Ather Energy reported a strong Q2 FY26 with increased market share, volume, and financials. Revenue reached ₹940.7 crore, driven by volume growth and ecosystem offerings. The company achieved a market share of 17.4% and improved EBITDA margins by approximately 1,100 bps year-on-year to -10%. Vehicle volumes increased by 67% year-on-year, totaling 65,595 units. Ather maintained market leadership in South India and saw rapid growth in Middle India.
Key Financial Performance in Q2 FY26
Ather Energy announced a strong Q2 FY26, marked by significant growth in key areas. Total income reached ₹940.7 crore, a 57% increase year-on-year and a 40% increase quarter-on-quarter. This growth was fueled by increased vehicle sales and stable pricing strategies.
Non-vehicle revenue, derived from the Ather ecosystem (software subscriptions, charging, accessories, etc.) contributed to 12% of total income, underscoring the value of its business model.
Margin Improvement
The company demonstrated improved margin performance through operational efficiency and financial discipline. Adjusted Gross Margin rose to ₹210.6 crore in Q2 FY26, an 84% year-on-year increase. Adjusted Gross Margin improved to 22% in Q2 FY26.
EBITDA performance also showed considerable improvement, with margins strengthening by over 1,100 bps year-on-year. EBITDA losses were reduced to ₹90.7 crore, and loss after tax stood at ₹154.1 crore in Q2 FY26.
Market Share Growth
Ather Energy expanded its market share to 17.4% in Q2 FY26, up from 12.1% in Q2 FY25. The company delivered 65,595 units, marking a 67% year-on-year increase. Ather continues to lead in South India with a 25% market share, while Middle India emerged as the fastest-growing region with a 14.6% market share.
Strategic Developments
Ather continued to expand its retail footprint, reaching 524 Experience Centres across India. The company launched AtherStack 7.0, improving the user experience. The Ather Grid network grew to 4,322 charging points across India, Nepal, and Sri Lanka.
Source: BSE
