Ather is now worth 3.5 times Ola Electric
What's the story
Ather Energy, a leading electric two-wheeler manufacturer, has witnessed an impressive surge in its stock price over the past week. The jump comes after the company announced its first-ever net profit for the September quarter. The company's shares have surged by some 20% during this period. From a listing price of ₹326 on the BSE in May 2025, Ather's stock is currently trading at around ₹1,600, nearly five times its listing price.
Market dominance
Ather's market cap surpasses Ola Electric's by over 3.5 times
The surge in Ather's share price has also pushed its market capitalization to a whopping ₹65,000 crore this week. This is more than 3.5 times that of its Bengaluru-based rival, Ola Electric.
The two companies were once considered direct competitors in India's electric two-wheeler space but their fortunes have diverged significantly over the last two years.
Market decline
Ola Electric struggles to stay afloat
Ola Electric's market capitalization, which peaked at ₹64,000 crore soon after its August 2024 listing, has now plummeted to ₹16,000 crore as of October this year.
The company's share price has also fallen by over 50% from its IPO price.
Amid these challenges, Ola's founder Bhavish Aggarwal is funding his participation in the company's ₹1,000-crore rights issue through a loan of ₹175 crore raised by a promoter-group firm.
Sales comparison
Sales and revenue comparison between Ather and Ola
Ather's sales have more than doubled in two years, with the company selling nearly 28,000 scooters in September 2026.
In contrast, Ola Electric's scooter sales have fallen by over half during the same period.
The difference in performance is also reflected in their revenues: Ather reported a revenue of ₹1,217 crore for the June quarter while Ola posted an operational revenue of ₹455 crore, almost three times less than Ather.