Ather vs Ola: Who performed better in Q2FY26 results; check details

Ather Energy shares are buzzing in trade on Tuesday after the company reported stellar results across the board in the Q2FY26. The company is one of the significant players in the e-two-wheeler space, with consistently market share gains in the space. The shares traded 5.1% higher at ₹657 apiece on the NSE at 11:30 am on Tuesday.

In sharp contrast to Ather Energy, shares of Ola Electric fell over 20% after the company announced its Q2FY26 results. Here is what led to the divergent reactions by shareholders of both companies after Q2 results.

Market share gains and losses

The e-two-wheeler space in India is rising with 18% YoY growth in overall sales in H1FY26. According to VAHAAN data, all the major legacy two-wheeler companies recorded strong sales growth. For Ather Energy and Ola Electric, the latter one lost the dominant position to legacy players like TVS Motors. Ola Electric, which held the dominant position in September 2024, now holds 12.1%. Whereas Ather Energy jumped to third spot with 17.2% market share compared to 14.3% in September 2024. Ather continued to gain market share with a strong network base, superior product quality and better after-sales services. On the contrary, Ola Electric failed to hold the pole position due to poor servicing and dealership experience, and after-sales services.

Top line growth

In line with the market share gains and robust sales growth, Ather Energy reported strong growth in the topline at 57% YoY and 40% QoQ to ₹940 crore. The growth was led by strong sales at 67% YoY at 65,595 units sold for Q2FY26 vs 39,305 in the same period last year. On the contrary, Ola Electric's topline nearly halved to ₹688 crore as compared to ₹1,137 crore in the same period last year. The sharp drop in revenue can be attributed to a plunge in sales at 52,666 units vs 98,619 units in Q2FY25. The premium category two-wheelers fell to 13,418 units vs 42,074 units in the same period last year. Ather Energy maintained its superiority in the topline growth for the quarter.

Operational efficiency

At the operational level, too, Ather Energy continued to maintain superiority over Ola Electric. The EBITDA for Ather Energy improved from ₹-139 crore in Q2FY25 to ₹-132 crore In Q2FY26. At the gross level, the company’s gross operating profit jumped 81% YoY to ₹210 crore. On the other hand, Ola Electric’s operational performance improved slightly as the company reported an EBITDA loss of ₹-47 crore vs ₹-255 crore in the previous year’s same quarter. This improvement was led by the first-ever positive EBITDA performance for the automobile segment at 0.3%.

Bottomline

At the bottom-line level, both players continued to post a net loss for the quarter. The Ather energy reported improvement in net loss from ₹197 crore in Q2FY25 to ₹154.1 crore in Q2FY26. Similarly, Ola Electric too narrowed its net loss from ₹495 crore in Q2FY25 to ₹418 crore in Q2FY26. Reduction in expenses in the Automobile segment and improved operational efficiency helped to narrow down the losses for Ola Electric.

In conclusion

Despite the negative bottom line, Ather Energy continued to show superiority over Ola Electric with strong sales growth, increased market share and rising customer trust. On the other hand, Ola Electric continued to struggle with poor after-sales services, impacting its overall sales and market share in the industry. However, new initiatives like Battery Energy Storage Service (BESS) and the cell segment could improve operational efficiency in the coming year.