“It’s been coming for a while,” say car experts when asked if Ather Energy will surpass Ola Electric in the EV two-wheeler race.

In a few of months, Ola Electric’s market share exploded, but Ather’s methodical strategy was predicted to prove more effective in the long run. 

Furthermore, Ather Energy has surpassed Ola Electric in India’s EV race in terms of monthly sales volume and even market capitalization as of Friday, October 10, much like the tortoise in Aesop’s fable.

Ather’s monthly car sales have overtaken Ola Electric’s sales volume by around 5,000 units, according to Vahan figures for September 2025.  For the first time, Ather outsold Ola Electric, selling 18,197 units compared to 13,401 for its rival.

Despite the fact that Ather began selling scooters before Ola Electric, the two companies have been associated for the past five years.  In terms of listing, Bhavish Aggarwal’s Ola Electric surpassed the firm started by Tarun Mehta and Swapnil Jain, both of whom graduated from IIT Madras, but Ather has now finally surpassed its competitor.

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Additionally, this change is felt in the marketplaces as well as on the highways.  Ola’s stock price, another crucial indicator, has begun to decline because to its declining EV sales and poor fundamentals.

With a market valuation of INR 22,631 Cr, Ather has surpassed Ola Electric’s INR 21,904 Cr, signaling a turning point for India’s domestic EV industry and possibly providing more time for other participants to reflect.

Deb Mukherji, a veteran of the automotive business and advisor to Anglian Omega Group, made a statement earlier this year that has held up quite well.

He told Inc42, “Automotive is a very serious business.”  “Anyone can sell a subpar product for a short period of time, but the products must be good in the long run.”

Mukherji wasn’t referring to any specific OEM when he made this statement; rather, he was describing how automakers operate generally in this industry, where brands are established on the foundation of strong technology, dependable engineering, and decades’ worth of customer confidence.

Sales volume is finally showing the results of Ather’s strategy, which was along the lines mentioned above.

Ather’s sales revenue in the first quarter of the current fiscal year (FY26) was INR 644.6 Cr, rising more than 79% from the previous year.  More significantly, its net loss shrank by 3% to INR 178.2 Cr, which was unmistakably encouraging for investors in the public market.  The market is even more optimistic because Ather is also almost ready to earn a profit.

Building a solid automotive business requires concentrating on laying the groundwork, which is mostly reliant on supply chain management, technology, R&D, sales, and after-sales support.  “Ather has figured it out,” Mukherji said, adding that he had long anticipated that Ather would surpass Ola Electric in terms of sales volume.

Additionally, he thinks Ola will experience more declines and that the momentum is far from done.  However, in the next months, this assertion will need to be reviewed.

SimranJeet Singh Bhatia, senior equity research analyst at Almondz Group, stated that he expects the company to maintain momentum on the back of its strong improvement in operating parameters, expanding market reach, and increasing market share across regions, even though Ather shares ended the week in the red after investors booked some profits in the last two sessions.

Even the well regarded brokerage house HSBC holds a similar view.  Last week, a research report raised Ather’s price objective from INR 600 to INR 700 while lowering Ola Electric’s rating and price target.

“We believe the response for the EL platform (its next-generation scooter platform launched in August) should be better than we previously expected,” HSBC analysts stated. “Ather has established itself as a strong brand in the EV segment.”

Technically speaking, senior technical analyst Rupak De of LKP Securities believes that Ather might rise by up to 10% at its current price if the market continues to support it, even at a slightly lower price.

It wouldn’t be shocking, though, if Ola Electric made a comeback in October or the next year.  Even if Ather Energy’s lead is currently credible, it came after years of conflict with Ola Electric.  After the September setback, would Bhavish Aggarwal encourage his staff to increase sales in the third quarter?

The key concern for Ather is maintaining its position and expanding its market share.  As more and more models arrive to compete with Ola and Ather, legacy OEMs are refusing to give up.