Ola Electric is finally getting a win from the government, and the stock market is actually noticing. As of Friday, December 26, 2025, shares of the EV maker jumped over 5% after the Ministry of Heavy Industries approved a massive ₹367 crore incentive under the PLI-Auto scheme.
The thing is, Ola’s stock has been through the wringer this year. Or nothing. Let’s be real, even with today’s bounce to around ₹37, the share price is still down a brutal 58% for 2025. Meanwhile, their rival Aher Energy has been on an absolute tear, up over 138% since it listed in May. Those too.
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The PLI Payday: What It Means
This isn’t just “free money”—it’s a performance-based reward for hitting sales and localization targets for the 2024-25 fiscal year.
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The Amount: ₹366.78 crore specifically for “determined sales value.”
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The Impact: It’s a huge validation of their manufacturing scale. After getting the Gen 3 scooter lineup certified in August, they’re now eligible for incentives ranging from 13% to 18% of sales through 2028.
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The Disburser: The cash will flow through IFCI Limited, the designated bank for the scheme.
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The “Ather vs. Ola” Gap
And here’s the kicker: while the government loves Ola’s scale, the stock market currently loves Ather’s stability. | Metric (2025) | Ola Electric | Ather Energy | | :— | :— | :— | | Stock Performance | -58% (YTD) | +138% (Since May) | | Market Sentiment | Volatile (Service issues) | Bullish (Product quality) | | Recent Win | ₹367Cr PLI Sanction | 17% Market Share Gain (Q2) |
The “Service” Shadow
It’s an ongoing situation where the “Bhavish vs. World” drama hasn’t fully faded. Despite the financial boost, Ola is still fighting off a CCPA investigation over 10,000+ consumer complaints. Just last month, consumer courts in Odisha slapped them with fines for “deficiency in service.”
But on the factory floor, things are moving. The 4680 Bharat Cell is finally being tucked into the new S1 Pro+ models being delivered this month. If they can actually commercialize their own batteries and fix the “service center nightmare,” 2026 might look a lot less red on the charts.
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