Ather Energy Jumps 5% To Touch All-Time High After Q4 Loss Narrows

Shares of Ather Energy surged as much as 5.15% to hit an all-time high of ₹982.5 on the BSE during the intraday trading today, as investor sentiment turned positive following its Q4 FY26 performance.

The stock later pared gains and was trading 1.99% higher at ₹952.9 as of 11:51 IST. The company’s market capitalisation stood at ₹36,357.7Cr (about $3.8 Bn) at the time.

The rally was driven by a sharp decline in the company’s loss, strong revenue growth in FY26, and positive commentary by brokerages.

Yesterday, the EV company reported a 36.3% decline in its loss to ₹517.2 Cr in FY26 from ₹812.3 Cr in FY25. In the March quarter, loss stood at ₹100 Cr, down 57% from ₹234 Cr in the same period last year.

Operating revenue for the full fiscal rose 62.8% to ₹3,671.8 Cr from ₹2,255 Cr a year ago. Ather also cut its EBITDA loss by 51.6% to ₹257 Cr, while EBITDA margin improved to -6.7% from -23% in FY25.

In Q4 FY26, EBITDA loss came in at ₹30 Cr, with margin improving to -2.5% from -23.3% in the year-ago quarter. Revenue during the quarter jumped 73.7% YoY to ₹1,174.7 Cr. Sequentially, it grew 23.2%. Including other income of ₹39.1 Cr, total income stood at ₹1,213.8 Cr during the quarter under review.

Total expenses for the quarter rose 42.2% to ₹1,314 Cr from ₹922.2 Cr in the year-ago period.

The EV maker sold 2.63 Lakh units in FY26, up 69% YoY, and clocked its highest-ever quarterly sales of 83,418 units in Q4. It attributed this growth to expansion across geographies, a wider retail network, and strong demand for its family scooter Rizta.

On the retail front, Ather Energy nearly doubled its presence, expanding its experience centres to 700 from 351 at the end of FY25. Its service network also scaled up to 548 centres, while its charging network crossed 6,000 points. Notably, about 13% of the users on its charging network were non-Ather customers in FY26.

The company said production was partially hit in Q2 and Q3 due to China’s export restrictions on rare earth magnets. It made temporary changes to its manufacturing processes, which did not fully align with India’s Phased Manufacturing Programme norms, leading it to defer ₹24.5 Cr worth of incentives to a later period.

Ather also faced pressure from rising lithium-ion battery prices amid global supply constraints and strong demand. To address this, it introduced lithium iron phosphate (LFP) batteries to improve flexibility and drive cost efficiencies.

Following the results, brokerages remained upbeat on the stock. HSBC retained a ‘Buy’ rating on Ather with a target price of ₹1,050, noting that profitability timelines may be delayed due to commodity headwinds, but the company’s long-term investment case remains intact, backed by strong brand and execution.

Nomura also maintained a ‘Buy’ call with a target price of ₹1,120, citing strong growth visibility and calling Ather a top pick in the electric two-wheeler segment. It expects new platform launches and network expansion to drive volumes, even as margins remain under pressure in the near term.

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