BENGALURU, May 5, 2026, 18:34 (IST)
Ather Energy cut its March-quarter loss by over 50%, powered by strong demand for its Rizta family scooter. Deliveries hit a record, pushing revenue above ₹1,000 crore for the first time. The Bengaluru electric two-wheeler firm reported a loss of around ₹1 billion for the quarter—sharply lower than the ₹2.34 billion loss in the same period last year, according to Reuters.
The stakes are high for Ather, which is betting that ramping up production will pare back losses, not just boost sales, in India’s tightly contested electric scooter sector. By 15:52 IST, with local equity markets already closed, Ather shares had climbed 0.41% for the session to ₹937.80, after bouncing from a low of ₹906.80 to touch a 52-week peak at ₹982.35.
The company trimmed its net loss for the March quarter to ₹100.23 crore—roughly ₹1 billion—down from ₹234.36 crore a year ago, according to a regulatory filing. Operational revenue jumped to ₹1,174.66 crore from ₹676.08 crore. For the full year ending FY26, revenue came in at ₹3,671.76 crore. Annual net loss also shrank, landing at ₹517.17 crore versus ₹812.28 crore previously.
Volumes carried the story here. Ather moved 83,418 units in the fourth quarter—a 76% jump on the year. For FY26, unit sales touched 262,942, marking a 69% increase, and total income climbed 66% to ₹3,823 crore.
The company reported an adjusted gross margin of ₹309 crore for Q4 and ₹925 crore for FY26, representing income after product costs but before wider operating expenses. EBITDA margin moved up sharply, narrowing its loss to negative 2.5% in Q4 compared with negative 23.3% a year ago—a jump of 2,080 basis points, or 20.8 percentage points, since each basis point is one-hundredth of a percentage point.
Ather pointed to stronger sales of its Rizta scooter, aimed at families, plus a bigger dealer network, as reasons for the surge. Retail locations jumped to 700 Experience Centres—up from 351 the previous year—and service centres hit roughly 548. Customers could also tap into over 6,000 charging stations.
Co-founder and CEO Tarun Mehta credits Rizta with opening up a far bigger addressable market, saying the approach brought “strong volume growth and better unit economics.” He highlighted the EL scooter platform and Factory 3.0 at AURIC as the company’s next big growth levers.
Competition is still fierce. Ather is up against heavyweight rivals like TVS Motor and Bajaj Auto—both have wider reach and more cash to play with. Hero MotoCorp, for its part, hasn’t gone anywhere; it still owns a 30.14% stake in Ather.
Nomura analysts Kapil Singh and Siddhartha Bera stuck with their Buy call and a ₹1,120 target price, calling Ather “our preferred play in the EV 2W space.” They pointed to the EL platform as a driver that could boost total addressable market by roughly 50%. Emkay Global echoed the Buy rating, kept its ₹1,150 target in place, but trimmed FY27 earnings-per-share forecasts by 27%. Business Standard
The way forward looks bumpy. Ather pointed to rising expenses for lithium, rare-earth magnets, and memory chips, with Mehta cautioning that “near-term margin pressure is inevitable” even after steps on sourcing and engineering. The Economic Times
The question now: can Ather turn its Rizta-driven volume growth into lasting profit gains as it shifts focus to the lower-cost EL platform? Nomura analysts expect this new platform to target the ₹100,000–₹125,000 segment. Ather’s new plant, meanwhile, should boost capacity as the company eyes a bigger slice of the electric two-wheeler market.
