Business EconomyPosted at: Oct 29 2026 1:16PM


Ather Energy's market cap hits Rs 65,000 Crore, 3.5 times Ola Electric's

New Delhi, Oct 29 (UNI) The key contenders in India's electric two-wheeler market, Ather Energy and Ola Electric, are now witnessing sharply different fortunes on Dalal Street.
Ather's market capitalisation has been lifted to approximately Rs 65,000 crore this week, putting it well ahead of rival Ola Electric. The divergence in valuations highlights how investor sentiment towards the two electric vehicle manufacturers has evolved as their financial performance and sales trajectories have taken different directions.
Ather Energy shares have gained around 20 per cent over the past week after the Bengaluru-based electric scooter maker reported a net profit for the first time in the September quarter. The rally has pushed the company's share price to around Rs 1,600, compared with its listing price of Rs 326 on the BSE in May 2025. The stock is now trading at nearly five times its listing level.
Data from the government's Vahan vehicle-registration portal shows that the company sold close to 28,000 electric scooters in September 2026, compared with approximately 12,600 units in the same month two years earlier. This represents growth of nearly 120 per cent over the period.
The expansion in sales, alongside the company's latest profitability milestone, has strengthened the investment case for Ather. Investors are increasingly looking at whether the company can sustain its growth while maintaining profitability in a competitive market characterised by pricing pressure, rising competition and evolving consumer preferences.
Investors will also be watching margins, operating expenses, cash flows, and the company's ability to expand sales without relying excessively on discounts or promotional offers.
Ola Electric's market performance presents a different picture. The company's market capitalisation climbed to around Rs 64,000 crore shortly after its stock market debut in August 2024, but subsequently declined to approximately Rs 16,000 crore in October 2026. Its share price has also fallen more than 50 per cent below its initial public offering price.
The company's electric scooter sales have weakened compared with levels recorded during its earlier expansion phase. Vahan data shows that Ola Electric sold around 24,500 scooters in September 2024, while registrations fell to fewer than 12,000 units in September 2026.
Although Ola has recorded marginal growth in scooter sales, volumes remain substantially below the more than 40,000 units it was dispatching in early 2024. The decline in sales momentum has added to investor concerns about the company's ability to regain market share and translate its manufacturing scale into sustainable financial performance.
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Tags: #Ather Energy's market cap hits Rs 65#000 Crore# 3.5 times Ola Electric's
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