Ather Energy Limited · NSE:ATHERENERG
Ather Energy — Q4 FY26 Earnings Presentation
41 slides from Ather Energy's earnings presentation, May 4, 2026
Slide 1: Investor Presentation filing letter to NSE and BSE
May 04, 2026 To To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, 1st Floor, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Mumbai 400051 Dalal Street Mumbai – 400001 NSE Symbol: ATHERENERG Scrip Code: 544397 Sub: Investor Presentation for the
Slide 2: Earnings Call Q4 FY26
s Call Earning FY 26 Q4 FY 26 i ~ = 7 . ae ~@s a & mY S.
Slide 3: Forward Looking statement disclaimer
Forward Looking statement disclaimer This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expect
Slide 4: FY 26 - A breakthrough year
FY 26 - A breakthrough year Q4 FY 26 & Full-Year FY 26 results Volume & Financials Network & Brand Product & Ops 18.6%1 700 643 Q4 FY 26 Market Share Experience Centres as on Mar’26 Patents Filed as on Mar’26 +1,100 bps vs Q1 FY 25 2x increase in EC’s count YoY | +349 additions +283 in FY 26 - highe
Slide 5: Financial Highlights
Financial Highlights Q4 FY 26 Financial Year 2025 - 2026 83kUnits Sold 1,214 Cr Total Income 263k Units Sold 3,823 Cr Total Income +76% YoY | +23% QoQ +76% YoY | +22% QoQ +69% YoY +66% YoY 309 Cr 1 Adjusted Gross Margin 25% Adjusted Gross Margin % 2 925 Cr Adjusted Gross Margin 1 24% Adjusted Gross
Slide 6: Network doubled in one year with steady EC additions
Network doubled in one year with steady EC additions Achieved national presence expansion with 7001 stores 700 +100 2x 600 ~75% +76 EC expansion driven by existing 524 dealers2 +78 446 +95 ECs added during 351 the period +133 FY 25 Q1’26 Q2’26 Q3’26 Q4’26 Note: 1. In India; 2. Existing dealers are t
Slide 7: Zonal footprint
Zonal footprint Nurture 104% Rest of India Arunachal Pradesh, Assam, Bihar, Haryana, Himachal Pradesh, Rest of Jharkhand, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, India Rajasthan, Sikkim, Tripura, Uttar Pradesh, Uttarakhand, West Bengal, Chandigarh, Delhi, Jammu & Kashmir, Ladakh Grow Middle 1
Slide 8: Deepening distribution & expanding market presence across India
Deepening distribution & expanding market presence across India Nurture 104% 3.8% 12.1% Rest of Rest of India India Grow Middle 125% 4.1% Middle 17.3% India India South South India 81% 13.2% India 23.5%* Maintain YOY EC additions1 Q1 FY 25 Market Share Q4 FY 26 Note: 1. Percentage increase in EC cou
Slide 9: 18.6% market share & 76% YoY wholesale volume growth in Q4 FY 26
18.6%* market share & 76% YoY wholesale volume growth in Q4 FY 26 Increasing market share1 with distribution expansion 76% YoY growth in wholesale Units 83,418 New Product ➤ Larger TAM ➤ Same Store Growth More Stores 18.8% 67,851 18.6%* 65,595 17.4% +76% 14.3% +50% 13.6% +67% 47,411 46,078 45,252 60
Slide 10: Growing nationwide: Rapid market share gains across India
Growing nationwide: Rapid market share gains across India 17.3% market share in Middle India1 Rizta-led growth (Gujarat & Odisha) Market share New Product ➤ Larger TAM ➤ Same Store Growth More Stores 17.4% 17.3% 19.7% 18.3% 19.2% 14.6% 14% 13.7% 11.9% 10.7% 10% 8.8% 8.8% 9.5% 4.1% 4.1% Q1’25 Q2’25 Q
Slide 11: Growing nationwide: Rapid market share gains across India
Growing nationwide: Rapid market share gains across India Distribution-led growth (Maharashtra, Madhya 17.3% market share in Middle India1 Pradesh & Chhattisgarh) Market share Larger TAM ➤ More Stores 17.4% 17.3% 14.6% 16.5% 16.6% 13.1% 10.7% 9.5% 9.5% 8.8% 8.8% 8.4% 8.2% 7.8% 4% 4.1% Q1’25 Q2’25 Q3
Slide 12: Growing nationwide: Rapid market share gains across India
Growing nationwide: Rapid market share gains across India 12.1% market share in Rest of India1 Significant growth in key states Market share Punjab 12.3% 13.9% 11.9% 1.9% 7.9% 12.6% 12.1% Rajasthan 9.7% 13.0% 15.8% 14.0% 10% 3.4% 7.4% Himachal Pradesh 15.3% 6.5% 9.3% 6.1% 6.0% 1% 1.2% 4.0% 3.8% Bihar
Slide 13: Market resilience in South India
Market resilience in South India South India1 has seen rapid surge in volume, Ather has maintained its strong foothold Growing deeper in South India1 +81% 25.0% 41* 24.4% 22.9% 23.5%* 21.7% 22.0% 36 32 19.1% FY 25 FY 26 27 27 ECs added in 25 South India YoY 23 ECs added before FY26 13.2% 12 ECs adde
Slide 14: COGS reduction fueling Gross Margin growth
COGS reduction fueling Gross Margin growth Adjusted Gross Margin1 COGS4 per unit reduction INR 925 Cr 30% Adjusted Gross Margin1 19% in FY 26 24% 19% 20% 21% 148,918 9% 9% 24% 10% 12% 120,777 110,199 0% Adjusted Gross Margin %2 in FY 26 (6%) (10%) FY 24 FY 25 FY 26 Adjusted Gross Adjusted Gross FY 2
Slide 15: Consistent focus on ecosystem: Expanding margins and deepening moats
Consistent focus on ecosystem: Expanding margins and deepening moats Attach rate1 consistent at 93% even with ~4.5x volume surge 89% 91% 92% 88% 89% 89% 91% 93% 81,425* 71,936 56,948 43,546 44,869 42,981 36,846 18,006 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Total Registrations Attach Rate1 N
Slide 16: Our fastest fast charger
Consistent Consistent focus focus onon ecosystem: ecosystem: Expanding Expanding margins margins and and deepening deepening moats moats Our fastest Charging sessions grew by 2.2x along with grid fast charger 7.7 5.2 6,000+ 3.5 4,500+ 3,000+ Day’s charge in 10 minutes FY 24 FY 25 FY 26 6,000+ Ather
Slide 17: Network enabling intercity rides
Network enabling intercity rides Expansive Ather Grid that allows smooth intercity connectivity across regions Middle Rest of South India India India Ather Grid’s dense network 13% Non-Ather users charging in Ather’s charging infrastructure1 Note: 1. For FY 26 16
Slide 18: LEAF: Ather leads industry-wide charging standardization
LEAF: Ather leads industry-wide charging standardization Consortium of industry leaders aimed at building LECCS based charging infrastructure Operated on LECCS — building Tackles network 20+ Stakeholders of OEMs, one standard for all E2W fragmentation to accelerate EV CPOs, suppliers & providers cha
Slide 19: EBITDA Margin improves by 2080 bps YoY
EBITDA Margin improves by 2080 bps YoY 2960 bps EBITDA1 improvement in 2 years YoY EBITDA1 improvement 0% (6.7%) Q4 FY 25 Q4 FY 26 (10%) ~2080 (2.5%) (23%) (20%) (23.3%) bps improvement YoY (30%) (36.3%) (40%) FY 24 FY 25 FY 26 EBITDA Margin % Note: 1. EBITDA margin is calculated as Earnings before
Slide 20: Supply chain challenges mitigated through FY26
Supply chain challenges mitigated through FY26 Diversified procurement & inventory positioning protected gross margin What hit us What we did Rare-earth magnets crisis Strategic sourcing & Inventory planning Leveraged supply chain partnerships to secure production Export controls disrupted the global
Slide 21: Near term headwinds in commodities
Near term headwinds in commodities Commodity price inflation 2W commodity cost index1 133 +41% 114 Rise in aluminium & non-ferrous metals price1&2 107 100 +103% Rise in precious metals Q1’26 Q2’26 Q3’26 Q4’26 price1&2 HSBC commodity index Company estimates Commodity price movement3 Note: 1. Source: H
Slide 22: EL - Scooter Platform
EL - Scooter Platform Designed to meet the evolving and diverse needs of electric scooter buyers 21
Slide 23: EL - Scooter Platform
EL - Scooter Platform Designed to meet the evolving and diverse needs of electric scooter buyers Versatility Safety Convenience Cost Optimisation EL Platform EL 01 22
Slide 24: EL - Scooter Platform
EL - Scooter Platform Designed to meet the evolving and diverse needs of electric scooter buyers Versatile platform Larger wheel Ather Charge-Drive Onboard charger Controller Advanced Electronic Braking System 23
Slide 25: Current price segments in the Indian E2W market
Current price segments in the Indian E2W market Category Price bucket Premium > 1.5 lakh Ex-showroom prices in Dec 2025 (INR) Mass 1.25 - 1.5 lakh Premium Mass 1.00 - 1.25 lakh Entry < 1.00 lakh Source: Volumes and Skew: Vahan, Prices are Ex-SW Bangalore for Dec‘25 24
Slide 26: Ather's growing strength in the mass premium market
Ather’s growing strength in the mass premium market El -enabled Category Price bucket No. of variants No. of Ather variants2 growth lever (BOTV1) Premium > 1.5 lakh 4 6 EL to Ex-showroom prices in Dec 2025 (INR) Mass expand Premium 1.25 - 1.5 lakh 6 3 margins EL to Mass 1.00 - 1.25 lakh 12 0 expand
Slide 27: Factory 3.0 Chhatrapati Sambhaji Nagar
Factory 3.0 Chhatrapati Sambhaji Nagar26
Slide 28: Factory 3.0 to boost EL scooter capacity
Factory 3.0 to boost EL scooter capacity Vertical integration at AURIC Battery pack assembly Scooter assembly Transmission assembly Painting 10 lakh Q3 FY 27 Total Capacity1 (5 lakh in Phase-I & Electronics assembly CED coating Commencement of Phase-I 5 lakh in Phase-II) Note: 1. Units per annum 27
Slide 29: Factory 3.0 to boost EL scooter capacity
Factory 3.0 to boost EL scooter capacity Factory 3.0 catalysing a promising supplier ecosystem in AURIC Several Auto OEMs 10 lakh Q3 FY 27 Initiated facility set-up in AURIC Total Capacity1 (5 lakh in Phase-I & Commencement of Phase-I 5 lakh in Phase-II) Note: 1. Units per annum 28
Slide 30: Marketing delivering strong outcomes
Marketing delivering strong outcomes
Slide 31: Available on select models
“Available on select models.
Slide 32: — ATHER ~~ ATHER
—— —— a — ATHER ~~ ATHER FASTCHARGER = FAST CHARGER ‘har ®
Slide 33: ATHER
ATHER Rangepredicti = SS = ss 4 - =» ez z
Slide 34: Ather lo. Zyaada mat socho.
Ather lo. | Zyaada mat socho.
Slide 35: Ather is the No:1 searched EV Brand in Q4
Ather is the No:1 searched EV Brand in Q4 22% 22% 21% 29% 22% 23% 23% 24% Q1‘25 Q2‘25 Q3‘25 Q4‘25 Q1‘26 Q2‘26 Q3’26 Q4’26 Ather Peer A Peer B Peer C Peer D Others Source: Google Keyword Planner 34
Slide 36: Significant growth in brand health in FY 26
Significant growth in brand health in FY 26 +100% YoY growth in Awareness +31% YoY growth in Consideration +50% YoY growth in Preference +31% +50% +100% Dec’24 Aug’25 Dec’25 Dec’24 Aug’25 Dec’25 Dec’24 Aug’25 Dec’25 Source: Brand Track Interview data 35
Slide 37: Backed by fast rising EV industry momentum
Backed by fast rising EV industry momentum Strong industry volume2 growth of 35% in last 2 EV category searches1 surged 140% from Q1 to Q4’26 quarters Searches (Mn) Industry Volumes (‘000s) % % 140 18.5 35 17.7 15.5 439* 383 349 327 303 321 314 8.0 8.6 236 7.5 7.7 5.7 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Q1’26 Q
Slide 38: Q4 FY26 at a glance
Q4 FY 26 at a glance 1,214 Cr 76% 1,40,817 Total Income YoY growth in Units Sold Revenue from operations per Unit +76% YoY 1,08,497 25% (2.5%) Steady Reduction in COGS per Unit 1 Improved Adjusted Gross Margin % EBITDA % -9% YoY +700 bps YoY +2,080 bps YoY 83K 18.6%* 700 EC’s #1 Units Sold in Q4 FY
Slide 39: FY26 at a glance
FY 26 at a glance 3,823 Cr 69% 1,39,642 Total Income YoY growth in Units Sold Revenue from operations per Unit +66% YoY 1,10,199 24% (6.7%) 1 Steady Reduction in COGS per Unit Improved Adjusted Gross Margin % EBITDA % -9% YoY +500 bps YoY +1,630 bps YoY 263K 2.5L+ 2x 283 Units Sold in FY 26 Rizta’s
Slide 40: Key Performance Indicators
Key Performance Indicators Particulars Units FY 26 FY 25 Vehicles sold Numbers 262,942 155,394 Period on Period growth of Vehicles sold % 69% 42% Revenue from Operations INR Cr 3,672 2,255 Period on Period growth of Revenue from Operations % 63% 29% Adjusted Gross Margin % 24% 19% EBITDA INR Cr (257
Slide 41: ATHER
ATHER