Early investors in Ather Energy seem to be rejoicing, as their bets on the company have translated into substantial wealth creation. Since its market debut, the electric vehicle (EV) maker’s stock has surged, fueled by rising demand for electric two-wheelers, expanding market share, and positive market sentiment around the sector, which led it to deliver massive returns to those who backed the company from the outset.
Continuing its bull run for the sixth consecutive session, Ather Energy stock surged another 8% in Wednesday’s trade, October 8, hitting a fresh all-time high of ₹679 apiece. This pushed its gains to 14.5% so far in the current month, building on a 26% surge in September.
Although Ather Energy’s stock made a muted market debut in May, it gained momentum in the following months, closing the next four months in the green. With today’s rally, the EV stock now trades 106% higher than its IPO price of ₹321 apiece.
Ather Energy surpasses Ola by market value
The latest rally has pushed Ather Energy’s market capitalisation past that of its larger rival, Ola Electric Mobility, for the first time earlier this week and has been widening since then.
With today’s rally, the market capitalisation of Ather Energy moved to ₹24,555 crore on BSE, while Ola Electric’s shares fell 2.2%, taking its valuation to ₹22,702 crore, as per exchange data.
The change in pecking order mirrors the diverging fortunes of the two rivals. Ather crossed Ola’s total sales count in the September quarter, while the Bhavish Aggarwal-led company saw a 47% fall in its quarterly sales over a year earlier.
Ola ranked fourth among Indian electric two-wheeler makers as of September, with Ather jumping to the second position by selling 52,597 units in the quarter. The company ranks third in electric two-wheeler sales in India, with a 17% market share in September 2025, behind TVS and Bajaj Auto.
In September, Ather surpassed Ola for the first time, selling 18,109 units against its rival’s 13,371.
Meanwhile, the company recently announced that Rizta, which accounts for over one-third of Ather’s production volume, has rolled out its 500,000th vehicle from its manufacturing plant in Hosur, Tamil Nadu.
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.
