Ather Energy Limited · NSE:ATHERENERG
Ather Energy — Q1 FY26 Earnings Presentation
20 slides from Ather Energy's earnings presentation, Aug 4, 2025
Slide 1: Exchange filing letter for Investor Presentation Q1 FY26
August 04, 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 t
Slide 2: Earnings Call Q1 FY26
Earnings Call Q1 FY 26 ATHER
Slide 3: Our business model
Our business model Deliver products focused on quality and exceptional user experience, while improving cost structures and maintaining pricing power Vertically integrated approach Premium brand positioning to designing our EVs across segments Quality Customer satisfaction Cost and time to market Hi
Slide 4: Strong in-house R&D capabilities
Strong in-house R&D capabilities Significant investments in R&D in Q1 FY 26 Investments in R&D Expanding patent portfolio Cumulative granted & pending patents in India 417 890 mn 346 R&D expenditure 182 77 53 45% Total employees are in R&D Amount in INR Mn FY22 FY23 FY24 FY25 Q1’26 3
Slide 5: Product portfolio
Product portfolio Built on scalable technology platforms 450 & Rizta platform EL platform Scalable Low cost Standardized components & Architecture and material decisions reduced complexity leading to lower BOM costs Caters to both performance and convenience segments Flexible Modular Purpose-built v
Slide 6: Premium ecosystem that delivers meaningful business impact
Premium ecosystem that delivers meaningful business impact Accessories enhancing the ecosystem AtherStack Pro powering all our products 89% Customers opt for AtherStack Pro1 12% India’s largest E2W fast-charging network Non-vehicle revenue contribution1 4,032 Charging points2 Note: 1. In Q1 FY26; 2.
Slide 7: Financial Highlights of Q1 FY26
Financial Highlights of Q1 FY 26 46k Units Sold 6,729 Mn Total Income 1,548 Mn Adjusted Gross Margin1 +97% YoY +83% YoY +117% YoY (3%) QoQ (2%) QoQ +25% QoQ 23% Adjusted Gross Margin %2 20% Adjusted Gross Margin without incentives3 (16%) EBITDA % +400 bps YoY improvement +700 bps YoY improvement +1,
Slide 8: 97% YoY volume growth in Q1 FY26
97% YoY volume growth in Q1 FY 26 Quarterly volumes Pan-India market share1 Units 46,078 47,411 45,252 14.3% 13.6% 39,305 12.1% 12.3% +97% 23,426 7.6% Q1 Q2 Q3 Q4 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 FY26 FY25 Source: 1. Vahan Portal + Vehicle Online Sales data from the official website of Information Techno
Slide 9: Market dominance in the South
Market dominance in the South Ather’s market share strengthens in South India1 Market leader in South India1 Ather Peer A Peer B Peer C Peer D Others 22.0% 22.8% 21.7% 19.1% 13.2% #1 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Note: 1. South India comprises the states of Andhra Prade
Slide 10: Strategic distribution expansion
Strategic distribution expansion Led by new store formats with quicker path to profitability Addition of stores every quarter Retail formats tailored to different geographies 4461 Flagship 4000+ Sq ft +95 Experience center & Service center Mid-size +86 1200+ Sq ft Experience center & Service center +3
Slide 11: Significant market share growth in Middle India
Significant market share growth in Middle India Sizeable increase in store count in FY25 in Middle India1 Leading to 2.6x YoY market share2 growth in Middle India1 Middle India 600 10.7% 9.5% 8.8% 8.8% 446 400 351 4.1% 200 208 FY24 FY25 Q1 FY26 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Note: 1. Middle India comp
Slide 12: Priming rest of India for our growing product portfolio
Priming rest of India for our growing product portfolio Increasing presence in rest of India1 Leading to 1.9x YoY market share2 growth in rest of India1 Rest of India 700 600 7.4% 446 6.5% 6.1% 6.0% 400 351 3.8% 208 200 FY24 FY25 Q1 FY26 FY26E Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Note: 1. Rest of India is
Slide 13: Leadership in several cities in non-south
Leadership in several cities in non-south Showing encouraging signs of consumer acceptance #1 market share in Q1 FY26 #2 market share in Q1 FY26 12
Slide 14: Strengthening the Ather brand for acceptance by majority
Strengthening the Ather brand for acceptance by majority Through targeted campaigns and communicating for mass appeal Building regional relevance ‘Ather Advantage’ addressing EV adoption barriers Great Resale Value Assured buyback Reliable Batteries Eight70 Warranty Most Searched SOH Guarantee EV br
Slide 15: Adjusted Gross Margin improvement continues
Adjusted Gross Margin improvement continues Adjusted Gross Margin1 Value engineering Electricals & Peripherals 30% Favourable commodities Mechanical parts Cells prices 23% 20% 19% 20% 9% AtherStack Pro success 10% 12% Maintaining high attach rates A&M 0% Growing contribution from (6%) high margin ac
Slide 16: Significant COGS reduction fueling Gross Margin growth
Significant COGS reduction fueling Gross Margin growth Adjusted Gross Margin1 COGS4 per unit reduction INR 160,052 30% 19% 145,112 139,893 23% 148,918 7% 20% 19% 20% 120,777 112,440 10% 9% 12% 0% (6%) (10%) FY24 FY25 Q1 FY26 FY24 FY25 Q1 FY26 Adjusted Gross Adjusted Gross Margin %2 Margin without inc
Slide 17: EBITDA Margin improves by 1700 bps YoY
EBITDA Margin improves by 1700 bps YoY YoY EBITDA1 improvement EBITDA1 improvement trajectory Q1 FY25 Q1 FY26 0% (10%) (16%) (16%) (20%) (23%) (30%) (33%) (36%) 1700 bps (40%) improvement FY24 FY25 Q1 FY26 EBITDA Margin % Note: 1. EBITDA margin is calculated as Earnings before exceptional items and
Slide 18: Key Performance Indicators
Key Performance Indicators Particulars Units Q1 FY 26 Q4 FY 25 Q1 FY 25 FY25 Vehicles sold Numbers 46,078 47,411 23,426 155,394 QoQ growth of Vehicles sold % (3%) 5% (34%) 42% Revenue from Operations INR Mn 6,446 6,761 3,606 22,550 QoQ growth of Revenue from Operations % (5%) 6% (31%) 29% Adjusted G
Slide 19: What's coming ahead
What’s coming Looking aheadahead Community Day EL Platform on track Factory 3.0 AtherStack 7.0 EL Platform LFP Battery Factory 3.0 Unveiling on 30 Aug In advanced stages of Steady Ramp up Progressing as planned development 18
Slide 20: ATHER
ATHER