Ather Overtakes Ola Electric with Strong ₹899 Crore Operating Revenue in Q2 FY26
Electric two-wheeler maker Ather Energy has reported its financial results for the second quarter (July–September) of the financial year 2026 (Q2 FY26), showing a robust performance that saw its revenue surpass that of its key competitor, Ola Electric, for the first time in a major quarterly comparison.
Key Financial Highlights (Q2 FY26 vs. Q2 FY25)
Ather's performance was driven by a significant jump in vehicle sales and expanding market share across the country.
| Metric | Q2 FY26 Result | Year-on-Year (YoY) Change |
| Operating Revenue | ₹898.9 crore | +54% (from ₹583.5 crore) |
| Total Income | ₹940.7 crore | +57% (including other income) |
| Net Loss (PAT) | ₹154.1 crore | Loss narrowed by 22% (from ₹197.2 crore) |
| EBITDA Margin | -10% | Improved by 1,100 basis points |
| Vehicle Sales (Units) | 65,595 units | +67% (from 39,305 units) |
📊 The Rivalry: Ather vs. Ola Electric
The most crucial takeaway from the results is the shift in top-line leadership between the two major EV startups:
Ather Energy's Operating Revenue (Q2 FY26): ₹898.9 crore
Ola Electric's Operating Revenue (Q2 FY26): ₹660 crore (down nearly 46% YoY)
This marks a significant milestone where Ather, known for its premium positioning and focus on technology, has demonstrated a greater revenue-generating capability than Ola Electric in the latest quarter.
Strategic Growth and Market Share
Ather's strategy of focusing on a hybrid approach of product and retail expansion appears to be paying off:
Market Share: Ather's market share in the Indian electric two-wheeler segment climbed to 17.4% in Q2 FY26, up from 12.1% a year ago.
Retail Expansion: The company aggressively expanded its physical footprint, adding 78 new Experience Centres during the quarter, bringing the total to 524 across India. This physical presence is seen as a key differentiator.
Geographic Focus: The company's strategic focus on 'Middle India' (Gujarat, Madhya Pradesh, Maharashtra) has driven rapid scale-up, with its market share nearly doubling in that region. South India remains its strongest market, where it holds a 25% share.
Non-Vehicle Revenue: The company noted that revenue from its ecosystem offerings, such as software subscriptions and charging services (Ather Grid), contributed significantly, accounting for 12% of its total income.
CEO Quote: Tarun Mehta, CEO of Ather Energy, stated that the strong quarter showed "steady growth in market share and continued progress on our path to profitability," driven by the strategic focus on Middle India and its expanding retail presence.
The results highlight a changing landscape in the Indian EV space, where legacy players like TVS and Bajaj, along with a consistently growing Ather, are increasing pressure on Ola Electric, whose sales and market share have recently struggled.