Ather Energy, Ola Electric, Bajaj Auto or TVS Motor: Which EV two-wheeler stock is best placed for the next leg of growth?

Select electric two-wheeler stocks have attracted investor interest amid the Centre's continued push towards greener mobility. Shares of Ather Energy Ltd have gained 40.80 per cent so far in calendar year 2026, while Ola Electric Mobility Ltd has risen 26.07 per cent.

Bajaj Auto Ltd has also advanced 5.94 per cent during the same period. Meanwhile, TVS Motor Company Ltd has declined 11.96 per cent year-to-date (YTD).

Market participants hold differing views on the two-wheeler EV sector's prospects. While some largely believe TVS Motor, Bajaj Auto and Ather Energy are better positioned for the next phase of growth, another market expert said Ola Electric, which has witnessed a sharp rebound in its share price recently, could gain an edge going forward.

Ravi Singh, Chief Research Officer at Master Capital Services, said, "India's electric two-wheeler market is becoming highly competitive, but currently TVS Motor and Bajaj Auto look better positioned for long-term leadership. Both companies already have strong dealership networks, trusted brands, better service infrastructure and financial strength, which gives customers more confidence while shifting towards EVs. Bajaj's Chetak has witnessed strong growth recently, while TVS iQube continues seeing healthy demand across multiple cities."

He added, "Ather Energy, on the other hand, still stands out for its technology, premium quality and strong product experience. Its new family scooter Rizta has helped the company expand beyond young urban buyers. However, compared to TVS and Bajaj, Ather still needs a larger scale and wider reach."

Singh further stated, "Ola Electric remains aggressive in expansion and battery manufacturing plans, but the company is still facing concerns around service quality, execution and profitability. Overall, traditional players currently appear more stable, while Ather remains the strongest innovation-driven EV brand."

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "The two-wheeler EV space is moving from a slow lane to a fast lane. Investors with a medium- to long-term view can add Ather." He advised buying Bajaj Auto and TVS Motor on dips.

On Ola Electric, Bathini highlighted that the stock may be suitable only for investors with a high-risk appetite.

In contrast, market veteran Arun Kejriwal underscored the sharp rebound in Ola Electric's stock price. "The pure-play EV company has indicated that work on its new cell technology is at an advanced stage. Based on the management's commentary, Ola Electric could gain an edge as progress in cell development continues," he said.