Ather Energy stock up ~200% in a year on record FY26 EV sales
Ather posted record FY26 sales of 262,942 EVs (69% YoY) and Rs 3,823 crore total income, with Q4FY26 revenue of Rs 1,214 crore and 25% adjusted gross margin. Retail footprint expanded to 700 Experience Centres, 548 service centres and 6,000 charging points, with new Maharashtra capacity of 42,000 units/month by FY27. Stock hit a 52-week high of Rs 1,069.
What happened
Ather Energy posted record FY26 sales of 262,942 EVs and Rs 3,823 crore revenue, expanding to 700 Experience Centres. Its stock surged nearly 200% in a year;
Key facts
- 200% one-year stock gain
- 83,418 vehicles Q4FY26
- 76% YoY sales surge
- Rs 1,214 crore Q4 revenue
- 25% adjusted gross margin
- Rs 30 crore EBITDA loss
- 2,62,942 units FY26
- 69% YoY growth
- 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 new capacity by FY27
Why this matters
Ather's expanding retail, service and charging network plus new manufacturing capacity make it a strategic anchor for EV-ecosystem partnerships or supply-chain tie-ups.
What to watch
- FY27 subsidy/FAME III policy changes affecting e-2W economics
- Competitor price cuts or new premium-segment launches
- Quarterly gross margin trajectory above/below 25%
- Lock-in expiry / promoter or PE stake sell-down post IPO surge
- Battery/lithium input cost movements
- Monitor monthly VAHAN registration data for e-2W market share vs Ola/TVS/Bajaj
- Track Maharashtra plant commissioning progress toward 42k/month by FY27
- Watch for path-to-EBITDA-breakeven guidance in earnings calls
- Assess retail expansion cadence (Experience Centres, service coverage) as growth proxy