Financial Performance (Consolidated Basis)

Q2 FY27 Key Metrics:

  • Vehicles Sold: 93,000 units (42% growth vs. Q2 FY26)
  • Revenue from Operations: ₹1,464.24 Crore (63% YoY growth)
  • Adjusted Gross Margin: 24% (vs. 22% in Q2 FY26)
  • EBITDA: ₹74.17 Crore (Positive; vs. EBITDA loss of ₹(90.76) Crore in Q2 FY26)
  • EBITDA Margin: 5% (vs. -10% in Q2 FY26)
  • Profit for the period: ₹1.26 Crore (Positive; vs. loss of ₹(154.07) Crore in Q2 FY26)
  • Profit Margin: 0%^ (vs. -16% in Q2 FY26)
  • Working Capital Days: (36) days (vs. (50) days in Q2 FY26)
  • E2W Market Share: 15.1% (vs. 17.2% in Q2 FY26)

Revenue Mix:

  • Sale of Vehicles: 85% of total revenue
  • Sale of Non-Vehicles: 15% of total revenue
  • Revenue per unit of 2W Vehicle Sold: ₹133,507 (vs. ₹120,183 in Q2 FY26)

Operational Highlights

Market & Demand:

  • The electric two-wheeler (E2W) industry achieved its highest ever registrations in Q2 FY27.
  • Ather reported a 60% YoY growth in its own registrations.
  • Consumer enquiries and pre-orders more than doubled.
  • Strong growth was seen across all geographies: South India, Middle India, and Rest of India.
  • E2W penetration reached its highest ever level across the country.

Capacity Expansion:

  • Capacity is being enhanced at the existing Hosur plant and the new AURIC Phase 1 plant to capture surging demand.
  • A further investment of ₹58 Crores is planned for Hosur and ₹64 Crores for AURIC Phase 1.
  • Factory 3.0 in Chhatrapati Sambhaji Nagar is on track and expected to be operational in Q3 FY27.

New Product Launches & Features (Ather Community Day 2026):

  • Ather TrueHealth™: A comprehensive health report for scooters, including component health and estimated resale value.
  • Ather Node™: A solution for scalable EV charging in apartments featuring automatic queuing, smart load management, and customised billing.
  • Ather Bedrock™: 5th generation batteries with a 10-year/1 lakh km warranty and a 70% State of Health (SOH) guarantee. Features include Real-time BreachSense™ micro-leak detection and 5x better cell balancing.
  • AirWalk™: A gentle motor assist feature that makes pushing the scooter at walking pace feel light.
  • MagicKey: A keyless experience system featuring lost key detection, SmartWake™, an offline authenticator, and jump charge capability.
  • AutoPop: Hands-free, automated opening of the under-seat storage, operable from a distance or via a button.
  • AeBS (Ather Braking System): A new braking technology developed in-house.

Unit Economics & Commodities:

  • The company faced near-term headwinds from rising commodity prices, specifically:
  • Aluminium: Prices elevated due to West Asia & China supply disruption and rising demand from grid electrification and AI data centers.
  • Copper: Deepening mine deficit and demand from AI and green energy transition, with US tariff threats affecting prices.
  • Plastics: Prices impacted by West Asia conflict disruption but are easing from Q1 FY27 peaks.
  • Memory: Shortages and rising costs due to AI memory (HBM) prioritization by chip makers.
  • Despite this pressure, the Adjusted Gross Margin improved to 24%, and EBITDA turned sharply positive.
  • The attach rate for AtherStack Pro remained consistent despite a more than 5x volume surge.

Forward-Looking Statements

The presentation contained forward-looking statements concerning plans, expectations, strategy, growth, product development, market position, expenditures, and financial results. The company noted that these statements are based on assumptions and that actual results could differ materially.