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- Published 18 Dec 2025
As Ola Electric Mobility Limited gears up for its initial public offering (IPO), consisting of fresh equity shares aggregating up to ₹5,500 crores and an offer for sale of up to 84,941,997 equity shares, it’s interesting to compare it with its listed peers on various metrics. Ola’s listed industry peers are TVS Motors, Eicher Motors, Bajaj Auto, and Hero MotoCorp.
Ola has set a price band of ₹72 to ₹76 for its equity shares. Investors can bid for them in a lot of 195 equity shares and multiples thereof.
Source: RHP
Comparison with industry peers on different metrics
Here’s how Ola fares with its industry peers on various metrics:
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Deliveries
Tracking the deliveries helps track the year-on-year performance in terms of the number of units sold and market share. The table shows Ola’s deliveries (in thousands) as against its peers across financial years:
Ola | 330 | 156 | 21 |
TVS Motors | 4045 | 3682 | 3310 |
Eicher Motors | 912 | 824 | 595 |
Bajaj Auto | 3728 | 3922 | 4308 |
Hero MotoCorp | 5621 | 5329 | 4944 |
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Revenue from Operations
Tracking revenue from operations enables you to analyse a company's overall financial and business performance. The table captures Ola’s revenue in operations (in ₹ crores) as against its peers across three different financial years:
Ola | 5009.831 | 2630.927 | 373.423 |
TVS Motors | 39144.740 | 31973.990 | 24355.310 |
Eicher Motors | 16535.780 | 14442.180 | 10297.830 |
Bajaj Auto | 44870.430 | 36455.380 | 33144.710 |
Hero MotoCorp | 37788.620 | 34158.380 | 29551.280 |
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Gross Margin Percent
Tracking gross margin percent enables tracking the profitability percentage year-on-year. Here’s how Ola has performed on this front vis-a-vis its peers:
Ola | 12.58% | 2.30% | (28.78%) |
TVS Motors | 37.65% | 34.81% | 33.25% |
Eicher Motors | 45.69% | 43.14% | 42.17% |
Bajaj Auto | 28.92% | 28.35% | 26.60% |
Hero MotoCorp | 32.49% | 29.90% | 29.21% |
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Electric two-wheeler market share
While Ola may lag in the metrics mentioned above more than its listed peers, it’s ahead in terms of market share in electric two-wheelers across various financial years (see table).
Ola | 34.8% | 21% | 5.7% |
TVS Motors | 19.3% | 11.3% | 3.9% |
Bajaj Auto | 11.3% | 3.9% | 2.8% |
Hero MotoCorp | 1.9% | 0.1% | 0% |
Source: RHP
In conclusion
Electric two-wheelers have seen an accelerated adoption journey in India, with the penetration increasing over 6X between FY2021 and FY2022 and over 2X between FY2022 and FY2023. Since 2010, the government has focused on EV adoption and initiated regulatory discussions and planning to encourage reliable, affordable, and efficient EVs that meet consumer performance and price expectations.
Ola believes it is well positioned to address the market opportunity available in the E2W segment with its vertically integrated approach, R&D, and eligibility to avail government initiatives.
Source: RHP
Disclaimer: This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. Brokerage will not exceed SEBI’s prescribed limit.
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