Ather Energy stock up ~200% in a year on record FY26 EV sales
Ather posts record FY26 sales of 2.62 lakh two-wheelers and Rs 3,823 crore total income, with Q4 revenue at Rs 1,214 crore and 25% adjusted gross margin despite a Rs 30 crore EBITDA loss. Retail network nearly doubled to 700 Experience Centres, 548 service points and 6,000+ chargers. Analysts stay constructive on Maharashtra plant and share gains.
What happened
Ather Energy posts record FY26 sales of 2.6 lakh EV two-wheelers and Rs 3,823 crore revenue, nearly doubling Experience Centres to 700. Stock up ~200% in a
Key facts
- 200% 1-year stock gain
- 63% May sector growth
- 83,418 vehicles Q4FY26
- Rs 1,214 crore Q4 revenue
- 25% adjusted gross margin
- Rs 30 crore EBITDA loss
- 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 new capacity by FY27
Why this matters
The Maharashtra plant ramp and ongoing share gains position Ather to scale capacity and network, making supplier tie-ups and charging-infrastructure partnerships key levers to defend margins as volumes grow.
What to watch
- Monthly VAHAN registration share vs Ola/TVS/Bajaj
- Q1-Q2 FY27 gross margin and EBITDA trajectory
- FAME/state EV subsidy policy changes
- Maharashtra plant capacity utilization and capex burn
- New model launches and price actions across the segment
- Accelerate Maharashtra plant commissioning to lower per-unit cost
- Densify Experience Centre and service footprint in Tier-2/3 cities
- Push higher-margin software/charging and accessory revenue streams
- Guide investors toward EBITDA breakeven timeline to sustain the re-rating