Ather Energy

Ather Energy delivered a breakthrough FY26, with volumes up 66% YoYCurrent reported value: 66% YoY. No comparable prior figure is available in the source record. and Q4 reaching 83,000 unitsCurrent 83,000 units. Reported change: +66% YoY., driven by the new Rizta platform which now accounts for ~75% of sales. Market share expanded from 8% to 18.6%Current 18.6%. Reported change: +1,100 bps YoY. in Q4, fueled by a targeted 'Middle India' strategy and doubling of store count to 700Current 700. Reported change: +100% YoY.. Gross margins improved sharply, with AGM (ex-subsidies) rising from 12% to 21%Current reported value: 21%. No comparable prior figure is available in the source record., supported by record pro-pack attach rates of 93%Current 93%. Reported change: +3pp YoY. and operating leverage. EBITDA losses narrowed by 15,600 bpsCurrent reported value: 15,600 bps. No comparable prior figure is available in the source record. to -2%. Management flagged near-term margin pressure from commodity inflation (lithium, aluminium up 40-50%), partially mitigated by price hikes (~₹4,000 blended in CY26) and the upcoming 'E' platform (steel frame, lower cost) launching by end-2026. Key risk: sustained commodity inflation could delay margin recovery despite pricing actions.