Ather Energy vs Ola Electric: Revenue, Profit and Business Model
Ather Energy reported ~$425.9M of revenue in FY2026 and a net loss of ~$60M. Ola Electric reported ~$261.3M of revenue in FY2026 and a net loss of ~$212.6M.
Latest financial snapshot
Ather Energy
- Latest revenue
- ~$425.9M (FY2026)
- Net income
- ~-$60M
- Net margin
- -14.1%
- Revenue growth
- +163.2% a year, FY2019–FY2026
Ola Electric
- Latest revenue
- ~$261.3M (FY2026)
- Net income
- ~-$212.6M
- Net margin
- -81.4%
- Revenue growth
- +56.7% a year, FY2022–FY2026
Financial summary
Ather Energy
Ather's revenue has grown from ~$487,200 (INR 4.2 Cr) in FY2019 to ~$426M (INR 3,672 Cr) in FY2026, and losses have started to shrink rather than widen: the net loss peaked at ~$123M (INR 1,059.7 Cr) in FY2024, fell to ~$94.2M (INR 812.3 Cr) in FY2025 and to ~$60M (INR 517.2 Cr) in FY2026. Gross margin reached 21.1 percent in FY2026. The quarter ended 30 June 2026 produced revenue of ~$141 million (INR 1,216.9 crore), up 89 percent year on year, a net loss of ~$5.93 million (INR 51.1 crore) and EBITDA of ~$1.1 million (INR 9.45 crore), the company's first positive EBITDA quarter. Funding has come from Hero MotoCorp, NIIF, GIC, Caladium, the India-Japan Fund and, until its exit in November 2025, Tiger Global, plus the ~$346 million (INR 2,981 crore) May 2025 IPO and a ~$139 million (INR 1,200 crore) preferential issue in July 2026. Capital expenditure remains heavy: free cash flow was negative ~$55 million (INR 474 crore) in FY2026 while the Bidkin factory was being built.
Ola Electric
Ola Electric's revenue from operations rose from ~$43.3 million (₹373 crore) in FY22 to ~$581 million (₹5,010 crore) in FY24, then fell to ~$524 million (₹4,514 crore) in FY25 and ~$261 million (₹2,253 crore) in FY26, missing its own ₹3,000-3,200 crore FY26 guidance. Net losses were ~$184 million (₹1,584 crore) (FY24), ~$264 million (₹2,276 crore) (FY25) and ~$213 million (₹1,833 crore) (FY26). Q1 FY27 (April-June 2026) showed early recovery: revenue ~$52.8 million (₹455 crore) (down 45% year on year but up 72% from Q4), deliveries of 39,192 units, a 30.5% gross margin and a net loss of ~$39 million (₹336 crore). Ola raised ~$90.5 million (₹780 crore) through a QIP in June 2026, and its board approved further raises of up to $174 million (₹1,500 crore) and a ~$116 million (₹1,000 crore) rights issue in September 2026.
Revenue and profit by year
Ather Energy
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$425.9M | ~-$60M | -14.1% | +62.8% | Source |
| FY2025 | ~$261.6M | ~-$94.2M | -36.0% | +28.6% | Source |
| FY2024 | ~$203.4M | ~-$122.9M | -60.4% | -1.7% | Source |
| FY2023 | ~$206.9M | ~-$100.3M | -48.5% | +336.6% | Source |
| FY2022 | ~$47.4M | ~-$39.9M | -84.2% | +411.9% | Source |
| FY2021 | ~$9.3M | ~-$27.1M | -292.4% | +126.1% | Source |
| FY2020 | ~$4.1M | ~-$25.5M | -622.9% | +740.5% | Source |
| FY2019 | ~$487,200 | ~-$12.5M | -2559.5% | — | Source |
Ola Electric
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$261.3M | ~-$212.6M | -81.4% | -50.1% | Source |
| FY2025 | ~$523.6M | ~-$264M | -50.4% | -9.9% | Source |
| FY2024 | ~$581.2M | ~-$183.7M | -31.6% | +90.4% | Source |
| FY2023 | ~$305.2M | ~-$170.8M | -56.0% | +604.5% | Source |
| FY2022 | ~$43.3M | ~-$91M | -210.0% | — | Source |
Where the revenue comes from
Ather Energy
No segment breakdown is published.
Ola Electric
- Automotive (Scooters & Motorcycles)~99%
S1 scooters, Roadster motorcycles, spares and service; ~$52.8 million (₹455 crore) of Q1 FY27 revenue.
- Cell & Energy Storage~1%
Bharat Cell manufacturing and the Mahashakti storage platform; ~$580,000 (₹5 crore) of revenue in Q1 FY27.
Business model and strategy
Ather Energy
How it makes money
Ather sells connected electric two-wheelers directly to consumers through Experience Centres, which it doubled to more than 700 in FY2026 from 351 a year earlier, backed by around 548 service centres. Vehicle sales are the bulk of revenue; non-vehicle revenue, covering accessories, spare parts, service and software, reached 14 percent of the total in the quarter to December 2025.
Growth strategy
Ather is widening its price range downward and its geography outward at the same time. The Rizta took it into the family-scooter segment in 2024 and the Konarc took it below ~$1,160 (INR 1 lakh) in 2026, both aimed at buyers who would otherwise choose a petrol scooter.
Competitive advantage
Ather's differentiation rests on owning the parts of the vehicle most makers buy in. It designs its own battery pack, battery management system, motor controller, chassis and vehicle software, which lets it push feature updates over the air to scooters already sold and keep range claims closer to what riders see.
Ola Electric
How it makes money
Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without franchised dealers. The automotive segment generated all ~$52.8 million (₹455 crore) of Q1 FY27 operating revenue.
Growth strategy
Ola Electric's growth plan has four parts: win back scooter share with cheaper S1 variants and its own cells; build Roadster electric motorcycles into a second vehicle business; use the gigafactory to supply cells for both vehicles and stationary storage; and cut operating costs toward ~$34.8 million (₹300 crore) a quarter so that recovering volume reaches EBITDA breakeven.
Competitive advantage
Ola Electric's distinctive asset is vertical integration: it designs its own motors, battery packs, vehicle software (MoveOS) and now lithium-ion cells, which its rivals mostly buy from suppliers. In-house cells could lower battery costs and reduce dependence on Chinese imports, and Ola reported a 30.5% consolidated gross margin in Q1 FY27.
Questions about Ather Energy vs Ola Electric
Which company has higher revenue — Ather Energy or Ola Electric Mobility Limited?
Ather Energy reported ~$425.9M (FY2026), while Ola Electric Mobility Limited reported ~$261.3M (FY2026). By last reported revenue, Ather Energy is the larger business, with Ola Electric Mobility Limited reporting a smaller revenue base.
What is the market cap of Ather Energy vs Ola Electric Mobility Limited?
Ather Energy's market capitalisation stands at $5.9B, while Ola Electric Mobility Limited's is $1.9B. Ather Energy carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ola Electric Mobility Limited.
Which is more financially efficient — Ather Energy or Ola Electric Mobility Limited?
Ather Energy generates $263k / employee in revenue per employee. A comparable figure for Ola Electric Mobility Limited requires matching employee and revenue data from the same reporting period.
How do Ather Energy and Ola Electric Mobility Limited make money?
Ather Energy and Ola Electric Mobility Limited generate revenue in fundamentally different ways. Ather Energy: Ather sells connected electric two-wheelers directly to consumers through Experience Centres, which it doubled to more than 700 in FY2026 from 351 a year earlier, backed by around 548 service centres. Ola Electric Mobility Limited: Ola Electric makes money mainly by selling electric scooters (S1 range) and Roadster electric motorcycles directly to consumers through its own app and company-owned stores, without franchised dealers.
Which company is valued higher relative to revenue — Ather Energy or Ola Electric Mobility Limited?
On a price-to-sales (P/S) basis, Ather Energy trades at 13.8x P/S and Ola Electric Mobility Limited at 7.3x P/S. Ather Energy commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Ola Electric Mobility Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Ather Energy bigger than Ola Electric Mobility Limited?
By last reported revenue, Ather Energy (~$425.9M (FY2026)) is the larger company compared to Ola Electric Mobility Limited (~$261.3M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Ather Energy vs Ola Electric overview