Key Financial Performance Highlights (Consolidated, Q2 FY27)

  • Total Income: ₹1,527 crore, representing a 62% increase year-on-year (YoY).
  • Volume: 93,211 units sold, up 42% YoY.
  • EBITDA: ₹74.2 crore.
  • EBITDA Margin: 4.9%, an improvement of approximately 1,450 basis points from -9.6% in Q2 FY26. This marks the company's second consecutive EBITDA-positive quarter, following a 0.8% margin in Q1 FY27.
  • Profit After Tax (PAT): ₹1.26 crore, compared to a loss of ₹154 crore in Q2 FY26.
  • Adjusted Gross Margin (AGM): 24%, an improvement of 160 basis points YoY, achieved despite elevated input costs for aluminium, copper, lithium, and crude-linked plastics.
  • Non-Vehicle Revenue: Contributed 15% to revenue from operations (up from 12% a year earlier). This revenue stream primarily consists of AtherStack Pro, Ather Grid, accessories, spares, and service. 94% of customers opted for AtherStack Pro.

Operational and Demand Metrics

  • Industry Context: Electric two-wheeler registrations in India reached a record ~5.98 lakh units in Q2 FY27, up 82% YoY (Vahan data). Penetration rose to 11.2% for the quarter from 7.8% a year earlier.
  • Customer Enquiries: ~10 lakh enquiries in Q2 FY27, up 109% YoY.
  • Pre-orders: 1.80 lakh in Q2 FY27, more than doubling YoY.
  • Capacity Utilisation: The Hosur facility operated at 98% capacity utilisation during peak production in Q2 FY27.

Capacity Expansion Plans and Capex

To meet rising demand, the company announced plans to enhance its annual production capacity:

  • Hosur Facility: Capacity to be increased by 75,000 units, from 4.2 lakh to 4.95 lakh units. This expansion is expected to be completed by December 2026.
  • AURIC Facility (Chhatrapati Sambhajinagar): The new facility is on track for phased commercial production starting December 2026.
  • Phase 1 will have an annual capacity of 5 lakh units.
  • An additional expansion of 1.5 lakh units will be undertaken, taking the plant's total annual capacity to 6.5 lakh units.
  • This additional capacity is expected to commence production by Q2 FY28.
  • Total Combined Capacity: Upon completion of both expansions, the combined installed annual capacity across Hosur and AURIC will reach approximately 11.4 lakh units by Q2 FY28.
  • Investment: The company will invest approximately ₹122 crore across the two facilities to support these capacity enhancements.

Product Launches and Portfolio Update

  • Konarc Scooter: Launched on August 29, 2026. It is the company's first scooter built on the new EL platform, designed for everyday comfort and convenience. Key features include a metal body, long-travel suspension, an adjustable backrest, a 14-inch front wheel, and annual servicing. It introduces new technologies: MagicKey™ keyless access, AutoPop hands-free seat opening, AirWalk™ motor assist, and AeBS™ (Ather's in-house Advanced Electronic Braking System). It debuts the Bedrock™ battery with a 10-year warranty.
  • New Services: The company unveiled Ather TrueHealth™ (a vehicle health report) and AtherNode™ (a scalable charging solution for apartment complexes).
  • Portfolio: The company now has three product lines (450 series, Rizta, Konarc) offering 15 variants.

Management Commentary

Tarun Mehta, Co-founder & CEO, stated that the strong quarter was delivered despite surging commodity prices and supply chain disruptions. He highlighted the structural shift to electric two-wheelers across India and stated that demand has more than doubled YoY. He confirmed the capacity augmentation plans and noted that the Konarc model expands the company's reach to a wider customer set, indicating significant headroom for growth ahead.