Early traders in Ather Vitality appear to be rejoicing, as their bets on the corporate have translated into substantial wealth creation. Since its market debut, the electrical car (EV) maker’s inventory has surged, fueled by rising demand for electrical two-wheelers, increasing market share, and constructive market sentiment across the sector, which led it to ship huge returns to those that backed the corporate from the outset.
Persevering with its bull run for the sixth consecutive session, Ather Vitality inventory surged one other 8% in Wednesday’s commerce, October 8, hitting a recent all-time excessive of ₹679 apiece. This pushed its positive factors to 14.5% thus far within the present month, constructing on a 26% surge in September.
Though Ather Vitality’s inventory made a muted market debut in Might, it gained momentum within the following months, closing the subsequent 4 months within the inexperienced. With in the present day’s rally, the EV inventory now trades 106% larger than its IPO worth of ₹321 apiece.
Ather Vitality surpasses Ola by market worth
The newest rally has pushed Ather Vitality’s market capitalisation previous that of its bigger rival, Ola Electrical Mobility, for the primary time earlier this week and has been widening since then.
With in the present day’s rally, the market capitalisation of Ather Vitality moved to ₹24,555 crore on BSE, whereas Ola Electrical’s shares fell 2.2%, taking its valuation to ₹22,702 crore, as per alternate knowledge.
The change in pecking order mirrors the diverging fortunes of the 2 rivals. Ather crossed Ola’s complete gross sales depend within the September quarter, whereas the Bhavish Aggarwal-led firm noticed a 47% fall in its quarterly gross sales over a 12 months earlier.
Ola ranked fourth amongst Indian electrical two-wheeler makers as of September, with Ather leaping to the second place by promoting 52,597 models within the quarter. The corporate ranks third in electrical two-wheeler gross sales in India, with a 17% market share in September 2025, behind TVS and Bajaj Auto.
In September, Ather surpassed Ola for the primary time, promoting 18,109 models in opposition to its rival’s 13,371.
In the meantime, the corporate lately introduced that Rizta, which accounts for over one-third of Ather’s manufacturing quantity, has rolled out its 500,000th car from its manufacturing plant in Hosur, Tamil Nadu.
Analysts stay bullish on Ather’s long-term prospects
Analysts have remained constructive on the corporate’s long-term development prospects, anticipating Ather to enhance profitability and turn out to be EBITDA constructive within the medium time period, with bettering unit value economics and anticipated market consolidation that would decrease aggressive depth.
With an increasing product portfolio, quickly rising dealership community, and improved concentrate on advertising and promoting, HDFC Securities expects the corporate to outgrow the trade over the medium time period and acquire market share.
Japanese brokerage agency Nomura estimates the corporate’s volumes to rise at a CAGR of 41% over FY25-28F, from 155k models in FY25 to 436k models in FY28F, pushed by the doubling of its shops from 350 (March-25), the launch of the “EL” platform in FY27, and the “Zenith” bike platform down the road.
Within the monetary 12 months 2025, Ather noticed its income from operations surge 29% to ₹2,255 crore, whereas its losses narrowed to ₹812 crore from ₹1,060 crore over a 12 months earlier.
Disclaimer: This story is for academic functions solely. The views and proposals made above are these of particular person analysts or broking corporations, and never of Mint. We advise traders to verify with licensed consultants earlier than making any funding selections.
