Ather Energy Limited · NSE:ATHERENERG

Ather Energy — Q3 FY26 Earnings Presentation

22 slides from Ather Energy's earnings presentation, Feb 2, 2026

  1. Slide 1: Exchange filing cover letter for investor presentation

    February 02, 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

  2. Slide 2: Earnings Call Q3 FY26

    Earnings Call Q3 FY 26 1

  3. Slide 3: Financial Highlights of Q3 FY26

    Financial Highlights of Q3 FY 26 68kUnits Sold 9,957 Mn Total Income 2,513 Mn Adjusted Gross Margin1 +50% YoY +53% YoY +111% YoY +3% QoQ +6% QoQ +19% QoQ 25% Adjusted Gross Margin %2 23% Adjusted Gross Margin without incentives3 (3%) EBITDA %4 +700 bps YoY +1,100 bps YoY +1,600 bps YoY +300 bps QoQ

  4. Slide 4: Growing popularity of Rizta

    Growing popularity of Rizta Festive highlights Cumulative sales 450 Rizta 2,00,000+ Rizta sold 1,00,000+ 30.9K Highest-ever monthly First 1 lakh+ Riztas sold in 11 months Rizta sold registrations1 Next 1 lakh+ Riztas sold in just 7 months 5,00,000+ Ather vehicles sold 20% Highest-ever market share2

  5. Slide 5: Rapidly scaling our national presence

    Rapidly scaling our national presence Network doubled in one year 7001 6001 +76 ECs added 524 1 during the period +78 4461 Planned +95 expansion by 3511 end of FY 26 +133 FY 25 Q1’26 Q2’26 Q3’26 Q4’26E Note: 1. In India 4

  6. Slide 6: 18.8% market share & 50% YoY growth in Q3 FY26

    18.8% market share & 50% YoY growth in Q3 FY 26 Increasing market share1 with distribution expansion 50% YoY Growth Units 67,851 65,595 18.8% ~2.5x 17.4% +50% +67% 47,411 14.3% 46,078 45,252 12.3% 39,305 600 +97% 7.6% 524 446 265 23,426 218 Q1’25 Q3’25 Q1’26 Q2’26 Q3’26 Q1 Q2 Q3 Q4 Market FY 25 FY 2

  7. Slide 7: Zonal footprint

    Zonal footprint Rest of India Arunachal Pradesh, Assam, Bihar, Haryana, 137 Himachal Pradesh, Jharkhand, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, ECs Rajasthan, Sikkim, Tripura, Uttar Pradesh, Uttarakhand, West Bengal, Chandigarh, Delhi, Jammu & Kashmir, Ladakh 202 Middle India Chhattisgarh, G

  8. Slide 8: Growing nationwide: Rapid market share gains across India (Middle India)

    Growing nationwide: Rapid market share gains across India 17.4% market share in Middle India1 Significant growth in key states Market share 23.8% 25.6% Gujarat 19.6% 19.4% 17.4% 14.6% 10.7% Madhya Pradesh 13.6% 8.8% 8.8% 9.5% 10.9% 5.6% 7.5% 4.1% 18.6% Maharashtra 14.6% 9.4% 10.8% Odisha 15.2% 9.2% 1

  9. Slide 9: Growing nationwide: Rapid market share gains across India (Rest of India)

    Growing nationwide: Rapid market share gains across India 12.6% market share in Rest of India1 Significant growth in key states Market share ~3x 42.4% 47.5% Jammu & Kashmir 30.2% 12.6% 14.8% 10% Punjab 7.4% ~3x 6.1% 6.0% 6.5% 12.3% 13.9% 7.9% 4.3% 3.8% Rajasthan 13.0% 15.8% 9.7% 7.1% Q1’25 Q2’25 Q3’2

  10. Slide 10: Sustained market leadership in South India

    Sustained market leadership in South India Market share resilience in South India1 Market leader in South India1 Ather Peer A Peer B Peer C Peer D Others 25% 24.4% 22.9% 21.7% 22% 19.1% 13.2% #1 #1 #1 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Note: 1. South

  11. Slide 11: COGS reduction fueling Gross Margin growth

    COGS reduction fueling Gross Margin growth Adjusted Gross Margin COGS4 per unit reduction INR 2,513 Mn 30% Adjusted Gross Margin1 19% in Q3 FY 26 24% 20% 19% 8% 21% 148,918 9% 25% 10% 120,777 12% 110,982 0% Adjusted Gross Margin %2 in Q3 FY 26 (6%) (10%) FY 24 FY 25 9M FY 26 Adjusted Gross Adjusted

  12. Slide 12: EBITDA Margin improves by 1600 bps YoY

    EBITDA Margin improves by 1600 bps YoY EBITDA1 improvement trajectory YoY EBITDA1 improvement 0% (10%) (9%) Q3 FY 25 Q3 FY 26 (3%) EBITDA %1 in Q3 FY 26 (3%) (23%) (20%) (30%) (36%) (40%) (19%) 14% Non-vehicle revenue contribution in Q3 FY 26 FY 24 FY 25 9M FY 26 ~1600 bps improvement EBITDA Margin

  13. Slide 13: Safety, navigation, convenience and ride assist features

    SAFETY NAVIGATION CONVENIENCE RIDE ASSIST Live Location Sharing Google Maps Call & Music Control Magic TwistTM Find My Scooter Live Trip Planner Remote Control AutoHoldTM Locate scooter instantly Get trip feasibility and charging Take control from your mobile Stay steady on slopes and hills suggesti

  14. Slide 14: Users use safety features and navigation

    SAFETY NAVIGATION CONVENIENCE RIDE ASSIST 40% 53% 37% 68% Users use safety Users use Navigation Users engage with Of the fleet uses features (Live Location at least once a week Ride Stories in a AutoholdTM every Sharing & Find My (WAU) month (MAU) day (DAU) Scooter) in a month (MAU) ~50k 23% Power us

  15. Slide 15: Features launched in Q2 show strong early user engagement

    Features launched in Q2 show strong early user engagement Infinite CruiseTM 31% Daily Active Users1 41.2k 450X scooters now capable of Infinite CruiseTM via OTA updates Note: 1. Percentage of active Apex scooters who used cruise control 14

  16. Slide 16: Life is EASY on an Ather!

    Leaning into the powerful, magical experiences Life is EASY on an Ather! 15

  17. Slide 17: AtherStack 7: Sustained high attach rate of 91%

    AtherStack 7 : Sustained high attach rate of 91% Attach rate consistent at 91% even with ~4x volume surge Upcoming features to drive further engagement 89% 91% 92% 88% 89% 89% 91% Pothole Alerts 71,936 56,948 43,546 44,869 42,981 36,846 18,006 Voice on Ather Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26

  18. Slide 18: Our fastest fast charger

    Next gen fast charging experience Charging network scales Our fastest 5,0001 fast charger 600 Day’s charge in 10 minutes1 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY 26 5,000+ LECCS Fast Chargers EC’s count Charging points1 Note: 1. As on 31 December 2025, including Vida chargers 17

  19. Slide 19: Launches

    Launches Vernacular dashboards in Kannada & Tamil Features and Product launches Infinite CruiseTM launched on 450 Apex and 450X Kids helmets Rizta launch in Sri Lanka Category Expansion 18

  20. Slide 20: Q3 FY26 at a glance

    Q3 FY 26 at a glance 9,957 Mn 50% 18.8% 600 EC’s Total Income YoY growth in Units Sold Growing Pan-India Market Expanding Presence in India Share +53% YoY +2.5x Since Q1 FY25 +76 QoQ 1,40,536 1,09,701 25% (3%) Revenue from operations per Steady Reduction in COGS per Unit Improved Adjusted Gross Marg

  21. Slide 21: Key Performance Indicators

    Key Performance Indicators Particulars Units 9M FY 26 9M FY 25 FY 25 Vehicles sold Numbers 179,524 107,983 155,394 Period on Period growth of Vehicles sold % 66% 45% 42% Revenue from Operations INR Mn 24,971 15,789 22,550 Period on Period growth of Revenue from Operations % 58% 28% 29% Adjusted Gros

  22. Slide 22: ATHER

    ATHER

Ather Energy — Q3 FY26 Earnings Presentation on 6ix