Citi, HSBC, Emkay flag up to 32% downside on Ola Electric; prefer Ather, TVS for E2W exposure
Three brokerages retained Sell/Reduce on Ola Electric after Q4 revenue collapsed 57% YoY on a 61% volume drop. Citi cut target to Rs 26, HSBC to Rs 33, Emkay to Rs 25 versus a Rs 36.50 share price. Gross margin improved 424 bps QoQ to 38.5%, but Ebitda margin loss widened to 106%. Analysts pivot to Ather and TVS Motor as preferred E2W plays.
Citi, HSBC and Emkay retained Sell/Reduce on Ola Electric after Q4 revenue fell 57% YoY on 61% volume drop. Targets imply up to 32% downside; brokerages prefer Ather and TVS Motor to play the E2W theme.
Why this matters
Brokerage downgrades follow Ola Electric halving its Q4 loss to Rs 500 cr and missing FY26 guidance as Ather overtook it on revenue, reinforcing the bearish E2W positioning.
Retail-company signals steady at 746 in last 90 days.