CRUSHING ON
They opened 349 more shops. That was the trick.
Everyone credits Ather's design taste. The filing credits distribution.
Source: Ather Energy audited FY26 results, filed 4 May 2026 (700 Experience Centres, up from 351)
700
Experience Centres
Up from 351 a year earlier. The retail network doubled in twelve months, with 100 added in Q4 alone.
Source: Ather Energy audited FY26 results, filed 4 May 2026
THE STORY EVERYONE TELLS
Community. Design. Taste.
All real, and all the visible layer. Ather had a devoted owner community for years while selling a fraction of today's volume.
93%
paid for the software
Share of Q4 FY26 buyers who took AtherStack Pro. In a market where people negotiate over the price of a helmet.
Source: Ather Energy audited FY26 results, filed 4 May 2026
6,000+
fast charging points
Built before anyone was clapping. Capital heavy, invisible in an ad, and now a switching cost nobody catches in a quarter.
Source: Ather Energy audited FY26 results, filed 4 May 2026
Rs 517 cr
still lost this year
Down from Rs 812 crore in FY25, with loss margin improving from 35% to 14%. The arrows point the right way. They all still have a minus sign.
Source: Ather Energy audited FY26 results, filed 4 May 2026
THE TELL
Non-vehicle revenue
From a vehicle company. Ather's own release credits it for part of the margin jump. Adjusted Gross Margin hit 25% in Q4, against 18% a year before.
Source: Ather Energy audited FY26 results, filed 4 May 2026
THE VERDICT
Build the boring thing first
Most brands buy the reputation and hope the infrastructure follows. Ather ran it the other way round.
Tap below for the full breakdown.