Ather Energy up ~200% in a year on record FY26 sales, doubled retail network
FY26 sales hit 262,942 units (+69%) with total income of Rs 3,823 crore (+66%). Retail footprint nearly doubled to 700 Experience Centres and 548 service centres, backed by 6,000+ charging points. Adjusted gross margin rose to 25% from 18%, though EBITDA stayed negative at -2.5%. A new Maharashtra plant adds 42,000 units/month by FY27.
What happened
Ather Energy stock up ~200% in a year amid India's EV two-wheeler surge. FY26 saw record sales of 262,942 units, revenue Rs 3,823 crore, and retail network
Key facts
- nearly 200% stock surge in 1 year
- up 35% in 2026
- 52-week high Rs 1,069
- 52-week low Rs 318.60
- Q4FY26 sales 83,418 vehicles
- 76% YoY jump
- Q4 revenue Rs 1,214 crore
- adjusted gross margin 25% from 18%
- EBITDA loss Rs 30 crore
- EBITDA margin -2.5%
- FY26 sales 2,62,942 units up 69%
- total income Rs 3,823 crore up 66%
- 700 Experience Centres from 351
- 548 service centres
- 6,000+ charging points
- 63% EV penetration jump in May
- 42,000 units/month new capacity by FY27
Why this matters
Ather's rapidly expanding distribution, growing capacity, and improving unit economics make it a strengthening EV two-wheeler platform worth tracking for partnership, supply, or investment angles as it scales toward breakeven.
What to watch
- Quarterly EBITDA margin trajectory toward positive
- Monthly VAHAN registration/market-share data
- FAME/subsidy policy changes and state EV incentives
- Battery/component input cost trends affecting gross margin
- Any equity dilution or debt raise to fund expansion
- Watch for capacity ramp guidance and utilization at the new Maharashtra plant
- Track same-store throughput at the doubled Experience Centre network for productivity signs
- Monitor competitor pricing responses from Ola Electric, Bajaj, TVS
- Expect analyst upgrades/downgrades debating path to EBITDA breakeven