Tarun Mehta-led Ather Energy beats Bhavish Aggarwal’s Ola Electric in Q2 FY26, clocks ₹899 Cr revenue and cuts losses to ₹154 Cr

Ather Energy has taken the lead over Ola Electric in the second quarter of FY26, reporting ₹899 crore in revenue, up 54% from last year. 

The company also reduced its net loss to ₹154 crore from ₹197 crore a year ago. 

This is the first time Ather has crossed Ola Electric in quarterly income, showing steady growth in both sales and cost control.

Ather Energy Q2 FY26 results: revenue, profit, and sales growth explained

Ather Energy saw a sharp rise in demand during the quarter. The company’s revenue from operations reached ₹898.9 crore compared to ₹583 crore last year. 

Vehicle deliveries increased 67 percent year on year to about 65,600 units. Its market share also grew to 17.4 percent in Q2 FY26, up from 12.1 percent a year earlier.

Ather’s total spending rose due to higher material costs, bringing expenses to around ₹1,095 crore. However, the company improved its gross margin to 22 percent and cut its EBITDA loss to about ₹90.7 crore. Ather said its expanding retail network, now at 524 experience centers, and tighter cost control were key reasons for this improvement.

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Ather vs Ola Electric: who is leading India’s EV two-wheeler market now

Ather Energy has overtaken Ola Electric in revenue for the first time. Ola’s income reportedly fell around 43 percent year on year to between ₹660 crore and ₹690 crore in the same period. 

The shift highlights changing trends in India’s growing electric scooter market, where Ather’s steady growth and customer focus are paying off.

Experts say Ather’s strong retail expansion, frequent software updates, and focus on performance scooters have helped it gain market share. The company is also working on lowering production costs and fixing supply issues related to rare-earth magnets that affected operations earlier this year.

With sales increasing and losses shrinking, Ather Energy has moved ahead of Ola Electric in Q2 FY26 and strengthened its place as one of India’s top EV brands.

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