Ather Energy stock doubles on record FY26 sales, wider margins and expanded retail network
Ather Energy's shares surged nearly 200% in a year after selling 2,62,942 EVs in FY26 and posting Rs 3,823 crore total income. Q4FY26 revenue hit Rs 1,214 crore with 25% adjusted gross margin and a narrowed EBITDA loss of Rs 30 crore. Retail footprint doubled to 700 Experience Centres, 548 service centres and 6,000 charging points, with a new Maharashtra plant planned.
What happened
Ather Energy's stock surged nearly 200% in a year after record FY26 sales of 2.62 lakh EVs, Rs 3,823 crore income, expanded margins, and retail network doubling
Key facts
- 200% stock gain 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
- 42,000 units/month capacity by FY27
Why this matters
The expanded footprint, new Maharashtra manufacturing plant and strengthening financials position Ather for deeper supply-chain, charging-infrastructure and regional partnerships as it consolidates its EV two-wheeler share.
What to watch
- Monthly EV registration/VAHAN volume trends vs peers
- Q1FY27 gross margin and EBITDA loss trajectory toward breakeven
- Any change in FAME-III or state EV subsidy policy
- Competitive pricing/product launches from Ola, TVS, Bajaj
- Plant capex spend and cash-burn/liquidity disclosures
- Accelerate Maharashtra plant commissioning to expand capacity ahead of festive/FY27 demand
- Push higher-margin variants and accessories to sustain 25%+ gross margin
- Densify charging network and service coverage in tier-2/3 cities to defend retail moat
- Monitor for capital raise or reinvestment given post-rally valuation window