Shares of Ola Electric Mobility Ltd slipped in Monday's trade, pausing their strong two-session climb. The stock was last seen trading 2.69 per cent lower at Rs 40.45. Despite this, it has recovered 60.11 per cent over the last three months.

The pure-play electric vehicle (EV) firm today announced that its month-on-month (MoM) sales, as per VAHAN data, rose 23 per cent to 15,139 units in May 2026 from 12,323 units in April.

"According to VAHAN, industry volumes grew from approximately 148,000 units in April 2026 to around 170,000 units in May 2026, reflecting a growth of about 15 per cent. Against this backdrop, Ola Electric delivered 23 per cent month-on-month growth, growing nearly three times faster than the industry," it stated.

Meanwhile, the Bhavish Aggarwal-led company mentioned that it is developing lithium-ion prismatic cells for its grid energy storage product, Mahashakti. "We are also working on a prismatic cell, which will be out soon. We haven't yet released details of that," Aggarwal said during the company's Q4 FY26 earnings conference call.

Mahashakti, intended for grid storage applications, will be built on Ola Electric's prismatic LFP platform, he added. Prismatic cells are housed in a rigid rectangular casing. Its flat, compact design allows cells to be packed closely together, improving space utilisation by minimising unused gaps between batteries.

"We are right now in product development. We have had conversations with many platforms there. We have shared specs. People are excited about our product there. And more details will follow through the next couple of quarters," Agarwal also said.

Ola Electric currently manufactures cylindrical cells for automobiles and battery energy storage systems.

On the stock-specific front, a market participant attributed the recent rise to developments around product expansion and the company's focus on improving profitability. Another suggested that Ola Electric may continue its upward move in the near term, while recommending a stop loss at Rs 36. A third advised investors to book profits at the current levels.

Ravi Singh, Chief Research Officer at Master Capital Services, said, "Ola Electric has shown a noticeable improvement in momentum after a prolonged period of weakness. The stock is now testing the important Rs 42–43 resistance zone, which could decide the next major move. Recent developments around product expansion and efforts to improve profitability have helped sentiment recover. A breakout above Rs 43 may trigger further upside towards Rs 46–48. On the downside, Rs 38 remains the first support, followed by Rs 35 level. The chart suggests buyers are gradually returning, although volatility is likely to remain high."

Virat Jagad, Senior Technical Research Analyst at Bonanza, said, "The stock is indicating a powerful structural reversal. Fresh entry is viable at current levels or on minor dips near Rs 40, with targets of Rs 48 and Rs 54. Maintain a strict stop loss for both new and existing positions at Rs 36 to guard against a false breakout."

According to AR Ramachandran, Sebi-registered research analyst at Tips2trades, "Ola Electric is bullish but also slightly overbought on daily charts with next resistance at Rs 44.8. Investors should keep booking profits as a daily close below the support of Rs 39.6 could trigger a fall towards Rs 33.5 in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, noted, "Support will be at Rs 40 and resistance at Rs 46. A decisive move above Rs 46 level may trigger a further upside towards Rs 48. The expected trading range will be between Rs 40 and Rs 48 for the short term."

As of March 2026, promoters held a 34.59 per cent stake in the EV company.