Ather Energy (ATHERENERG) Q4 25/26 earnings summary

Executive summary

• FY26 marked a breakthrough year with 66% YoY volume growth, total income reaching ₹3,823 Cr, and Rizta accounting for nearly 75% of sales, selling over 2.5 lakh units within 21 months.

• Market share rose to 18.6% in Q4 FY26, with significant gains in Middle and South India, and Rest of India achieving over 12%.

• Store count doubled to 700, with 548 service centres as of Mar'26, and 75% of new stores opened by existing partners.

• Charging infrastructure expanded to over 6,000 fast charging points, with industry-wide standardization via LECCS/LEAF consortium.

• Audited results for FY26 were approved with an unmodified opinion; IPO completed in May 2025, raising ₹2,626 crore.

Financial highlights

• Revenue from operations for FY26 was ₹3,671.76 crore, up from ₹2,255.01 crore in FY25, with total income at ₹3,823 Cr.

• EBITDA margin improved to -6.7% in FY26 (+1,630 bps YoY), and to -2.5% in Q4 FY26 (+2,080 bps YoY).

• Gross margin improved to 24% in FY26 (+500 bps YoY), with Q4 at 25%, and 21% without incentives.

• Net loss for FY26 was ₹517.17 crore, reduced from ₹812.28 crore in FY25; loss per share improved to ₹13.99.

• Other expenses rose 34% QoQ, mainly due to marketing, warranty, and logistics.

Outlook and guidance

• Factory 3.0 at AURIC to add 10 lakh annual capacity, with Phase I (500,000 units) commencing by Q4 FY27.

• EL platform launch expected before year-end, targeting the mass segment (INR 1-1.25 lakh) with cost and margin benefits.

• Short-term margin pressure anticipated from commodity inflation, with 1.5-3% gross margin impact, mitigated by price hikes and cost reduction.

• IPO proceeds are being utilized for capex, R&D, marketing, and debt repayment, with ₹1,617.07 crore unutilized as of March 31, 2026.

• No specific guidance on new store expansion for FY27-28; focus on EL platform and continued store growth as BAU.