Ather Overtakes Ola Electric in Revenue Race, Marks Major Milestone in FY25

For the first time, Ather Energy Ltd's overall revenue—which includes interest on investments—surpassed that of Ola Electric Mobility Ltd., a cross-town rival managed by Bhavish Aggarwal and currently fighting for market dominance. Bengaluru-based Ather Energy reported INR 941 crore in total sales from July to September, a 57% rise from the same period last year.

Over the period, their losses decreased from INR 197 crore to INR 154 crore. However, Ola Electric's losses decreased to INR 418 crore from INR 495 crore in the previous year, despite a 42% decline in revenue to INR 756 crore. Indeed, in the January-March quarter of 2025, Ather's operating revenue of INR 676 crore exceeded Ola Electric's INR 611 crore. Ather Energy's other revenue during that time was INR 11.7 crore, while Ola Electric's was INR 117 crore.

As both firms strive for profitability, Ather's EBITDA margin increased by 11 percentage points to -10% and Ola Electric's margins rose by little more than 3% percentage points to -18.1% throughout that time.

Ather Now Marshes Ahead of Ola

In the second quarter that concluded in September, Ather, which began selling electric scooters in 2018, had its overall sales surpass those of Ola Electric for the first time. Ola Electric saw its total sales almost drop to 52,666 as it continues to suffer with service issues and growing competition, while Ather's total volumes increased 67% year over year to 65,595 units. Ather's co-founder and CEO, Tarun Mehta, commented on the results, saying that the second quarter had been good, with consistent market share increase and more advancements on the company's path to profitability.

As operating leverage improved, the company's EBITDA margin continued to rise. Several states have quickly scaled up as a result of Ather's strategic focus on Middle India. Strong growth in the rest of India has also broadened the scope of our expansion. We are still the market leader in the South, and a fresh growth story is being fuelled by a denser retail presence in strategic cities. Ather Energy is increasing its footprint across the country by doubling its store count to 700 during the current fiscal year.

While Ola Electric has more than 3,200 stores of its own, Ather uses a dealership model and does not own the stores. Following the results, Ather said in a statement that Central India was the fastest-growing region, increasing from 8.8% year over year to 14.6% in Q2 FY26. This growth was fuelled by strong consumer demand and growing retail presence in states like Gujarat, Madhya Pradesh, and Maharashtra.

Ather Writing a New Success Story in India

One of the most notable developments in the nation's electric two-wheeler market in 2025 is the emergence of Ather. Ather sold 1,55,394 scooters in the year that ended in March 2025, which was less than half of Ola's 3,59,221 sales. With 111,673 scooters sold in the first half of the current fiscal year compared to Ola's 120,858 sales, Ather is now rapidly catching up to Ola. Since going public in May of this year, the company's market value has more than doubled.

By the end of June, Ather's promoters held 41.22% of the business, followed by Hero Motocorp Ltd. at 30.26% and co-founders Mehta and Jain at 10.28%. In October, Ather's market value overtook Ola Electric's and has remained higher. Since going public in August of last year at a price of INR 76 per share, Ola Electric's stock has dropped 42%.