Ather Energy Limited · NSE:ATHERENERG
Ather Energy — Q2 FY26 Earnings Presentation
21 slides from Ather Energy's earnings presentation, Nov 10, 2025
Slide 1: Exchange filing cover letter for investor presentation
November 10, 2025 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
Slide 2: Earnings Call Q2 FY 26
Earnings Call Q2 FY 26
Slide 3: Financial Highlights of Q2 FY 26
Financial Highlights of Q2 FY 26 66kUnits Sold 9,407 Mn Total Income 2,106 Mn Adjusted Gross Margin1 +67% YoY +57% YoY +84% YoY +42% QoQ +40% QoQ +36% QoQ 22% Adjusted Gross Margin % 2 21% Adjusted Gross Margin without incentives 3 (10%) EBITDA %4 +300 bps YoY improvement +900 bps YoY +1,100 bps YoY
Slide 4: 17.4% market share & 67% YoY growth in Q2 FY 26
17.4% market share & 67% YoY growth in Q2 FY 26 Increasing market share1 with distribution expansion 67% YoY Growth Units 65,595 17.4% 14.3% +67% 47,411 46,078 45,252 13.6% 12.1% 12.3% 39,305 +97% 7.6% 524 23,426 265 218 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q1 Q2 Q3 Q4 Market FY 25 FY 26 Share EC cou
Slide 5: Rapidly scaling our national presence
Rapidly scaling our national presence Network more than doubled in one year 7001 5241 ECs added every quarter +78 4461 Planned +95 expansion by end of FY 26 +86 +34 +13 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q4’26E Note: 1. In India 4
Slide 6: Definition of zones
Definition of zones Rest of India Arunachal Pradesh, Assam, Bihar, Haryana, 115 Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, ECs Rajasthan, Sikkim, Tripura, Uttar Pradesh, Uttarakhand, West Bengal, Chandigarh, Delhi, Jammu & Kashmir, Ladakh 175 Middle India ECs Chhattis
Slide 7: Growing nationwide: Rapid market share gains across India (Middle India)
Growing nationwide: Rapid market share gains across India 14.6% market share in Middle India1 Significant growth in key states Market share Gujarat 23.8% 19.6% 19.4% 14.6% 10.7% 8.8% 9.5% 8.8% Madhya Pradesh 10.9% 7.5% 4.1% 5.6% Maharashtra 14.6% 9.4% 10.8% Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q4’25 Q
Slide 8: Growing nationwide: Rapid market share gains across India (Rest of India)
Growing nationwide: Rapid market share gains across India 10% market share in Rest of India1 Significant growth in key states Market share Jammu & Kashmir ~3x 42.4% 30.2% 10.0% 14.8% 7.4% 6.5% Punjab 6.1% 6.0% ~3x 3.8% 12.3% 7.9% 4.3% Rajasthan 13.0% 7.1% 9.7% Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q4’2
Slide 9: Continuing market leadership in South India
Continuing market leadership in South India Ather’s market share strengthens in South India1 Market leader in South India1 Ather Peer A Peer B Peer C Peer D Others 25.0% 22.8% 21.7% 22.0% 19.1% 13.2% #1 #1 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Note: 1. South India c
Slide 10: COGS reduction fueling Gross Margin growth
COGS reduction fueling Gross Margin growth Adjusted Gross Margin COGS4 per unit reduction INR 2,106 Mn 30% Adjusted Gross Margin1 19% in Q2 FY 26 23% 20% 19% 20% 148,918 7% 9% 10% 12% 120,777 111,773 22% 0% Adjusted Gross Margin %2 in Q2 FY 26 (6%) (10%) FY 24 FY 25 H1 FY 26 Adjusted Gross Adjusted
Slide 11: EBITDA Margin improves by 1100 bps YoY
EBITDA Margin improves by 1100 bps YoY EBITDA1 improvement trajectory YoY EBITDA1 improvement 0% Q2 FY 25 Q2 FY 26 (12%) (10%) (907 Mn) (20%) EBITDA (23%) (10%) In Q2 FY 26 (30%) (36%) (21%) (40%) (10%) 1100 bps 1 FY 24 FY 25 H1 FY 26 EBITDA % improvement In Q2 FY 26 EBITDA Margin % Note: 1. EBITDA
Slide 12: Strengthening the Ather brand
Strengthening the Ather brand Festive Campaigns and communicating for mass appeal More searched ‘Rizta keeps getting better’ Building Riztaverse Taarak Mehta ka Ooltah Chashmah Siragadikka Aasai [TN] than the EV category in South India1 Silver screen Presence Middle India OOH campaign Sunny Sanskari
Slide 13: New products launched
New products launched New variants of 450 and Rizta with Higher Range Battery as a Service 12
Slide 14: What's coming ahead: Community Day '25
What’sCommunity Ather coming ahead Day ‘25 Community Day EL Platform on track Factory 3.0 EL Platform AtherStack 7.0 Next-gen Charging 4,400+ Launched Unveiled Launched People in attendance 13
Slide 15: 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 14
Slide 16: 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 15
Slide 17: AtherStack 7.0
AtherStack 7.0 Infinite CruiseTM Crash Alerts Touchscreen update on Rizta Z ParkSafe Alerts 89% Pothole Alerts Customers opt for AtherStack Pro1 Voice 12% Pothole Alerts Non-vehicle revenue contribution1 Note: 1. In Q2 FY 26 16
Slide 18: Our fastest fast charger
Next gen fast charging experience Network enabling intercity rides Our fastest Mumbai fast charger Pune Day’s charge in 10 minutes1 Bengaluru 4,322 Charging Points2 Mysuru Note: 1. 30kms of charge in 10 minutes. 2. As on 30 September 2025 17
Slide 19: Ather at a glance
Q2 FY 26 at a glance Market leadership in South India 9,407 Mn 67% and growing market share across India Total Income YoY growth in Units Sold New launches Higher range version of 450 S 17.4% 524 and Rizta S, Battery as a Service Pan-India Market Share Experience centers in India EL Platform Versati
Slide 20: Key Performance Indicators
Key Performance Indicators Particulars Units H1 FY 26 H1 FY 25 FY 25 Vehicles sold Numbers 111,673 62,731 155,394 Period on Period growth of Vehicles sold % 78% 27% 42% Revenue from Operations INR Mn 15,435 9,440 22,550 Period on Period growth of Revenue from Operations % 64% 13% 29% Adjusted Gross
Slide 21: ATHER
ATHER