ATHERENERG

Bets on EL Platform for Growth

, one of India’s leading electric scooter makers, is aggressively expanding its retail footprint to strengthen market share. The company plans to double its store count to 700 in FY26 from 350 in FY25, and further scale to 1,100 stores by March 2027, averaging more than one new store opening per day. This expansion, tied to the launch of its new EL platform scooters, positions Ather to surpass rival Ola Electric’s retail presence and consolidate its standing in India’s fast-growing EV two-wheeler market. Expansion Strategy - Target: 1,100 stores by March 2027, with potential to exceed 1,200 stores in FY28. - EL platform launch (mid-FY27) expected to drive product refresh and support distribution growth. - Store expansion aimed at deeper penetration into Tier-2 and Tier-3 cities, widening customer access. Competitive Landscape - Ather has outperformed in quarterly revenue, volume sales, and market valuation over the past six months. - CY25 sales (FADA data): - TVS Motor: 298,881 units (leader). - Bajaj Auto: 269,847 units. - Ather Energy: 200,797 units (+59% YoY). - Ola Electric: 199,318 units (halved YoY, slipped to 4th). - Hero MotoCorp: 109,168 units. Market Positioning - Ranked third among e2-w makers in CY25, Ather is gaining share through distribution strength and product innovation. - Premium positioning with focus on performance scooters differentiates it from mass-market rivals. - Expansion strategy signals confidence in sustained EV adoption and consumer preference shift. Outlook Ather’s aggressive retail expansion, coupled with the EL platform rollout, provides strong growth visibility. With rivals losing momentum and incumbents like TVS and Bajaj consolidating leadership, Ather’s ability to scale distribution and sustain product differentiation will be critical. The company’s trajectory suggests it is well placed to challenge for leadership in India’s EV two-wheeler market.