Ather Energy stock up ~200% in a year on record FY26 sales and expanding retail network
Ather posted FY26 sales of 2,62,942 EVs and total income of Rs 3,823 crore, up 66%. Q4FY26 volumes hit 83,418 units (up 76% YoY) with revenue of Rs 1,214 crore and 25% adjusted gross margin, though EBITDA loss stood at Rs 30 crore. Retail footprint now spans 700 Experience Centres, 548 service centres and 6,000+ charging points.
What happened
Ather Energy's stock surged nearly 200% in a year as it posted record FY26 results—2,62,942 EVs sold, Rs 3,823 crore income, and retail network expanding to 700
Key facts
- stock up ~200% in 1 year
- 52-week high Rs 1,069
- 52-week low Rs 318.60
- Q4FY26 sales 83,418 vehicles
- 76% YoY rise
- revenue Rs 1,214 crore
- adjusted gross margin 25%
- EBITDA loss Rs 30 crore
- FY26 sales 2,62,942 units
- total income Rs 3,823 crore up 66%
- 700 Experience Centres
- 548 service centres
- 6,000+ charging points
- 42,000 units/month new capacity by FY27
Why this matters
Ather's expanding retail footprint and 25% adjusted gross margin at scale make it an increasingly formidable EV two-wheeler platform worth tracking for partnership, supply, or competitive-response opportunities.
What to watch
- Q1FY27 EBITDA trajectory — path to breakeven vs. persistent losses
- Monthly registration/VAHAN volume data and market-share vs Ola
- Gross margin sustainability amid input costs and any subsidy/policy changes
- Retail expansion pace (700 EC target trajectory) and per-store productivity
- Any equity dilution or fresh capital raise to fund network buildout
- Peers (Ola Electric, TVS iQube, Bajaj Chetak) intensify pricing and network expansion to defend share
- Ather likely raises capex guidance for retail/charging and possibly new product/mid-market SKUs
- Sell-side upgrades and target hikes citing gross margin improvement; some flag valuation risk
- Supplier and component partners scale capacity commitments to match 260k+ run-rate