Ather Energy Narrows Q3 Loss, Drives 50 Percent Revenue Surge On Record Deliveries

Electric two-wheeler manufacturer Ather Energy Ltd reported its strongest-ever quarterly performance for the three months ended December 2025 (Q3 FY26), marked by record sales, higher margins, and an improved bottom line. The company's growth was supported by wider geographic reach, an expanding product portfolio, and increasing contribution from software and service-led revenue streams.

Ather's total income rose 53 percent year-on-year to Rs 995.7 crore, driven by strong demand and non-vehicle revenue sources such as software subscriptions, charging services, accessories, spares, and maintenance. These accounted for 14 percent of overall revenue, reflecting the company's growing ecosystem-based model.

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The company's profitability also improved significantly during the quarter. Adjusted Gross Margin (AGM) grew 111 percent year-on-year to Rs 251.3 crore, while AGM excluding incentives improved to 23percent, up around 1,100 basis points. The gains were attributed to value engineering, pricing strength, and continued focus on unit economics. The EBITDA margin improved by nearly 1,600 basis points year-on-year to 3 percent, with EBITDA loss reducing to Rs 29.9 crore. The net loss narrowed by 45 percent compared to the previous quarter.

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During the quarter, Ather sold 67,851 units, the highest in its history, marking a 50 percent year-on-year increase. The company's pan-India market share stood at 18.8 percent, supported by festive-season demand that saw a record 30,900 monthly registrations, translating into a 20 percent share of the national electric two-wheeler market.

Regionally, South India remained Ather's key stronghold, where it held a 24.4 percent share, backed by an extensive retail network and strong customer loyalty. Middle India almost doubled its share to 17.4 percent, led by Gujarat, Madhya Pradesh, Maharashtra, and Odisha, while the Rest of India segment rose to 12.6 percent, showing steady traction across northern and emerging regions.

On the operational front, Ather expanded its physical presence with the addition of 76 new Experience Centres, taking its total to 600 across the country. Its charging network also grew to 4,357 fast-charging points across India, Nepal, and Sri Lanka.