Electric two-wheeler manufacturer Ather Energy reported a sharp improvement in its financial performance for the March quarter and full year FY26, driven by strong volume growth and operating leverage.

The company’s net loss for Q4 FY26 narrowed 57% year-on-year to ₹100.23 crore, compared with ₹234.36 crore in the corresponding quarter last year, according to a regulatory filing. Revenue from operations for the quarter rose 74% YoY to ₹1,174.66 crore, reflecting robust demand and scale-up across markets.

For the full year FY26, Ather reported a net loss of ₹517.17 crore, significantly lower than ₹812.28 crore in FY25. Revenue from operations climbed to ₹3,671.76 crore from ₹2,255.01 crore a year earlier, underscoring sustained growth momentum in India’s electric two-wheeler segment.

Volumes and scale drive financial turnaround

Ather’s improving financials were underpinned by strong volume expansion. The company delivered 83,418 vehicles in Q4 FY26, up 76% YoY, marking its highest-ever quarterly sales. For the full year, volumes rose 69% to 2,62,942 units.

This scale-up, supported by a rapid expansion of its retail footprint to 700 experience centres, including 100 additions in the March quarter, helped drive total income to ₹1,214 crore in Q4, up 76% YoY.

The company also reported a sharp improvement in profitability metrics, with EBITDA margins narrowing to -2.5% in Q4 FY26, reflecting gains from operating leverage and better unit economics. For the full year, EBITDA losses reduced significantly, with margins improving by over 1,600 basis points.

Product, distribution push aids growth

Growth during the year was led by product-led demand and distribution expansion. The company’s family scooter Rizta played a key role in widening its addressable market and driving adoption across regions.

“FY26 has been a fantastic year for us across volumes, market share, and financial performance. We focused on building demand through strong product-led growth and scaling it through distribution,” said Tarun Mehta, Co-founder and CEO, Ather Energy.

He added that the company is looking to replicate this growth with its upcoming EL platform, targeting a larger segment of the electric two-wheeler market. Investments in its new manufacturing facility at AURIC are expected to further strengthen capacity and efficiency.

Ather’s performance also reflects increasing contribution from non-vehicle revenue streams such as software, charging, and services, as the company deepens its ecosystem play while moving closer to profitability.