Ather Energy delivered its strongest quarterly performance in Q3 FY26, reporting record revenue, higher volumes, and a sharp improvement in profitability metrics. Total income for the quarter ended December 2025 stood at ₹995.7 crore, marking a 53% year-on-year increase. The growth was supported by higher vehicle sales and a rising share of non-vehicle income from software subscriptions, charging services, accessories, spares, and servicing, which together contributed 14% of revenue.
Adjusted Gross Margin rose sharply to ₹251.3 crore, more than doubling compared with the same quarter last year. Even after excluding incentives, margins improved to 23%, reflecting better product pricing, value engineering, and healthier unit economics. As a result, EBITDA margin improved by about 1,600 basis points year-on-year to (-3%). The company reported an EBITDA loss of ₹29.9 crore, and the overall quarterly loss narrowed by 45% compared with Q2 FY26, showing steady progress toward profitability.
Sales volumes reached an all-time high of 67,851 units, registering 50% growth year-on-year. This performance helped Ather expand its pan-India market share to 18.8%. During the festive season, the company achieved its highest-ever monthly registrations of 30,900 units, translating into a 20% market share for that period.
Regionally, South India continued to be Ather’s strongest market, where it retained leadership with a 24.4% share, supported by strong brand recall and a dense retail network. Middle India showed the fastest growth, with market share nearly doubling to 17.4% from 8.8% a year ago. Gujarat, Maharashtra, Madhya Pradesh, and Odisha led this expansion, with Odisha almost doubling its share over the last two quarters. In the Rest of India, market share increased to 12.6%, indicating steady traction in northern and emerging markets.
Operationally, Ather expanded its physical footprint by adding 76 Experience Centres during the quarter, taking the total to 600 across the country. South India accounted for 261 centres, Middle India 202, and the Rest of India 137. The company also strengthened its ecosystem, with 91% of customers opting for AtherStack Pro. Its charging network grew to 4,357 fast-charging points and neighbourhood chargers across India, Nepal, and Sri Lanka.
Tarun Mehta, Executive Director & CEO, Ather Energy, said, “Q3 has been a strong quarter for us. Robust festive demand, healthy volume growth, and improving market share together drove our best quarterly revenue and EBITDA so far. Over the past few quarters, we have stayed very focused on getting the fundamentals right by improving unit economics, margins, and operating leverage, and that effort is now clearly showing in the improvement in EBITDA. What is particularly encouraging is the strength of our ecosystem. AtherStack attach rates remain very high, and customer engagement is deepening even as our sales scale. All of this gives us confidence that the business is structurally prepared for sustainable, long-term growth.”
