Ola Electric vs TVS Motor: Revenue, Profit and Business Model
Ola Electric reported ~$261.3M of revenue in FY2026 and a net loss of ~$212.6M. TVS Motor reported ~$6.5B of revenue in FY2026 and ~$350.1M of net income.
Latest financial snapshot
Ola Electric
- Latest revenue
- ~$261.3M (FY2026)
- Net income
- ~-$212.6M
- Net margin
- -81.4%
- Revenue growth
- +56.7% a year, FY2022–FY2026
TVS Motor
- Latest revenue
- ~$6.5B (FY2026)
- Net income
- ~$350.1M
- Net margin
- 5.4%
- Revenue growth
- +23.1% a year, FY2022–FY2026
Financial summary
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.
TVS Motor
In FY2026 TVS Motor posted consolidated revenue of ~$6.5 billion (₹56,028 crore) (up from ~$5.12 billion (₹44,134 crore)) and profit attributable to owners of ~$350 million (₹3,018 crore), up 35%. Standalone revenue rose 30% to ~$5.48 billion (₹47,270 crore), operating EBITDA grew 37% to ~$705 million (₹6,079 crore) (12.9% margin) and operating PBT rose 40% to ~$577 million (₹4,975 crore). Momentum continued in Q1 FY2027 (April-June 2026): consolidated revenue rose 33.5% to ~$1.89 billion (₹16,296 crore) and consolidated net profit jumped 67% to ~$118 million (₹1,019 crore), with standalone EBITDA margin at 12.8%.
Revenue and profit by year
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 |
TVS Motor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$6.5B | ~$350.1M | 5.4% | +26.9% | Source |
| FY2025 | ~$5.1B | ~$259.3M | 5.1% | +13.6% | Source |
| FY2024 | ~$4.5B | ~$195.6M | 4.3% | +21.1% | Source |
| FY2023 | ~$3.7B | ~$154.1M | 4.1% | +31.7% | Source |
| FY2022 | ~$2.8B | ~$87.8M | 3.1% | — | Source |
Where the revenue comes from
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.
TVS Motor
- Domestic Motorcycle Sales38
Sales of commuter and performance motorcycles across India, powered by the flagship Apache RTR and RR performance series and commuter models such as the Raider 125 and Radeon.
- Scooter Portfolio (ICE & Electric)30
Market-leading scooter lineup headlined by the TVS Jupiter family, sporty TVS Ntorq 125, and the rapidly growing TVS iQube electric scooter ecosystem.
- International Exports20
Direct vehicle and CKD kit exports to more than 80 countries spanning Africa, Latin America, Southeast Asia, and the Middle East, alongside overseas assembly in Karawang, Indonesia.
- Mopeds, Commercial 3-Wheelers & Spare Parts12
High-margin genuine replacement parts, authorized dealer workshop services, TVS King passenger/cargo 3-wheelers, and the utilitarian TVS XL100 heavy-duty moped.
Business model and strategy
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.
TVS Motor
How it makes money
TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Growth strategy
TVS Motor Company's growth strategy centers on three strategic pillars: aggressive premiumization, multi-category electrification, and global market expansion.
Competitive advantage
TVS Motor Company's competitive advantage stems from its award-winning engineering excellence, being the only two-wheeler company to win the prestigious Deming Prize for total quality management, combined with strong brand equity in sporty performance motorcycles (Apache series) and early leadership in the electric vehicle transition with its best-selling iQube electric scooter family.
Questions about Ola Electric vs TVS Motor
Which company has higher revenue — Ola Electric Mobility Limited or TVS Motor Company?
Ola Electric Mobility Limited reported ~$261.3M (FY2026), while TVS Motor Company reported ~$6.5B (FY2026). By last reported revenue, TVS Motor Company is the larger business, with Ola Electric Mobility Limited reporting a smaller revenue base.
What is the market cap of Ola Electric Mobility Limited vs TVS Motor Company?
Ola Electric Mobility Limited's market capitalisation stands at $1.9B, while TVS Motor Company's is $20.8B. TVS Motor Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ola Electric Mobility Limited.
Which is more financially efficient — Ola Electric Mobility Limited or TVS Motor Company?
TVS Motor Company generates $1.18M / 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 Ola Electric Mobility Limited and TVS Motor Company make money?
Ola Electric Mobility Limited and TVS Motor Company generate revenue in fundamentally different ways. 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. TVS Motor Company: TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Which company is valued higher relative to revenue — Ola Electric Mobility Limited or TVS Motor Company?
On a price-to-sales (P/S) basis, Ola Electric Mobility Limited trades at 7.3x P/S and TVS Motor Company at 3.2x P/S. Ola Electric Mobility Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to TVS Motor Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Ola Electric Mobility Limited bigger than TVS Motor Company?
By last reported revenue, TVS Motor Company (~$6.5B (FY2026)) 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 Ola Electric vs TVS Motor overview