How IPO-bound Ather Energy stacks up against Ola Electric, Bajaj Auto, Hero Moto, TVS Motor
will soon become the second pure-electric two-wheeler player listed on Indian exchanges. But a look at the business metrics puts the Tiger Global-backed EV maker way behind its listed peers.
Going by Ather's offerings,
Ola Electric
Mobility stands out as its closest listed competitor. Both companies ended the nine months to December 2024 with losses. Ather posted a loss of nearly Rs 578 crore, while Ola Electric had a loss of Rs 1,406 crore during the period, according to the former's red herring prospectus.
Ather's other listed peers —
Bajaj Auto
,
Hero MotoCorp
and
TVS Motor
— had bottom-line prints in the black for the nine months ended December 2024. These two-wheeler majors had net profits of Rs 5,523 crore, Rs 3,207 crore and Rs 1,682 crore, respectively.
Ather reported revenue of Rs 1,579 crore in this period, compared to Rs 3,903 crore for Ola Electric. Bajaj Auto, Hero Moto and TVS Motor reported toplines of Rs 38,348 crore, Rs 30,954 crore and Rs 32,843 crore, respectively. The key thing to note, however, is that these three have a long list of offerings beyond their electric portfolio.
Also Read:
Ather IPO: Here's what the e-scooter maker plans to do with the funds
Ola, however, still held the biggest market share in the electric two-wheeler space three quarters into fiscal year 2025, despite ceding ground to peers. The Bhavish Aggarwal-led company had a 34.08% market share, followed by TVS Motor and Bajaj Auto at 19.44% and 18.11%, respectively. Ather Energy is second to last with 10.7% market share, while Hero MotoCorp managed the last space in the cohort with a 4.3% market share.
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On the sales front, Ola Electric sold 3.08 lakh units in the first nine months of fiscal year 2025, compared to 1.08 lakh units sold by Ather Energy.
Going into the IPO, Ather is now focussing on two new platforms, the EL scooter and Zenith motorcycle, Nuvama noted in a report following a meeting with the management. The company will focus on expanding its network more in the non-South regions; the southern region accounted for 61% of its sales in the nine months to December.
Also Read:
Promoters, early backers of Ather Energy eye strong gains through IPO
Ather is also adding capacity with a new manufacturing facility at Chhatrapati Sambhajinagar in Maharashtra. The first phase of the upcoming facility will add 5 lakh units a year by March 2027. At its full potential, the plant will produce 10 lakh units. The company currently operates a facility in Hosur, Tamil Nadu, with an annual capacity of 4.2 lakh electric two-wheelers and 3.8 lakh battery packs.
At the upper end of the price band, Ather Energy is looking to raise Rs 2,981 crore from the primary market at a valuation of Rs 11,960 crore. The offer includes fresh issue of shares worth Rs 2,626 crore, and an offer for sale worth Rs 355 crore by cofounders Tarun Mehta and Swapnil Jain and other shareholders, including Tiger Global,
GIC
, NIIF and IIT Madras.
The initial public offering opens on April 28 and will continue till April 30. Ather Energy's shares are likely to be listed on May 6.
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