Electric two-wheeler deliveries to customers in the shortest month of the year at 111,680 units jumped up 46% YoY (February 2025: 76,720 units). This is the second highest monthly sales in the current fiscal after October 2025 (145,006 e-2Ws) and takes cumulative 11-month sales of FY2026 to 1.20 million units (12,09,542 units, up 19% YoY), surpassing entire FY2025’s record retails of (1.15 million (11,50,767) units.
This also places India e-2W Inc on track for a record 1.35 million units if this segment registers 140,000-plus sales in the fiscal year-ending March 2026. What’s sure though is TVS Motor Co will be the No. 1 e-2W OEM in FY2026 with record sales of over 300,000 units.
With 1.20 million units sold in the first 11 months of FY2026 and March having just begun, India e-2W Inc has already gone past FY2025’s record retail sales of 1.15 million units.
TVS Motor Co maintained its market dominance by retailing 31,600 units last month, up 67% YoY (February 2025: 18,955 units). This gives the manufacturer of the iQube and Orbiter e-scooters a 28% market share for February 2026 and takes its cumulative 11-month sales this fiscal to 290,746 units. Expect TVS, which sold 237,928 iQubes in FY2025 and was the No. 2 after Ola Electric, to wrap up FY2026 with record sales of 325,000 units.
The February sales are TVS’ second highest monthly retails and mark the fifth time the company has surpassed 30,000 units a month since it entered the e-2W business six years ago. The other four months are January 2026 (34,741 units), March 2025 (30,772 units), November 2025 (30,584 units) and October 2024 (30,240 units).
Given the robust customer demand for its e-scooters, TVS is exploring expansion of its e-2W manufacturing capacity. It currently produces around 30,000 iQubes a month while Orbiter production is nearing the 10,000-units-a-month mark. Speaking after the company’s Q3 FY2026 results, K N Radhakrishan, CEO and director, said demand for both the flagship iQube as well as the new Orbiter, which address different customer segments, has been encouraging. Commenting on the Orbiter, he said: “It is too early to give actual usage trends but the demand is excellent in the markets where we have launched. The good news is iQube is also growing, and Orbiter is also growing.” January and February’s strong numbers depict just that. And March began with sales of 427 e-scooters on day 1.
Bajaj Auto sold 25,323 Chetak e-scooters last month, up 17% YoY (February 2025: 21,571 units) and gets a 23% market share. On January 14, Bajaj Auto launched the new and more affordable Chetak C2501 priced at Rs 91,399 (ex-showroom Bengaluru). Powered by a 2.5kWh battery, the Chetak C2501 has a claimed IDC range of 113km on a full charge and goes head-to-head against the TVS iQube 2.2kWh and the Hero Vida VX2 Go. It was felt that the new Chetak C2501 would help Bajaj narrow the sales gap with arch rival TVS but the iQube and Orbiter maker’s sales graph is growing faster than Bajaj.
Ather Energy, the firmly entrenched No.3 e-2W OEM, sold 20,581 units in February 2026, up 72% YoY (February 2025: 11,978 units). This performance gives it an 18% market share. This is the fourth instance of the smart e-2W OEM crossing the 20,000-unit monthly sales mark after October 2025 (28,475 units), November 2025 (20,488 units) and January 2026 (22,130 units) and is indicative of the strong growth trajectory Ather is currently witnessing. What’s more, the company has achieved and surpassed the 200,000 sales mark for the first time in a fiscal, with March yet to be counted. In CY2025, Ather had sold a record 200,121 units. FY2026 should see it register a new high of around 225,000 units, most of them being the Rizta family e-scooter.
On the wholesales front, Ather had dispatched 202,906 e-scooters (up 62% YoY) to its showrooms between April 2025 and January 2026. Of this, the Rizta accounts for 76% with the 450X the next best-seller with 17%, 450S with 6% and 450 Apex with 1 percent.
The second half of CY2026 will see Ather expand its manufacturing capacity from the current 420,000 units per annum from its two plants – one each for e-2W assembly and battery production. A third plant in Maharashtra, with annual capacity of a million units, will expand capacity to 1.42 million units.
Hero MotoCorp with its Vida brand holds onto its fourth rank with 12,512 units, up 364% on a low year-ago base (February 2025: 2,696 units) for an 11% market share. This is the eighth month in a row that 10,000-plus Vida EVs have been sold, having first crossed that milestone in July 2025.
The company has recently expanded its VX2 portfolio with the 3.4kWh variant (Rs 84,800) which joins the VX2 Go 2.2 kWh (Rs 73,850) and the VX2 Plus (Rs 94,800). Hero Vida also sells the V2 Pro (Rs 140,000) and V2 Plus (Rs 104,800). Meanwhile, Hero MotoCorp has entered the electric motorcycle market with a very different product – the Dirt.E K3 off-roader designed exclusively for young riders aged from four to 10 years old.
As is known, Hero MotoCorp has partnered with US-based Zero Motorcycles and their first product is the Vida VXZ street-naked motorcycle revealed at EICMA 2025 in Milan and slated for launch later this year.
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, has sprung a surprise in February. The company, which markets the Ampere brand of e-scooters, took fifth rank amongst the Top 10 OEMs for the first time, going ahead of Ola Electric which has now slipped to No. 6 in the monthly numbers. Last month saw GEM deliver 4,725 e-scooters to its customers, up 27% YoY (February 2025: 3,730 units) and giving it a 757-unit lead over Ola Electric (3,968 units). GEM’s cumulative sales have crossed 270,000 units.
Ola Electric has had a tough February – the 3,968 units are its fourth lowest monthly sales in the past 42 months. The previous lowest monthly sales for Ola were in August 2022 (3,476 units), July 2022 (3,865 units) and February 2022 (3,913 units) as per the retail data on the Vahan portal.
Ola though is ahead of GEM in FY2026 YTD sales. While Ola has delivered 154,158 e-2Ws in the past 11 months, GEM has sold 53,673 units – a difference of 100,485 units.
The current No. 6 ranking and a 4% market share in February 2026 is the lowest for Ola and the company will be actively working to regain its lost market share. This is a big climbdown from the 24% share it had in January 2025 when it outsold both TVS and Bajaj. The company, which consistently registered five-figure retails every month and continues to hold the e-2W industry’s highest monthly sales record – 53,647 units in March 2024 – has slipped into four-figure sales since November 2025.
Ola Electric’ portfolio comprises S1 scooters and Roadster X motorcycles. The premium S1 Gen 3 portfolio includes S1 Pro+ in 5.2kWh (with 4680 Bharat Cell), and 4kWh battery pack configurations, and S1 Pro in 4kWh, and 3kWh battery pack configurations respectively. The mass market offerings include Gen 3 S1 X+ (4kWh), and Gen 3 S1 X (4kWh, 3kWh, 2kWh). The Roadster motorcycle portfolio includes Roadster X+ in 9.1 kWh (with 4680 Bharat Cell), and 4.5kWh battery pack configurations respectively. The Roadster X comes with 4.5kWh, 3.5kWh, and 2.5kWh battery packs.
In seventh place is Bgauss Auto, a Mumbai-based startup spawned by electrical solutions major RR Kabel. Bgauss delivered 2,411 units of its e-2Ws comprising the RUV 350 and Max C12. This is a near-doubling of its year-ago sales of 1,219 units.
Bengaluru-based River Mobility, which has a single product – the River Indie – is now a regular fixture in the Top 10 e-2W listing and the No. 8 OEM in January with 2,251 units, up 267% on a low year-ago base of 613 units. This is River’s second-highest monthly sales after January 2026 (2,602 units).
The Top 10 list is wrapped by Revolt Motors which recently became the first e-2W OEM in India to sell over 50,000 zero-emission motorcycles. The Haryana-based company, which has a five-model portfolio and benefited from the first-mover advantage, has been under pressure of late because of the reduced price differential with ICE motorcycles as a result of GST 2.0.
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