Ather Energy Limited · NSE:ATHERENERG
Ather Energy — Q1 FY27 Earnings Presentation
24 slides from Ather Energy's earnings presentation, Aug 3, 2026
Slide 1: Stock exchange filing cover letter
August 03, 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 t
Slide 2: Earnings Call Q1 FY27
Earnings Call Q1 FY27
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: Macro shift drives structural tailwinds
Macro shift drives structural tailwinds Policy, fuel economics and consumer sentiment are moving together for the first time in our industry’s history E2W Penetration up 44%1 → 11% 1 Transport electrification is accelerating as national agenda in the background of global fuel crisis EV Searches up2 75
Slide 5: Every demand proxy is inflecting
Every demand proxy is inflecting INDUSTRY REGISTRATIONS1 ATHER ENQUIRIES2 ATHER PRE-ORDERS2 525k 707k 150k +68%* 525k +95%* 707k 150k +158% * 312k 362k 344k 234k 58k 47k Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 25 25 25 25 26 26 26 26 27 25 25 25 25 26 26 26 2
Slide 6: Strong YoY wholesale volume growth
Strong YoY wholesale volume growth 81% YoY Growth Ramping Supply Units Units in 1,000s 83,173 83,418 67,851 +81% 31k 28k 65,595 24k 46,078 Q1 Q2 Q3 Q4 Apr ‘26 May ‘26 Jun‘26 FY 26 FY 27 ..despite labour and West Asia crisis at the start of the quarter 5
Slide 7: Even stronger growth in YoY Registrations at 102%
Even stronger growth in YoY Registrations at 102% 102% YoY Growth1 Strong growth across Geographies Units Units in 1,000s 90,808 141% 27.8k 11.6k 81,204 Middle India2 70,734 +102% 118% 57,745 14.4k 6.6k 3 Rest of India 44,900 76% 46.2k 26.3k Q1 Q2 Q3 Q4 South India4 FY 26 FY 27 Q1’26 Q1’27 Note: 1.
Slide 8: AURIC Phase 1 capacity gearing up to capture this demand
AURIC Phase 1 capacity gearing up to capture this demand Enquiries1 Pre-Orders1 Retails + International Sales 2 Production3 +13-15k/month 13-15k unrealized retail potential 30k Dealer stock 14 days 3 days Q4 FY 26 Q1 FY 27 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Note: 1. Enquiries & Pre Orders - Ather Interna
Slide 9: AURIC Phase 1 capacity gearing up to capture this demand
AURIC Phase 1 capacity gearing up to capture this demand Enquiries1 Pre-Orders1 Q4 27 Retails + International Sales 2 Production3 5L5 9.2L5 42k4 Auric Phase 1 CURRENT 13-15k 4.2L5 4.2L5 35k4 Hosur 30k Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + In
Slide 10: AURIC Phase 2 scalable for fueling future growth
AURIC Phase 2 scalable for fueling future growth TO FOLLOW Enquiries1 Pre-Orders1 5L5 14.2L5 42k4 Retails + International Sales 2 Auric Production3 Phase 26 Q4 27 5L5 9.2L5 42k4 Auric Phase 1 CURRENT 13-15k 5 4.2L 4.2L5 35k4 30k Hosur Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Note: 1. Enquiries & Pre Orders - A
Slide 11: Near term headwinds in commodities
Near term headwinds in commodities Commodity Index 2W commodity cost index1 AI data center growth spikes demand for copper and aluminium 146 133 114 100 107 What we guided in Q4 Anti involution campaigns in China and mining FY26 license cuts spiking lithium prices West Asia conflict disruption to cru
Slide 12: 11k ASP increase and improved skew
Our average Ex-Showroom Price across the country ASP1 Scooter & Atherstack Pro Vehicle price increase AtherStack Pro price increase 11k ASP Increase2 High range models show growth Improved Skew Atherstack Pro Attach Rate +1k +1.2k +4k 94% +1.2k +1.6k +0.85k +2.2k Note:1. ASP (Average Selling Price)
Slide 13: Consistent focus on ecosystem: Expanding margins and deepening moats
Consistent focus on ecosystem: Expanding margins and deepening moats Attach rate1 consistent at 94% even with ~ 5x volume surge 91% 92% 91% 90% 92% 94% 94% 89% 89% 88,387 80,716 70,126 56,409 43,994 44,460 42,942 36,967 17,798 14% non-vehicle Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 rev
Slide 14: Gross Margin evolution in Q1 FY27
Gross Margin evolution in Q1 FY27 Note : Adjusted Gross Margin % (AGM %) is calculated as adjusted gross margin (₹) divided by total income *100 where adjusted gross margin is calculated as total income reduced by cost of materials consumed, purchase of stock-in-trade and change in inventories of fin
Slide 15: EBITDA shows sharp improvement despite commodity pressure
EBITDA shows sharp improvement despite commodity pressure AGM2 and EBITDA1 trajectory YoY EBITDA Margin1 growth 24% 19% 22.4% ~1,650 9% 0.8% 0.8% (7%) bps improvement YoY (-15.7%) (23%) (36%) Q1 FY 26 Q1 FY 27 FY 24 FY 25 FY 26 Q1 FY 27 Adjusted Gross Margin %2 EBITDA Margin %1 Note: 1. EBITDA margi
Slide 16: EL Scooter Platform
EL Scooter Platform
Slide 17: Powering the next phase of growth: EL scooter
Powering the next phase of growth: EL scooter High volume production trials underway Homologation Completed in Q1 Start of Production at Hosur in Q2, FY27 Manufacturing Capacity ramp up till 60K pm* vehicle Launch in August, 2026 at Ather Community Day 16 * Hosur & Auric Phase 1
Slide 18: Factory 3.0 Chhatrapati Sambhaji Nagar
Factory 3.0 Chhatrapati Sambhaji Nagar 17
Slide 19: Factory 3.0 on track for Q3 FY 27
Factory 3.0 PHASE 2 on track for UTILITY Q3 FY 27 ADMIN FACILITIES PAINTSHOP ASSEMBLY LINE WAREHOUSE 18
Slide 20: Ather Community Day 2026
Ather Community Day 2026 Updates to COE
Slide 21: Ather Community Day, 29 Aug 2026, Bengaluru
ATHER DATE 01 02 ACO 03 29 Aug, 2026 RIZTAo 25 ACD VENUE HALO DN KTPO, Whitefield ATHER DEMO UNIT Bengaluru WITNESS THE EXPERIENCE GAMES, STUNTS LAUNCH OF OUR OUR COOLEST AND A WHOLE NEW SCOOTER TECH DEMOS LOT MORE!
Slide 22: Q1 FY27 summary
Q1 FY 27 summary Structural shift up in demand Key highlights1 Units in 1000s Demand2 158% 150k EL Launch On 29th August ‘26 58.1k 83k 1,260 Cr 1,46,312 Units Sold Total Income Revenue from operations per unit Registrations +80.5% YoY +87.2% YoY +4.6% YoY 102% 90.8k 44.9k 14% 22.4% 0.8% Adjusted Gro
Slide 23: Key Performance Indicators (KPI)
Key Performance Indicators (KPI) Particulars Units Q1 FY 27 Q1 FY 26 Vehicles sold Numbers in thousands 83 46 Period on Period growth of Vehicles sold % 81% 97% Revenue from Operations INR Cr 1,216.92 644.58 Period on Period growth of Revenue from Operations % 89% 79% Adjusted Gross Margin % 22% 23%
Slide 24: ATHER
ATHER