Ather Energy overtakes Ola Electric in quarterly revenue, posting ₹940.7 crore
Total income rose ~57% YoY; net loss narrowed to ₹154.1 crore
Deliveries 65,595 units; national market share 17.4% (October Vahan 20.2%)
Ather Energy surpassed rival Ola Electric in quarterly revenue for the September quarter (Q2 FY26), reporting stronger top-line growth and sharper margin improvement as it scales retail and software services.
The Hero Motocorp-backed EV maker posted total income of ₹940.7 crore for the quarter, a year-on-year rise of about 57%, while losses narrowed and operating metrics showed widening traction across India.
Revenue & Profitability
Ather’s total income of ₹940.7 crore included rising non-vehicle revenues, subscriptions, charging, accessories and service, which now account for roughly 12% of sales.
The company said adjusted EBITDA losses narrowed substantially (EBITDA loss of about ₹90.7 crore), and reported a net loss after tax of ₹154.1 crore, down from about ₹197 crore a year earlier. Adjusted gross margin improved to approximately 22%, up nearly 300 basis points year-on-year, driven by value engineering, a richer product mix and growth in services.
Market Share Shift
Ather delivered 65,595 units in Q2 FY26, a 67% rise year-on-year.
Government registration (Vahan) data showed Ather’s market share at 20.2% in October, against 11.5% for Ola Electric. It indicates that Ather is gaining ground in recent months as Ola’s volumes are cooling.
Chief Executive Tarun Mehta said the quarter reflected “steady growth in market share and continued progress on our path to profitability,” crediting a broadened retail footprint and engineering gains.
Ather has expanded its retail network aggressively, adding 173 new Experience Centres (ECs) in H1 and 78 in the quarter, taking the total to 524 ECs, and aims to double stores to 700 during the year. The company also reported progress on software and charging: AtherStack 7.0 launched during the quarter, and the Ather Grid fast-charging network reached 4,322 points across India and neighbouring markets.
Comparison with Ola Electric
By contrast, Ola Electric’s sales and revenue weakened in the period amid intense competition and service challenges. Ola’s losses remain larger, the company reported a net loss in the quarter of about ₹418 crore, even as it cut costs and pared some expenses.
The relative improvement in Ather’s unit economics and non-vehicle revenue mix has helped lift investor sentiment: Ather’s market capitalisation has risen above Ola Electric’s (Ather ~₹24,275 crore; Ola ~₹18,878 crore as of October).
