Financial Performance Overview

Ather Energy Limited reported strong growth in FY26 with revenue from operations increasing 63% to ₹3,671.76 crores (from ₹2,255.01 crores in FY25) and vehicle sales growing 69% to 262,942 units. However, the company reported a net loss of ₹517.17 crores, showing improvement from the previous year's loss of ₹812.28 crores. Total assets increased to ₹4,487.60 crores from ₹2,264.93 crores, while total equity expanded significantly to ₹2,572.63 crores from ₹492.99 crores.

AGM Proceedings and Resolutions

The company convened its 13th Annual General Meeting on August 19, 2026, through video conferencing. Key resolutions included:

  • Adoption of audited financial statements for FY25-26
  • Re-appointment of Mr. Ram Kuppuswamy as Non-executive Director
  • Re-appointment of Deloitte Haskins & Sells as statutory auditors for a second five-year term
  • Extension of ESOP benefits under the 'Amended and Restated Ather Energy ESOP Plan 2025' to employees of subsidiary companies

The ESOP plan had a total pool of 26,656,428 options, with 8,723,781 options outstanding as of July 27, 2026.

Capital Markets and Funding Activities

Ather Energy completed its Initial Public Offering on May 6, 2025, issuing 92,867,945 equity shares at ₹321 per share. The offering comprised a fresh issue of 8.18 crore shares aggregating ₹2,626 crores and an offer for sale of 1.10 crore shares. As of March 31, 2026, the company had utilized ₹139.63 crores of the ₹927.20 crores allocated for capital expenditure on a new factory.

Expansion and Investments

The company invested ₹95.51 crores in a 100-acre land lease for a new electric two-wheeler manufacturing facility in Maharashtra. Capital work-in-progress increased significantly from ₹5.67 crores to ₹102.61 crores, while intangible assets under development grew to ₹237.57 crores from ₹116.27 crores.

Operational Highlights and Market Position

Ather Energy expanded its experience centers to 700 from 351 and maintained a charging network of 6,000+ points. The company achieved a national market share of 17.1% and crossed production of 500,000 vehicles. The R&D team comprised 856 engineers, representing 42% of the workforce.

Corporate Governance and Compliance

The company demonstrated strong compliance with SEBI LODR Regulations, Companies Act, 2013, and other regulatory requirements. Voting for the AGM was conducted electronically via the NSDL platform, with CS Biswajit Ghosh appointed as scrutinizer. The financial statements were prepared in accordance with Indian Accounting Standards (Ind AS).

Significant Shareholdings and Leadership

Hero MotoCorp Limited remained the largest shareholder with 30.07% stake. Founders Tarun Sanjay Mehta and Swapnil Babanlal Jain each held 5.03% stakes. The leadership team, including CEO Tarun Mehta, CTO Swapnil Jain, CFO Sohil Parekh, and Company Secretary Puja Aggarwal, signed off on the financial statements and compliance documents.

Subsequent Events and Future Outlook

The company approved incorporation of two wholly owned subsidiaries for insurance offerings and procurement functions. The management remains focused on expansion, R&D investment, and leveraging the successful IPO proceeds to drive future growth in the competitive electric vehicle market.