Ola Electric Mobility has reported a significant narrowing of its consolidated net loss to **487 crore** for Q3 FY26, down from **564 crore** in the same period last year. This improvement comes despite a challenging environment where revenue from operations plummeted **55%** year-on-year to **470 crore**. The company is currently undergoing a strategic structural reset, moving away from chasing short-term sales volumes to focus on long-term fundamental health. Total deliveries for the quarter stood at **32,680 units**, a sharp decline from the **84,029 units** recorded in the previous year. This volume drop has been attributed to a slowdown in EV penetration and the need to address service execution issues. A standout metric in the latest report is the record consolidated gross margin of **34.3%**, reflecting a substantial jump of **15.7 percentage points** compared to last year. This margin expansion is driven by the company’s vertically integrated manufacturing model and the improved unit economics of its Gen 3 platform. Operating efficiency has become a central focus. Quarterly operating expenses were slashed to **484 crore** from a previous peak of **840 crore**. Management aims to further reduce these costs to between **250 crore and 300 crore** in the coming quarters. This cost discipline has effectively lowered the EBITDA breakeven point to approximately **15,000 units** per month. On the manufacturing front, the Gigafactory continues to scale. Cell production doubled quarter-on-quarter to **72,418 cells**, with the first commercial deployment of in-house **4680 Bharat Cells** reaching customers. The facility currently operates at **2.5 GWh** capacity, with a target to reach **6 GWh** by March 2026. Operational improvements are also visible in the service department. Through the "Hyperservice" initiative, service backlogs have been reduced from a peak of 14 days to roughly **7–8 days**. Approximately **80%** of service requests are now resolved on the same day. Market sentiment remains cautious as the stock traded around **30.90** following the announcement. While the revenue contraction is stark, the company maintains a long-term target of **15,000 to 20,000 crore** in annual revenue as it leverages its completed capex cycle and leaner operating model.