Ather posts Rs 954 Cr revenue in Q3 FY26; cuts losses by 57%

Electric two-wheeler maker Ather Energy has announced its financial results for the third quarter of the ongoing financial year FY26. The company reported a 50% year-on-year increase in operating revenue compared to Q3 FY25. At the same time, the Bengaluru-based firm narrowed its losses by 57%.

Ather’s revenue from operations rose to Rs 954 crore in Q3 FY26 from Rs 635 crore in Q3 FY25, according to its quarterly report sourced from the National Stock Exchange (NSE).

For the nine-month period ended December 2025, the company’s revenue from operations stood at Rs 2,497 crore, compared to Rs 1,579 crore in the corresponding period a year earlier. As per the company, it has sold 1,79,525 vehicles over the nine months.

The sale of electric two-wheelers and allied services remains the sole source of revenue for Ather Energy. However, the company has not provided a detailed breakdown of this revenue.

Ather’s cost of materials, primarily led by battery and component procurement, accounted for 69% of the overall cost. These costs stood at Rs 744 crore in Q3 FY26. Employee benefit expenses increased 14% year-on-year to Rs 122 crore in Q3 FY26, compared to Q3 FY25. 

Depreciation and amortisation, along with legal, advertising, and other overhead expenses, pushed the company’s total costs to Rs 1,075 crore in Q3 FY26, up from Rs 848 crore in Q3 FY25.

The 50% increase in scale, coupled with tighter cost-control measures, helped Ather reduce its losses by 57% to Rs 85 crore in Q3 FY26, compared to Rs 198 crore in the same quarter last year.

Recently, Ather also forayed into the auto insurance business by incorporating a wholly owned subsidiary that will operate as a corporate agent, according to a filing with the National Stock Exchange (NSE). In November, the National Investment and Infrastructure Fund (NIIF) sold 49% of its stake, representing 2.28% of Ather Energy’s total paid-up capital, through open market transactions worth Rs 541 crore.

According to Vahan data, Ather Energy retained its third position in December, although registrations declined 20% month-on-month to 16,391 units from 20,488 units in November. The company held a market share of 17.62%. 

After overtaking Ola Electric in market capitalization, Ather also surpassed it in Q2 FY26 revenue. The Q3 results of Ola Electric have yet to come.

The company’s shares were trading at Rs 610 as of 4:55 PM today, with a market capitalisation of Rs 23,292 crore ($2.5 billion).