Ola Electric shares rally 35% in 3 days on LFP cell

Stock extends rally despite weak broader market

Shares of Ola Electric Mobility rose 7.52% to Rs 39.05 on the BSE in Friday’s trade, extending a three-day rally that has lifted the stock nearly 35%. The upmove followed a sharp two-session jump earlier in the week after the company announced progress on its in-house battery technology. On Thursday, the stock rallied around 17% to Rs 35.30, and it gained more than 22% over two days, even as benchmark indices fell over 1% each in parts of the session. The outperformance has been linked to a cluster of company updates on battery development, manufacturing incentives, and a visible pickup in demand indicators. The rally also came with a notable change in investor sentiment after a period where the stock had traded well below earlier highs. In a separate session update, the stock was also reported to have risen as much as 19% to Rs 36.32.

LFP battery cell milestone becomes the key trigger

In a regulatory filing dated April 7, Ola Electric said its in-house developed Lithium Iron Phosphate (LFP) battery cell is now production-ready. The company disclosed readiness of its indigenous 46100 LFP cell, positioning it as a step in its push toward a more integrated energy ecosystem. Founder Bhavish Aggarwal said the 46100 format cell is bigger than the company’s current NMC cell and will start entering products from the next quarter. Ola Electric also stated that the 46100 format LFP cell is larger than the current NMC 4680 Bharat Cell and represents an improvement in scale, cost efficiency, and applicability across mobility and energy storage solutions. The company has said the new LFP chemistry is expected to help reduce vehicle costs, which could support wider EV adoption. It also noted the cell remains subject to regulatory approvals.

Integration roadmap and what the company disclosed

Ola Electric said the new LFP cells will begin to be integrated into its two-wheelers from the next quarter. The company framed the development as part of vertically integrated battery innovation efforts, linking cell design and manufacturing to product pricing and supply-chain resilience. Alongside the LFP update, Ola Electric highlighted that thousands of vehicles powered by its 4680 Bharat Cells are already on Indian roads and have clocked millions of kilometres in real-world conditions. These operational references were used to support claims of on-road validation as the company broadens its cell platform. A company spokesperson called the LFP 46100 readiness a key milestone in building an advanced EV and energy ecosystem in India. The spokesperson also said LFP technology would be critical in driving affordability and accelerating EV adoption.

Gigafactory scale-up and capacity targets

The LFP announcement came alongside updates on Ola Electric’s Gigafactory ramp-up. In an exchange filing, the company said its Gigafactory currently has a capacity of 2.5 GWh and is being scaled up to 6 GWh. Ola Electric linked the LFP rollout to the next phase of its Gigafactory scale-up, while also highlighting the existing footprint of its 4680 Bharat Cells on the road. The company has positioned the cell roadmap as relevant not only for two-wheelers but also for broader battery storage ambitions. Earlier in 2026, Ola Electric also announced the launch of its first “शक्ति” unit from its Gigafactory in Krishnagiri, Tamil Nadu, describing it as an entry into India’s residential Battery Energy Storage System market. The company said the “शक्ति” product is powered by its indigenous 4680 Bharat Cell.

PLI-Auto certification strengthens incentive eligibility

On April 3, Ola Electric secured Production Linked Incentive certification for its Roadster X+ 4.5 kWh variant. The certification was granted by the Global Automotive Research Centre under the government’s PLI-Auto Scheme. The company has presented this as support for its compliance framework and eligibility for incentives, which it ties to long-term manufacturing and localisation plans. Separately, the company also said it received government certification in December 2025 for its 4680 Bharat Cell-powered Roadster X+ motorcycle. These certification disclosures have been part of the broader narrative that Ola Electric is expanding in-house cell integration across scooters and motorcycles.

Demand indicators: orders and VAHAN registrations rebound

Operational data in the same period has pointed to a recovery in demand. Ola Electric said daily orders crossed 1,000 units in the final week of March 2026. VAHAN-based registrations surged over 150% month-on-month to 10,117 units in March, compared to 3,973 units in February. The company described the move as a V-shaped month-on-month recovery in market share. In another milestone cited from VAHAN data, Ola Electric said it became the first EV brand in India to surpass 1 million cumulative registrations. The company has used these indicators to argue that demand is stabilising alongside service improvements.

Service changes cited as a driver of conversion

Ola Electric has attributed the March rebound to structural improvements in service operations. The company claimed that over 80% of vehicles are now serviced on the same day, supported by improved parts availability, faster diagnostics, and tighter operational control across its network. A spokesperson said the company is seeing a clear inflexion in demand, with daily orders scaling through March and accelerating in the final weeks. The spokesperson added that faster turnaround times and an improved ownership experience are strengthening customer confidence. Ola Electric linked this to stronger conversion across its product portfolio.

Pricing action: Roadster X+ gets a Rs 60,000 cut

Alongside the operational updates, Ola Electric Mobility also announced a price cut of Rs 60,000 on its Roadster X+ 9.1 kWh electric motorcycle. The Roadster 9.1 kWh is now priced at Rs 1,29,999. The pricing move was cited as another factor supporting sentiment during the stock’s rally. It also fits into the company’s messaging that vertical integration and cell localisation can enable lower costs over time. The company has not provided additional pricing details beyond the disclosed cut and revised price in the provided information.

Key figures at a glance

What investors are tracking next

The next set of checkpoints are clear from the company’s own disclosures. Investors are likely to watch how quickly the 46100 LFP cell moves from “production-ready” status into vehicle deliveries, given the company has said it remains subject to regulatory approvals. Execution on the Gigafactory scale-up from 2.5 GWh to 6 GWh will also be tracked, especially as the company expands its cell platform across mobility and energy storage use cases. Near-term operational signals such as registrations, order run-rate, and the sustainability of same-day servicing claims are likely to remain central for market participants assessing whether the March rebound continues.