Shares of Ola Electric Mobility have jumped 31% in six months and have nearly doubled from March lows, with the stock gaining around 10% in a week following the company's strategic partnership announcement with Axis Energy Ventures India Pvt. Ltd. According to The Economic Times, the stock opened sharply higher at ₹38.72 on the National Stock Exchange (NSE) and extended gains to hit an intraday high of ₹42.60. As of the latest trading session, the counter was retaining most of its intraday gains to quote ₹41 apiece. The surge came after Ola Electric signed a memorandum of understanding (MoU) to deploy up to 20 GWh of battery energy storage systems (BESS) by 2032. This marks the first large-scale commercial engagement for Ola Mahashakti, the company's upcoming energy storage platform for commercial, industrial, and utility-scale applications, which is scheduled to launch on August 15, 2026. The partnership represents an early demonstration of the scale of demand Mahashakti can address and establishes utility-scale BESS as a significant new growth avenue for Ola.
In a significant strategic shift, Ola Electric announced it is opening its sales and service network to dealer partners across India, with plans for nationwide dealership rollout by Diwali 2026. As reported by Business Standard, this marks a structural shift in the company's go-to-market approach, five years after it launched its first electric scooters. The company-owned stores will transition to focus on brand and product experience, while dealer partners will become the backbone of local sales, service and scale across the country. Ola Electric built its early growth through company-owned stores, using them to build EV awareness, establish the brand, and create India's largest EV two-wheeler customer base of over 1 million riders. Over the coming months, company stores will transition to focus on brand and product experience, while dealers will take the experience to customers across towns and neighbourhoods. The move follows a month of on-ground engagement with dealers nationwide, with the company expecting meaningful on-ground scale from the program by Diwali 2026. Chairman and Managing Director Bhavish Aggarwal emphasized that as the EV industry matures, dealer partners understand their local markets in ways no company-owned network can replicate at that scale, noting this is a big shift reflecting where the EV industry in India is headed.
As reported by Business Standard, Axis Energy Ventures India Pvt. Ltd. is developing one of India's largest pipelines of storage-backed renewable energy projects, with grid approvals for more than 3,750 MW across Andhra Pradesh and Rajasthan, while another 3,500 MW is under development. These projects are expected to require large-scale battery storage systems to support renewable energy integration, strengthen grid reliability and deliver round-the-clock clean power. Ola Electric stated its vertically integrated cell-to-system platform is designed to give customers greater control over safety and performance, stronger supply-chain security and a lower total cost of ownership over the system's operating life. Axis Energy Ventures India Pvt. Ltd. Chairman and Managing Director Ravi Kumar Reddy Kataru emphasized that battery energy storage will be critical to supporting reliable, round-the-clock clean energy as their renewable energy portfolio expands, noting that the MoU marks a step toward evaluating indigenous battery storage solutions for their next growth phase.
According to Business Standard, Chairman and Managing Director Bhavish Aggarwal emphasized that the partnership with Axis Energy validates the potential of the Mahashakti platform and reflects growing industry interest in indigenous battery energy storage solutions. The Central Electricity Authority estimates that India will need more than 400 GWh of storage capacity by 2032, creating significant demand for battery storage solutions. Mahashakti addresses this opportunity through an India-designed and India-manufactured BESS platform serving renewable energy integration, industrial power, grid infrastructure and data centre applications, representing a first-of-its-kind solution in the Indian market. The MoU outlines annual capacity additions of 5 GWh starting from 2028, with the platform targeting commercial, industrial, and utility-scale applications. Aggarwal described the agreement as an early validation of Mahashakti's potential, stating that India will need energy storage at a massive scale and their vertically integrated cell-to-system platform enables stronger propositions across safety, performance and total cost of ownership. He noted that Axis Energy is their first large-scale partner and an important early validation of Mahashakti's potential, with the company witnessing strong interest from potential partners in the industry.
According to The Economic Times, the buying interest in Ola Electric was accompanied by a sharp increase in trading volumes, with more than 220 million shares of the company changing hands compared with around 40 million shares traded in the previous session. The stock has significantly outperformed the broader markets in 2026, with shares spurting 91% from their 52-week low of ₹22.25 touched on March 16, 2026. On a year-to-date basis, the stock has gained 11%, while it has remained largely flat over the past year. In comparison, the Nifty 50 has declined 6.3% and 0.6% over the same periods, respectively. However, the stock is still down more than 40% from the IPO price of ₹76. The company currently has a market capitalisation of more than ₹19,175 crore. Technical analysts note that while the recent recovery appears to be losing momentum, the stock has established strong short-term resistance in the ₹45-47 zone and formed a follow-through sell pattern, suggesting sellers continue to dominate at higher levels. Analysts recommend that until the stock is able to reclaim and sustain above the ₹50 mark, fresh investments should be avoided, with the upcoming Q1 FY27 commentary scheduled for today being a key trigger for further market movement.
