Results · Mobility & Logistics

Ather Energy reports Q3 FY26 results with lower losses and higher sales

By Startup Enthusiast · 2 February 2026

What they do

Ather Energy makes electric scooters and related services for urban commuters in India

The company posted a net loss of Rs 84.6 crore, down from Rs 198 crore, on revenue of Rs 953.6 crore

Vehicle sales rose 50% to 67,851 units while the firm expanded its charging network and service centres

Ather Energy reported a net loss of Rs 84.6 crore for Q3 FY26, significantly lower than the previous year's loss.
Operating revenue increased by 50.2% to reach Rs 953.6 crore during the quarter ended December 2025.
Total income grew by 53% year-over-year to stand at Rs 995.7 crore for the period.
Vehicle sales jumped 50% to 67,851 units, reflecting strong demand for electric two-wheelers.
The company held an 18.8% market share in the pan-India EV two-wheeler segment during the quarter.
Monthly registrations hit a record high of approximately 30,900 units during the festive season.
EBITDA margin improved to -3%, showing a significant reduction in operational losses compared to last year.
Adjusted Gross Margin excluding incentives reached 23%, up by roughly 1,100 basis points year-over-year.

The narrowing loss indicates improving unit economics and better cost management within the business.
Strong sales growth suggests increasing consumer adoption of electric scooters in the Indian market.
Analysts maintained positive ratings with targets ranging from Rs 812 to Rs 1,000 per share.

Ather Energy designs and manufactures electric scooters for personal transportation across India.
The company generates revenue from vehicle sales as well as software subscriptions and accessories.
Non-vehicle revenue accounts for 14% of total income, including charging and service fees.
It operates a vast network of Experience Centres totaling 600 locations nationwide.
The firm runs the Ather Grid charging infrastructure with over 4,357 fast-charging points.
Software adoption is high, with 91% of customers opting for the paid AtherStack Pro offering.
Material costs constitute 69% of total expenses, largely driven by battery pack components.
Employee benefits account for Rs 122 crore, representing a key operational expense category.

The company aims to expand its Experience Centre network to 700 centres by the end of the fiscal year.
Ather Energy incorporated a wholly owned subsidiary in Hong Kong to strengthen APAC supply chain resilience.
The firm entered the auto insurance segment by incorporating a corporate agent subsidiary.

NIIF (seller) — National Investment and Infrastructure Fund sold a 49% stake in an Ather-linked entity.