Ola Electric shares gained close to 2% on Tuesday, April 1, following the release of the company’s March 2025 business update, comprising monthly sales figures and registration backlog clearance progress. Although the update improved investor sentiment, the stock continues to trade at a whopping 66% discount from its all-time high of ₹157.53.

Ola Electric Mobility revealed in an exchange filing that it logged 23,430 units in March 2025 according to data available on VAHAN portals. Though the numbers show robust demand from both urban and rural economies, they again fail to reach expectations. Especially, the number in March stood lower than that in February’s 25,000 registrations and well below the 50,000-unit a month goal figure set by founder and CEO Bhavish Aggarwal has mentioned to see Ola become profitable at the EBITDA level.

Ola’s Market Share and FY25 Performance
In spite of the shortage, Ola retained its lead in the electric two-wheeler (E-2W) segment. The company reported 3,44,005 units in FY25, having a 30% market share in the category.

The achievement highlights Ola’s ongoing dominance in India’s surging electric mobility space even as profitability is a prime concern.

Backlog Clearance and Operational Updates
The firm also gave a crucial update on its February registration backlog, blaming delays on a move to in-house vehicle registrations starting that month. Ola explained the shift had resulted in short-term disruptions in delivery schedules but assured that “daily registration volumes and backlog clearance are steadily improving.”

“We have nearly cleared the February backlog and expect to complete the remaining February–March registrations in April 2025,” the company stated in its filing. “To support this, we’re scaling up our registration operations and actively coordinating with all external stakeholders.”

Gen 3 Portfolio Deliveries Begin Amid High Demand
Another important milestone is the start of Gen 3 portfolio deliveries, which Ola rolled out in March with robust market reception. The firm announced that demand has “exceeded expectations,” leading Ola to accelerate production on its Gen 3 models across April.

“Our priority is quicker deliveries and a superior customer experience,” Ola stated, indicating its resolve in operational effectiveness and expansion with increasing customer interest.

Stock Performance and Investor Sentiment
After the business update, shares of Ola Electric gained 2% on intraday trade. The stock opened at ₹53.72, higher than the last close of ₹52.97, and reached an intraday high of ₹54.04. But that is still 66% lower from its all-time high and 28% below its IPO level of ₹76.

To date in 2025, the shares of the company have fallen close to 38%, mirroring worries about profitability, scale-up challenges, and slower-than-anticipated deliveries.

Market Outlook and Strategic Focus
Although difficulties still exist, such as hitting monthly breakeven points and recovering investor sentiment, Ola’s dominance in E-2Ws, widening product portfolio, and pan-India presence provide a solid foundation to recover. With Ola further clearing backlog and ramping up its Gen 3 lineup, analysts believe the performance will show improvement in subsequent quarters—given macroeconomic and operational execution threats are dealt with effectively.