Ather Energy spearheaded a notable rally among India’s listed technology startups last week, driven by strong earnings, positive market sentiment, and upcoming product launches, signalling a potential inflection point for the sector.
Ather Energy led a broad but uneven rally among India’s listed new-age technology names last week, as strong quarterly earnings, steady foreign buying and a busy flow of IPO activity kept sentiment firm. Thirty-seven of the 59 listed companies tracked finished in positive territory, while the combined market capitalisation of the group rose sharply over the week, according to Inc42’s market review.
Ather was the standout performer after reporting results that showed a much narrower loss and faster revenue growth. Business Standard said the electric scooter maker’s net loss for the quarter fell to ₹178 crore from ₹183 crore a year earlier, while revenue rose 79% to ₹645 crore. The company also sold 46,078 units, helped by demand for the Rizta and an expanded retail footprint.
The stock’s rally was reinforced by broker optimism and signs that the business is approaching an inflexion point. Inc42 reported that Ather shares climbed 17.45% for the week, touched a record high and finished at ₹1,480.80. The company also turned EBITDA positive in the quarter, while CLSA, HSBC and Nomura retained bullish ratings. Ather said new manufacturing capacity at Factory 3.0 in AURIC should come on stream in the next quarter, and it plans to unveil its first production scooter based on its new EL platform on August 29.
At the other end of the table, MapmyIndia was the week’s weakest stock after a softer-than-expected update. Inc42 said the shares dropped 14.17% following Q1 FY27 results and a brokerage downgrade from JM Financial. The company posted modest profit growth and 14.9% revenue growth, but margin pressure from a government receivable write-off and a heavier mix of lower-margin Internet of Things hardware weighed on sentiment.
The broader backdrop remained supportive. Inc42 reported that Indian equities extended their gains on the back of foreign institutional buying, domestic inflows and resilient earnings, with the Sensex and Nifty both ending higher. It also noted that the Reserve Bank of India kept the repo rate unchanged at 5.25% while lifting its growth forecast, helping sustain the risk-on tone.
Outside the stock moves themselves, the week added to the sense of momentum across the startup market. Klassroom made its market debut, LEAP India opened a ₹2,480 crore IPO and Shiprocket filed papers for a ₹1,617 crore offering. Regulators also cleared fresh IPO proposals, while several listed startups announced fundraising, product launches and corporate developments, underscoring how active the sector remains despite pockets of volatility.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
