Ather Energy Q3 FY26 Results: Record ₹995.7 Crore Revenue as EBITDA Losses Shrink by 1,600 Bps

Ather Energy, a frontrunner in India’s electric two wheeler revolution, has announced its strongest ever quarterly performance for Q3 FY26. The company reported record breaking revenue and a massive leap toward profitability, fueled by high festive demand and a rapidly expanding retail footprint.

Financial Turnaround: Revenue Hits All-Time High

For the quarter ending December 2025, Ather Energy reported a total income of ₹995.7 crore, representing a 53% year on year (YoY) growth. This surge was underpinned by the company's highest ever quarterly sales volume of 67,851 units, a 50% increase compared to the previous year.

The most significant highlight was the sharp improvement in margins. Ather’s EBITDA margin improved by ~1,600 basis points (bps) YoY, narrowing to just (-3%). The quarterly EBITDA loss dropped to ₹29.9 crore, a 45% improvement over Q2 FY26, signaling that the company is on a clear path toward sustainable profitability.

Market Share & Regional Dominance

Ather Energy has solidified its position as a major player in the Indian EV market, capturing a national market share of 18.8%. During the peak festive season, monthly registrations hit 30.9k units, pushing their market share to 20% for that period.

• South India: Retained its leadership position with a dominant 24.4% market share.

• Central India: (Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, and Odisha) saw explosive growth, with market share nearly doubling to 17.4% from 8.8% last year.

• Rest of India: Market share rose to 12.6%, showing strong adoption in northern and emerging markets.

Beyond Hardware: The Software & Ecosystem Edge

Ather is successfully diversifying its revenue streams. Non vehicle revenue including software subscriptions, charging services, and accessories now accounts for 14% of total revenue.

The company’s software first approach is paying off, with 91% of customers opting for the AtherStack Pro subscription. Additionally, the Ather Grid has expanded to 4,357 fast charging points, extending its reach beyond India into Nepal and Sri Lanka.

CEO Insights

Tarun Mehta, Executive Director & CEO of Ather Energy, stated: "Q3 has been a strong quarter for us. Robust festive demand and improving market share drove our best quarterly revenue and EBITDA so far. We have stayed focused on getting the fundamentals right improving unit economics and operating leverage and that effort is now clearly showing."

Strategic Expansion

Ather added 76 new Experience Centres (ECs) during the quarter, bringing its national network to 600 ECs. This aggressive physical expansion, combined with industry leading software adoption, positions Ather Energy to lead the next phase of India’s electric mobility transition.