Ather Energy (ATHERENERG) Q3 25/26 earnings summary

Executive summary

• Q3 saw units sold reach 68,000, up 50% year-on-year, with total income just under INR 1,000 crores, a 53% increase year-on-year.

• Pan-India market share reached 18.8%, up 2.5x since Q1 FY25, with 600 stores open and a target of 700 by fiscal year-end.

• Launched new products and features, including Rizta in Sri Lanka, kids helmets, auto insurance, and AtherStack 7 updates.

• Unaudited financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board and auditors, with no material misstatements identified.

• IPO completed in June 2025, with shares listed on NSE and BSE from 6 May 2025.

Financial highlights

• Total income for Q3 was INR 995 crores (INR 9,957 million), up 53% YoY, with revenue from operations per unit at INR 1.4 lakhs.

• Adjusted gross margin reached 25%, up 700 bps YoY, with INR 2,513 million in Q3.

• EBITDA for Q3 was -INR 29 crores, or -3%, improved by 1,600 bps YoY.

• Revenue from operations for 9M FY26 was INR 24,971 million, up 58% YoY.

• Net loss for the nine months ended 31 December 2025 was INR 4,169 million, compared to INR 5,779 million for the same period last year.

Outlook and guidance

• Distribution network expected to expand to 2,000 stores in the next few years, with EL platform launch driving further growth.

• Planned expansion to 700 ECs by end of FY26, with network doubling in one year.

• EBITDA expected to improve further by FY 2026, averaging better than -9% YTD.

• International expansion is a mid- to long-term growth lever, with early success in Nepal and Sri Lanka.

• Ongoing assessment of obligations under new Battery Waste Management and End-of-Life Vehicle rules, with financial impact yet to be reliably estimated.