Two months ago, after assessing Ather Energy’s Q1 FY26 results, we predicted that the EV maker would soon catch up to Ola Electric in both market share and sales.

Two months on, it has done more than just catch up. The EV maker has zoomed past its rival not only in terms of units sold but also in key financial metrics.

In Q2 FY26, Ather reported an operating revenue of INR 898 Cr, up 54% year-on-year (YoY) and 40% sequentially, reflecting strong demand momentum and robust distribution expansion. In contrast, Ola Electric’s operating revenue dropped 43% YoY to INR 690 Cr.

Including other income of INR 41.8 Cr, the company’s total income stood at INR 940.7 Cr during the quarter, up 57% YoY from INR 598.9 Cr in the year-ago quarter.

More importantly, Ather managed to rein in losses. The company’s net loss narrowed 22% YoY to INR 154.1 Cr in Q2 FY26 and fell 14% sequentially. Ola Electric, on the other hand, posted a loss of INR 418 Cr.

A decline in losses and expanding revenue and margins mean improving cost efficiency and operating leverage.

With expenses moderating and losses debloating, Ather Energy appears to be entering a new phase. But what will fuel this chapter?

Ather Strengthens Its Distribution Game

Ather Energy’s expanding distribution network is becoming its most........

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