Ola Electric shares have seen a notable increase of around 10% over the past week, despite a 2% decline over the month, currently trading at approximately Rs 41 each. This recent uptick follows the company's memorandum of understanding with Axis Energy to deploy up to 20 GWh of battery energy storage systems by 2032.
Despite these gains, Ola Electric's shares remain significantly lower than their IPO levels, having once peaked at Rs 157.40 apiece before plummeting to a lifetime low in March 2026. The stock has since rebounded, nearly doubling from its low of Rs 22.25, supported by strong sales data and PLI certification, contributing to a 10% gain in 2026 so far.
Vinit Bolinjkar, Head of Research at Ventura, suggests a 'Hold' stance on Ola Electric, citing improved near-term sentiment due to non-auto optionality like battery storage systems and cost rationalization. He highlights clean energy expansion and in-house cell manufacturing as potential growth catalysts, while noting risks such as competition and cash burn.
“Overall, Ola Electric remains a long-term beneficiary of India’s EV transition, supported by its technology capabilities and integrated manufacturing approach.”
Vinit Bolinjkar, Head of Research at Ventura
Technical analyst Hitesh Rathi from Angel One points out that Ola Electric shares have been in a downtrend since their market debut, losing nearly 70% of shareholder value. He notes a strong support band in the Rs 22–20 zone but warns of a short-term resistance at Rs 45–47, advising caution until the stock surpasses Rs 50.
Ola Electric's upcoming Q1 FY27 commentary and updates on its 4,680 cell facility ramp-up are expected to be key triggers for the stock's future performance.
“Until the stock is able to reclaim and sustain above the Rs 50 mark, thereby invalidating the prevailing short-term bearish structure; fresh investments should be avoided.”
Hitesh Rathi, Technical Analyst at Angel One
Background
Ola Electric's shares have experienced significant volatility since their market debut, reflecting broader challenges in the EV sector and investor concerns over execution risks. The company's strategic initiatives in battery storage and manufacturing are seen as pivotal for future growth.
As Ola Electric navigates the challenges of the EV market, its ability to improve operating performance and profitability will be crucial for sustaining its recent recovery. Investors should watch for developments in the company's strategic initiatives and market share trends.
