Ather Energy Q4 FY26: Loss Narrows 57%, Revenue Up 74% YoY

Ather Energy, India’s two-wheeler manufacturer, reported its Q4 FY26 results on Monday, May 4, posting a net loss of ₹100 crore for the March quarter. This marks a 57% decline from Rs 234 crore recorded in the same period last year.

Revenue from operations rose sharply to ₹1,175 crore, marking a 74% increase from Rs 676 crore in the corresponding quarter last year. The growth was driven by higher vehicle volumes, a wider retail footprint, and improved product traction across markets.

The company’s operational performance also showed improvement, with EBITDA losses narrowing to ₹70 crore from ₹173 crore a year ago, a reduction of 60%. EBITDA margin stood at (2.5%), improving significantly year-on-year, supported by operating leverage and better unit economics.

However, total expenses climbed to ₹1,314 crore during the quarter, up 42.5% compared to ₹922 crore last year, reflecting ongoing investments in expansion and infrastructure.

Strong Growth in Volumes

Ather Energy delivered 83,418 units in Q4 FY26, up 76% year-on-year (YoY). This growth was supported by rapid expansion in its retail presence, which reached 700 Experience Centres, including 100 additions during the quarter.

For the full financial year FY26, the company reported total income of ₹3,823 crore, up 66% year-on-year. Non-vehicle revenue streams—including software, charging services, and accessories—accounted for 13% of total income, highlighting growing ecosystem contributions.

Co-founder and CEO Tarun Mehta said, “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.”

Expansion Fuels Outlook

Growth during the year was supported by geographic expansion and strong demand for its family scooter Rizta, which helped Ather tap into a wider customer base. The company nearly doubled its retail network from 351 centres in FY25 to 700 in FY26, while service centres expanded to around 548.

Talking about expansion, Mehta added, “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.”

He further said, “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.”

Its fast-charging network also scaled up, crossing 6,000 charging points, strengthening its ecosystem play. The company’s upcoming scooter platform and investments in new manufacturing capacity are expected to support future growth.

According to Vahan data, Ather retained its third position in April despite a dip in registrations. At 12:43 PM, Ather Energy shares traded almost 2.49% lower at Rs 911.55 on the NSE. It is also worth noting that the stock has surged 210% in value over the last 12 months.