With the sixth month of the current fiscal and a record one at that, it’s amply clear that India’s electric 2-wheeler industry is on a roll and how. While January-September 2026 retail sales have already crossed 1.61 million units, e-2W customer deliveries in the April-September period jumped 76% to 1.12 million units (H1 FY2026: 640,149 units). The rapid pace of demand means that halfway into FY2027, the industry is just 343,824 units away from surpassing FY2026’s 1.46 million units, which it should achieve before the end of November and go on to a new fiscal high of 2.25 million units and beyond.
September 2026, with retail sales of 207,850 units is now officially the new monthly high for India e-2W Inc. Last month’s sales were a handsome 89% YoY increase (September 2025: 109,882 units) and beat the previous best of July 2026 (205,815 units), which was the only other month of 200,000-plus sales.
BAJAJ AUTO AND HERO VIDA REGISTER HIGHEST MONTHLY SALES IN SEPTEMBER
Let’s take a peek at the Top 10 OEMs in September, followed by a closer look at the movers and shakers in the first six months of the current fiscal. TVS Motor Co and Bajaj Auto, which have been ruling the market since Ola moved out of the top spot in April 2025, continue to register handsome gains. In September, both companies registered triple-digit growth: TVS (54,179 units, up 126%, 26% market share) and Bajaj Auto (48,563 units, up 140%, 23% share). Their performance ensured that these two leading OEMs commanded a 49% share of the record monthly retails. This is the highest monthly score for Bajaj, beating its sales in March 2026 (47,755 units).
Ather Energy, now well entrenched in the No. 3 position, sold 30,661 units and marked 56% YoY growth. The company, whose best sales were in March 2026 (36,634 units) has expanded its portfolio with the launch of the Konarc, its most affordable EV priced at Rs 99,999.
Hero MotoCorp (Vida) continues to achieve strong gains month on month. In September, the company 24,370 customers take delivery of their Vida e-scooters, up 84% YoY. This is Hero Vida’s highest monthly sales, going ahead of July’s 22,996 units.
Fifth-ranked Ola is the sole OEM to register a sales decline – the 13,452 units are down 3% YoY. Greaves Electric Mobility, which markets the Ampere brand, sold 9,318 units to register strong 114% growth. The next four ranks from No. 7 to No. 10 are all occupied by start-ups: River Mobility (5,599 units, up 195%), Bgauss Auto (5,024 units, up 99%), Bounce Electric (3,069 units, up 243%) and E-Sprinto Green Energy (1,997 units, up 109%). Let’s now take a look at each of the Top 10 OEMs’ performance in the first-half of FY2027.
TOP 10 OEM PERFORMANCE & MARKET SHARE IN FIRST-HALF FY2027
1. TVS Motor Co
H1 FY2027: 290,001 units, up 98%
Market share: 26%
Electric 2W market leader TVS Motor Co nearly doubled its first-half retail sales YoY to 290,001 units (H1 FY2026: 146,545 units). This gives it a 26% market share of the 11,24,072 zero-emission 2Ws delivered across India. The six-month H1 FY2027 sales split reveals sustained growth: April (40,127 units), May (43,043 units), June (47,467 units), July (55,884 units), August (49,301 units) and September (54,179 units). For TVS, whose scooter portfolio includes the ICE-powered Jupiter, NTorq and Zest, EVs are now a key growth driver and every fifth scooter the company sells is now a zero-emission model.
While the flagship iQube remains the model with the highest share of sales, the Orbiter is witnessing growing demand. What has helped drive demand is TVS’ strategic move to offer the Battery-As-A-Service (BaaS) across its EV portfolio. The BaaS model lowers the upfront cost, while offering customers long-term battery assurance. Having already achieved 81% of its FY2026 sales (358,035 units), TVS is well set to surpass the half-a-million milestone for the first time in a fiscal in FY2027.
2. Bajaj Auto
H1 FY2027: 253,521 units, up 112%
Market share: 23%
Bajaj Auto, which has a sole model in the form of the Chetak, has retailed 253,521 units in the past six months. This constitutes 112% YoY increase (H1 FY2026: 119,522 units) and is 85% of the company’s FY2025 sales (299,400 units). In H1 FY2027, Chetak sales have crossed the 40,000 mark for four straight months: June (43,537 units), July (45,911 units), August (41,364 units) and now scaled a new high in September (48,563 units).
Bajaj Auto’s strong performance gives it a current market share of 23%, a three percentage basis points increase on the 19% in FY2026. While Bajaj Auto’s Chetak strategy aims to further strengthen its product proposition, market leadership and profitability, if the sales gap with TVS is to bridged, a brand-new product is the need of the hour as very often product and brand fatigue sets in.
3. Ather Energy
H1 FY2027: 179,661 units, up 77%
Market share: 16%
Smart e-scooter OEM Ather Energy, the third OEM of the triumvirate ruling the e-2W market, has clocked retail sales of 179,661 units in H1 FY2027, up 77% YoY (H1 FY2026: 101,385 units). Having hit its highest monthly sales in FY2026-ending March (36,629 units), Ather crossed the 30,000 mark in three of the past six months, in June (31,527 units), July (30,696 units) and September (30,661 units). Its H1 FY2027 market share is 16%, one percentage basis point less than the 17% it had in H1 FY2026.
On August 29, the manufacturer of the Rizta, 450S, 450X and 450 Apex, launched its newest model, Konarc. Compared to the other technology- and performance-driven premium products, the Konarc strategically targets the mainstream mass-market and has the entry-level variants of the high-selling TVS iQube, Orbiter, Bajaj Chetak, Hero Vida VX2, Simple Wave and the new Ola S1 Z in its sight. It will also likely take some sales away from the Rizta. However, Ather appears to be fine with that since the Konarc gives it a higher margin than the Rizta, as per chief business officer Ravneet Phokela. Rather than competing with existing e-scooters, Ather will try to convince more ICE scooter owners to buy the Konarc instead. A few days ago, cumulative Ather sales surpassed the 800,000 units, making it the fourth OEM after Ola, TVS and Bajaj Auto to achieve this milestone.
4. Hero MotoCorp (Vida)
H1 FY2027: 123,576 units, up 108%
Market share: 11%
Fourth-ranked Hero MotoCorp (Vida) registered retail sales of 123,576 units in first-half FY2027, up 107% YoY (H1 FY2026: 59,526 units). Sustained demand for the Vida VX2 Go and Plus models, aided by the BaaS option, has helped Hero Vida grow its numbers. In July, the Vida brand expanded its line-up with the VX2 Plus 4.4kWh at Rs 143,000 lakh and the new VX2 Go FB – a fixed-battery variant with a 3.1kWh pack priced at Rs 113,000. For the company, which registered sales of 149,335 units in FY2026, the current momentum will enable it to charge past the 200,000 milestone in a fiscal year for the first time and go on towards 250,000 units.
5. Ola Electric
H1 FY2027: 85,645 units, down 23%
Market share: 8%
Ola Electric remains glued to the fifth rank in the Top 10 e-2W listing. Once the market leader and automotive start-up industry’s poster boy, Ola has borne the brunt of the intense competition, particularly from TVS, Bajaj Auto, Ather Energy and Hero Vida. In H1 FY2027, Ola has delivered 85,645 units – that’s 26,006 fewer EVs YoY and down 23% YoY (H1 FY2026: 111,651 units). As a result, Ola’s current market share is 8%, considerably down from the 17% it had in H1 FY2026.
Quarter on quarter, the numbers had improved in Q1 FY2027. Compared to Q4 FY2026’s 22,275 units, Q1 FY2027 (44,002 units) was up 97 percent. However, Q2 FY2027 (41,643 units) is down 5% on Q1. End-August saw Ola launch the S1 Z e-scooter, its first product to run on in-house developed and manufactured battery cells and priced at Rs 79,999 (3.1 kWh) and Rs 99,999 (5.1 kWh), ex-showroom. The S1 Z targets buyers in the high-volume, price-sensitive segment but it remains to be seen if the market warms up to the product. Pricing for the new Ather Konarc, which offers plenty more tech, also starts at Rs 99,999.
6. Greaves Electric Mobility
H1 FY2027: 53,733 units, up 107%
Market share: 5%
The IPO-bound Greaves Electric Mobility, which manufactures Ampere e-scooters, has clocked six-month retails of 53,733 units, which constitutes 107% YoY growth (H1 FY2026: 25,903 units). This total is 86% of GEM’s FY2026 sales (62,547 units), which effectively means Ampere scooters are headed for record 100,000-plus sales in FY2027 if they maintain the same growth momentum.
After two straight months of 10,000-plus sales in June and July, August (8,625 units) and September (9,318 units) dipped below that mark.
Demand has risen following the launch of the new Ampere Magnus Neo, a lighter and redesigned variant aimed at urban commuter buyers in April and the upgraded version of its Magnus G Max in early August. GEM’s EV portfolio comprises the Nexus (EX and ST), Magnus (G Max, Grand, Neo) and Reo 80 brands.
7. River Mobility
H1 FY2027: 29,074 units, up 229% YoY
Market share: 3%
The Bengaluru-based River Mobility, which continues to impress month on month, has sold 29,074 units in H1 FY2027, going well past its FY2026 sales (24,494 units). The stellar performance sees River’s market share rise to 3% from 1% in H1 FY2026.
The startup’s highest monthly sales came in July (6,044 units), followed by 5,225 units in August and 5,599 units in September. What is noteworthy about the River Indie's sales is that demand is growing for its premium Indie e-scooter, which is priced at Rs 152,000 (ex-showroom) and rivals the top-end variants of the TVS iQube, Bajaj Chetak, and Ather Rizta.
8. Bgauss Auto
H1 FY2027: 26,133 units, up 151% YoY
Market share: 2%
This Mumbai-based EV start-up, which has surpassed 5,000-unit retails three months in a row since July and also surpassed cumulative sales of 91,000 electric scooters since market entry four years ago, sold 26,133 units in H1 FY2027. This includes its highest monthly sales in July (5,560 units) and second-highest in August (5,045 units) and September (5,024 units). Bgauss, which had sold 27,976 units in FY2026, is now looking to up the ante with its new flagship, the C12 MaxR which expands its portfolio to four models.
9. Bounce Electric
H1 FY2027: 8,772 units, up 246% YoY
Market share: 1%
EV OEM and fleet operator Bounce Electric is ranked ninth in the Top 10 OEM list with 8,772 units, up 246% on a low year-ago base of 2,532 units. What should see Bounce Electric regularly log sales is its recent partnership with Open Network for Digital Commerce (ONDC) to integrate its EV-led fleet operations with ONDC’s Open Delivery Protocol (ODP), aiming to expand access to last-mile delivery services for merchants and brands.
The partnership brings Bounce’s electric mobility, fleet operations and gig-worker platform into ONDC’s logistics ecosystem. Through its ONDC-enabled logistics offering, Bounce Task, the company will support last-mile deliveries for businesses on the network while providing delivery opportunities for riders.
10. Simple Energy
H1 FY2027: 8,668 units
Market share: 1%
Simple Energy, which has been a regular in the monthly Top 10 electric 2W OEM listing since February 2026 with its Simple One performance e-scooter, has clocked cumulative six-month sales of 8,668 units, up 181% YoY (H1 FY2026: 3,087 units). This momentum comes just as Simple Energy launched its most affordable scooter yet in early September – the Wave – priced at Rs 110,000 (ex-showroom) and also marked its entry into the high-volume family scooter segment, thereby expanding its portfolio beyond its performance-focussed e-scooters, the Simple One, One S and Ultra.
INDIA E-2W INC CHARGES TOWARDS RECORD 2.25 MILLION-PLUS SALES IN FY2027
India’s e-2W market, which has 200 players, is the largest contributor to India EV Inc with a 62% share of the 18,0,846 EVs sold in India across the e-2W, e-3W, e-PV and e-CV categories in the April-September 2026 period. The segment remains the preserve of five players – TVS, Bajaj Auto, Ather Energy, Hero MotoCorp, Ola Electric and Greaves Electric Mobility – who between them accounted for 986,137 units or an 88% share of total e-2W sales in first-half FY2027, reflecting just where the market strength lies.
Given its robust 76% YoY growth in H1 FY2027 and the festive season just about having begun, one can expect September’s record 207,850 e-2Ws – which powered India EV Inc to a new monthly high of 334,986 EVs across segments – to be surpassed soon.