Ather Energy Share Price Experience Volatility in November Amid Heavy Supply from Lock in Expiry

In November 2025 Ather Energy shares saw volatility as the 6-month shareholder lock-in period came to an end. 

Ather Energy traded between ₹582 and ₹708 during November 2025. The stock saw an 11% fall on November 6,2025 when the 6-month shareholder lock in expired, making 16,23,00,000 shares, or 44% of outstanding equity, eligible for trading. 

Q2 FY26 Revenue and Sales Growth 

For the quarter ended September 30, 2025, total income increased 57% year on year to ₹940.7 crore, the company’s highest quarterly revenue. Unit sales rose to 66,000, reflecting 67% year on year and 42% quarter on quarter growth, helping Ather Energy achieve a 17.4% market share nationwide. 

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Improvement in Margins and Profitability Metrics 

Adjusted gross margin expanded to ₹210.6 crore, or 22% of revenue, marking an 84% year on year increase. Excluding subsidies, adjusted gross margin stood at 21%, supported by a 100 basis points quarter on quarter and 900 basis points year on year improvement.  

EBITDA loss narrowed to ₹90.7 crore, bringing losses to less than negative 10% for the first time. Net loss reduced to ₹154.1 crore compared with ₹197.2 crore in Q2 FY25. The company also reported a one time impact of around ₹20 crore due to rare earth supply constraints affecting subsidy filings. 

Distribution Expansion and Market Share Gains 

The retail network increased by 78 stores, reaching 524 experience centres, keeping the company on track for its 700-store objective. Middle India contributed significantly to growth as market share jumped from 4% in Q1 FY25 to 14.5% in Q2 FY26. Regional performance included Gujarat at 20 to 25%, Maharashtra at 15% and Madhya Pradesh at 10%. South India maintained a 25% share, with Ather Energy holding the top position across all southern states. 

Ather Energy Share Price Performance 

As of November 19, 2025, at 11:05 AM, Ather Energy share price was trading at ₹686.15 up by 2.65% from the previous closing price. 

Conclusion 

Ather Energy’s Q2 FY26 results highlight rising revenue, better margins and an expanding retail footprint. Share price fluctuations in November 2025 followed the lock in expiry, yet operational metrics indicate continued momentum in sales and market share expansion. 

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