Ather Energy stock doubles in a year on record FY26 as retail network nears 700 centres
Ather Energy shares are up ~200% over 12 months after FY26 delivered 69% volume growth (262,942 units), record total income of Rs 3,823 crore and adjusted gross margin of 25%. Retail footprint expanded to 700 Experience Centres and 548 service centres, with a new Maharashtra plant adding 42,000 units/month capacity by FY27.
What happened
Ather Energy's stock surged ~200% in a year on strong FY26 results: 69% volume growth, record Rs 3,823 crore income, and retail network nearly doubling to 700
Key facts
- share up ~200% in 1 year
- 52-week high Rs 1,069
- 52-week low Rs 318.60
- Q4FY26 sales 83,418 units
- Q4 revenue Rs 1,214 crore
- adjusted gross margin 25%
- EBITDA loss Rs 30 crore
- FY26 sales 2,62,942 units
- FY26 total income Rs 3,823 crore
- 700 Experience Centres
- 548 service centres
- 6,000+ charging points
- 42,000 units/month new capacity by FY27
Why this matters
Ather's expanding footprint, rising capacity and improving margins position it as a strengthening EV player worth tracking for supplier, distribution or capital partnership opportunities.
What to watch
- Quarterly gross margin trend vs 25% baseline
- EV subsidy/FAME policy changes and GST treatment
- Competitor pricing actions (Ola, TVS, Bajaj) and market share data
- Battery cell cost and localization progress
- PAT breakeven guidance and cash burn updates
- Service centre expansion pace vs unit growth (aftersales quality)
- Monitor monthly VAHAN registration data for volume momentum vs peers
- Track Maharashtra plant commissioning timeline and capacity utilization
- Watch Experience Centre economics and same-store throughput as network nears 700
- Assess path to net profitability and free cash flow conversion
- Evaluate new model launches / product mix shift toward higher-margin variants