Ather doubles Experience Centre network to 700 as FY26 sales rise 69%

Ather Energy reported FY26 sales of 262,942 vehicles and total income of Rs 3,823 crore, while expanding its Experience Centre network from 351 to 700. Improved gross margins and a planned Maharashtra capacity addition point to a larger retail and service footprint, though profitability and cost pressures remain key watchpoints.

— Filed Wed, 19 Aug, 2026, 23:16 IST · First seen Wed, 19 Aug, 2026, 23:15 IST · Source Financial Express · BrandWagon

What happened

Ather Energy posted record Q4FY26 sales and revenue, improved gross margins and narrowed losses while expanding to 700 Experience Centres. A Maharashtra

Key facts

  • Q4FY26 sales: 83,418 vehicles, up 76% YoY
  • Q4FY26 revenue: Rs 1,214 crore
  • Adjusted gross margin: 25%, versus 18% a year earlier
  • Q4FY26 EBITDA loss: Rs 30 crore; EBITDA margin: -2.5%
  • FY26 sales: 262,942 vehicles, up 69%
  • FY26 total income: Rs 3,823 crore, up 66%
  • Experience Centres: 700, versus 351 a year earlier
  • Service centres: about 548
  • Charging points: more than 6,000
  • Maharashtra plant capacity addition: 42,000 units per month by FY27
  • FY27 projected sales: 3.83 lakh units
  • FY28 projected sales: 5.39 lakh units
  • Emkay Global target price: Rs 1,150

Why this matters

Ather’s enlarged retail footprint and planned Maharashtra capacity addition strengthen its strategic position in EV distribution, potentially increasing the value of regional partnerships, service alliances and location-led expansion opportunities.

What to watch

  • Monthly registrations and market-share gains relative to Ola Electric, TVS, Bajaj and Hero MotoCorp.
  • Vehicles sold per Experience Centre, test-ride-to-booking conversion and new-store ramp time.
  • Service appointment wait times, spare-parts availability, repeat repair rates and customer satisfaction metrics.
  • Gross-margin trajectory versus sales-and-marketing, dealer-support and warranty expense growth.
  • Maharashtra plant capacity timeline, production utilization, inventory days and operating cash flow.
  • Changes in EV subsidies, financing rates, battery-input costs and competitive price cuts.
  • Prioritize service-bay capacity, spare-parts fill rates and technician hiring alongside new Experience Centre openings.
  • Use store-level sales, test-ride conversion and service turnaround data to slow or accelerate expansion by micro-market.
  • Deploy targeted financing, exchange and fleet partnerships to improve affordability and raise utilization of the expanded retail footprint.
  • Sequence the Maharashtra capacity addition against confirmed dealer demand to avoid inventory and working-capital buildup.
  • Protect dealer economics with differentiated territory planning, incentive discipline and faster delivery lead times.