Ather Energy stock doubles as FY26 sales hit 262,942 EVs; analysts stay bullish on rally
Ather Energy posted record FY26 sales of 262,942 electric two-wheelers and Rs 3,823 crore total income, nearly doubling its Experience Centres to 700. Q4FY26 saw 83,418 vehicles sold, Rs 1,214 crore revenue and 25% adjusted gross margin against a slim Rs 30 crore EBITDA loss. Shares surged ~200% in a year to a 52-week high of Rs 1,069 as SBI Securities and Emkay Global cite market-share gains and Maharashtra capacity expansion.
What happened
Ather Energy posted record FY26 sales of 262,942 EV two-wheelers and Rs 3,823 crore income, nearly doubling Experience Centres to 700. Stock surged ~200% in a
Key facts
- ~200% stock surge in 1 year
- 83,418 vehicles Q4FY26
- Rs 1,214 crore Q4 revenue
- 25% adjusted gross margin
- EBITDA loss Rs 30 crore
- 2,62,942 units FY26
- Rs 3,823 crore total income
- 700 Experience Centres
- 548 service centres
- 6,000+ charging points
- 52-week high Rs 1,069
Why this matters
Ather's Maharashtra capacity expansion and 700-center footprint position it as a strategic consolidator or partner in India's EV two-wheeler race, with FY26's Rs 3,823 crore income validating scale ahead of any M&A or supply-chain alliance moves.
What to watch
- Q1FY27 results confirming EBITDA positive crossover or slippage
- EV subsidy/policy changes (FAME successor, state incentives)
- Monthly registration share vs Ola Electric and TVS iQube
- Battery cell cost trends and supply chain localization progress
- Any block deal or promoter/anchor lock-in expiry triggering supply
- Monitor monthly VAHAN registration data for sustained market-share trajectory
- Watch for Maharashtra plant ramp updates and capex guidance
- Track competitor pricing and new model launches in 100-125cc equivalent segment
- Assess analyst target revisions post-rally for downgrade risk on valuation