Ather Energy stock up ~200% in a year on record FY26 sales, doubled retail network
Ather Energy delivered 262,942 EV two-wheelers in FY26 (up 69%) with income of Rs 3,823 crore (up 66%). Q4FY26 sales rose 76% to 83,418 units and revenue hit Rs 1,214 crore at 25% adjusted gross margin, though EBITDA loss stood at Rs 30 crore. Retail network doubled to 700 Experience Centres with 548 service centres and a Maharashtra plant planned.
What happened
Ather Energy's stock surged nearly 200% in a year as FY26 delivered record sales of 262,942 EV two-wheelers, Rs 3,823 crore income, doubled retail network to
Key facts
- stock up ~200% in 1 year
- Q4FY26 sales 83,418 units up 76%
- 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
- 548 service centres
- 6,000+ charging points
- 52-week high Rs 1,069
- 42,000 units/month capacity by FY27
Why this matters
The planned Maharashtra plant and rapid network expansion position Ather to consolidate EV two-wheeler share, making capacity, distribution partnerships, or capital raises the key levers to watch.
What to watch
- Monthly registration/VAHAN data for volume momentum vs peers
- Quarterly adjusted gross margin trend and EBITDA loss trajectory
- FAME/state subsidy policy changes affecting demand and pricing
- Maharashtra plant commissioning timeline and capex burn
- Competitor pricing and new launches from Ola, TVS, Bajaj
- Ramp Maharashtra plant capacity to lower per-unit cost and support southern-to-national expansion
- Push service-center density (548) to close the gap with 700 Experience Centres and reduce ownership friction
- Introduce lower-priced or family scooter variants to defend share against Bajaj/TVS/Ola
- Guide investors toward EBITDA breakeven timeline to justify valuation