Shares of Ather Energy Ltd declined nearly 3% to Rs 644.70 in Tuesday’s trade after the electric two-wheeler manufacturer reported its September quarter (Q2 FY26) results. The company’s losses narrowed sequentially and year-on-year, supported by higher sales volumes and an expanding distribution network, but investors reacted cautiously to profitability metrics.
Ather’s revenue rose 54.1% year-on-year to Rs 898.9 crore, driven by strong sales of 65,595 units, marking a 67% YoY growth. The company’s market share improved 530 basis points to 17.4%, reflecting increased traction in the premium EV segment.
The net loss stood at Rs 154.1 crore, compared to Rs 197.2 crore in the same period last year, while EBITDA loss narrowed to Rs 132.5 crore from Rs 139.4 crore YoY, showcasing operational improvement.
Following the results, Nomura maintained a Buy rating on the stock with a target price of Rs 790 per share, citing lower-than-expected EBITDA loss and strong visibility on market share expansion. The brokerage expects Ather’s volume growth at 57% in FY26, 40% in FY27, and 33% in FY28, supported by network expansion and the upcoming Ather Rizta EL launch.
At the current market price, Ather shares are down around 2.3% for the day, with investors awaiting clarity on the company’s profitability path and demand outlook in the growing but competitive EV sector.
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