Ather Energy Ltd and Ola Electric Mobility Ltd, two companies in the electric vehicle (EV) sector, each have distinct growth narratives and business approaches despite operating in the same industry. Ather Energy has generated significant returns for its investors, whereas Ola Electric appears to have diminished the value for its shareholders since its market debut.
Talking about the valuations, Ather Energy has seen its market capitalisation fluctuate between ₹26,500 crore and ₹29,127 crore since it was listed on May 6, 2025, as of late October 2025.
As of 24 October 2025, the market capitalization of the company is roughly ₹26,613.19 crore, based on data from the BSE, indicating a growth of around 116% compared to its estimated market cap at the upper limit of the IPO price, which was established at ₹321, totaling ₹12,300 crore. Ather Energy share price has increased almost 132% from its initial public offering (IPO) price, making it a multibagger stock.
“Ather Energy’s multibagger rise stems from execution over hype, superior product engineering, premium brand positioning, and rising investor confidence in its sustainable growth story,” said Prashanth Tapse.
On the other other, after its debut in August 2024, Ola Electric Mobility experienced volatility in market capitalisation. As of 24 October 2025, the company’s market capitalization is approximately ₹23,333.29 crore, according to BSE data, reflecting a decline of about 30% from its estimated market cap at the upper price band of the IPO, which was set at ₹76, amounting to ₹33,522 crore.
Ola Electric Mobility share price is currently trading 30% lower from its IPO price. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, explained that after an initial post-IPO rally from ₹77 to ₹150 within the first few weeks of listing, the stock has since witnessed a steep correction, slipping below ₹40.
In recent months, it has attempted a recovery accompanied by strong volumes; however, the overall trend remains weak with no decisive reversal yet. At present, the stock is consolidating within a ₹45– ₹65 range, and a clear directional move is likely only on a breakout beyond this zone, according to Bhosale.
Ather vs Ola Electric: Here’s what experts say
Speaking about both companies, Prashanth Tapse, Research Analyst and Senior Vice President of Research at Mehta Equities, is convinced of the story comparing Ola’s hype to Ather’s execution.
Where Prashanth, explained that in the EV scooter space, Ola Electric undoubtedly made a lot of noise driven more by hype than delivery. The brand became a household name in India almost overnight with flashy product launches, aggressive pre-booking campaigns, and one of the most talked-about IPOs, backed by high investor interest and lofty growth expectations. However, within a year, despite all the buzz, Ola faced multiple controversies, operational challenges, and product quality issues meaning the “noise” failed to translate into sustainable shareholder value.
During the same period, Ather Energy quietly focused on quality, reliability, and execution-led growth. By building robust products, a gaining customer base, and a sustainable business model where Ola failed, Ather managed to create value for both its customers and shareholders at a time when its rival was struggling with delivery and quality issues. While Ola was busy justifying its hype and making headlines, Ather was steadily building strong product fundamentals and that’s precisely why Ather’s market cap has grown, whereas Ola continues to fight to regain lost ground.
Similarly, Mohit Gulati, CIO and managing partner of ITI Growth Opportunities Fund, believes that Ather’s rally is the market rewarding good management with its head firmly on its shoulders. It’s a story of execution, credibility, and investor communication done right. Ola Electric, on the other hand, has the fundamentals, scale, and vision — but it’s been let down by perception and personality.
Road Ahead
Mohit Gulati acknowledges that Ather’s success in the market is a result of effective management that remains grounded. It represents a narrative of successful execution, trustworthiness, and effective communication with investors. He shares a fascinating perspective on Bhavish Aggarwal, the CEO and founder of Ola Electric.
According to Gulati, Bhavish Aggarwal is both brilliant and brash — in many ways, the Elon Musk of India. Great innovators aren’t always people pleasers, and that’s Bhavish 101 for you. From a long-term lens, Ola’s backward integration across cells, components, and manufacturing is strategically game-changing. Give it time this stock has 3–5x potential purely on fundamentals. What Ola needs now is not reinvention, but a strong CEO and a narrative spinner — something Ather mastered with transparency and on-ground storytelling through its factory visits and consumer connect.
On the other side, Prashanth Tapse, continues to remain confident that Ather would continue to outperform Ola both in the near and long term backed by stronger product performance, operational discipline, and better ROI prospects.
Disclaimer: 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.
