Home / Business and Economy / EV Stock Soars 266% Despite Losses: The Ather Bet
EV Stock Soars 266% Despite Losses: The Ather Bet
22 Jul
Summary
- Ather achieved 18.6% market share by Q4 FY26, up from 7.6% in Q1 FY25.
- Rizta scooter significantly expanded Ather's customer base and sales.
- Revenue grew 63% in FY26 to Rs 3,672 crore, with EBITDA loss improving.
Ather's stock has surged 266% in twelve months, driven by investor belief in its dominance in India's electric two-wheeler market, rather than current profitability. The company's market share in this segment grew from 7.6% in Q1 FY25 to 18.6% by Q4 FY26.
This expansion was significantly propelled by the Rizta scooter, which broadened Ather's appeal to family commuters and first-time EV buyers. The company's revenue climbed 63% to Rs 3,672 crore in FY26.
Simultaneously, Ather improved its EBITDA margin from -36% in June 2024 to -6% by March 2026. This growth was achieved without aggressive discounting, supported by expanding distribution, favorable dealer economics, and enhanced product value engineering.
Investor confidence is further bolstered by Ather's technological advancements, including its AtherStack software platform and an expanding charging network. Its Factory 3, planned for FY27, will have a capacity of 10 lakh units, providing significant room for future expansion.
