Ather Energy Q2 FY26 Results: Strong Growth, Loss Narrows

Key Highlights: Revenue: ₹899 crore, up 54% YoY, driven by a 67% rise in e-scooter sales (65,595 units). Net Loss: ₹154 crore vs ₹197 crore last year — narrowing losses with better cost control. Gross Margin: Improved by 300 bps to 22%, supported by accessories and extended warranty income (12% of total revenue). Retail Expansion: Over 524 experience centres by September 2025, targeting 700 stores by March 2026. Focus Areas: Network expansion, margin improvement, and scaling premium models to boost profitability. Insights: Ather Energy’s results highlight strong demand for its electric scooters and improving operational efficiency. The company is diversifying revenue through after-sales and accessories, while better economies of scale are helping reduce cash burn. However, sustained profitability remains a medium-term goal amid competition and rising costs. What to Watch: Pace of expansion and delivery network scalability. Improvement in margins and contribution from non-vehicle revenue streams. Competitive dynamics with Ola Electric and TVS. Progress toward EBITDA breakeven. Investor Takeaway: Ather is showing solid growth momentum and a path toward sustainable operations. Strong brand presence, expanding network, and improving margins position it well in India’s EV race — but investors should note that profitability is still a work in progress.