New Delhi, May 5 -- Ather Energy's March quarter (Q4FY26) results are a classic case of operating leverage in action. While revenue surged 74% year-on-year to Rs.1,175 crore, matching market expectations, net loss narrowed significantly, shrinking 57% to Rs.100 crore.

However, investors remain cautious despite these gains. Volume growth was robust, supported by rapid network ramp-up (700 experience centres versus 350 last year) and the continued success of the Rizta scooter. The company also significantly expanded its service and charging networks. Despite higher spends on marketing and expansion, margins improved with operating leverage.

Ather is now the third-largest electric two-wheeler company by volume, with a market share above 18...