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Revenue
₹1,175 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ather Energy delivered a breakthrough FY26, with volumes up 66% YoY and Q4 reaching 83,000 units, driven by the new Rizta platform which now accounts for ~75% of sales. Market share expanded from 8% to 18.6% in Q4, fueled by a targeted 'Middle India' strategy and doubling of store count to 700. Gross margins improved sharply, with AGM (ex-subsidies) rising from 12% to 21%, supported by record pro-pack attach rates of 93% and operating leverage. EBITDA losses narrowed by 15,600 bps 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.
Colored figures show movement against the previous available record.
Guidance to track
- New scooter platform 'E' to be commercialized before end of calendar 2026, targeting mass segment (₹1-1.25 lakh) and improving margins.
- New plant in Chhatrapati Sambhajinagar to add 42,000 units/month incremental capacity, with trial production by end of 2026 and full operationalization by Q4 FY27.
- Management has taken ~₹1,500 in Q4 and ~₹2,500 in April 2026; further price hikes likely to offset commodity inflation.
- Commodity cost inflation of 40-50% (lithium, aluminium) will pressure margins in coming quarters; cannot be fully mitigated by price hikes.
Risks flagged
- Lithium, aluminium, and other raw material prices have surged 40-50%, and management expects short-term margin pressure despite price hikes.
- Current factory at 90-95% utilization; any disruption could constrain sales until new capacity comes online in late 2026.
- With FAME II subsidy ending, Ather's realizations will take a ~₹5,000 hit per vehicle, though ex-showroom ASP may continue to rise.
- New platform 'E' is critical for margin expansion and market share growth; any delay in launch or production ramp-up could disappoint.
Key quotes
- We are living in a extremely volatile macro... we expect the hit on comm not just the supply of material but now also the cost of all raw materials to remain inflated for a while.
- E will play a dual role... it will give us the opportunity to expand margins with less dependence on really expensive commodities like aluminium.
- Our growth in market share in tier three cities is right now higher than tier 2 cities... demand is not just in the tech forward markets but across the length and breadth of the country.
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