Ather Energy Limited · NSE:ATHERENERG
Ather Energy — Q2 FY27 Earnings Presentation
41 slides from Ather Energy's earnings presentation, Oct 26, 2026
Slide 1: Investor Presentation cover letter to stock exchanges
October 26, 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
Slide 2: Earnings Call Q2 FY27
Earnings Call Qe FY27 ATHER
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: Highest ever Industry registrations with broad based growth
Highest ever Industry registrations with broad based growth INDUSTRY REGISTRATIONS1 MIDDLE INDIA2 SOUTH INDIA3 REST OF INDIA4 +82%* 6.0L +85%* +82%* +79%* as on Q2 FY 27 +66%* +82%** +54%* as on Q1 FY 27 3.3L * * 3.1L Broad based growth in Q2 with converging growth rates South India continues to gro
Slide 5: E2W penetration at its highest ever, up sharply across the country
E2W penetration at its highest ever, up sharply across the country PAN INDIA E2W PENETRATION1 11.2% 11.2% MIDDLE INDIA2 SOUTH INDIA3 REST OF INDIA4 7.8% 7.3% 15.0% 14.7% 6.7% 4.7% 9.9% 10.8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q2 Q2 Q2 Q2 Q2 25 25 25 25 26 26 26 26 27 27 26 27 26 27 26 27 Note: 1. Over
Slide 6: Ather Community Day 2026
Ather Community Day 2026 ante cht gs 65nd , hea eigetes® ae © / ‘ a OEE i r ree, Oe i , N ; . oe kL. a i ‘ wa \ A 4 ( : hag Si —_ ; ” _ <- - A
Slide 7: Ather Community Day 2026
Ather Community Day 2026
Slide 8: What we announced: Ather TrueHealth
What we announced Ather TrueHealth™— A comprehensive health report of your scooter Overall health report Component health Estimated resale value
Slide 9: What we announced: Ather Node
What we announced Ather Node™— Enables scalable EV charging in apartments Automatic queuing Smart load management Power from common load Customised billing Cost effective
Slide 10: What we announced: Ather Bedrock
What we announced Ather Bedrock™— 5th generation batteries with enhanced safety and longer warranty Real-time BreachSense™ 5x cell balancing vs 10 yrs/ 1L warranty, micro-leak detection previous generation 70% SOH guarantee
Slide 11: What we announced
What we announced AutoLockTM MagicKey Metal Body Easy Serviceability AutoPop AirWalkTM
Slide 12: Meet
Meet
Slide 13: Solving for fundamentals
Solving for fundamentals
Slide 14: Comfort and convenience
Comfort and convenience 14” Front Wheel Long Travel Suspension Padded Grab Handle Combined Charging Adjustable Backrest Centre Stand
Slide 15: Longevity
Longevity Service once a year Metal body BedrockTM Battery with 10 year warranty
Slide 16: The Magic of Ather
The Magic of Ather
Slide 17: AirWalk for moving the scooter effortlessly
AirWalkTM for moving the scooter effortlessly AirWalkTM Gentle motor assist when you push the scooter, so it feels light at walking pace. Squeeze into tight parking Nudge it into the last gap between two scooters. Turn around in narrow lanes Swing it round without heaving the full weight. Move it in
Slide 18: MagicKey delivers an intuitive and seamless keyless experience
MagicKey delivers an intuitive and seamless keyless experience Lost key detection Authenticator, works offline SmartWakeTM Jump charge the key
Slide 19: AutoPop for hands-free access to under-seat storage
AutoPop for a hands-free access to the under-seat storage AutoPop Opens the under-seat storage for you, so it’s easy to reach when your hands are full. Open it from a few metres away Tap the MagicKey and the seat is up before you arrive. Or press a button up close A button on the scooter does the sa
Slide 20: AeBS: New braking technology developed in-house
AeBSTM: New braking technology developed in-house Introducing AeBS <10 ms ™ Shorter stopping Cuts braking distance, Motor responds in under 10 ms, even on slippery roads. vs ~50 ms for an ABS pulse. Advanced Electronic Braking System Motor braking and brakes working as one. Built in India, for India
Slide 21: Comprehensive scooter portfolio
Comprehensive scooter portfolio
Slide 22: Demand Surge
Demand Surge
Slide 23: Ather searches surge as consumer interest in EVs rises
Ather searches surge as consumer interest in EVs rises EV SEARCHES1 ATHER SEARCHES1 +34%* 278.6L +94%* 94.1L 208.6L 167.8L 48.5L 36.6L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 25 25 25 25 26 26 26 26 27 27 25 25 25 25 26 26 26 26 27 27 1. Source: Google +AI Search Data; 2. Enquiri
Slide 24: Enquiries and pre-orders both more than double
Enquiries and pre-orders both more than double ATHER ENQUIRIES2 ATHER PRE-ORDERS2 +109%* +108%* 1.8L 10L 0.9L 4.8L 3.2L 0.5L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 25 25 25 25 26 26 26 26 27 27 25 25 25 25 26 26 26 26 27 27 Note: 1. Source: Industry - Vahan; 2. Enquiries & Pre O
Slide 25: Strong YoY wholesale volume growth
Strong YoY wholesale volume growth 42% YoY Growth Ramping Supply1 Units in 1,000s Units 33k 93,211 29k 28k 83,418 83,173 +42% 22k 20k 67,851 65,595 16k +81% 46,078 Q1 Q2 Q3 Q4 Q1 FY 26 Q2 FY 26 Q3 FY 26 Q4 FY 26 Q1 FY 27 Q2 FY 27 FY 26 FY 27 Note: 1. Numbers for the quarter is the average monthly su
Slide 26: Even stronger growth in YoY Registrations at 60%
Even stronger growth in YoY Registrations at 60% 60% YoY Growth1 Strong growth across Geographies Units 92,589 91,635 90% 82,526 Rest of India2 +60% 70,734 +104% 65% 57,745 Middle India3 44,900 49% South India4 Q1 Q2 Q3 Q4 Q2’26 Q2’27 FY 26 FY 27 Note: 1. Source: Vahan Portal + International dispatc
Slide 27: Rising demand necessitates fresh capacity
Rising demand necessitates fresh capacity Monthly average Enquiries1 Monthly average Pre-Orders1 334k Monthly average Retails + International Sales 2 Monthly average Production 3 60k 20k +18-20k/month 33k 31k unrealized retail potential 33k 33k Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Note: 1. Enquiries
Slide 28: AURIC Phase 1 capacity gearing up to capture demand
AURIC Phase 1 capacity gearing up to capture demand Monthly average Enquiries1 Monthly average Pre-Orders1 Monthly average Retails + International Sales 2 Monthly average Production 3 9.2L5 42k4 Auric Phase 1 20k 4.2L5 33k 35k4 Hosur Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 CURRENT Q4 FY 27 Note: 1. Enqu
Slide 29: Capacity enhancement at Hosur and AURIC Phase 1
Capacity enhancement at Hosur and AURIC Phase 1 to capture surge in demand Monthly average Enquiries1 Monthly average Pre-Orders1 Monthly average Retails + International Sales 2 11.4L5 Monthly average Production 3 12k4 Enhancement in Auric Phase 1* 9.2L5 42k4 Auric Phase 1 20k 4.9L5 6k4 Enhancement
Slide 30: Capacity enhancement at Hosur and AURIC Phase 1
Capacity enhancement at Hosur and AURIC Phase 1 16.4L5 to capture surge in demand 42k4 Auric Phase2 Monthly average Enquiries1 Monthly average Pre-Orders1 Monthly average Retails + International Sales 2 11.4L5 Monthly average Production 3 12k4 Enhancement in Auric Phase 1* 9.2L5 42k4 Auric Phase 1 2
Slide 31: Unit economics
Unit economics
Slide 32: Near term headwinds in commodities
Near term headwinds in commodities Aluminium Copper Plastics Memory West Asia & China supply AI data center growth West Asia conflict disruption AI pulling chip capacity disruption • Rising demand from grid • Deepening mine deficit; demand • Conflict choked polyolefin supply as • Memory makers prioritis
Slide 33: 14k ASP Increase and Improved Skew
Our average Ex-Showroom Price across the country ASP1 Scooter & Atherstack Pro Vehicle price increase AtherStack Pro price increase 14k ASP Increase2 High range models show growth Improved Skew Atherstack Pro Attach Rate +1.0k 94% +1.2k +4.0k +1.2k +1.6k +0.9k +2.2k Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1
Slide 34: Consistent focus on ecosystem: expanding margins and deepening moats
Consistent focus on ecosystem: Expanding margins and deepening moats Attach rate1 consistent even with > 5x volume surge 91% 92% 91% 90% 92% 94% 94% 94% 89% 89% 89,214 90,237 82,038 70,126 56,409 36,967 42,942 43,994 44,460 15% 17,798 non-vehicle revenue Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4
Slide 35: Adjusted Gross Margin evolution in Q2 FY27
Adjusted Gross Margin1 evolution in Q2 FY 27 Note: 1. 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 invent
Slide 36: EBITDA shows sharp improvement despite commodity pressure
EBITDA shows sharp improvement despite commodity pressure AGM1 and EBITDA2 trajectory YoY EBITDA Margin1 growth 24% 23% 19% 4.9% 9% ~1,450 3% 0% (7%) bps improvement YoY (-9.6.%) (23%) (36%) FY 24 FY 25 FY 26 H1 FY 27 Q2 FY 26 Q2 FY 27 Adjusted Gross Margin %2 EBITDA Margin %1 Note: 1. Adjusted Gros
Slide 37: Factory 3.0 Chhatrapati Sambhaji Nagar
Factory 3.0 PHASE 2 Chhatrapati BATTERY LINE VEHICLE LINE Sambhaji Nagar PAINT SHOP
Slide 38: Factory 3.0 on track for Q3 FY27
Factory 3.0 on track for Q3 FY 27 Battery Assembly Line Paint Shop Vehicle Assembly Line
Slide 39: Q2 FY27 summary
Q2 FY 27 summary Structural shift up in demand Key highlights1 Units in 1000s 180.3k Demand2 108% Highest ever 11.6% E2W penetration* 86.7k 93k 1,527 Cr 1,57,089 Units Sold Total Income Revenue from operations per unit +42% YoY +62% YoY +14.6% YoY Registrations 92.6k 60% 57.7k 15% 24.0% 4.9% Non-Veh
Slide 40: Key Performance Indicators (KPI)
Key Performance Indicators (KPI) Particulars Units Q2 FY 27 Q2 FY 26 Vehicles sold Numbers in thousands 93 66 Period on Period growth of Vehicles sold % 42% 67% Revenue from Operations INR Cr 1,464.24 898.88 Period on Period growth of Revenue from Operations % 63% 54% Adjusted Gross Margin % 24% 22%
Slide 41: ATHER
ATHER