Ather Energy Block Deal: NIIF to Sell 1.92% Stake Worth ₹533.5 Crore

On Wednesday, February 11, 2026, the electric 2-wheeler (E2W) maker, Ather Energy shares are on investors' radar as the National Investment and Infrastructure Fund (NIIF) is likely dilute stake via a block deal, as reported by CNBC-TV18. 

Ather Energy Block Deal Details

Under the proposed transaction, NIIF plans to sell up to a 1.92% stake in the company. The total offer size is estimated at around ₹533.5 crore, with the deal expected to be priced between ₹705.7 and ₹727.55 per share. The floor price has reportedly been set at a discount of up to 3% to the prevailing market price.

Ather Energy Q3FY26 Earnings Highlights

For the quarter ended December 2025 (Q3FY26), Ather Energy delivered a strong financial performance. The company reported total income of ₹995.7 crore, marking a robust 53% year-on-year growth. The increase was driven by healthy volume expansion and a growing contribution from non-vehicle revenue streams—including software subscriptions, charging services, accessories, spares, and after-sales service—which accounted for 14% of total revenue during the quarter.

Revenue growth was complemented by a sharp improvement in margins. Adjusted Gross Margin (AGM) surged 111% YoY to ₹251.3 crore in Q3 FY26. AGM excluding incentives improved to 23%, reflecting an expansion of nearly 1,100 basis points YoY. The margin improvement was supported by strong value engineering initiatives and the company’s ability to command premium pricing, underscoring its focus on strengthening unit economics and building structurally higher margins.

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Operating performance also improved significantly. The EBITDA margin narrowed to (-3%), aided by better unit economics, disciplined cost control, and operating leverage as volumes scaled up. EBITDA loss reduced to ₹29.9 crore, while the net quarterly loss narrowed 45% compared to Q2 FY26, signaling steady progress toward profitability.

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