Ather Energy touched a fresh all-time high of Rs 971.15 on Tuesday, extending a two-day gain of over 8% as investors responded to a remarkable acceleration in the Bengaluru-based electric scooter maker’s sales momentum — one that has seen the company capture its highest-ever market share in India’s booming electric two-wheeler segment.
The stock opened strong, hitting the intraday peak of Rs 971.15 early in the session before paring some gains to trade around Rs 936. It is now up over 237% from its 52-week low of Rs 288.15, and trades above all key moving averages from the 5-day to the 200-day — a clean technical picture that reflects the sustained strength of the underlying buying.
The sales story driving the stock
The fundamental case is difficult to argue with. According to Vahan portal data, Ather has delivered a cumulative 604,497 units since 2018 — and 300,288 of those, exactly half its entire eight-year sales history, have come in just the past 16 months between January 2025 and April 22, 2026. That compression of volume into such a short window is the clearest indicator yet of how sharply demand for Ather scooters has accelerated.
In CY2026 year-to-date, Ather has sold 99,159 units through April 22 — giving it an 18.5% share of India’s electric two-wheeler market, its highest ever. March 2026 was its best-ever month with 36,034 units, the first time it crossed the 30,000 mark, and it claimed a 19% share of industry-best monthly sales of over 190,000 units that month. Between October 2025 and April 2026, it has crossed 20,000 monthly sales six consecutive times.
The trajectory over the years tells a compounding story. From minimal volumes between 2018 and 2021, Ather sold 51,811 units in CY2022 with an 8% market share. By CY2023 it had crossed 100,000 units annually for the first time with a 12% share. In CY2025, it delivered 201,129 units — 59% year-on-year growth — capturing a 16% share of India’s record 1.28 million electric two-wheelers sold that year. The CY2026 trajectory, if sustained, points to a further step-up.
Ather was the third-largest contributor to India’s record 1.4 million electric two-wheeler sales in FY2026, operating a portfolio that spans the 450S, 450X, 450 Apex and the Rizta.
The caveat
Despite the price action and the sales momentum, Ather’s Mojo Score stands at 46 with a Sell grade — upgraded from a prior Strong Sell — reflecting that profitability remains a work in progress for the company. The stock carries no reported PE ratio, indicating it is not yet profitable on a trailing basis. At a market capitalisation of approximately Rs 36,430 crore, the market is pricing in the growth story well ahead of earnings — a bet that Ather’s expanding volumes will eventually translate into sustainable margins.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making investment decisions.