Ather’s Profitability Puzzle: How Will It Balance Growth, Profit, and a Competitive EV Market?

As the dust settles on Ather Energy, India’s first mainline IPO of FY26, investor sentiment has been one of caution. For many, the company remains a high-stakes bet in an increasingly competitive EV market. 

They point out that despite being a pioneer, Ather Energy continues to operate in the red, with slowing growth: Even as FY24 saw a modest increase in volumes to 1.1 lakh from 92,093 units, revenue dipped by 2% to Rs 1,753.8 crore, while net loss widened to Rs 1,059.7 crore from ₹864.5 crore. In the quarterly-earnings-obsessed equity markets, such numbers evoke skepticism. 

“Ather Energy’s ...