Ather doubles Experience Centre network to 700 as FY26 electric two-wheeler sales rise 69%
Ather Energy sold 262,942 electric two-wheelers in FY26, with revenue up 66% to Rs 3,823 crore. Its Experience Centre count rose from 351 to 700, alongside about 548 service centres and more than 6,000 charging points, as the company moves toward EBITDA breakeven.
What happened
Ather Energy reported strong FY26 sales and revenue growth, narrowed losses and expanded its Experience Centre, service and charging networks. Analysts cite
Key facts
- Ather shares up nearly 200% in one year
- FY26 electric two-wheeler sales: 262,942 units, up 69% year-on-year
- Q4 FY26 sales: 83,418 vehicles, up 76% year-on-year
- FY26 income: Rs 3,823 crore, up 66%
- Q4 FY26 revenue: Rs 1,214 crore
- Adjusted gross margin: 25%, up from 18%
- Q4 EBITDA loss: Rs 30 crore; margin -2.5%
- Experience Centres: 700, up from 351
- Service centres: about 548
- LECCS charging points: more than 6,000
- Maharashtra plant targeted to add 42,000 units per month by FY27
- Emkay target price: Rs 1,150, implying nearly 20% upside
Why this matters
Ather’s 700-centre retail network, 548 service locations and 6,000-plus charging points make partnerships or acquisitions that deepen local service capacity and charging access strategically compelling.
What to watch
- Monthly electric two-wheeler registrations and Ather's market-share trend versus TVS, Bajaj, Ola Electric and Hero.
- Sales per Experience Centre as the network doubles, especially whether newer stores achieve viable throughput within 6-12 months.
- EBITDA loss trend, gross-margin movement and cash burn as retail and service infrastructure scales.
- Service turnaround times, customer complaints and spare-parts availability across the expanded footprint.
- Discounting intensity, financing offers and battery-price changes that could alter industry pricing.
- Policy changes affecting EV subsidies, GST treatment, charging infrastructure or state-level incentives.
- Increase Experience Centre productivity through local test-ride events, financing partnerships and faster delivery turnaround.
- Expand service technicians, spare-parts availability and mobile-service capacity to prevent after-sales bottlenecks from damaging brand trust.
- Use charging-point density and reliability as a premium differentiation tool, especially in newly entered tier-2 and tier-3 markets.
- Prioritize dealer-led expansion and outlet-level profitability rather than adding company-supported locations at the same pace.
- Push higher-margin software, accessories, extended warranty and financing products to improve revenue per customer.