Ather Energy stock up ~200% in a year as FY26 revenue hits Rs 3,823 crore
Electric two-wheeler maker Ather posted record FY26 revenue of Rs 3,823 crore (+66%) on sales of 2,62,942 units (+69%), with Q4FY26 revenue of Rs 1,214 crore and 25% adjusted gross margin. Retail footprint expanded to 700 Experience Centres and 548 service centres. Brokerages issue Buy ratings with target of Rs 1,150 as stock hits 52-week high of Rs 1,069.
What happened
Electric two-wheeler maker Ather Energy reported record FY26 revenue of Rs 3,823 crore and expanded retail network to 700 Experience Centres. Stock surged ~200%
Key facts
- share up ~200% in 1 year
- 52-week high Rs 1,069
- Q4FY26 sales 83,418 vehicles (+76% YoY)
- Q4 revenue Rs 1,214 crore
- adjusted gross margin 25%
- FY26 sales 2,62,942 units (+69%)
- FY26 income Rs 3,823 crore (+66%)
- 700 Experience Centres
- 548 service centres
- 6,000+ charging points
- target price Rs 1,150
Why this matters
Ather's 2,62,942-unit FY26 volume and expanding footprint make it a validated EV two-wheeler platform—watch for partnership, capacity, or capital-raise moves as it presses its growth advantage.
What to watch
- Monthly VAHAN registration and market-share data vs Ola/TVS/Bajaj
- Q1FY27 revenue growth and adjusted gross margin trend
- FAME-III / EV subsidy policy changes and GST developments
- Path-to-EBITDA-breakeven guidance and cash burn
- Lock-in expiry dates and promoter/PE stake movements
- Battery/commodity cost trends affecting BOM
- Ather accelerates Experience Centre and service centre rollout into tier-2/3 cities to defend volume growth
- Push Rizta family mix to lift ASP and gross margin toward 30%
- Brokerages revise targets upward if Q1FY27 sustains momentum; some flag limited upside vs current price
- Competitors respond with pricing/new launches to protect share
- Potential capital raise or capacity expansion announcement to fund scaling