The electric scooter maker nearly doubled revenue and halved its loss, yet a planned mega-factory barely moved forward.
Ather Energy intimated to the exchanges about its fourth-quarter earnings for FY26. Revenue touched ₹11.75 billion, a 74% leap over the same period last year. Scooter sales hit a record 83,418 units. The net loss halved, from ₹2.34 billion to ₹1 billion. EBITDA loss shrank from ₹1.73 billion to just loss of ₹690 million.
A year ago, Ather raised ₹26.26 billion through its public listing. The single biggest promise in that IPO document was a new electric two-wheeler factory in Maharashtra.
By the end of March 2026, only ₹1.40 billion had been spent — roughly 15 paise for every rupee planned. The rest, about ₹16.17 billion of unutilised IPO money, is sitting in fixed deposits, earning interest but not building assembly lines.
The contrast is sharp. On the ground, the company moved fast. It doubled its retail network to 700 experience centres. Service touchpoints nearly doubled to 548. Its family scooter, the Rizta, yanked market share higher in middle India, from 9.5% to 17.3% in one year.
Full-year volumes touched 2,62,942 units, up 69%, and overall market share climbed to 18.6%. Total income for the year stood at ₹38.23 billion, a 66% jump.
Revenue from software subscriptions, charging, and service now makes up 13% of the topline.
The factory narrative, however, is frozen. Research and development spending is also behind: ₹2.72 billion used out of a planned ₹7.50 billion. Marketing has spent only ₹900 million of a ₹3 billion budget.
Tarun Mehta, the co-founder and CEO, calls the new plant ‘Factory 3.0’ and says it will set the company up for its next growth phase. For now, the spade remains largely in the shed, while scooter sales race ahead.
The Q4 scorecard proves Ather can sell more while losing less. The next test is whether it can deploy its idle billions before the electric scooter race demands capacity it doesn’t yet have.
Shares of Ather Energy are currently trading at ₹903.80 on the NSE on Monday, down 3.32%.
