Q3 FY26 turned out to be a big quarter for Ather Energy. Revenue touched a record ₹995.7 crore for the quarter ended December 2025, up 53% from last year. Scooter sales also hit a new high, with 67,851 units delivered, a 50% jump year-on-year. Strong festive demand helped, but so did Ather’s expanding store network across India.
But the real story sits in the margins. Ather’s EBITDA losses narrowed sharply by around 1,600 basis points, improving to just (-3%). In simple terms, the company is spending far less to earn each rupee. Quarterly EBITDA loss dropped to ₹29.9 crore, a 45% improvement over Q2 FY26. That’s a meaningful step toward profitability.
Strong Gains Beyond the South
Ather captured an 18.8% share of India’s EV two-wheeler market during the quarter, with monthly registrations peaking at nearly 30,900 units in the festive period. At that point, market share touched almost 20%.
South India continues to be Ather’s core market, with a 24.4% share. But growth is clearly spreading. In Central India, including Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, and Odisha, Ather nearly doubled its share to 17.4% from last year. The rest of the country is catching up too, now at 12.6%, showing steady demand in northern and newer EV markets.
What this really means: Ather is no longer just a southern success story. Adoption is spreading fast across the country.
Software and Charging Are Becoming Real Businesses
Ather is steadily building revenue streams beyond scooter sales. Software subscriptions, charging services, and accessories now make up about 14% of total revenue. An impressive 91% of customers are choosing Ather Stack Pro, showing strong demand for connected features.
Meanwhile, the Ather Grid fast-charging network has expanded to 4,357 points and now operates not just in India, but also in Nepal and Sri Lanka. This shift toward software and infrastructure gives Ather higher-margin income and helps smooth out the ups and downs of vehicle sales.
CEO: “Our Focus on Unit Economics Is Paying Off”
Commenting on the results, Tarun Mehta said Q3 marked a turning point: “Robust festive demand and improving market share drove our best quarterly revenue and EBITDA so far. We’ve stayed focused on improving unit economics and operating leverage, and that effort is now clearly showing.” It’s a practical message: sell more, spend smarter, and scale efficiently.
Retail Expansion Accelerates
Physical presence is also growing quickly. During Q3 alone, Ather opened 76 new Experience Centres, taking its total to around 600 nationwide. The company believes this rapid retail rollout, paired with strong software adoption, puts it in a strong position for the next phase of India’s electric mobility story.
Bottom Line
Ather’s Q3 FY26 numbers show real operational progress. Revenue is at an all-time high, losses are shrinking fast, market share is expanding beyond core regions, and software is turning into a meaningful business line. If this trajectory holds, Ather is moving steadily from growth mode toward sustainable profitability.
