Ather Energy share price hits record high as rally extends into 4th day, trades 110% above IPO price

It was another bullish day for Ather Energy as the stock rose 4% to a record high of ₹683.80 apiece on heavy volumes. The rally marked a four-day winning streak, pushing the stock to trade 110% above its IPO price. The stock of the electric two-wheeler maker has been on an upward trajectory for the past four months, closing higher in each of those months. The momentum continued into October, with the stock up another 19% year to date. Fueled by increasing demand for electric two-wheelers, growing market share and positive sentiment around the EV sector, Ather Energy has emerged as one of the top performing auto stocks this year. The rally also pushed Ather’s market capitalization past that of its larger rival, Ola Electric Mobility. Today’s rally saw Ather Energy’s market cap rise to ₹25,552 crore on the BSE, while Ola Electric’s shares also rose 5% to ₹55.35, but its market cap is still lower than ₹24,413 crore, as per exchange data. Ather overtook Ola in total sales in the September quarter, while the Bhavish Aggarwal-led company reported a 47% year-on-year decline in quarterly sales. As of September, Ola was fourth among Indian electric two-wheeler manufacturers, while Ather climbed to the second position by selling 52,597 units during the quarter. The company is currently third in India’s electric two-wheeler market with a market share of 17% by September 2025, behind TVS Motor and Bajaj Auto. Analysts remain positive about Ather’s long-term prospects Analysts remained positive about the company’s long-term growth prospects and expect Ather to improve profitability and turn EBITDA positive in the medium term, with improving unit cost economics and expected market consolidation that could reduce competitive intensity. With a growing product portfolio, rapidly growing dealer network and enhanced focus on marketing and advertising, HDFC Securities expects the company to outgrow the industry and gain market share over the medium term. Japanese brokerage Nomura estimates the company’s volumes to rise at a CAGR of 41% over FY25-28F, from 155,000 units in FY25 to 436,000 units in FY28F, driven by the doubling of its stores from 350 (March 25), the launch of the “Y27” platform and the “Z27” platform. line. In fiscal 2025, Ather saw its income from operations rise 29% to ₹2,255 crore, while its losses narrowed to ₹812 crore from ₹1,060 crore over a year earlier. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to check with certified experts before making any investment decisions.