Ather doubles Experience Centres to 700 as FY26 scooter sales rise 69%
Ather Energy reported FY26 sales of 262,942 electric scooters and expanded its Experience Centre network to 700 from 351 a year earlier. The company also operates about 548 service centres and more than 6,000 charging points, with Maharashtra capacity planned to reach 42,000 units a month by FY27.
What happened
Ather Energy reported strong FY26 electric-scooter growth, improved margins and a sharply expanded Indian retail, service and charging footprint. Its
Key facts
- Q4FY26 vehicle sales: 83,418, 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: 2,62,942 vehicles, up 69%
- FY26 total income: Rs 3,823 crore, up 66%
- Experience Centres: 700, versus 351 in FY25
- Service centres: about 548
- LECCS charging points: more than 6,000
- Maharashtra facility capacity expected: 42,000 units per month by FY27
- Stock gain: nearly 200% in one year
- Emkay target price: Rs 1,150
- FY25-28 expected revenue CAGR: 44%
- FY27 projected sales: about 3.83 lakh units; FY28: 5.39 lakh units
Why this matters
Ather’s 700-centre retail network and planned 42,000-unit monthly Maharashtra capacity strengthen its EV ecosystem position, making charging, financing and regional distribution partnerships increasingly strategic.
What to watch
- Monthly retail registrations and whether growth remains ahead of the electric-scooter market after the store-count doubling.
- Average scooters sold per Experience Centre, mature-store versus newly opened-store productivity, and dealer additions or closures.
- Gross margin and EBITDA trend as retail and service-network operating costs scale.
- Inventory days, wholesale-versus-retail divergence, discounting, and financing approval rates.
- Service turnaround times, spare-parts availability, customer complaints, and repeat-purchase/referral indicators.
- Progress toward 42,000 units per month of Maharashtra capacity and evidence that demand supports utilization.
- Competitive pricing, new launches, and distribution expansion from Ola Electric, TVS, Bajaj, Hero MotoCorp, and other EV players.
- Changes in EV incentives, battery regulations, charging policy, or consumer lending conditions.
- Prioritize Experience Centre expansion in underpenetrated tier-2 and tier-3 cities, especially where service coverage and charging availability can be built concurrently.
- Use the 700-store network to increase test rides, exchange offers, financing partnerships, and accessory or service-plan attachment rates.
- Increase Maharashtra plant utilization ahead of planned FY27 capacity, while calibrating production to retail registrations rather than wholesale dispatches.
- Strengthen dealer/service-centre economics through faster parts availability, technician training, and standardized turnaround-time targets.
- Defend against incumbents and newer EV entrants with product refreshes, software features, battery-warranty confidence, and selective promotional financing rather than broad price cuts.