It was another bullish day for Ather Energy, as the stock advanced 7.5% to hit a record high of ₹683.80 apiece on heavy volumes. The rally marked a four-day winning streak, pushing the stock to trade 110% above its IPO price of ₹321.
The stock of the electric two-wheeler maker has been on an upward trajectory over the last four months, closing each of those months higher. The momentum has further extended into October, with the stock gaining another 19% so far.
Fueled by rising demand for electric two-wheelers, expanding market share, and positive sentiment around the EV sector, Ather Energy has emerged as one of the top-performing auto stocks this year. The rally has also pushed Ather’s market capitalisation past that of its larger rival, Ola Electric Mobility.
With today’s rally,₹25,552 crore on the BSE”> Ather Energy’s market capitalisation rose to ₹25,552 crore on the BSE, while Ola Electric’s shares also jumped 5% to ₹55.35, but its market capitalization is still below at ₹24,413 crore, as per exchange data.
Ather overtook Ola in total sales during the September quarter, while the Bhavish Aggarwal-led company reported a 47% year-on-year drop in quarterly sales.
As of September, Ola ranked fourth among Indian electric two-wheeler makers, while Ather climbed to the second position by selling 52,597 units during the quarter. The company currently ranks third in India’s electric two-wheeler market with a 17% market share in September 2025, behind TVS Motor and Bajaj Auto.
Analysts remain bullish on Ather’s long-term prospects
Analysts have remained positive on the company’s long-term growth prospects, expecting Ather to improve profitability and become EBITDA positive in the medium term, with improving unit cost economics and expected market consolidation that could lower competitive intensity.
With an expanding product portfolio, rapidly growing dealership network, and improved focus on marketing and advertising, HDFC Securities expects the company to outgrow the industry over the medium term and gain market share.
Japanese brokerage firm Nomura estimates the company’s volumes to rise at a CAGR of 41% over FY25-28F, from 155k units in FY25 to 436k units in FY28F, driven by the doubling of its stores from 350 (March-25), the launch of the “EL” platform in FY27, and the “Zenith” motorcycle platform down the line.
In the financial year 2025, Ather saw its revenue from operations surge 29% to ₹2,255 crore, while its losses narrowed to ₹812 crore from ₹1,060 crore over a year earlier.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
