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Results · Mobility & Logistics

Ather Energy narrows loss, revenue jumps 89%

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Date
Company
Ather Energy
What it does
Electric scooter manufacturer
Kind
Results
Stage
public
Founded
2013
Sector
Mobility & Logistics

What they do

Ather Energy makes electric scooters and sells them in India

What happened

Q1 FY27 net loss narrowed to ₹51 crore from ₹178 crore; revenue rose 89% to ₹1,217 crore

Why it matters

The company turned EBITDA positive for the first time, signalling improving unit economics

The details

  • Ather Energy reported Q1 FY27 results with a net loss of ₹51 crore, narrowing from ₹178 crore a year ago.
  • Revenue from operations rose 89% to ₹1,217 crore.
  • Consolidated total income was ₹1,260 crore, up 87.2% year-on-year.
  • The company posted a positive consolidated EBITDA of ₹9 crore, compared to a loss of ₹106 crore last year.
  • Operating loss (EBITDA loss) improved to ₹33 crore from ₹134 crore.
  • Ather delivered 83,173 electric scooters in Q1, an 81% year-on-year growth.
  • Customer enquiries reached 707,000, up 95%, and pre-orders hit 150,000, up 158%.
  • The stock hit an all-time high of ₹1,500 on 4 August 2026, giving a market capitalisation of about ₹57,000 crore (~$6 billion).

The bigger picture

  • EV penetration in India crossed 10% for the first time in June 2026, signalling an inflection point.
  • Electric two-wheeler penetration stood at 11%, with electric scooter penetration above 25%.
  • Ather's market share in electric two-wheelers was 16.8% in Q1.
  • Commodity cost pressures (copper, aluminium, lithium) caused a 560 basis point hit in Q1, but the company expects the impact to ease.
  • Brokerages are bullish: 13 'Buy' ratings, zero 'Sell', with a consensus target price of ₹1,506.60.

About the business

  • Ather Energy was founded in 2013 and is a pure-play electric vehicle company.
  • It designs key components in-house, including battery packs and AtherStack software.
  • Main products are the premium 450 series and the Rizta family scooter.
  • Revenue comes from vehicle sales, software subscriptions, charging services, accessories, spares, and servicing.
  • Service business is the biggest ancillary revenue growth driver; Tier 2 and Tier 3 cities contribute the most to sales volumes.
  • Ather is the number one electric two-wheeler firm in south India.
  • The AtherStack software platform provides over-the-air updates, real-time diagnostics, and mobile integration; 100% of the software stack and 80% of essential hardware are built in-house.
  • Non-vehicle revenue streams made up 14% of operating revenue in Q1, up from 13% a year ago.

What happens next

  • Ather will launch the EL platform scooter on 29 August 2026, priced between ₹1 lakh and ₹1.20 lakh.
  • The EL platform features steel frames, simplified transmission, better localisation, Ather Charge Drive Controller, and Advanced Electronic Braking System.
  • The EL scooter is expected to nearly double the total addressable market and lower costs meaningfully.
  • Production of the EL scooter has started at the Hosur plant and will shift to the AURIC facility.
  • Combined EL scooter manufacturing capacity will be 60,000 units per month across Hosur and AURIC.
  • Factory 3.0 at AURIC (Phase 1) will have an annual capacity of 500,000 units, commissioning in Q3 FY27.
  • Total installed capacity after Phase 1 will be 920,000 units annually (Hosur 420,000 + AURIC 500,000).
  • Phase 2 of AURIC will bring total capacity to 1.42 million units.
  • The company may accelerate Phase II ramp-up if demand remains strong and won't need additional money for Phase 2.
  • A motorcycle launch remains more than two years away.
  • Management targets a market share of >25% in electric two-wheelers.
  • Average selling prices are expected to soften by ₹2,000–₹3,000 per unit after the EL platform launch, but not in the near term.
  • Management expects adjusted gross margin >25% over the long term and margins to start inching up over the next two quarters.
  • Residual commodity cost impact is expected to be 100–200 basis points in Q2.
  • Some costs could rise as the AURIC facility ramps up, likely from Q4 FY27.

Founders

  • Tarun Mehta, Co-founder & CEO
  • Swapnil Jain, Co-founder

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