Ather Energy stock up ~200% in a year as FY26 revenue climbs 66% to Rs 3,823 crore
Ather sold 2,62,942 units in FY26, up 69%, with Q4 volumes rising 76% YoY to 83,418. Retail footprint now spans 700 Experience Centres, 548 service centres and 6,000+ charging points. Adj gross margin at 25%, EBITDA loss narrowed to Rs 30 crore. Emkay targets Rs 1,150; new 42,000 units/month capacity due by FY27.
What happened
Ather Energy shares surged nearly 200% in a year amid strong FY26 results—revenue up 66% to Rs 3,823 crore, retail network expanded to 700 Experience Centres.
Key facts
- stock up ~200% in 1 year
- 52-week high Rs 1,069
- 52-week low Rs 318.60
- Q4FY26 sold 83,418 vehicles up 76% YoY
- Q4 revenue Rs 1,214 crore
- adj gross margin 25%
- EBITDA loss Rs 30 crore
- FY26 sold 2,62,942 units up 69%
- FY26 income Rs 3,823 crore up 66%
- 700 Experience Centres
- 548 service centres
- 6,000+ charging points
- Emkay target Rs 1,150
- 42,000 units/month new capacity by FY27
Why this matters
Ather's expanding distribution moat (700 Experience Centres, 548 service centres, 6,000+ charging points) and rising volumes strengthen its position as a partnership or supply-chain anchor in India's EV two-wheeler ecosystem.
What to watch
- Monthly delivery run-rate vs 42k/month capacity utilization
- Adj gross margin trajectory (holding vs slipping below 25%)
- EBITDA loss narrowing pace toward breakeven
- FAME-III / state EV subsidy policy changes
- Competitor pricing moves from Ola, TVS iQube, Bajaj Chetak
- Post-lockup insider/PE selling after the +200% run
- Accelerate Experience Centre and service network expansion beyond 700/548 to defend share in Tier-2/3 cities
- Push new capacity commissioning ahead of FY27 to lock in volume-driven cost absorption
- Introduce lower-priced mass-market variants to broaden TAM against Ola/TVS/Bajaj
- Signal EBITDA breakeven timeline to convert momentum into fundamental re-rating