EV company Ather Energy managed to trim its net loss by 57.2% to ₹100.2 Cr in the last quarter of FY26 (Q4 FY26) from ₹234.4 Cr in the same quarter last year.
Sequentially, loss increased 18.4% from ₹84.6 Cr.
Operating revenue surged 73.7% YoY jump to ₹1,174.7 Cr during the quarter under review from ₹676.1 Cr in Q4 FY25. On a QoQ basis, operating revenue increased 23.2% from ₹953.6 Cr.
Including other income of ₹39.1 Cr, total income for the quarter stood at ₹1,213.8 Cr.
The EV company's total expenses for the quarter grew 42.2% to ₹1,314 Cr from ₹922.2 Cr in the year-ago quarter.
In the fiscal year FY26, Ather's loss declined 36.3% to ₹517.2 Cr from ₹812.3 Cr in FY25. Operating revenue for the full fiscal rose 62.8% to ₹3,671.8 Cr from ₹2,255 Cr in FY25.
The company also managed to reduce its EBITDA loss by 51.6% to ₹257 Cr in FY26 from ₹531 Cr in the previous fiscal year. Its EBITDA margins improved 1,630 basis points (bps) to -6.7% from -23% in FY25.
In Q4 FY26, EBITDA loss stood at ₹30 Cr and EBITDA margin improved 2,080 bps YoY to -2.5% from -23.3% in the same quarter last year.
Ather said it sold 2.63 Lakh units in FY26, up 69% YoY. Meanwhile, it recorded the highest quarterly volumes of 83,418 units sold in the March quarter of FY26.
The company attributed its volume growth to its geographical expansion, expanding retail footprint, and strong performance of its family scooter 'Rizta'. It claimed to have doubled its retail network during the fiscal to 700 experience centres (ECs) from 351 at the end of FY25.
Ather also expanded its service footprint, with the number of service centres increasing to 548 in FY26, up nearly 2X YoY. Ather has more than 6000 EV charging points by the end of FY26. Out of all riders who used Ather's charging stations in FY26, 13% were non-Ather users.
High Commodity Prices Hit Ather In FY26
In Q2 and Q3 of FY26, Ather's production was partially impacted due to China's export ban on rare earth magnets. To overcome this, Ather made temporary adjustments which altered the process of manufacturing.
However, these changes did not fully align with India's Phased Manufacturing Program (PMP) rules. Due to this, the listed entity decided to defer submission of claims for demand incentives and revenue recognition. As a part of this, around ₹24.5 Cr (FY26) worth of incentives has been pushed to a later period.
The company also faced the heat due to a spike in Lithium-ion battery prices, driven by a mix of global supply constraints and surging demand. However, it did not quantify its impact. Ather said it made some changes in product design to overcome this. It claimed to have introduced Lithium Iron Phosphate (LFP) batteries to build flexibility on battery chemistry while bringing in cost efficiencies.
Similarly, the price of RAM also spiked, which Ather countered by introducing light rare earth magnets built through its in-house engineering capabilities.
As per the Vahan data, Ather Energy saw an over 23% MoM decline in its registrations in the first month of FY27 to 25,861 units. Its market share declined 40 basis points to 18.4%.
Shares of Ather ended today's trading session almost flat at ₹934.40 on the BSE.