About Ather Energy Ltd.
Ather Energy Ltd. (ATHERENERG) is an Indian electric vehicle (EV) manufacturer that specializes in designing and producing smart electric two-wheelers. It was founded in 2013 by engineers Tarun Mehta and Swapnil Jain and is headquartered in Bengaluru, Karnataka, India.
The company makes high-performance electric scooters, including models like the Ather 450 series and Ather Rizta, and has built its own EV charging network called Ather Grid, one of the broadest fast-charging infrastructures for two-wheelers in India. Ather was among the early players in India’s electric two-wheeler market, known for integrating connected technologies (like touchscreen dashboards and cloud connectivity) into its vehicles.
It has manufacturing facilities in Bengaluru and Hosur and is expanding both production and retail presence across India and select neighboring markets. The company transitioned to a public limited company and listed on Indian stock exchanges in 2025, reflecting its growth from a startup to a significant player in India’s EV ecosystem.
Strong Growth in Sales and Revenue
Ather sold 68,000 units in Q3 FY26, up 50% year-on-year. Total income of ₹9957 million, a 53% increase YoY. Units sold and revenue growth were driven significantly by the Rizta model.
Regional Performance
At the end of Q3 FY26, Ather Energy had expanded its retail presence across India with 202 experience centers in South India, 261 in Middle India and 137 in the Rest of India, reflecting a broad geographic footprint to support sales and service growth.
Ather showed strong market share growth across multiple regions in India during the period, with percentages rising steadily quarter-on-quarter in markets including Middle India, highlighting increasing acceptance of its products outside the southern states.
In the Rest of India (all states and union territories excluding South and Middle India), Ather’s market share increased significantly over recent quarters, with notable growth in states like Rajasthan and Punjab, showing expanding penetration in these regions.
Ather maintained its position as the #1 brand in South India with resilient and leading market share figures, consistently outperforming peers in the region across the reported quarters.
Ather has been reducing its cost of materials per unit, which is helping to improve overall gross margins. The trend shows a decrease in COGS per unit over FY24, FY25 and year-to-date FY26, contributing to stronger adjusted gross margin percentages.
The EBITDA margin has been improving over time, with the Q3 FY26 EBITDA margin narrowing the loss compared with prior periods, demonstrating positive momentum in operating efficiency and profitability trends.
Summary
The results emphasize robust volume growth, improving unit economics, expanding market share, and strong acceptance of key models, indicating progress toward scale and financial improvement, even as profitability (EBITDA/net profit) remains a work in progress.