Ather Energy reported total sales of 2,62,942 units in FY26, registering a 69% year-on-year increase. The company also recorded its highest quarterly volumes of 83,418 units in Q4 FY26, up 76% YoY. Total income for FY26 stood at Rs 3,823 crore, growing 66% compared to the previous year, supported by higher volumes and expansion across markets.
Margins and Profitability Trends
Adjusted Gross Margin (AGM) for FY26 increased to Rs 925 crore, up 116% YoY. AGM as a percentage of total income improved to 24%, reflecting changes in product mix, cost optimisation, and higher contribution from software and services.
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EBITDA losses reduced to Rs 257 crore in FY26 from Rs 531 crore in FY25. EBITDA margin improved to (6.7%) from (23%), marking a year-on-year improvement of about 1,630 basis points. Loss for the period narrowed to Rs 517 crore, compared to Rs 812 crore in the previous year.
Q4 FY26: Quarterly Performance
In Q4 FY26, revenue reached Rs 1,214 crore, up 76% YoY, in line with volume growth. AGM for the quarter rose to Rs 309 crore, with margins improving to 25% from 18% in Q4 FY25. EBITDA margin improved to (2.5%), compared to a larger loss in the same period last year, with EBITDA loss at Rs 30 crore.
Network Expansion and Product Contribution
Growth during FY26 was supported by expansion of the company’s retail and service network. Ather increased its Experience Centres to 700, up from 351 in FY25. Service centres also expanded to around 548 locations. The company’s family scooter, Ather Rizta, contributed to volume growth during the year.
Ather’s charging network crossed 6,000 points under its LECCS ecosystem. Non-vehicle revenue, including software subscriptions, charging, accessories, and services, accounted for 13% of total income.
Regional Performance
South India remained the largest market for Ather, with a 23.5% market share in Q4 FY26.
Other regions saw growth as well:
- Middle India market share rose to 17.3% from 9.5% YoY
- Rest of India increased to 12.1% from 6.5% YoY
Elctrik Speaks
Ather Energy’s FY26 performance reflects continued scale-up in volumes and distribution, alongside improvement in margins. The increase in non-vehicle revenue and network expansion indicate a shift towards a broader ecosystem-led model, while EBITDA losses continue to narrow with higher operating leverage.
Tarun Mehta, Co-founder & CEO, Ather Energy, 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. 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.”