Ather reaches 700 Experience Centres as FY26 electric two-wheeler sales rise 69%

Ather Energy sold 262,942 electric two-wheelers in FY26, with revenue up 66% to Rs 3,823 crore. Its retail footprint doubled to 700 Experience Centres, supported by about 548 service centres and more than 6,000 charging points, while Maharashtra capacity expansion is planned for FY27.

— Filed Thu, 20 Aug, 2026, 05:32 IST · First seen Thu, 20 Aug, 2026, 05:30 IST · Source Financial Express · BrandWagon

What happened

Ather Energy reported strong FY26 sales and revenue growth, expanded to 700 Experience Centres and plans Maharashtra capacity additions. Margin improvement and

Key facts

  • Shares surged nearly 200% in one year
  • Shares rose around 35% in 2026, nearly 40% in six months and about 5% in one month
  • 52-week range: Rs 318.60 to Rs 1,069
  • Q4FY26 sales: 83,418 vehicles, up 76% YoY
  • Q4FY26 revenue: Rs 1,214 crore
  • Adjusted gross margin: 25%, up from 18%
  • Q4FY26 EBITDA loss: Rs 30 crore; EBITDA margin: -2.5%
  • FY26 sales: 262,942 electric two-wheelers, up 69%
  • FY26 revenue: Rs 3,823 crore, up 66% YoY
  • Experience Centres: 700, versus 351 a year earlier
  • Service centres: around 548
  • LECCS charging points: more than 6,000
  • Maharashtra facility capacity target: 42,000 units per month by FY27
  • Emkay FY27 sales forecast: 3.83 lakh units
  • Emkay FY28 sales forecast: 5.39 lakh units
  • FAME subsidy expiry represents 4% of ASP

Why this matters

Ather’s expanded physical footprint strengthens its route-to-market and ecosystem moat, making regional retail, service, charging, and manufacturing partnerships increasingly strategic as it scales.

What to watch

  • Monthly VAHAN registrations and Ather's market-share trend versus TVS, Bajaj, Ola and Hero.
  • Sales per Experience Centre, dealer additions/closures and geographic mix of new outlets.
  • Service appointment wait times, complaint rates, warranty provisions and spare-parts availability.
  • Gross margin, EBITDA loss per vehicle, inventory levels and operating-cost growth relative to revenue.
  • Maharashtra plant commissioning timing, capacity utilization and supplier localization progress.
  • Changes in Indian EV incentives, battery-safety rules, financing rates or charging standards.
  • Prioritize sales-per-centre and service turnaround metrics rather than further outlet-count expansion alone.
  • Use Maharashtra capacity planning to shorten delivery lead times and lower logistics costs in western and central India.
  • Expand service technician training, spare-parts availability and remote diagnostics to prevent after-sales bottlenecks.
  • Target financing partnerships and fleet/corporate programs to convert charging-network reach into higher utilization.
  • Defend premium positioning through software, reliability, battery warranty and model refreshes rather than broad price cuts.