With the latest downgrade, Ola Electric has seven 'Sell' calls, one 'Hold' and no 'Buy' calls. The 12-month Bloomberg consensus target price stands at Rs 26.23, implying a potential downside of 17.9 per cent.
Earlier this month, HSBC's Yogesh Aggarwal assigned a 'Reduce' rating to the stock with a target price of Rs 23.57 per share. Investec's Shubham Jain has a 'Hold' rating and a target price of Rs 34.37, while Ambit Capital's Sushrut Ghalsasi has a 'Sell' rating and a target price of Rs 28.48.
Goldman Sachs has cut its FY27-FY29 revenue estimates for Ola by up to 10 per cent, factoring in the challenging market-share environment for Ola Electric compared with other two-wheeler peers.
Goldman Sachs said Ola Electric would need to scale up its topline 3.6 times to 7.1 times over FY26 levels by FY28-FY30 to cover current capex and interest servicing requirements. This compares with a 55 per cent decline in topline in FY26 versus FY24.
The brokerage also flagged potential operating challenges in the battery cell business following the recent departure of its business head.
"We could get more constructive if we were to see: 1) a revival in the E2W business from a shift to dealer led selling / servicing model potentially improving Ola's currently weak brand sentiment; 2)
positive operating Ebitda margin at consol level; and 3) acceleration in Cell business customer wins and profitability," Goldman Sachs said.
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