Caladium reduces stake in Ather Energy to 8.49%

Caladium Investment Pte. Ltd. has disclosed a reduction in its shareholding within Ather Energy following an open market transaction executed on May 15, 2026. The disclosure was made in compliance with Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The acquirer divested a total of 354,193 equity shares carrying voting rights. This transaction represented 0.09% of the target company's total share capital and 0.09% of the total diluted share capital. The mode of acquisition was specified as an open-market sale.

Shareholding Details

The table below outlines the changes in Caladium Investment Pte. Ltd.'s shareholding in Ather Energy Limited surrounding the transaction date.

Description Number of Shares % of Total Share Capital % of Total Diluted Share Capital Holding Before Sale Shares carrying voting rights 32,857,916 8.58% 8.43% Transaction Details Shares sold 354,193 0.09% 0.09% Holding After Sale Shares carrying voting rights 32,503,723 8.49% 8.34%

Capital Structure Context

The calculations for the shareholding percentages are based on the latest publicly available equity share capital figures. As of May 8, 2026, Ather Energy Limited disclosed a total paid-up equity share capital of 382,982,536 equity shares. This increase followed the allotment of shares to eligible holders who exercised stock options under the Ather Energy ESOP 2025 Plan.

The total diluted share capital of the company stood at 389,803,517 equity shares as per the shareholding pattern for the quarter ended March 31, 2026. The acquirer noted that the aggregate sales between May 2, 2025, and May 14, 2026, resulted in a total change of less than 2% in its shareholding.

Ather Energy announced on May 11, 2026, that its Rizta family scooter has crossed the 3 lakh unit sales milestone within two years of its launch. Introduced in April 2024 as Ather's first family scooter, the Rizta has become the company's largest volume driver, playing a key role in expanding Ather's reach across newer markets and customer segments.

Rizta's Sales Journey: Key Milestones

The Rizta's sales trajectory reflects strong and accelerating consumer demand since its launch. The scooter reached the 1 lakh unit mark within 11 months of launch, crossed 2 lakh units in December 2025, and added the next 1 lakh units in just five months — bringing the total to 3 lakh units.

Milestone Timeframe 1 lakh units Within 11 months of launch (April 2024) 2 lakh units December 2025 3 lakh units May 2026 (within two years of launch)

Commenting on the achievement, Ravneet Singh Phokela, Chief Business Officer, Ather Energy, said, "Since its launch, the Rizta was sharply positioned as a family scooter and has resonated extremely well with the family audiences across the country. The Rizta has helped us gain a leadership position in FY26 in Southern India. Additionally, the Rizta has played a crucial role in expanding our market share in 'middle India' by 4X since its launch in Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, and Odisha. In FY'26 the Rizta constituted about 76% of our portfolio and continues to lead our growth."

Geographic Expansion and Market Share Growth

Over the past two years, the Rizta has significantly broadened Ather's presence beyond its traditional Southern India stronghold. According to Vahan and Telangana Vehicle Online Sales data, Ather's market share in Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, and Odisha grew 4X, rising from 4.10% in Q1 FY25 to 17.30% in Q4 FY26. Northern states including Punjab, Rajasthan, and Uttar Pradesh also recorded market share growth of over 3X during the same period. The Rizta accounts for the majority of Ather's sales volumes across both these regions today.

Region Q1 FY25 Market Share Q4 FY26 Market Share Growth Maharashtra, Gujarat, MP, Chhattisgarh, Odisha 4.10% 17.30% 4X Punjab, Rajasthan, Uttar Pradesh — — Over 3X

Product Features and Customer Profile

The Rizta has expanded Ather's customer base by attracting a larger share of family buyers into the EV category. Nearly 70% of Rizta customers are families with children, reflecting the scooter's strong appeal for everyday family use. Key product features include:

Large seat and spacious floorboard designed for comfort

56 litres of total storage, comprising 34 litres of under-seat storage and a 22-litre frunk

SkidControl™ technology for enhanced riding safety

Theft alerts and tow alerts for connected security

Software Updates and Ownership Experience

Ather has continued to enhance the Rizta ownership experience through regular software updates. In September 2025, the company rolled out a touchscreen interface via an over-the-air (OTA) update through its proprietary Atherstack 7. This backward-compatible upgrade was made available to all existing Rizta Z customers, contributing to an improved user experience and positive word-of-mouth.

About Ather Energy

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is a pioneer in the Indian electric two-wheeler market. The company's current portfolio consists of two product lines — the Ather 450 series and the Ather Rizta — offering a total of 9 variants. Ather was the first two-wheeler OEM in India to establish a dedicated fast charging network, the Ather Grid. As of March 31, 2026, Ather holds 326 registered trademarks, 271 registered designs, and 52 registered patents, along with pending applications for 120 trademarks, 40 designs, and 591 patents globally.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.