10%
— Losses ballooned over 40%, to ₹2,300 crore
— And cash flow from operations? Deeply negative at ₹2,391 crore—nearly 4x worse than the year before

In today’s episode, we unpack the growing gap between narrative and numbers at Ola Electric and ask: can Bhavish really steer this ship to safety?

Tune in.

Check out The Ken's new careers podcast, 90,000 hours:
Spotify: https://open.spotify.com/show/5HEi59iUPRMMFfUvxeio47
Apple: https://podcasts.apple.com/podcast/90-000-hours/id1826777519

Attend The Ken's next event. Details here.