Ather's South India EV lead resurfaces as Rizta lifts volume but trims revenue per scooter
Resurfacing an August 2025 report, Ather Energy held a 22% Q4FY25 electric two-wheeler share across Tamil Nadu, Karnataka and Kerala. Lower-priced Rizta models supported volumes, though revenue per scooter fell 12%; the company also narrowed its July 2025 sales gap with Ola Electric.
What happened
Ather Energy gained South India EV leadership in Q4FY25 as low-cost Rizta lifted volumes but reduced revenue per scooter. Coverage also highlighted narrowing
Key facts
- Revenue per scooter dipped 12%
- 22% Q4FY25 market share across Tamil Nadu, Karnataka and Kerala
- Ather sold 10,754 electric two-wheelers in July 2025
- Ola Electric sold 11,270 units in July 2025
- Expected 31% upside cited by HDFC Securities
What changed
Ather Energy gained South India EV leadership in Q4FY25 as low-cost Rizta lifted volumes but reduced revenue per scooter. Coverage also highlighted narrowing sales gap with Ola, planned store expansion, analyst buy calls and its May 2025 IPO listing.
Why this matters
Ather’s 22% South India share shows Rizta is successfully expanding volume, but the 12% revenue-per-scooter decline makes mix, pricing discipline and accessory attachment critical priorities.
What to watch
- Monthly VAHAN registrations and whether Ather sustains share above 22% in its core southern states.
- Rizta mix, booking-to-delivery conversion, dealer inventory days and cancellation rates.
- Sequential revenue per scooter and gross-margin trends in Ather disclosures.
- Ola Electric's monthly registrations, discounting intensity, delivery execution and service-quality developments.
- TVS iQube and Bajaj Chetak pricing, new variants and retail share gains in South India.