Ola Electric vs Ather Energy: Who performed better in Q3FY26?; Check details

Ola Electric shares are in focus on Wednesday after the Bombay High Court stays arrest warrant against CEO Bhavish Aggarwal. The company continues to face structural, external and internal challenges as it is trying to regain the confidence and trust of its brand. The shares have fallen by nearly 9% in the previous two trading sessions after the company announced its quarterly earnings for the period ending December 2025. Broadly, the earnings came on expected lines, but on the weaker side. In comparison to its peers, the company has witnessed a downward trend in terms of sales and profitability. Here is how Ola Electric Q3 results fared against the pure-play E2W rival Ather Energy Systems

Market Share Dynamics

In terms of market share dynamics, the industry is evolving with legacy players like Bajaj Auto, TVS Motors, and Hero MotoCorp gaining a strong foothold in the segment. While other pureplay players like Ather Energy are marching ahead with strong, consistent market share gains. On the other hand, Ola Electric has witnessed a significant contraction in market share from high double-digits to mid-single digits in Q3FY26. Here is a snapshot of the market share statistics as of Q3FY26.

Legacy players like Bajaj Auto and TVS Motors leveraged their massive dealership networks to gain market share, coupled with superior products and after-sales services. Whereas Ather Energy is charting its way into the top spot, with premium products and good service. On the other Ola Electric continued to struggle with delivering a strong network and after-sales service, which has led to sharp market share losses for the company.

Topline

In comparison to Ather Energy Systems, Ola Electric Mobility posted a nearly 55% drop in revenue at ₹470 crore as compared to ₹1,045 crore. Whereas the Ather Energy systems posted 53% YoY jump in revenue at ₹995 crore. Essentially, Ather Energy is now earning similar to what Ola Electric earned in the Q3FY25. The sharp drop in revenue is largely visible due to a fall in sales. Ola Electric sold 32,680 vehicles in Q3FY26 vs 84,029 units in the year-ago period. Whereas Ather Energy systems sold 68,000 units during the quarter, up by 50% YoY.

Operational efficiency

In terms of operational efficiency, Ather Energy systems posted a sharp improvement and expect the company to become EBITDA positive in the coming quarters. Ather Energy System’s EBITDA for the quarter stood at -3%, up from -16% in the same period last year. On the other hand, Ola Electric’s adjusted EBITDA stood at -37% at the consolidated level and -35.7% for the automotive segment alone. Consistent network addition, improved after-sales services and premium products aided better operational performance for Ather Energy Systems.

Bottomline

At the bottom line level, both companies continued to remain in losses for the quarter. However, Ather Energy Systems showed a sharp improvement in the net loss from ₹-198 crore to ₹-85 crore in the Q3FY26. Ola Electric also showed improvement in the bottom line by narrowing down the net losses to ₹487 crore, as compared to the net loss of ₹564 crore in the same period last year. The improvement was led by operational improvement during the quarter by the company, which helped in realigning cost structures to improve profitability.