Ather Energy Q4 FY26: Strong Growth, Losses Narrowing

Key Highlights • Revenue: ₹1,174.66 Cr (↑73.75% YoY, ↑23.18% QoQ) • Other Income: ₹39.11 Cr (↑ YoY, slightly ↓ QoQ) Profitability • EBITDA: Loss of ₹69.58 Cr (improved vs ₹172.29 Cr YoY) • EBITDA Margin: -5.92% (vs -25.48% YoY, -7.54% QoQ) • PBT (ex-exceptional): Loss of ₹100.23 Cr (improved YoY, slightly worse QoQ) • PAT: Loss of ₹100.23 Cr (improved YoY, marginally higher QoQ loss) What Stands Out • Strong revenue growth driven by EV demand • Significant reduction in losses YoY • Gradual improvement in margins, though still negative Why It Matters Ather is moving towards operational breakeven, with improving margins indicating better cost control and scaling benefits. Learning Outcome In early-stage EV companies, focus on revenue growth and loss reduction trajectory rather than immediate profitability.