ATHERENERG - Ather Energy
📢 Recent Corporate Announcements
Ather Energy Limited has announced a series of interactions with institutional investors and analysts scheduled throughout March 2026. The company will participate in virtual conferences hosted by Nirmal Bang on March 6 and Arihant Capital on March 11. A physical group meeting with sell-side analysts is also scheduled for March 16 in Mumbai. These interactions are intended to discuss publicly available information and improve institutional engagement.
- Virtual participation in Nirmal Bang Institutional Equities Conference on March 6, 2026
- Virtual participation in Arihant Capital’s Bharat Connect Conference on March 11, 2026
- Physical group meeting with sell-side analysts in Mumbai on March 16, 2026
- Company confirms that no Unpublished Price Sensitive Information (UPSI) will be shared during these meets
Ather Energy Limited has allotted 40,735 equity shares of face value Rs. 1 each to employees who exercised their options under the ESOP 2025 Plan. This action, approved via a circular resolution on February 27, 2026, increases the company's total paid-up share capital from 38,23,35,417 to 38,23,76,152 shares. The new shares will rank pari-passu with existing equity shares. The overall equity dilution resulting from this allotment is extremely minimal, representing less than 0.011% of the total capital.
- Allotment of 40,735 equity shares of face value Rs. 1 each.
- Paid-up share capital increased to Rs. 38,23,76,152.
- Shares issued pursuant to the Ather Energy ESOP 2025 Plan.
- Equity dilution is negligible at approximately 0.01% of total shares.
Ather Energy Limited has announced a physical meeting with investors and analysts scheduled for February 16, 2026, in Bangalore. The disclosure was made on February 11, 2026, in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements. The company has explicitly stated that the discussions will be based on publicly available information only. No unpublished price-sensitive information (UPSI) is expected to be shared during this interaction.
- Investor and Analyst Meet scheduled for February 16, 2026
- Meeting to be held in physical mode in Bangalore
- Compliance disclosure under SEBI (LODR) Regulations, 2015
- Management confirms no UPSI will be shared during the session
Ather Energy reported a robust Q3 FY26 with total income reaching approximately INR 1,000 crores, marking a 53% YoY growth. The company demonstrated significant operational improvement, with EBITDA margins expanding by 1,600 bps YoY to reach -3%, nearing breakeven. Sales volumes grew 50% YoY to 68,000 units, driven by the Rizta model and a record 18.8% market share in October. Non-vehicle revenue, including software and charging, now contributes a significant 14% to the total revenue mix.
- Quarterly sales volume reached 68,000 units, a 50% YoY increase, with cumulative sales crossing 5 lakh units.
- Adjusted Gross Margin (AGM) improved by 700 bps YoY to 25%, driven by COGS reduction and better subsidy claims.
- EBITDA losses narrowed to -3% (INR -29 crores), reflecting strong operating leverage and disciplined fixed-cost management.
- Software ProPack attach rate remained high at 91%, contributing to non-vehicle revenue reaching 14% of total income.
- Distribution network expanded to 600 stores pan-India, with a target to reach 700 stores by the end of FY26.
Ather Energy Limited has scheduled participation in three significant institutional investor conferences throughout February 2026. The company will attend the Axis Capital Flagship India Conference on February 10-11, followed by IIFL's 17th Enterprising India Global Investors' Conference on February 25. The schedule concludes with Kotak’s Chasing Growth 2026 Conference on February 26. All meetings are physical sessions held in Mumbai and will focus on publicly available information.
- Participation in Axis Capital's Flagship India Conference on February 10 and 11, 2026.
- Attendance at IIFL's 17th Enterprising India Global Investors' Conference on February 25, 2026.
- Engagement at Kotak’s Chasing Growth 2026 Conference on February 26, 2026.
- All three events are physical meetings scheduled to take place in Mumbai.
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared.
Ather Energy reported a strong financial performance for Q3 FY26, with revenue from operations growing 50% YoY to ₹9,536 million. The company demonstrated significant operational improvement by narrowing its net loss to ₹846 million, down from a loss of ₹1,978 million in the same period last year. Despite supply chain disruptions regarding magnets that led to a deferral of ₹245 million in incentives for the nine-month period, the company maintained QoQ revenue growth. Additionally, the board has approved a new insurance subsidiary to diversify revenue streams.
- Revenue from operations increased 50% YoY to ₹9,536 million in Q3 FY26 from ₹6,349 million in Q3 FY25.
- Net loss narrowed significantly to ₹846 million compared to ₹1,978 million in the year-ago quarter.
- Total income for the nine months ended December 2025 reached ₹26,093 million.
- Deferred ₹245 million in demand incentives for 9M FY26 due to temporary magnet supply chain deviations from PMP guidelines.
- Exceptional item of ₹50 million recorded due to increased liability from the enactment of New Labour Codes.
Ather Energy has officially released the audio recording of its earnings conference call held on February 02, 2026. The call focused on the company's unaudited financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the mandatory compliance under Regulation 30 of SEBI Listing Regulations. Investors can access the full discussion regarding operational updates and financial metrics via the company's investor relations website.
- Earnings call for Q3 and nine months ended December 31, 2025, concluded on February 02, 2026
- Audio recording made available to the public via the company's official media portal
- Compliance filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
- The recording provides management commentary on the unaudited financial results
Ather Energy's Nomination and Remuneration Committee has approved the grant of 64,882 Employee Stock Options (ESOPs) under the Ather Energy ESOP 2025 plan. These options are granted to eligible employees and are exercisable at a price of Rs 1 per share, which matches the face value. The exercise period is defined as five years from the date of vesting. This move is a standard corporate procedure aimed at employee retention and aligning staff incentives with company performance.
- Grant of 64,882 Employee Stock Options (ESOPs) approved on February 02, 2026
- Exercise price set at Rs 1 per share, equal to the face value of the equity
- Each option entitles the holder to one equity share of the company
- Exercise period is five years from the date of vesting
- The grant is governed by the Ather Energy ESOP 2025 plan as approved by shareholders
Ather Energy has approved the allotment of 4,94,266 equity shares to employees following the exercise of stock options under the Ather Energy ESOP 2025 Plan. This move increases the company's total paid-up share capital from 38,18,41,151 to 38,23,35,417 equity shares. The new shares carry the same rights as existing shares and will rank pari-passu in all respects. Such allotments are standard practice for technology-driven companies to retain and reward talent.
- Allotment of 4,94,266 equity shares with a face value of Rs. 1 each
- Total paid-up share capital increased to Rs. 38,23,35,417
- Shares issued to eligible employees under the Ather Energy ESOP 2025 Plan
- The equity dilution resulting from this allotment is approximately 0.13%
Ather Energy's Board has approved the formation of a 100% Wholly Owned Subsidiary (WOS) in Hong Kong as of February 02, 2026. The new entity is designed to support critical procurement functions and enhance supply chain resilience within the Asia-Pacific region. The investment will be executed through cash consideration for 100% of the initial paid-up share capital. This strategic move aims to optimize the company's sourcing capabilities for its core automotive business.
- Board approval for 100% Wholly Owned Subsidiary (WOS) in Hong Kong
- Primary objective is to strengthen procurement and APAC supply chain resilience
- Investment to be made via cash subscription for the entire initial share capital
- Move follows SEBI Regulation 30 disclosure requirements for listed entities
Ather Energy reported a robust Q3 FY26 with total income rising 53% YoY to ₹9,957 Mn, driven by a 50% surge in unit sales to 68,000 units. The company demonstrated significant operational leverage, with EBITDA margins improving by 1,600 bps YoY to -3%, nearing the break-even point. Adjusted Gross Margin expanded to 25%, supported by a 19% reduction in COGS per unit since FY24. Market share reached 18.8% in Q3, bolstered by the rapid scaling of the Rizta model and an expanded network of 600 experience centers.
- Total income increased 53% YoY to ₹9,957 Mn with 68,000 units sold in Q3 FY26.
- EBITDA margin saw a massive improvement of 1,600 bps YoY, narrowing to -3%.
- Adjusted Gross Margin reached 25%, up 700 bps YoY, fueled by cost optimizations.
- Market share climbed to 18.8% in Q3 FY26, with the distribution network doubling in one year to 600 centers.
- Non-vehicle revenue contribution stood at 14%, diversifying the income base beyond hardware sales.
Ather Energy reported its highest-ever quarterly revenue of ₹995.7 crore in Q3 FY26, representing a 53% YoY growth. The company achieved record quarterly volumes of 67,851 units, marking a 50% YoY increase and expanding its national market share to 18.8%. Notably, EBITDA margin improved significantly by 1,600 bps YoY to (-3%), with the quarterly EBITDA loss narrowing to ₹29.9 crore. Non-vehicle revenue, including software and services, now contributes 14% to the total revenue, indicating a diversifying and maturing business model.
- Highest-ever quarterly revenue of ₹995.7 crore, up 53% YoY, driven by 50% volume growth.
- EBITDA margin improved by 1,600 bps YoY to (-3%), with EBITDA loss narrowing to ₹29.9 crore.
- Adjusted Gross Margin (AGM) surged 111% YoY to ₹251.3 crore, with AGM excluding incentives at 23%.
- Pan-India market share reached 18.8%, with South India maintaining leadership at 24.4%.
- Operational footprint expanded to 600 Experience Centres and 4,357 fast-charging points.
Ather Energy reported its Q3 FY26 results, notably deferring ₹1,240 million in revenue recognition from government incentives due to supply chain disruptions in rare earth magnets. The company has deferred a total of ₹3,150 million in incentives for the nine-month period as it navigates temporary manufacturing deviations from PMP guidelines. To mitigate these risks, the board approved the incorporation of a wholly-owned subsidiary in Hong Kong to strengthen its APAC procurement and supply chain. Additionally, the company allotted 4,94,266 equity shares under its ESOP 2025 plan.
- Deferred ₹1,240 million in demand incentive revenue for Q3 FY26 due to magnet supply disruptions from China.
- Total deferred revenue for the nine-month period ended December 31, 2025, reached ₹3,150 million.
- Approved the incorporation of a Wholly Owned Subsidiary in Hong Kong to enhance supply chain resilience.
- Allotted 4,94,266 equity shares of ₹1 face value to employees under the ESOP 2025 Plan.
- The company remains in a loss-making phase as it scales operations post its May 2025 listing.
Ather Energy Limited has scheduled its Q3FY26 earnings conference call for Monday, February 02, 2026, at 05:30 PM IST. This follows the Board of Directors meeting scheduled for the same day to approve the financial results for the quarter. The call will feature key management including CEO Tarun Sanjay Mehta and CFO Sohil Dilipkumar Parekh. Investors can participate via universal dial-in numbers or pre-registration to discuss the company's latest financial performance and operational updates.
- Earnings conference call scheduled for February 02, 2026, at 05:30 PM IST
- Board meeting to approve Q3FY26 financial results is also set for February 02, 2026
- Management participants include Executive Director & CEO Tarun Sanjay Mehta and CFO Sohil Dilipkumar Parekh
- Universal dial-in numbers provided: +91 22 6280 1487 and +91 22 7115 8381
- International access available for investors in Singapore, UK, Hong Kong, and USA
Ather Energy Limited has announced the successful passing of a postal ballot resolution for the appointment of Mr. Vivek Anand as a Non-Executive Non-Independent Director. The resolution received overwhelming support, with 99.84% of the 309.39 million votes polled in favor. Approximately 81.12% of the company's total outstanding shares participated in the e-voting process. This high level of shareholder consensus reflects strong institutional and promoter backing for the board's composition.
- Appointment of Mr. Vivek Anand as Non-Executive Non-Independent Director approved by 99.84% of votes.
- Total voter turnout was 81.12% of outstanding shares, with 309,391,891 votes polled.
- Promoter and Promoter Group participation was 100%, with all 156,008,716 shares voting in favor.
- Public Institutional participation was high at 87.73%, with 99.69% of those votes supporting the resolution.
- The resolution was passed as an Ordinary Resolution via a remote e-voting process concluded in January 2026.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 29% YoY to INR 2,255.0 Cr in FY25. The revenue mix consists of Sale of Vehicles at 88% (INR 1,984.4 Cr) and Sale of Non-vehicle products/services at 12% (INR 270.6 Cr), which grew from a 10% contribution in FY24.
Geographic Revenue Split
Not specifically disclosed by percentage, but management identifies a performance gap between 'mature states' and 'newly emerging states,' with mature states showing higher accessory attach rates and service revenue compounding.
Profitability Margins
Gross margins improved significantly from 9% in FY24 to 19% in FY25. Net profit margin improved from -60.42% to -36.02% as the company reduced its annual loss by 23% to INR 812.3 Cr.
EBITDA Margin
EBITDA margin improved by 1,300 bps from -36% in FY24 to -23% in FY25 (INR -530.7 Cr). In Q2 FY26, the EBITDA margin further improved to -10%, a 1,100 bps YoY improvement driven by operating leverage.
Capital Expenditure
Total non-current assets increased by 38% to INR 943.8 Cr in FY25, reflecting heavy investment in manufacturing facilities (Factory 3.0), R&D facilities, and internally generated intangible assets.
Credit Rating & Borrowing
Finance costs increased 24% to INR 110.6 Cr in FY25 due to higher borrowings. The Debt-Equity ratio rose from 0.88 to 1.26 as the company took on more debt while equity was eroded by losses.
Operational Drivers
Raw Materials
Cost of materials consumed represents 79% of total income (INR 1,826.9 Cr). Key components include LFP (Lithium Iron Phosphate) battery cells and materials for E2W chassis and drivetrains.
Import Sources
Not specifically disclosed, though the company manages foreign currency exposure related to operating activities, suggesting significant imports of electronic components or battery cells.
Capacity Expansion
Expanding manufacturing through 'Factory 3.0' and a new planned facility in Aurangabad to elevate volumes and margins over the next two years.
Raw Material Costs
Raw material costs as a percentage of total income decreased from 88% in FY24 to 79% in FY25, reflecting better procurement and design efficiencies.
Manufacturing Efficiency
Inventory turnover ratio improved 19.15% to 10.39 times in FY25, indicating higher efficiency in moving stock despite the ramp-up of the new Rizta model.
Logistics & Distribution
Distribution costs are kept low by utilizing a pure-play EV model that avoids adding fixed costs for company-owned logistics and stores.
Strategic Growth
Expected Growth Rate
67%
Growth Strategy
Growth is driven by the ramp-up of the Ather Rizta family scooter, expansion of the retail network, and increasing 'accessory attach rates.' Management expects operating leverage from the new Aurangabad factory and software upselling to drive the path to profitability.
Products & Services
Electric Two-Wheelers (E2Ws), extended battery warranties, subscription-based software services, and vehicle accessories.
Brand Portfolio
Ather, Ather Rizta, Ather 450X, Ather 450S, Ather 450 Apex.
New Products/Services
Ather Rizta (family-oriented E2W) and EL (upcoming model) are expected to be major volume drivers.
Market Expansion
Expanding into new geographic 'emerging states' and increasing store stabilization to maintain Average Selling Prices (ASPs).
Market Share & Ranking
11.4% market share in the E2W segment as of May 2025, slightly down from 11.5% in the previous year.
External Factors
Industry Trends
The industry is shifting toward LFP battery chemistry for better cost structures. Management believes EV gross margins will eventually exceed ICE (Internal Combustion Engine) margins due to software and accessory upselling.
Competitive Landscape
Maintains a steady ~11% market share against competitors in a rapidly growing E2W market.
Competitive Moat
Moat is built on a 'pure-play' EV architecture, proprietary software stack, and a lean distribution model. This is sustainable because it avoids the legacy costs of ICE manufacturers transitioning to EV.
Macro Economic Sensitivity
Highly sensitive to government EV policy and subsidy schemes (FAME, EMPS, PM E-Drive), which directly impact the 'Adjusted Gross Margin' by approximately 700-1000 bps.
Consumer Behavior
Increasing demand for family-oriented electric scooters (driving Rizta sales) and higher acceptance of subscription-based vehicle software.
Geopolitical Risks
Exposure to foreign currency fluctuations suggests vulnerability to trade barriers or supply chain disruptions in the global battery component market.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the FAME, EMPS, and PM E-Drive schemes. Compliance with VAHAN data reporting and safety standards for E2Ws is mandatory.
Environmental Compliance
Not specifically disclosed in INR, but the company maintains systems to monitor compliance with environmental and labor laws.
Taxation Policy Impact
Current tax rate is 0% due to accumulated losses of INR 812.3 Cr in FY25 and INR 1,059.7 Cr in FY24.
Legal Contingencies
No applications or proceedings were pending under the Insolvency and Bankruptcy Code (IBC) during the financial year.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'subsidy cliff'—the potential margin compression when PM E-DRIVE incentives expire in April 2026, which currently bridge a 7-9% margin gap.
Geographic Concentration Risk
Revenue is concentrated in India, with a strategic focus on scaling from 'mature' to 'emerging' domestic states.
Third Party Dependencies
Dependent on banking facilities and Series G CCPS (INR 600 Cr) for liquidity to fund operating losses of INR 720.7 Cr.
Technology Obsolescence Risk
Risk of battery chemistry shifts (e.g., transition to LFP) is managed by active R&D and a workforce of 1,617 employees focused on product evolution.
Credit & Counterparty Risk
Trade receivables turnover ratio dropped 73% due to an increase in average trade receivables, indicating a potential slowdown in cash collection from dealers.