Ather Energy Shares Rise Nearly 4% After Goldman Sachs, Morgan Stanley Buy 1.92% Stake in EV Maker

Shares of EV two-wheeler maker Ather rose about 3.7% on Thursday after large institutional investors, including Tata Mutual Fund, Morgan Stanley, Goldman Sachs and Whiteoak Capital, collectively acquired a 1.92% stake in the company, according to stock exchange data.

The stake was sold the same day by National Investment and Infrastructure Fund-II (NIIF) for ₹520.7 crore through open market transactions.

The state-backed fund offloaded 73.3 lakh shares at ₹710 apiece. This comes three months after NIIF sold 87 lakh shares worth ₹541.6 crore in a bulk deal in November. In the same month, early investor Tiger Global exited its entire 5.09% stake in Ather for ₹1,204 crore.

Ather Energy Q3 Results

In its Q3 results for the quarter ended December 31, 2025, Ather Energy reported a sharp improvement in financial performance.

The Bengaluru-based company narrowed its net loss by 57% year on year to ₹84.6 crore, compared to ₹197.5 crore in the same period last year. Losses also reduced sequentially from ₹154.1 crore in the September quarter, reflecting improved operating leverage.

Revenue from operations rose 50% year on year to ₹953.6 crore, up from ₹634.9 crore a year earlier, driven by higher electric scooter deliveries and better realisations. Including other income, total income for the quarter stood at ₹995.7 crore.

Ather EV Two-Wheeler Rankings

Ather currently ranks third in India’s electric two-wheeler market, behind TVS Motor and Bajaj Auto. According to Vahan Dashboard data, Ather registered around 16,391 units till December 2025, compared with 24,317 units for TVS Motor and 18,197 units for Bajaj Auto.

On being asked about raising funding for building products, Ather co-founder Swapnil Jain told Outlook Business that it is important to choose the right investors. He said not all investors are patient, and those who do not understand the business can push companies into making short-term decisions.

Jain added that Ather was fortunate to have investors who allowed it to build patiently while scaling at the right time, without pressuring the company for immediate profitability. He noted that investors familiar with hardware businesses understand that building strong fundamentals can take time, and that short-term fluctuations of one or two years matter less when the long-term strategy is sound.