The foreign brokerage also lowered its FY26 to FY28 revenue estimates and now factors in a mid single-digit market share in FY30 and beyond, compared with low-teens expectations earlier.
Goldman Sachs said that at the revised pace of EBITDA losses and capex, the company’s cash burn is likely to necessitate a fundraise over the next 12-18 months.
According to the brokerage, key steps required to turn around the current business trajectory include building a sustainable and stable servicing operation, establishing a stable senior leadership team across domains, and improving product reliability in the upcoming industry product launch cycle.Of the eight analysts covering the stock, none have a ‘Buy’ rating. Two recommend ‘Hold’, while six have a ‘Sell’ rating.
Kotak Institutional Equities and Emkay Global have the lowest price targets on the Street at ₹20 apiece.
The stock has corrected 84% from its post-listing high of ₹157 and is down 66% from its IPO price of ₹76.
Its market capitalisation has fallen to ₹11,269 crore from over ₹65,000 crore at its peak.
Ola Electric shares settled 1.91% higher at ₹25.62 on Wednesday and have declined 32% so far this year.
