Ather Energy's growth reflected in market response and expanding infrastructure.
Ather Energy’s stock reached an unprecedented high of ₹982.5 on the BSE, marking a 5.15% increase during intraday trading. This surge reflects positive investor sentiment driven by the electric vehicle manufacturer’s improved financial performance in the fourth quarter of fiscal year 2026.
The company reported a 36.3% year-over-year decrease in its full fiscal year loss, which narrowed to ₹517.2 crore from ₹812.3 crore in FY25. The March quarter (Q4 FY26) saw a substantial 57% reduction in loss, bringing it down to ₹100 crore compared to ₹234 crore in the same period last year.
Ather Energy’s operating revenue for FY26 saw a significant boost, climbing 62.8% to ₹3,671.8 crore from ₹2,255 crore in the previous fiscal. In Q4 FY26, revenue grew by 73.7% year-over-year to ₹1,174.7 crore, with total income reaching ₹1,213.8 crore including other income.
The company also improved its EBITDA margin to -6.7% for the full fiscal year, a notable increase from -23% in FY25. The Q4 FY26 EBITDA loss was ₹30 crore, with the margin improving to -2.5% from -23.3% in the prior year’s quarter. This operational efficiency gain is attributed to strong sales volume growth, which increased by 69% year-over-year to 2.63 lakh units in FY26, driven by the popular Rizta scooter and network expansion.
Ather Energy expanded its retail footprint significantly, doubling its experience centers to 700 and scaling its service network to 548 centers. The charging network also surpassed 6,000 points, with a notable 13% of users being non-Ather customers.
Challenges such as China’s export restrictions on rare earth magnets and rising lithium-ion battery prices were managed through production adjustments and the introduction of lithium iron phosphate (LFP) batteries, enhancing cost efficiencies.
Following the results, financial institutions maintained a positive outlook. HSBC reiterated a ‘Buy’ rating with a target price of ₹1,050, citing Ather’s strong brand and execution capabilities despite potential near-term margin pressures. Nomura also maintained a ‘Buy’ call at a target price of ₹1,120, highlighting strong growth visibility and positioning Ather as a key player in the electric two-wheeler segment.
About the Author
