Ather doubles Experience Centre network as FY26 sales rise 69%
Ather Energy sold 262,942 electric two-wheelers in FY26, with total income up 66% to Rs 3,823 crore. Its retail footprint reached 700 Experience Centres, alongside about 548 service centres and more than 6,000 charging points.
What happened
Ather Energy posted strong FY26 sales and revenue growth, narrowed quarterly EBITDA losses and sharply expanded its Indian Experience Centre, service and
Key facts
- Shares surged nearly 200% over 1 year
- Electric two-wheeler sector grew 63% in May
- Q4 FY26 vehicle sales: 83,418, up 76% YoY
- Q4 FY26 revenue: Rs 1,214 crore
- Adjusted gross margin: 25%, versus 18% a year earlier
- Q4 FY26 EBITDA loss: Rs 30 crore; EBITDA margin: -2.5%
- FY26 sales: 262,942 electric two-wheelers, up 69%
- FY26 total income: Rs 3,823 crore, up 66% YoY
- Experience Centres: 700, versus 351 a year earlier
- Service centres: about 548
- LECCS charging points: more than 6,000
- Potential Maharashtra capacity: 42,000 units per month by FY27
- Stock up around 35% in 2026, 40% in 6 months and 5% in 1 month
- 52-week high: Rs 1,069; low: Rs 318.60
Why this matters
Ather’s expanded 700-centre retail network raises the strategic value of dealership, service and charging partnerships while making it a more formidable distribution competitor in electric two-wheelers.
What to watch
- Quarterly electric two-wheeler registrations versus Ather retail-footprint growth.
- Sales per Experience Centre, delivery lead times and the proportion of centres reaching maturity.
- Gross-margin and EBITDA trajectory as new-store operating costs flow through.
- Service turnaround time, complaint volumes and spare-parts availability.
- Competitor price cuts, new product launches and dealer-network expansion by TVS, Bajaj, Ola and Hero.
- Changes to EV subsidies, state registration policies, financing rates or battery-safety regulations.
- Prioritize Experience Centre openings in underserved tier-2 and tier-3 markets where service access is a purchase barrier.
- Increase service-centre capacity, technician hiring and spare-parts availability to prevent post-sale delays from eroding brand trust.
- Use the 700-store network to expand financing, insurance, accessories, subscriptions and trade-in penetration, lifting revenue per vehicle.
- Measure mature versus newly opened store sales productivity and slow openings if dealer economics deteriorate.
- Secure battery, electronics and vehicle supply to avoid delivery backlogs after expanding demand catchment areas.