In a significant show of confidence for India’s electric vehicle (EV) sector, global investment powerhouses Morgan Stanley and Goldman Sachs have officially acquired a combined stake in Ather Energy. The transaction, executed via open market block deals on February 11, 2026, saw the two giants participate in a collective purchase of a 1.92% equity stake in the Bengaluru-based EV manufacturer.
The shares were offloaded by the National Investment and Infrastructure Fund (NIIF), marking its complete exit from the company.
The Deal Structure: Breaking Down the Numbers
The transaction involved the sale of approximately 73.33 lakh shares at an average price of ₹710 per share, valuing the total deal at roughly ₹520.66 crore. While Morgan Stanley and Goldman Sachs were the headline buyers, they were part of a broader consortium of 11 high-profile domestic and international institutional investors.
| Key Buyer | Entity | Estimated Investment |
| Morgan Stanley | Morgan Stanley Asia Singapore PTE | ~₹43 Crore |
| Goldman Sachs | Goldman Sachs Bank Europe SE | ~₹25 Crore |
| Tata AIG Life | Tata AIG Life Insurance Company Ltd | ~₹97.8 Crore |
| ICICI Prudential | ICICI Prudential Mutual Fund | ~₹80 Crore |
Other notable participants included Societe Generale, Abu Dhabi Investment Authority (ADIA), and several leading Indian mutual funds such as Tata MF, Invesco MF, and Motilal Oswal MF.
Why Now? Ather’s Improving Financials
The entry of these “bulge bracket” investment banks comes on the heels of Ather Energy’s strong Q3 FY26 performance (quarter ended December 31, 2025). The company has demonstrated a clear path toward profitability, which has likely triggered this institutional interest.
- Narrowing Losses: Ather reported a net loss of ₹85 crore, a massive 57% improvement from the ₹198 crore loss reported in the same quarter last year.
- Revenue Surge: Total income rose to ₹996 crore, up from ₹650 crore year-on-year.
- Volume Growth: The company recorded its highest-ever quarterly volume of 67,851 units, representing a 50% YoY growth.
IPO Momentum: From Listing to Multi-bagger
Ather Energy’s journey on the public markets has been one of resilience. Since its IPO in May 2025, where shares were priced at ₹321, the stock has transformed into a “multi-bagger.”
Despite a lackluster debut, the stock surged throughout late 2025, hitting a high of ₹790 in October. Even with recent market volatility, the current transaction price of ₹710 represents more than double the original IPO price, rewarding early public investors with over 120% returns in less than a year.
“Over the past few quarters, we have stayed very focused on getting the fundamentals right… that effort is now clearly showing in the improvement in EBITDA.” — Tarun Mehta, CEO of Ather Energy.
