Ather Energy reported strong Q2 FY2026 results, with revenue up 57% year-over-year to INR 940 crores and a market share of 17.4%. The company sold 66,000 units, a 67% increase year-over-year. Adjusted gross margin reached 22%. Ather has expanded its distribution network to 524 stores across the country, with a focus on Middle India.
Financial Performance Highlights
Ather Energy announced a strong performance in Q2 FY2026, marked by significant growth in sales and market share. Key highlights include:
- Units sold: 66,000 (up 67% year-over-year)
- Total income: INR 940 crores (up 57% year-over-year)
- Adjusted gross margin: 22%
- Market Share: 17.4%
The company experienced a one-time impact due to rare earth supply chain disruptions, affecting subsidy claims. Without these impacts, adjusted gross margin would have been significantly higher. EBITDA losses touched single digits for the first time, improving by 1,100 bps year-over-year.
Distribution Network Expansion
Ather Energy expanded its distribution network to 524 stores across the country. Notably, 78 stores were added during Q2 FY2026. The company has focused on expanding its presence in Middle India, specifically the states of Chhattisgarh, Gujarat, Maharashtra, Madhya Pradesh and Odisha.
In Middle India, the market share grew from 4% in Q1 2025 to 14.5% in Q2 FY2026. Gujarat has consistently achieved a market share of 20%-25%, while Maharashtra has reached almost 15%.
Product Innovations and Launches
The company introduced low-range models on the 450S and Rizta S, each offering approximately 160 kilometers of range. Ather also launched Battery as a Service (BaaS), reducing the upfront price of Rizta S. Additionally, the company unveiled the EL platform, designed for scalability, safety, and convenience.
AtherStack 7.0 and New Charger
Ather also launched AtherStack 7.0 and a new generation of fast charging technology that is 2x faster. The company’s fast chargers are available at almost 4,300 points across the country. This also allows intercity rides.
Source: BSE