BYD vs Ola Electric: Revenue, Profit and Business Model
BYD had ~$111.8B of annual revenue in FY2025 and ~$4.5B of net income. Ola Electric had ~$261.3M of annual revenue in FY2026 and a net loss of ~$212.6M.
Latest financial snapshot
BYD
- Latest annual revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.1%
- Revenue growth
- +29.7% a year, FY2018–FY2025
Ola Electric
- Latest annual revenue
- ~$261.3M (FY2026)
- Net income
- ~-$212.6M
- Net margin
- -81.4%
- Revenue growth
- +56.7% a year, FY2022–FY2026
Financial summary
BYD
BYD's FY2025 annual report records RMB803.965 billion of revenue, up 3.46% from RMB777.102 billion in 2024. Profit attributable to parent shareholders fell 18.97%, from RMB40.254 billion to RMB32.619 billion. Gross margin declined from 19.44% to 17.74%; BYD attributed the margin change mainly to its product mix. Operating cash inflow fell from RMB133.454 billion to RMB59.136 billion, while cash paid to purchase and construct fixed assets, intangible assets and other long-term assets rose from RMB97.360 billion to RMB156.808 billion. These are reported RMB amounts, without a changing USD conversion or a company-defined free-cash-flow figure. The FY2025 business review assigns approximately RMB648.646 billion (80.68%) of revenue to automobiles, related products and other products, and RMB155.237 billion (19.31%) to mobile handset components, assembly and other products. These broad reporting segments include more than passenger cars or phones. The unaudited H1 2026 interim report records RMB344.815 billion of revenue, down 7.13% year on year, and RMB12.325 billion of profit attributable to shareholders, down 20.54%. Overseas customer revenue was RMB181.268 billion (52.6% of total), compared with RMB163.547 billion from the PRC including Hong Kong, Macau and Taiwan. Revenue geography is based on customer location; it is not a count of vehicles exported. H1 operating cash inflow was RMB37.335 billion versus RMB31.833 billion a year earlier.
Ola Electric
Ola Electric's revenue from operations rose from ~$43.3 million (₹373 crore) in FY22 to ~$581 million (₹5,010 crore) in FY24, then fell to ~$524 million (₹4,514 crore) in FY25 and ~$261 million (₹2,253 crore) in FY26, missing its own ₹3,000-3,200 crore FY26 guidance. Net losses were ~$184 million (₹1,584 crore) (FY24), ~$264 million (₹2,276 crore) (FY25) and ~$213 million (₹1,833 crore) (FY26). Q1 FY27 (April-June 2026) showed early recovery: revenue ~$52.8 million (₹455 crore) (down 45% year on year but up 72% from Q4), deliveries of 39,192 units, a 30.5% gross margin and a net loss of ~$39 million (₹336 crore). Ola raised ~$90.5 million (₹780 crore) through a QIP in June 2026, and its board approved further raises of up to $174 million (₹1,500 crore) and a ~$116 million (₹1,000 crore) rights issue in September 2026. Ola Electric Mobility is India's absolute largest manufacturer of electric two-wheelers, commanding a market valuation typically exceeding $4 billion after going public.
Revenue and profit by year
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.1% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$423.3M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Ola Electric
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$261.3M | ~-$212.6M | -81.4% | -50.1% | Source |
| FY2025 | ~$523.6M | ~-$264M | -50.4% | -9.9% | Source |
| FY2024 | ~$581.2M | ~-$183.7M | -31.6% | +90.4% | Source |
| FY2023 | ~$305.2M | ~-$170.8M | -56.0% | +604.5% | Source |
| FY2022 | ~$43.3M | ~-$91M | -210.0% | — | Source |
Where the revenue comes from
BYD
- Automobiles and related products~81%
Automobiles, related products and other products, including vehicles, batteries and energy storage. BYD's business review reports RMB648.646 billion (80.68% of group revenue) in FY2025. The H1 2026 interim report records about RMB275.341 billion (79.85%) for the comparable broad segment.
- Mobile handset components and assembly~19%
Mobile handset components, assembly and other electronic products, mainly through BYD Electronic. BYD's business review reports RMB155.237 billion (19.31% of group revenue) in FY2025. The H1 2026 interim report records about RMB69.405 billion (20.13%) for electronics and other products.
Ola Electric
- Automotive (Scooters & Motorcycles)~99%
S1 scooters, Roadster motorcycles, spares and service; ~$52.8 million (₹455 crore) of Q1 FY27 revenue.
- Cell & Energy Storage~1%
Bharat Cell manufacturing and the Mahashakti storage platform; ~$580,000 (₹5 crore) of revenue in Q1 FY27.
Business model and strategy
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Ola Electric
How it makes money
Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without franchised dealers. The automotive segment generated all ~$52.8 million (₹455 crore) of Q1 FY27 operating revenue.
Growth strategy
Ola Electric's growth plan has four parts: win back scooter share with cheaper S1 variants and its own cells; build Roadster electric motorcycles into a second vehicle business; use the gigafactory to supply cells for both vehicles and stationary storage; and cut operating costs toward ~$34.8 million (₹300 crore) a quarter so that recovering volume reaches EBITDA breakeven.
Competitive advantage
Ola Electric's distinctive asset is vertical integration: it designs its own motors, battery packs, vehicle software (MoveOS) and now lithium-ion cells, which its rivals mostly buy from suppliers. In-house cells could lower battery costs and reduce dependence on Chinese imports, and Ola reported a 30.5% consolidated gross margin in Q1 FY27.
Questions about BYD vs Ola Electric
Which company has higher revenue — BYD Company Ltd or Ola Electric Mobility Limited?
BYD Company Ltd had ~$111.8B (FY2025), while Ola Electric Mobility Limited had ~$261.3M (FY2026). By latest annual revenue, BYD Company Ltd is the larger business, with Ola Electric Mobility Limited showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of BYD Company Ltd vs Ola Electric Mobility Limited?
BYD Company Ltd's market capitalisation stands at $113.4B, while Ola Electric Mobility Limited's is $1.9B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ola Electric Mobility Limited.
How does revenue per employee compare for BYD Company Ltd and Ola Electric Mobility Limited?
BYD Company Ltd generates $123k / employee in revenue per employee. A comparable figure for Ola Electric Mobility Limited requires matching employee and revenue data from the same reporting period.
How do BYD Company Ltd and Ola Electric Mobility Limited make money?
BYD Company Ltd and Ola Electric Mobility Limited generate revenue in fundamentally different ways. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Ola Electric Mobility Limited: Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without franchised dealers.
Which company is valued higher relative to revenue — BYD Company Ltd or Ola Electric Mobility Limited?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Ola Electric Mobility Limited at 7.3x P/S. Ola Electric Mobility Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than Ola Electric Mobility Limited?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Ola Electric Mobility Limited (~$261.3M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BYD vs Ola Electric overview