Ather Energy stock up ~200% in a year on record FY26 sales of 2.63 lakh EVs
Ather Energy posted FY26 total income of Rs 3,823 crore, up 66%, with 2,62,942 units sold. Q4FY26 saw 83,418 vehicles (up 76% YoY) and revenue of Rs 1,214 crore at 25% adjusted gross margin, though EBITDA loss stood at Rs 30 crore. Retail network nearly doubled to 700 Experience Centres, 548 service centres and 6,000+ charging points, with a new Maharashtra plant adding 42,000 units/month capacity by FY27.
What happened
Ather Energy's stock is up ~200% in a year on record FY26 sales of 2.63 lakh EVs and Rs 3,823 crore income. Its retail network nearly doubled to 700 Experience
Key facts
- 200% 1-yr stock surge
- 35% YTD 2026
- 52-week high Rs 1,069
- 52-week low Rs 318.60
- Q4FY26 83,418 vehicles sold
- 76% YoY jump
- Q4 revenue Rs 1,214 crore
- adjusted gross margin 25%
- EBITDA loss Rs 30 crore
- FY26 2,62,942 units sold
- FY26 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
The near-doubled retail footprint (700 Experience Centres, 6,000+ charging points) plus 42,000 units/month new Maharashtra capacity signals aggressive expansion that could invite partnership, capacity-sharing, or consolidation plays.
What to watch
- Q1-Q2 FY27 unit volumes and YoY growth deceleration signals
- Adjusted gross margin trend below or above 25%
- EBITDA loss trajectory toward breakeven
- EV subsidy/FAME policy shifts affecting demand and pricing
- Competitor pricing actions from Ola, TVS, Bajaj
- Capex burn vs. cash runway post plant expansion
- Ramp Maharashtra plant utilization and push toward 42,000 units/month capacity by FY27
- Densify retail (700 ECs) and service (548 centres) network into Tier-2/3 cities
- Expand 6,000+ charging network as a moat and recurring engagement hook
- Broaden product mix and financing/subscription options to lift volumes
- Guide toward EBITDA breakeven to sustain investor confidence