| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 1.2K | 23.2% | 73.7% |
| Total Income | 1.2K | 21.9% | 76.5% |
| Expenditure | 1.3K | 22.2% | 42.5% |
| PBT | -100.23 | 18.5% | 57.2% |
| Net Profit | -100.23 | 18.5% | 57.2% |
| OPM | -5.92% | 2.15pp | 19.58pp |
| NPM | -8.26% | 0.24pp | 25.82pp |
| EPS | 2.62 | 18.0% | 70.9% |
Ather Energy FY26: Volumes Up 69% to 2,62,942 Units
04 May 2026 · 4 May, 11:36 am
Summary
Ather Energy concluded FY26 with its strongest-ever performance, reporting a total income of ₹3,823 crore, up 66% year-over-year, alongside record volumes of 2,62,942 units. The company demonstrated significant financial improvements, with Adjusted Gross Margin (AGM) growing 116% to ₹925 crore and EBITDA losses sharply reducing to ₹257 crore from ₹531 crore in FY25. This positive trend was driven by geographic expansion, a rapidly scaling retail footprint that doubled its Experience Centres to 700, and the strong market acceptance of its Rizta scooter. CEO Tarun Mehta highlighted the success of product-led growth and distribution, expressing optimism for future expansion with the new EL scooter platform and investments in Factory 3.0.
Key Highlights
- 1
Ather Energy achieved a record total income of ₹3,823 crore for FY26, marking a substantial 66% year-over-year growth.
- 2
FY26 volumes reached a new high of 2,62,942 units, representing a robust 69% increase year-over-year, with market share climbing to 18.6%.
- 3
The company significantly narrowed its EBITDA losses to ₹257 crore in FY26 from ₹531 crore in FY25, with EBITDA margin improving by approximately 1,630 basis points to (6.7%).
- 4
Adjusted Gross Margin (AGM) for FY26 surged by 116% to ₹925 crore, with its margin improving by approximately 500 basis points to 24% of total income.
- 5
Q4 FY26 delivered the highest-ever quarterly volumes of 83,418 units, up 76% year-over-year, supported by a significant ~2,080 basis points improvement in EBITDA margin to (2.5%).
- 6
Ather significantly expanded its retail network in FY26, doubling its Experience Centres to 700 and nearly tripling its service network to approximately 548 centres.
- 7
The launch of the new scooter platform, EL, and investments in Factory 3.0 at AURIC are expected to drive the next phase of growth for the company.
Management Comments
Tarun Mehta
FY26 has been a fantastic year for us across volumes, market share, and financial performance. We focused on building demand through strong product-led growth and scaling it through distribution. Rizta helped us unlock a much larger addressable market, and with that, we expanded our retail network. That demand translated into strong volume growth and better unit economics. With our new scooter platform, EL, we have the opportunity to replicate the same growth levers at potentially a larger scale, going after the biggest total addressable market in the Indian E2W segment. Coupled with that, our investments in Factory 3.0 at AURIC will give us the scale and efficiency to serve that demand and set us up for the next phase of growth.
Informational and educational content only. Not investment advice.