Ather Energy’s Ltd. SURGES AS OLA ELECTRIC STRUGGLES

ATHERENERG Ather Energy’s share price has surged nearly 20% over the past week after the company reported its first-ever net profit in the September quarter. Listed on the BSE at ₹326 in May 2025, the stock is now trading at around ₹1,600, nearly five times its listing price. The rally has pushed Ather’s market capitalisation to approximately ₹65,000 crore, more than 3.5 times that of rival Ola Electric. The two Bengaluru-based electric two-wheeler manufacturers were once considered direct competitors in India’s EV market. However, their financial and sales performances have diverged significantly over the past two years. Ola Electric’s market capitalisation climbed to around ₹64,000 crore shortly after its listing in August 2024. However, it subsequently declined sharply to approximately ₹16,000 crore in October 2026. The company’s share price has also fallen by more than 50% from its IPO price. In contrast, Ather Energy has witnessed strong growth in its stock market valuation, supported by improving sales and its recent profitability milestone. According to Vahan data, Ather sold nearly 28,000 electric scooters in September 2026, compared with approximately 12,600 units in September 2024, representing growth of around 120% over two years. Ola Electric, meanwhile, has experienced a significant decline in sales. The company sold around 24,500 scooters in September 2024, but its sales dropped to fewer than 12,000 units in September 2026. Although Ola has recorded some marginal growth, its monthly dispatches had exceeded 40,000 units in early 2024.