Ola Electric’s sharp turnaround in sales and share price performance is the talk of the town. Investors have flocked to the counter amid hopes that sales figures may be stabilising after a long period of disappointment.
After falling for six months in a row, Ola Electric’s stock price has surged 70% in April so far, boosted by an increase in vehicle registrations to 10,117 units in March from 3,973 units in February. Daily orders also crossed 1,000 units in the last week of March, which gave the market confidence that demand had not collapsed permanently.
The company, which had faced service-related challenges in recent months, said that over 80% of vehicles are now serviced on the same day, further easing concerns.
The stock had seen back-to-back losses for six months, during which it eroded 85% of its value, showing signs of peak pessimism. During this period, it even plumbed a fresh low of ₹21.21 per share, with its market cap wiping off nearly ₹9,000 crore from investor wealth.
Interestingly, Ola Electric Mobility’s sharp rise has also eclipsed the performance of peer Ather Energy this month. Ather Energy shares have inched higher by 19% in April so far and are headed higher for the third month in a row, signalling a stable interest in the counter. So far in 2026, Ather Energy has added 18%, building on the 152% increase seen last year since its listing in April.
Ola Electric vs Ather Energy: Which is a better bet?
Despite lagging Ola, analysts find Ather to be a more compelling bet due to stronger execution, improving market share, and relatively controlled losses.
Ola’s stock price has been highly sensitive to news-driven catalysts and milestones like the LFP battery plant being operational and some recovery in volumes in March, while Ather’s has shown a sustained momentum since listing, rising ~180% since its IPO, rooted in focused execution, said Dhruv Joshi, Research Analyst at Mirae Asset ShareKhan. According to him, Ather has invested in R&D and developed its products from the ground up, thus also making servicing products more dependable than the competition.
Unlike Ola, Ather has a focused approach to operational excellence, which is visible in its narrowing losses from ₹154 crore in Q2FY26 to a loss of ₹85 crore in Q3FY26. For Ola, profitability remains under pressure even if sales improve. The Bhavish Agarwal-led firm posted a net loss of ₹487 crore in the last quarter.
Furthermore, planned network expansion from 350 EC to 700 EC by the end of FY26 and the launch of Rizta have brought strong sales volumes, improving Ather’s market share to ~19% and have helped in reducing COGS per unit.
Virat Jagad, Sr. Technical Research Analyst at Bonanza, also believes that Ather’s consistent delivery and premium positioning provide better near-term visibility, whereas Ola is still grappling with profitability concerns, volatile sales trends, and execution challenges despite higher gross margins potential. However, he remains cautious on both names due to the sharp rise in the stocks, suggesting that “investors should exercise caution as valuations appear stretched and much of the optimism is already priced in”.
Joshi also highlighted that FII and DII have shown confidence in the company and collectively hold ~45.5% in Ather. “With all pieces of the puzzle in place, Ather looks poised for the long term.” As for Ola, he finds after-sales service and corporate governance issues to be pain points. Any hiccups in Ola’s battery factory yields or a faster-than-expected taper in government incentives could trigger a sharp correction, he added.
Analysts added that the EV two-wheeler space is still evolving with rising competition from legacy players and policy uncertainties. Hence, fresh entry at elevated levels may be risky, and a staggered or correction-based approach would be more prudent for long-term investors.
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.
