Ather Energy Limited, an Indian maker of electric two-wheelers, reported a consolidated profit after tax of ₹1.26 crore for the quarter ended 30 September 2026 (Q2 FY27), against a loss of ₹154.07 crore a year earlier. Total income rose 62% to ₹1,527 crore on sales of 93,211 units. On 26 October 2026 its board also approved about ₹122 crore of capital expenditure to raise combined annual capacity at its two plants to about 11.4 lakh units by Q2 FY28. The company says demand is running ahead of supply.
Key Financial Details
According to Ather’s results filing and investor presentation, the quarter’s main figures were:
- Revenue from operations: ₹1,464.24 crore, against ₹898.88 crore in Q2 FY26
- Units sold: 93,211, up 42% year on year
- Earnings before interest, tax, depreciation and amortisation (EBITDA): ₹74.17 crore, against a loss of ₹90.76 crore in Q2 FY26
- EBITDA margin: 4.9%, against -9.6% a year earlier and 0.8% in Q1 FY27
- Adjusted gross margin: 24%, up 160 basis points year on year
Non-vehicle revenue, mainly from the AtherStack Pro software package, the Ather Grid charging network, accessories, spares and service, rose to 15% of revenue from operations from 12%. The company said 94% of customers opted for AtherStack Pro. It attributed the margin gain to product mix and pricing, although prices of aluminium, copper, lithium and crude-linked plastics stayed high. Ather’s consolidated accounts begin with the June 2026 quarter, so the year-earlier figures are on a standalone basis.
Capacity Expansion at Hosur and AURIC
Ather’s Regulation 30 disclosure sets out two projects. Annual capacity at the Hosur plant in Tamil Nadu is expected to rise by 75,000 units, from 4.2 lakh to 4.95 lakh units, by December 2026. The plant ran at 98% utilisation during peak production in the quarter. The investment there is up to ₹58 crore, including ₹53 crore for a new battery line that the company expects to complete by Q3 FY28.
The second project is Factory 3.0, under construction in the AURIC industrial area of Chhatrapati Sambhajinagar, Maharashtra. Its first phase has a planned capacity of 5 lakh units a year, and the company plans to start commercial production there in phases from December 2026. The board approved up to ₹64 crore to raise this to 6.5 lakh units, with the extra capacity expected by Q2 FY28. The company plans to fund both projects through a combination of debt and internal accruals.
Demand Indicators
Registrations of electric two-wheelers in India reached about 5.98 lakh units in the quarter, up 82%, according to Vahan data cited by Ather. Electric models’ share of two-wheeler registrations rose to 11.2% from 7.8% a year earlier and reached 11.6% in September 2026. Ather’s enquiries rose 109% to about 10 lakh, and pre-orders more than doubled to 1.80 lakh, according to the company’s internal data.
Product Range
During the quarter Ather launched Konarc, its first scooter on the new EL platform, at Ather Community Day on 29 August 2026. Konarc carries the new Bedrock battery with a 10-year warranty and an in-house electronic braking system. Ather’s range now covers three product lines, the 450 series, Rizta and Konarc, with 15 variants in total.
Management Comment
Co-founder and Chief Executive Officer Tarun Mehta said the company delivered topline growth and a positive bottom line despite rising commodity prices and supply chain disruptions. Mehta said the shift to electric two-wheelers is now structural across India. He added that demand at Ather more than doubled year on year, and that the additions at Hosur and AURIC are meant to meet it. He said Konarc takes the brand to a wider set of customers.
Regulatory Backdrop
Ather’s results notes refer to the Battery Waste Management Rules, 2022, notified by the Ministry of Environment, Forest and Climate Change on 22 August 2022 and amended since. The rules apply to producers, including manufacturers and importers, as well as dealers, consumers and recyclers of all types of waste batteries. Ather said the rules have significant implications for it as a producer of batteries. Because further guidance on waste collection and its costs is still awaited, the company said it cannot yet reliably estimate the impact as of 30 September 2026.
About Ather Energy
Ather was founded in 2013 by Tarun Mehta and Swapnil Jain and launched its first electric scooter in 2018. The company says it was the first two-wheeler maker in India to build a dedicated fast-charging network, Ather Grid. As of 30 September 2026 it held 58 registered patents, with 766 patent applications pending globally.
Recent Fund-Raising and Corporate Steps
According to the company’s results notes:
- Quarter ended 30 September 2026: Allotted 1,08,15,307 equity shares through a qualified institutions placement at ₹1,202 each, raising ₹1,300.00 crore, and raised ₹200 crore through a preferential issue at ₹1,230 a share.
- August 2026: Issued 79,36,507 convertible warrants at ₹1,260 each, worth ₹1,000.00 crore. It received ₹250.00 crore, or 25%, on 25 August 2026, with the balance due on conversion within 18 months.
- September 2026: Incorporated Ather Energy Hong Kong Limited on 21 September 2026 to support procurement in the Asia-Pacific region.
- October 2026: The Insurance Regulatory and Development Authority of India granted its subsidiary Ather Insurance Limited a corporate agent registration dated 15 October 2026.
Outlook
The first test of the expansion is the Hosur increase and the phased start at AURIC, both planned from December 2026. Ather has not disclosed how much of the ₹122 crore will come from debt rather than internal accruals.
Official Sources
- Ather Energy Limited – Financial results for the quarter and half year ended 30 September 2026 (NSE, 26 October 2026): https://nsearchives.nseindia.com/corporate/ATHERENERGY_26102026142521_Tofileresultsigned.pdf
- Ather Energy Limited – Regulation 30 disclosure on capacity enhancement at Hosur and Factory 3.0 (NSE, 26 October 2026): https://nsearchives.nseindia.com/corporate/ATHERENERGY_26102026143153_CapacityAdditionsigned.pdf
- Ather Energy Limited – Press release on Q2 FY27 results (NSE, 26 October 2026): https://nsearchives.nseindia.com/corporate/ATHERENERGY_26102026145610_Touploadpressreleasesigned.pdf
- Ather Energy Limited – Investor presentation, Q2 FY27 (NSE, 26 October 2026): https://nsearchives.nseindia.com/corporate/ATHERENERGY_26102026152258_Touploadinvestorpresentationsigned.pdf
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