Ather Energy Block Deal: NIIF likely to sell up to 1.92% stake for ₹534 crore

Sources privy to the developments told CNBC-TV18 that the National Investment and Infrastructure Fund (NIIF) is likely to sell up to 1.92% stake in electric two-wheeler maker Ather Energy Ltd through a block deal.

The offer size is estimated at ₹533.5 crore, with the deal price expected in the range of ₹705.7 to ₹727.55 per share. The floor price for the block sale is set at a discount of up to 3% to the current market price.

Third quarter results

Ather Energy reported a significantly narrower net loss for the third quarter, with losses standing at ₹83.6 crore against ₹197.6 crore in the same period last year.

Also Read: Ather moves closer to breakeven as volumes rise and software revenue grows

Revenue for the quarter grew 50% year-on-year to ₹953.6 crore, up from ₹635 crore in the corresponding quarter of the previous year. The growth was driven by robust volume expansion and a higher contribution from non-vehicle revenue streams such as software subscriptions, charging, accessories, spares and service, which increased to 14% of overall revenue.

The strong revenue performance was accompanied by a sharp improvement in margins. Adjusted gross margin (AGM) rose 111% year-on-year to ₹251.3 crore in Q3FY26. AGM excluding incentives improved to 23%, up around 1,100 basis points year-on-year.

On the operating front, EBITDA loss reduced to ₹72 crore during the quarter, compared with ₹140 crore a year earlier. The EBITDA margin also improved (-3%), aided by better unit economics, disciplined cost management and operating leverage as volumes scaled.

Also Read: Ather Energy shares surge 6%, CEO says rare earth issue behind us

During the quarter, Ather sold 67,851 units, marking its highest quarterly volumes and delivering 50% year-on-year growth. The company’s pan-India market share expanded to 18.8% in Q3FY26. Festive demand supported performance, with Ather recording its highest monthly registrations of 30,900 units, translating into a 20% market share.

Shares of Ather Energy Ltd ended at ₹725.10, down by ₹0.20, or 0.028%, on the BSE today, February 10.