Brands
Ola Electric revenue falls, losses continue in December quarter
Company cuts expenses and seeks fresh funds as sales slow and regulators raise questions.
MUMBAI: It seems Ola Electric is currently navigating a bit of a patchy connection, and we are not just talking about a dropped Bluetooth sync on the dashboard. The electric vehicle (EV) giant’s latest financial results for the quarter ended 31 December 2025 have hit the wires, and the numbers are looking more short circuit than supercharged.
The company’s consolidated revenue from operations for the December quarter came in at Rs 470 crore, a significant deceleration from the Rs 690 crore recorded in the preceding quarter. The comparison to the same period last year is even more stark, when revenue stood at a much loftier Rs 1,045 crore. Despite a small recharge of Rs 18 crore from previously unclaimed government subsidies under the EMP5-2024 and PM E-Drive schemes, the overall income trajectory has clearly lost its torque.
Total income for the quarter stood at Rs 504 crore, while the bottom line remained firmly in the red, with a quarterly loss of Rs 487 crore. For the nine-month period ending December 2025, the total accumulated loss has now ballooned to a staggering Rs 1,333 crore.
In an effort to keep the wheels from falling off, Ola has been aggressively downshifting its expenditure. Total expenses for the quarter were slashed to Rs 741 crore, a massive drop from the Rs 1,505 crore spent during the same quarter the previous year.
This belt-tightening suggests a pivot toward leaner operations as the company attempts to find a sustainable cruising speed. However, even with these deep cuts, the going concern tag is being sustained largely by Rs 1,503 crore in remaining IPO proceeds, along with a fresh shareholder approval to raise another Rs 1,500 crore through equity or convertible securities.
The National Stock Exchange (NSE) and SEBI have also been examining the matter closely, questioning why Ola’s press claims did not align with official Vahan portal data. The company had earlier announced 25,000 units sold in February 2025, but has now clarified to regulators that this figure referred to vehicle bookings rather than final registrations. Under Ola’s accounting policy, a sale is recognised only once the scooter is delivered and registered. Management maintains that this clarification will not have a material impact on the financials, although it has certainly raised eyebrows in the market.
The group’s cash flow situation remains under pressure. For the nine months ended 31 December 2025, Ola reported a negative cash flow from operations of Rs 866 crore, attributing it primarily to lower-than-expected growth in sales volume.
Adding to the complexity are the new Labour Codes. The company has already factored in an additional Rs 5.06 crore in liabilities due to changes in wage definitions affecting gratuity. Meanwhile, the Cell segment, which represents Ola’s major bet on battery manufacturing, is still at an early stage. It contributed just Rs 9 crore to revenue, compared to Rs 407 crore from the automotive segment.
As Ola attempts to navigate this financial fog, the message is clear: the road to an electric future is paved with expensive ambitions. For now, the company is applying the brakes to avoid a deeper skid.
Brands
Lululemon picks former Nike executive to be its next chief
Heidi O’Neill, who helped grow Nike into a $45 billion giant, will take the top job in September
CANADA: Lululemon has found its next chief executive, and she comes with serious credentials. The athleisure giant named Heidi O’Neill as its new CEO on Wednesday, ending a search that has left the company running on interim leadership since earlier this year. O’Neill will take charge on September 8, 2026, based out of Vancouver, and will join the board on the same day.
O’Neill brings more than three decades of experience across performance apparel, footwear and sport. The bulk of that time was spent at Nike, where she was a central figure in one of corporate sport’s great growth stories, helping take the company from a $9 billion business to a $45 billion global powerhouse. She oversaw product pipelines, brand strategy and consumer connections, and played a significant role in shaping how Nike spoke to athletes around the world. Earlier in her career, she worked in marketing for the Dockers brand at Levi Strauss. She also brings boardroom experience from Spotify Technology, Hyatt Hotels and Lithia and Driveway.
The board was unequivocal in its enthusiasm. “We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent,” said Marti Morfitt, executive chair of Lululemon’s board.
O’Neill, for her part, was bullish. “Lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” she said. “My job will be to accelerate product breakthroughs, deepen the brand’s cultural relevance, and unlock growth in markets around the world.”
Until she arrives, Meghan Frank and André Maestrini will continue as interim co-CEOs, before returning to their previous senior leadership roles once O’Neill steps in.
Lululemon is betting that a Nike veteran who helped build one of the world’s most powerful sports brands can do something similar for an athleisure label that has genuine love from its customers but is still chasing its full global potential. O’Neill has done it before at scale. The question now is whether she can do it again.
