Ather Energy posts record FY26 sales, stock up ~200% as EV network doubles to 700 centres
Ather Energy sold 2,62,942 units in FY26 with Rs 3,823 crore income (66% YoY), doubling its Experience Centre network to 700 and expanding to 548 service centres and 6,000 charging points. Q4FY26 revenue hit Rs 1,214 crore on 76% sales growth, though EBITDA loss stood at Rs 30 crore. Shares surged nearly 200% in a year.
What happened
Ather Energy, an Indian EV two-wheeler maker, posted record FY26 sales and revenue, doubled its Experience Centre retail network to 700, and saw shares surge
Key facts
- 200% stock gain 1yr
- 83,418 vehicles Q4FY26
- Rs 1,214 crore revenue Q4
- 76% YoY sales jump
- 25% adjusted gross margin
- EBITDA loss Rs 30 crore
- 2,62,942 units FY26
- Rs 3,823 crore FY26 income
- 66% YoY income growth
- 700 Experience Centres
- 548 service centres
- 6,000 charging points
- 52-week high Rs 1,069
- 52-week low Rs 318.60
- 42,000 units/month new capacity FY27
Why this matters
Ather's rapidly densifying 700-centre network and charging infrastructure creates a defensible distribution moat that raises the strategic value of partnerships, supplier tie-ups, or capital raises to fund the still-loss-making expansion.
What to watch
- Q1FY27 EBITDA trajectory and path-to-breakeven guidance
- Monthly VAHAN registration share data for Ather
- Any FAME/state EV subsidy policy changes
- Lock-in expiry or promoter selling post-IPO surge
- New model launches or price cuts across the segment
- Monitor Ather's cash burn and any capital raise signals tied to network expansion
- Track incumbent (Ola, TVS, Bajaj) pricing and store-count responses
- Watch charging infrastructure utilization vs 6,000-point buildout
- Assess service-center density impact on repeat purchase and NPS