Ather Energy Q4 FY26: Loss halves, revenue up 74%

What Ather Energy reported for the March quarter

Ather Energy, an electric two-wheeler manufacturer, reported a net loss of ₹100 crore for the March quarter of FY26. The loss narrowed sharply from ₹234 crore in the same quarter last year, a decline of 57% year-on-year. The company also disclosed a strong rise in revenue from operations, which came in at ₹1,175 crore. That revenue figure was up 74% from ₹676 crore reported in the corresponding quarter of the previous financial year, according to a regulatory filing.

The improvement was also visible at the operating profit line. For the quarter, Ather Energy’s EBITDA loss narrowed to ₹70 crore from ₹173 crore a year earlier. That represents a 60% reduction in EBITDA losses year-on-year for the period.

Key financial metrics: FY26 March quarter vs last year

The March quarter update points to a combination of faster top-line growth and tighter operating losses. Net loss and EBITDA loss both narrowed significantly, while revenue from operations expanded sharply. Ather’s filings highlight the year-on-year change clearly across these line items.

The latest quarter’s numbers also arrive after a period in which Ather has been highlighting a mix shift and margin improvement in earlier disclosures. While the FY26 filing excerpt focuses on headline numbers, it sets up continuity with the company’s earlier FY25 narrative around volumes, product mix, and improving unit economics.

Stock price reaction in the session

Ather Energy shares were marginally lower after the update. At 11:26 am, the stock traded almost 1% lower at ₹929 on the BSE, as per the market update provided.

Separately, earlier reporting around the company’s FY25 March-quarter results had also shown a muted-to-negative initial reaction, with the stock down 1.13% at ₹306.05 in early Tuesday trade on the NSE in one update. In another session reference, Ather Energy shares closed higher by 3.29% at ₹309.55 per share on the BSE on a Monday.

These price points are tied to different trading sessions mentioned across the provided reports, and they reflect how the market has been reacting around earnings disclosures and post-listing price discovery.

FY25 Q4 context: losses narrowed, margins improved

In earlier Q4 FY25 reporting for the quarter ending March 2025, Ather said net loss narrowed to ₹234.4 crore versus ₹283.3 crore in the year-ago period. Revenue from operations for that quarter was stated at ₹676.1 crore, up from ₹523.4 crore. Total income was reported at ₹687.8 crore, and expenses were stated at ₹922.2 crore for the quarter.

For the same Q4 FY25 period, Ather’s EBITDA loss was cited at ₹172.5 crore, improving from ₹238.5 crore in the comparable quarter. Adjusted gross margin for Q4 FY25 was reported at 18% versus 9% in the same quarter a year earlier. The company also reported EBITDA as negative 23% in the previous quarter vis-a-vis negative 42% in Q4 FY24.

Volumes, distribution expansion, and the Rizta contribution

Ather’s operational commentary for FY25 focused heavily on volumes and distribution. The company said it sold 47,411 two-wheelers during the March quarter, compared with 35,244 units in the corresponding quarter of FY24, a year-on-year growth of 35%.

Ather also stated it expanded its retail footprint by 32% during Q4 FY25 and closed the year with 351 experience centres across India. The company linked this store expansion to deeper market penetration, including in North and West India.

Product mix was a key theme. Ather said the Rizta, which began deliveries in the second quarter of FY25, contributed as much as 57% of total volumes by the end of the fiscal year. The company also cited newer geographies such as Delhi, Rajasthan, Maharashtra, and Gujarat as areas where the Rizta helped expand the addressable market.

What management said about growth and profitability

In the FY25 commentary included in the reports, CEO Tarun Mehta said, “FY25 has been a year of robust growth, with strong increases in both volume and profitability, year-on-year.” He attributed the improvement to new product launches and continued investments in engineering and R&D that supported margin improvement.

CFO Sohil Parekh, in comments carried by PTI, said volumes were robust and the company exited the quarter with market share gains at 13.3%, “particularly in the south, and in new markets which have ramped up post-Rista's launch.” He also linked the performance to “healthy discipline and strong fundamentals” in the company’s presentation.

Chief Business Officer Ravneet Phokela said, “The Rizta coming in changed our trajectory of growth starting in July of last year and it allowed us to consolidate and solidify our position in the south.”

FY25 full-year snapshot and operational levers

For the full financial year FY25, Ather reported revenue from operations of ₹2,255 crore versus ₹1,753.8 crore in FY24. The company’s net loss for the year was reported at ₹812.3 crore, compared to ₹1,059.7 crore in the previous fiscal.

Ather also highlighted software-led monetisation as a contributor to improving the bottom line. It said 88% of customers purchased the Pro Pack software package in FY25, supporting recurring revenue.

One update also cited Ather’s market share at 19.7% in South India for the year. This context is relevant because the company has repeatedly pointed to South India as a stronghold, while also describing expansion into newer geographies.

IPO and listing backdrop

Ather Energy made its stock market debut on May 6, 2025, following a ₹2,981-crore IPO. One report noted the IPO was subscribed 1.43 times, while another reference cited 1.50 times subscription.

The IPO structure was described as a fresh issue of ₹2,626 crore and an offer for sale of over one crore shares in one of the reports. The proceeds were slated for establishing a new manufacturing facility in Maharashtra, debt clearance, research and development, general corporate purposes, and market initiatives.

Listing prices were also reported across updates. Ather was stated to have listed at ₹328 per share on the NSE, while another update said it hit the secondary market at ₹326.05 on the BSE.

Why the FY26 March quarter numbers matter

The March quarter FY26 filing shows a sharp reduction in losses alongside a step-up in revenue from operations. Net loss narrowing to ₹100 crore, compared with ₹234 crore a year earlier, indicates a faster pace of improvement versus the prior year’s quarterly trend described in FY25.

The 74% jump in revenue to ₹1,175 crore is the standout, especially when seen against earlier FY25 commentary that tied growth to volume expansion, distribution scale-up, and product mix. Meanwhile, EBITDA loss narrowing to ₹70 crore suggests operating leverage, even as the company has been investing in engineering, R&D, and retail expansion, according to management commentary carried in prior reports.

Conclusion

Ather Energy’s March quarter FY26 update reported a net loss of ₹100 crore, revenue from operations of ₹1,175 crore, and an EBITDA loss of ₹70 crore, all showing significant year-on-year improvement. The stock was nearly 1% lower at ₹929 on the BSE at 11:26 am in the session cited.

Investors will likely track subsequent disclosures for more detail on the drivers behind the revenue jump, and whether the company sustains the pace of loss reduction alongside planned manufacturing and market expansion initiatives already outlined post-IPO.