Ather Energy stock up ~200% in a year on record FY26; retail network doubles to 700 centres
Ather sold 2.63 lakh EVs in FY26 (up 69%) with income of Rs 3,823 crore (up 66%). Q4FY26 sales hit 83,418 units (up 76% YoY) on Rs 1,214 crore revenue and 25% adjusted gross margin, though EBITDA loss stood at Rs 30 crore. Experience Centres nearly doubled to 700, with a new Maharashtra plant adding 42,000 units/month by FY27.
What happened
Ather Energy stock rose ~200% in a year on record FY26 results—2.63 lakh EVs sold, Rs 3,823 crore income, retail network doubled to 700 centres, with a new
Key facts
- 200% stock surge in 1 year
- 35% YTD 2026
- 52-week high Rs 1,069
- 52-week low Rs 318.60
- Q4FY26 sales 83,418 units up 76% YoY
- Q4 revenue Rs 1,214 crore
- adjusted gross margin 25%
- EBITDA loss Rs 30 crore
- FY26 sales 2,62,942 units up 69%
- FY26 income Rs 3,823 crore up 66%
- 700 Experience Centres from 351
- 548 service centres
- 6,000+ charging points
- 42,000 units/month new capacity by FY27
Why this matters
Ather's 2.63 lakh unit scale, doubled retail footprint, and new manufacturing capacity strengthen its position for partnerships, supplier deals, or capacity-backed expansion into new geographies.
What to watch
- Q1FY27 monthly volume run-rate and market-share vs Ola/TVS
- EBITDA loss trajectory and quarterly gross margin (hold >25%?)
- Maharashtra plant utilization and capex/free-cash-flow burn
- FAME/state EV subsidy changes affecting demand elasticity
- Experience Centre productivity (sales per centre) as network doubles
- Investors rotate toward proof of EBITDA breakeven timeline in Q1-Q2 FY27 prints
- Competitors (Ola, TVS, Bajaj Chetak) accelerate discounting and retail footprint response
- Ather leans on Maharashtra plant ramp and premium mix to defend margins
- Analysts revise volume and capex estimates upward; some flag stretched valuation