On rising scooter sales and tighter cost control, Ather Energy cuts quarterly losses sharply, lifts revenue 50%, and signals improving scale economics in India’s fiercely competitive EV two-wheeler market.
Electric two-wheeler maker Ather Energy reported a sharp improvement in its December-quarter performance (Q3 of FY 2026), with losses narrowing as revenue rose on the back of higher scooter sales and improved operating leverage.
The Bengaluru-based company posted a net loss of ₹846 million for the third quarter ended 31 December 2025, down 57% from ₹1.975 billion in the same period last year. Losses also reduced sequentially from ₹1.541 billion in the September quarter, pointing to better cost control as volumes scaled up.
Revenue from operations climbed 50% year-on-year to ₹9.536 billion, compared with ₹6.349 billion a year earlier. Including other income, total income for the quarter stood at ₹9.957 billion.
The growth was driven by stronger deliveries, better realisations and a wider retail footprint.
Sales momentum remained firm into the next quarter. Ather sold about 20,780 electric scooters in January 2026, according to data from the Vahan portal. This gave the company a 16.3% market share, placing it third in India’s increasingly competitive electric two-wheeler market.
Expenses continued to rise as the company expanded operations, though at a slower pace than revenue. Total expenditure increased 26.8% year-on-year to ₹10.753 billion from ₹8.479 billion in the year-ago quarter. The moderation in cost growth helped narrow losses despite continued investments.
Raw materials and components remained the largest expense as Ather ramped up production to meet demand. Employee benefit costs and other operating expenses also increased, reflecting ongoing investments in engineering, manufacturing capacity and retail expansion across key markets.
Ather said it remains focused on broadening its product portfolio, strengthening supply chains and deepening its physical presence, even as price competition intensifies across the sector.
Meanwhile, India’s electric two-wheeler industry has seen aggressive discounting and frequent model launches, forcing manufacturers to balance growth with a credible path to profitability.
Among peers, Ola Electric reported a narrower consolidated net loss of ₹4.18 billion in the September quarter, compared with ₹4.95 billion a year earlier. However, its revenue from operations fell sharply by 43% year-on-year, highlighting divergent growth trajectories within the segment.
