Ather Energy Bolsters Global Supply Chain with Hong Kong Unit Amid Q3 FY26 Revenue Jump to ₹9.54 Bn, Loss at ₹846 Mn

Ather Energy, Bengaluru's electric two-wheeler pioneer, announced Q3 FY26 results on Feb 2, 2026, showcasing revenue of ₹9.54 billion up nearly 50% YoY  driven by robust scooter demand and 179,525 units sold in 9M FY26.

Despite a ₹846 million net loss, this marks a sharp 57% YoY improvement, thanks to scale efficiencies and tighter cost controls, with material costs at 69% of expenses. Total costs rose to ₹1,075 crore, but operational leverage is emerging.

Strategically, Ather incorporated a wholly-owned unit in Hong Kong to optimize procurement for EV components like batteries, mitigating supply risks from China/South Korea amid global trade dynamics. With market share at 17.62% in Dec and shares at ₹610 (mcap ₹23,292 Cr), Ather eyes IPO and insurance ventures.

Key Highlights

• Revenue Growth: ₹9.54 billion in Q3 FY26 (+49.6-50% YoY from ₹6.35-6.35 billion).
• Loss Reduction: ₹846 million PAT loss (-57% YoY from ₹1.97 billion).
• 9M Performance: Revenue ₹2,497 crore (+58% YoY); 179,525 vehicles sold.
• Cost Breakdown: Materials ₹744 crore (69%); employee expenses ₹122 crore (+14% YoY).
• Hong Kong Unit: New incorporation to support procurement, strengthening supply chain amid battery/component needs.
• ​Market Position: #3 in Dec registrations (6,391 units, 17.62% share).

This positions Ather strongly in India's EV boom

Sources: ScanX, Entrackr, NSE filings via Screener, Axis Capital RHP