Ola Electric, Ather Energy, TVS Motor: What Antique says on FY26 retail trend

FY26 represented a challenging year for Ola Electric Mobility Ltd, as India’s electric vehicle ecosystem continued to evolve, supported by improving battery economics, deeper OEM participation, and expanding charging infrastructure, Antique Stock Broking said in a note. 

The domestic brokerage noted that TVS Motor Company led the market share at 28 per cent, followed by Bajaj Auto (23 per cent), Ather Energy (18 per cent) and Hero Motocorp (11 per cent). "Collectively, these four OEMs accounted for 80 per cent of the market, indicating a clear transition from startup-led disruption to OEM-led consolidation. This consolidation reflects a structural consumer shift toward brands offering stronger service networks, financing access, and reliability assurance—a key factor in mass adoption," Antique said.

While policy support has moderated following the tapering of subsidies under the FAME II and PM e-Drive scheme, EV adoption momentum remains intact due to product innovation, localisation of components, and strong fleet demand in urban mobility segments, the domestic brokerage said.

"FY26 marked a turning point in market structure, with legacy OEMs consolidating market share across segments, while several early EV startups faced operational, supply chain, and capital constraints," it said.

Ola Electric shares have plunged 52.92 per cent in the past one year. TVS Motor climbed 50 per cent during the same period. Hero MotoCorp soared 51 per cent while Bajaj auto gained 21 per cent during the same period. Ather Energy in fact more than doubled, rising 135.44 per cent.

Ola Electric Mobility
Antique said FY26 has been a difficult year for Ola Electric, as monthly volumes declined sharply from about 53,000 units in March 2024 to mere 4,000 units in February 2026. Key issues included after-sales service
failures, spare-parts shortages, delivery delays, reputational damage from customer complaints, it said.

"These operational challenges highlight the difficulty of scaling EV businesses without robust service infrastructure, a critical competitive advantage held by legacy OEMs," Antique added.

TVS Motor Company
Antique said TVS Motor has emerged as the clear leader in the E-2W segment, driven by strong demand for the iQube platform. Average monthly sales in FY26 were approximately 25,000 units, with peak volumes of 34,800 units recorded in January 2026. Its growth drivers included an aggressive pricing strategy for the iQube 2.2 kWh variant, expansion of dealer network and launch of the TVS Orbiter platform in August 2025. 

"TVS is expected to close FY26 with 33 per cent YoY EV growth, significantly outperforming industry growth (15 per cent). TVS benefits from deep supply chain integration and scale advantages, allowing better cost control relative to startup competitors," it said.

Ather Energy
Antique said Ather transitioned from a premium performance-oriented EV brand to a broader family mobility player during FY26. The Ather Rizta emerged as the company’s largest volume contributor, accounting for 70 er cent of sales by early 2026. To support long-term scale, Ather is constructing a major manufacturing facility at Aurangabad Industrial City (AURIC) which will increase capacity from 4.2 lakh to 14.2 lakh units annually, it said. The company is also expanding its retail footprint to 600+ experience centers by FY26 end, Antique noted.

Hero MotoCorp
Hero, the brokerage said, successfully expanded its EV presence through the VIDA platform. Volumes increased from 6,500 units in April 2025 to 12,500 units by February 2026, supported by the launch of the VIDA
VX2 series in July 2025. A notable introduction was the Battery-as-a-Service (BaaS) pricing model, where vehicle price was at Rs 44,990 and battery subscription at Rs 0.96 per km
This model significantly reduces upfront vehicle cost, making high-speed EV scooters accessible to price-sensitive buyers, it said.

Bajaj Auto
Meanwhile Bajaj Auto maintained strong EV momentum during FY26, although production faced temporary disruption in August 2025 due to rare earth magnet shortages, which impacted motor supply, Antique said.

"Monthly volumes dropped to 12,000 units in August 2025, before recovering to 19,500 units by September following supply normalization. The launch of the Chetak 30 series (Jun'25) expanded the product lineup, while the Chetak C2501 targets the value urban commuter segment priced below Rs 1 lakh," it said.