SYNOPSIS: India’s EV sector continues rapid expansion, but Q3 FY26 results show mixed performance across players, with revenue growth for some, margin pressures for others, and widening losses in select segments.
India’s electric vehicle (EV) industry is witnessing strong momentum, driven by supportive government policies, growing environmental awareness, and rapid technological progress. Flagship initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme have played a key role in accelerating adoption, positioning the country to transition toward cleaner and more sustainable mobility solutions.
On the global front, the EV market was valued at ~$755 billion in 2024 and is projected to surge to around $4,360 billion by 2033, expanding at a CAGR of 21.5 percent between 2025 and 2033. India’s EV ecosystem is expected to grow at an even faster pace. The domestic EV market, estimated at $2.36 billion in 2024, is forecast to reach $164.42 billion by 2033, reflecting a robust CAGR of 57.23 percent.
Meanwhile, the Indian EV battery market is anticipated to increase from $2.22 billion in 2024 to $13.89 billion by 2033, registering a CAGR of 22.6 percent during the same period. Listed below are some notable EV-related stocks that have reported their financial results for the third quarter of FY26:
Olectra Greentech Limited
With a market cap of Rs. 8,370 crores, the stock closed in the green at Rs. 1,019.8 on BSE, up by around 1 percent on Thursday. For the quarter, the company posted a revenue from operations of Rs. 664 crores, reflecting a sequential growth of around 1 percent QoQ compared to Rs. 657 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew nearly 29 percent from Rs. 515 crores recorded in Q3 FY25.
Net profit for the quarter stood at Rs. 47 crore, indicating a decrease of around 4 percent QoQ from Rs. 49 crores in Q2 FY26, but stood the same on a year-on-year basis.
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Olectra Greentech Limited, formerly known as Goldstone Infratech Limited, is primarily engaged in the business of manufacturing composite polymer insulators, tippers, electric buses and electric trucks. It has established a greenfield state-of-the-art plant in Hyderabad with a capacity of 5,000 units/year and is scalable to 10,000 units/year.
Ather Energy Limited
With a market cap of Rs. 26,840 crores, the stock closed in the red at Rs. 702 on BSE, down by around 1 percent on Thursday. For Q3 FY26, Ather posted a consolidated revenue from operations of Rs. 954 crores, reflecting a sequential growth of over 6 percent QoQ compared to Rs. 899 crores in Q2 FY26. On a year-on-year basis, revenue grew by more than 52 percent from Rs. 635 crores recorded in Q3 FY25.
Net loss for the quarter narrowed significantly to Rs. 85 crore, improving by about 45 percent on a sequential basis from Rs. 154 crore in Q2 FY26. On a year-on-year basis, losses reduced by nearly 57 percent compared to Rs. 198 crore in Q3 FY25.
Ather Energy Limited is a pioneer in the Indian electric two-wheeler (E2W) market, engaged in the business of designing and manufacturing high-performance electric scooters. It operates the widest 2W fast charging network in the country.
As of December 2025, Ather has installed 4,357 fast chargers and neighbourhood chargers globally. With a strong emphasis on R&D and innovation, Ather holds 321 registered trademarks, 247 registered designs, and 50 registered patents, along with pending applications for 120 trademarks, 64 designs, and 536 patents globally.
Ampvolts Limited
With a market cap of Rs. 60.75 crores, the stock hit a 5 percent upper circuit on the stock exchanges and closed at Rs. 23.63 on Thursday. For the quarter, the company posted a revenue from operations of Rs. 6.88 crores, reflecting a sequential growth of around 374 percent QoQ compared to Rs. 1.45 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew nearly 1620 percent from Rs. 0.4 crores recorded in Q3 FY25.
Net profit for the quarter stood at Rs. 1.53 crore, indicating an impressive increase of around 629 percent QoQ from Rs. 0.21 crores in Q2 FY26, and a turnaround from a loss of Rs. 0.12 crores from Q3 FY25.
Ampvolts Limited has ventured into the business of sales and services related to EV chargers and charging stations since March 2023. Originally, the company carried on the business of providing Software and Hardware consultancy and allied services.
Wardwizard Innovations & Mobility Limited
With a market cap of Rs. 203 crores, the stock closed in the red at Rs. 6.74 on BSE, down by around 0.44 percent on Thursday. For the quarter, the company posted a revenue from operations of Rs. 62.72 crores, reflecting a sequential growth of around 88 percent QoQ compared to Rs. 33.43 crores in Q2 FY26. However, on a year-on-year basis, revenue fell by over 27 percent from Rs. 86.3 crores recorded in Q3 FY25.
Net profit for the quarter stood at Rs. 0.03 crore, indicating a decrease of around 79 percent QoQ from Rs. 0.14 crores in Q2 FY26, as well as a decline on a year-on-year basis by over 99 percent from Rs. 3.82 crores reported in Q3 FY25.
Wardwizard Innovations & Mobility Limited is engaged in the business of manufacturing and selling electric vehicles, spare parts and other related services. It is one of India’s foremost manufacturers of electric two and three-wheelers, headquartered in Vadodara, Gujarat.
Ola Electric Mobility Limited
With a market cap of Rs. 11,102 crores, the stock closed in the red at Rs. 25.17 on BSE, down by over 1 percent on Thursday. For the quarter, the company posted a revenue from operations of Rs. 470 crores, reflecting a sequential decline of around 32 percent QoQ compared to Rs. 690 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue fell by nearly 55 percent from Rs. 1,045 crores recorded in Q3 FY25.
Net loss for the quarter stood at Rs. 487 crores, reflecting a sequential increase of around 16 percent compared to Rs. 418 crores in Q2 FY26. However, on a year-on-year basis, losses narrowed by around 14 percent from Rs. 564 crore recorded in Q3 FY25.
Ola Electric Mobility Limited is an Indian electric vehicle (EV) manufacturer engaged in the development and production of EVs and core components, including battery packs, motors and vehicle frames through vertically integrated operations. It conducts in-house R&D and is building the Ola Gigafactory for cell production. Ola follows a direct-to-customer (D2C) distribution approach to sell its products.
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Written by Shivani Singh
