Ather Energy FY26 Results: Net Loss Narrows to ₹517.17 Crores, Revenue Jumps to ₹3,671.76 Crores

Ather Energy reported its audited financial results for the quarter and full year ended March 31, 2026, with the Board of Directors approving the results at a meeting held on May 04, 2026. The company's annual net loss narrowed significantly to ₹517.17 crores from ₹812.28 crores in the previous year, while revenue from operations surged to ₹3,671.76 crores from ₹2,255.01 crores — reflecting strong top-line growth alongside meaningful improvement in loss reduction. The financial results were audited by M/s. Deloitte Haskins & Sells, Chartered Accountants, who issued an unmodified opinion for the year ended March 31, 2026.

Quarterly and Annual Financial Performance

Ather Energy's revenue from operations for Q4 stood at ₹1,174.66 crores, compared to ₹676.08 crores in Q4 of the previous year and ₹953.64 crores in Q3 of the current year. The company's loss before tax for Q4 was ₹100.23 crores, a sharp improvement from ₹234.36 crores in Q4 of the previous year. The following table presents the key financial metrics across periods:

Metric: Q4 FY26 Q3 FY26 Q4 FY25 FY26 (Full Year) FY25 (Full Year) Revenue from Operations: ₹1,174.66 crores ₹953.64 crores ₹676.08 crores ₹3,671.76 crores ₹2,255.01 crores Other Income: ₹39.11 crores ₹42.09 crores ₹11.71 crores ₹151.32 crores ₹50.21 crores Total Income: ₹1,213.77 crores ₹995.73 crores ₹687.79 crores ₹3,823.08 crores ₹2,305.22 crores Total Expenses: ₹1,314.00 crores ₹1,075.33 crores ₹922.15 crores ₹4,335.21 crores ₹3,117.50 crores Loss Before Tax: ₹(100.23) crores ₹(84.64) crores ₹(234.36) crores ₹(517.17) crores ₹(812.28) crores Net Loss: ₹(100.23) crores ₹(84.64) crores ₹(234.36) crores ₹(517.17) crores ₹(812.28) crores Basic EPS (₹): (2.62) (2.22) (8.93) (13.99) (32.24) Diluted EPS (₹): (2.62) (2.22) (8.93) (13.99) (32.24)

For the full year, total income grew to ₹3,823.08 crores from ₹2,305.22 crores, while total expenses rose to ₹4,335.21 crores from ₹3,117.50 crores. The cost of materials consumed for FY26 stood at ₹2,808.15 crores versus ₹1,826.88 crores in FY25, reflecting higher production volumes. Employee benefit expenses for the year were ₹481.60 crores compared to ₹412.38 crores previously. An exceptional item of ₹5.04 crores was recorded during the year, relating to incremental liabilities arising from the enactment of new Labour Codes notified in November 2025.

Balance Sheet Highlights

Ather Energy's total assets expanded substantially to ₹4,721.51 crores as at March 31, 2026, compared to ₹2,100.61 crores as at March 31, 2025, driven primarily by a significant increase in current assets. The following table summarises the key balance sheet figures:

Particulars: March 31, 2026 March 31, 2025 Total Non-Current Assets: ₹1,346.61 crores ₹943.75 crores Total Current Assets: ₹3,374.90 crores ₹1,156.86 crores Total Assets: ₹4,721.51 crores ₹2,100.61 crores Total Equity: ₹2,572.63 crores ₹492.99 crores Total Non-Current Liabilities: ₹753.64 crores ₹434.44 crores Total Current Liabilities: ₹1,395.24 crores ₹1,173.18 crores Cash and Cash Equivalents: ₹111.94 crores ₹69.80 crores Other Equity: ₹2,534.36 crores ₹463.93 crores

The sharp rise in total equity to ₹2,572.63 crores from ₹492.99 crores reflects the proceeds from the company's Initial Public Offer (IPO) completed during the year. Current borrowings declined to ₹145.65 crores from ₹332.99 crores, indicating partial deleveraging at the short-term level.

Cash Flow and IPO Proceeds Utilisation

For FY26, Ather Energy generated net cash from operating activities of ₹31.89 crores, a significant turnaround from net cash used in operating activities of ₹720.70 crores in FY25. Net cash used in investing activities was ₹2,526.51 crores, largely on account of investments in term deposits of ₹3,728.80 crores and capital expenditure of ₹506.07 crores. Net cash generated from financing activities was ₹2,496.53 crores, primarily driven by proceeds from the issue of equity shares of ₹2,540.03 crores pursuant to the IPO.

The company completed its IPO of 9,28,67,945 equity shares at an issue price of ₹321 per share, aggregating to ₹2,626.00 crores (fresh issue). As at March 31, 2026, ₹1,008.93 crores of IPO proceeds had been utilised, with ₹1,617.07 crores remaining unutilised. The utilisation details are as follows:

Purpose: Proposed (₹ crores) Utilised (₹ crores) Unutilised (₹ crores) E2W Factory in Maharashtra: 927.20 139.63 787.57 Repayment of Borrowings: 40.00 40.00 - Research and Development: 750.00 272.42 477.58 Marketing Initiatives: 300.00 90.44 209.56 General Corporate Purposes: 498.80 358.50 140.30 Issue Expenses: 110.00 107.94 2.06 Total: 2,626.00 1,008.93 1,617.07

Of the unutilised IPO proceeds, ₹1,615.00 crores is temporarily invested in fixed deposits with scheduled commercial banks.

Corporate Developments

The Board also approved the re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration Number: 008072S), as Statutory Auditors for a second term of five consecutive years, commencing from the financial year 2026-27 till the financial year 2030-31, subject to shareholder approval at the ensuing Annual General Meeting. During the year, the Board approved the incorporation of two wholly owned subsidiaries — a Corporate Agent subsidiary to offer and facilitate insurance policies, and a Hong Kong-based subsidiary to support procurement functions and enhance supply chain resilience in the Asia-Pacific region. Additionally, China's export ban on certain heavy rare earth magnets caused supply chain disruptions, leading the company to defer revenue recognition of ₹24.52 crores for the full year on vehicles affected by temporary deviations in the manufacturing process for traction motors.

Key Takeaways

Annual net loss narrowed to ₹517.17 crores from ₹812.28 crores year-on-year

Revenue from operations grew to ₹3,671.76 crores from ₹2,255.01 crores year-on-year

Q4 net loss reduced to ₹100.23 crores from ₹234.36 crores year-on-year

Total assets expanded to ₹4,721.51 crores from ₹2,100.61 crores, supported by IPO proceeds

Deloitte Haskins & Sells re-appointed as statutory auditors for a second five-year term

Ather Energy Limited has announced the re-appointment of M/s. Protiviti India Member Private Limited as the company's internal auditors for the financial year 2026-27. The decision was made during a board meeting held on April 23, 2026, following recommendations from the Audit Committee.

Board Meeting Details

The Board of Directors convened on April 23, 2026, to deliberate on various matters including the internal auditor appointment. The meeting commenced at 02:30 PM (IST) and concluded at 04:10 PM (IST). The re-appointment was formally approved during this session.

Meeting Details: Information Date: April 23, 2026 Start Time: 02:30 PM (IST) End Time: 04:10 PM (IST) Appointment Term: One year (FY 2026-27)

About Protiviti India

Protiviti India Member Private Limited brings substantial expertise to Ather Energy's internal audit function. The firm is positioned as one of the largest independent global consulting firms and operates as a subsidiary of Robert Half International, which is NYSE listed and part of the S&P 500 Index.

The consulting firm specializes in several core areas of expertise:

Risk Management

Process Advisory services

Internal Audits

ICFR (Internal Control over Financial Reporting)

Compliance Audits

SOX compliance

Technology Consulting

Business Consulting

Protiviti's Market Presence

Protiviti maintains a significant presence in the Indian market, serving a diverse client base across various sectors. The firm's credentials include:

Market Presence: Details Client Base: 150+ companies (listed and non-listed) Service Focus: Internal audit and related services Professional Team: 3,500+ professionals Team Composition: CAs, Engineers, Data Scientists, MBAs

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided detailed information as required under Schedule III Part A of the SEBI Listing Regulations, ensuring full transparency regarding the appointment process.

The re-appointment reflects Ather Energy's commitment to maintaining robust internal audit practices and regulatory compliance. With Protiviti's extensive experience in risk management and process advisory services, the partnership is expected to strengthen the company's internal control framework for the upcoming financial year.

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