Ather Energy Q4 Results: Is The EV Unicorn Set To Cross ₹1,000 Cr Quarterly Revenue Mark? 

Synopsis: Ather Energy’s Q4FY26 results could mark a major milestone as strong EV demand, dealership expansion, and new platform launches may help the company cross Rs. 1,000 crore in quarterly revenue for the first time.

Ather Energy has informed the exchanges that a meeting of its Board of Directors is scheduled for May 4, 2026, to consider and approve the company’s audited financial results for the quarter and full financial year ended March 31, 2026. As the EV unicorn gears up to report its Q4FY26 performance, the key question for investors is whether strong volume growth and expanding market reach can help Ather cross the Rs. 1,000 crore quarterly revenue milestone for the first time. 

What Are The Expectations?

According to Emkay Global Financial Services, Ather Energy’s near-term outlook remains strong as the domestic electric two-wheeler industry continues to witness healthy growth momentum, with industry volumes rising around 20 to 30 percent year-on-year between December 2025 and February 2026. The brokerage noted that growth is being led primarily by the premium segment above Rs. 1 lakh, while the sub-Rs. 1 lakh category is also showing early signs of recovery. Importantly, the recent pickup in internal combustion engine two-wheeler demand has not materially slowed electric vehicle adoption.

Emkay highlighted that Ather’s new EL platform could significantly expand the company’s addressable market by targeting the Rs. 1 lakh to Rs. 1.3 lakh price segment, which accounts for nearly half of the total market. The brokerage believes this platform should help Ather improve market share, particularly in non-South Indian markets, while also supporting margins through lower mechanical costs without compromising software capabilities or product quality. Management also indicated that some product cannibalisation would be acceptable given the EL platform’s superior profitability profile.

On the manufacturing side, Ather’s new Aurangabad facility, with a planned production capacity of around 42,000 units per month, is expected to become fully operational before the end of FY27. Emkay expects operational and margin benefits from this expansion to gradually reflect over the coming quarters, with larger-scale product launches likely after plant stabilisation. The brokerage also flagged potential pricing pressure for the broader electric two-wheeler industry from April 2026 onwards if PM E-Drive subsidies expire, which could lead to industry-wide price hikes of around Rs. 5,000 per vehicle. 

Additionally, geopolitical tensions could temporarily impact margins by around 300 to 400 basis points through raw material or supply chain pressures, depending on how much OEMs can pass on to consumers. Overall, Emkay expects Ather’s volume growth to strengthen significantly, driven by the EL platform, and believes the company could achieve EBITDA and PAT breakeven by the second half of FY27.

According to HDFC Securities, Ather Energy is expected to deliver strong wholesale volume growth in Q4FY26, with volumes projected to rise around 73 percent year-on-year and 22 percent quarter-on-quarter. This growth is likely to be supported by continued dealership network expansion as well as pre-buying demand in March 2026 ahead of the anticipated expiry of electric two-wheeler subsidies, although the subsidy scheme was later extended by four months. The brokerage also expects realisations to improve modestly on a sequential basis, supported by the price hike implemented in January 2026.

HDFC further noted that EBITDA margins are likely to improve slightly quarter-on-quarter due to better operating leverage and Ather’s continued focus on reducing costs through research and development efficiencies. However, some of these gains may be offset by higher raw material costs, particularly rising aluminium prices, along with adverse foreign exchange movements affecting imported battery cell costs. Overall, HDFC expects Q4FY26 to reflect strong growth momentum for Ather, supported by improving scale and operational efficiencies, although profitability may still remain influenced by commodity and external cost pressures.

What Are The Estimates?

On the financial front, according to Emkay Global Financial Services, Ather Energy is expected to report sales of Rs. 1,017.8 crore in Q4FY26, reflecting a growth of around 6.7 percent quarter-on-quarter compared to Rs. 953.6 crore in Q3FY26, and a strong increase of approximately 50.5 percent year-on-year from Rs. 676.1 crore in Q4FY25. 

EBITDA loss is estimated at Rs. 104 crore, which implies a widening from an EBITDA loss of Rs. 72 crore in Q3FY26. However, on a year-on-year basis, EBITDA performance is expected to improve significantly compared to the loss of Rs. 172.4 crore reported in Q4FY25. EBITDA margins are projected at negative 10.21 percent. Net loss is estimated at Rs. 113.7 crore, indicating a widening of loss quarter-on-quarter compared to Rs. 84.6 crore in Q3FY26. On a year-on-year basis, net losses are expected to narrow substantially from Rs. 234.4 crore in Q4FY25. PAT margins are estimated at negative 11.17 percent.

According to HDFC Securities, net sales are expected at Rs. 1,185.6 crore for Q4FY26, implying a stronger growth of around 24.3 percent sequentially and a sharp rise of approximately 75.4 percent year-on-year. EBITDA loss is projected at Rs. 82.9 crore, reflecting a widening of loss compared to Q3FY26, but a significant improvement from the EBITDA loss reported in Q4FY25. EBITDA margins are expected at negative 7 percent. Net loss is estimated at Rs. 97.6 crore, suggesting a wider sequential loss, while improving substantially year-on-year. PAT margins are projected at negative 8.23 percent. 

Overall, both brokerages expect Ather Energy to deliver strong revenue growth in Q4FY26, supported by improving scale, while profitability is likely to remain under pressure despite continued year-on-year improvement in losses.

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