Ather Energy Ltd(ATHERENERG)

NSE: ATHERENERGBSE: 544397

₹ 1,522.2+10.00%refreshed 26 Oct, 02:45 pm ISTMarket cap: ₹ 60,371 crNext results: 26 Oct 2026Website: www.atherenergy.comUpdated: 24 Oct 2026

About

Ather Energy is an Indian electric two-wheeler manufacturer selling scooters under the Ather 450 and Rizta brands, with revenue from operations of ₹1,216.92 Cr in Q1 FY27 (+89% YoY). The company sold 2,62,942 vehicles in FY26 (+69% YoY) and held a 16.8% share of the domestic e-2W market in Q1 FY27, making it one of India's leading pure-play EV two-wheeler companies.^[1]

Business segments

Ather reports a single segment, Automotive, as of FY26.^[2]
Subsidies made up 3% of revenue in FY26, down from 6% in FY25; the PM E-DRIVE scheme runs until July 31, 2026.^[2]
Non-vehicle revenue (AtherStack Pro, accessories, services) was 14% of operating revenue in Q1 FY27, up from 13% in Q1 FY26.^[1]

Products and portfolio

Ather's e-2W portfolio has two product lines, the Ather 450 series and the Ather Rizta, with nine variants in total, as of FY26.^[2]
The Rizta became Ather's fastest-selling product; its second 1 lakh+ units sold in 7 months versus 11 months for the first, as of FY26.^[2]
The Rizta made up about 75% of Ather's sales mix in Q4 FY26.^[3]
AtherStack Pro, a paid software subscription, had a 91% attach rate in FY26 and 94% in Q1 FY27.^[2]
AtherStack 7.0 shipped in FY26 with Infinite Cruise, vernacular dashboards and pothole detection, and reached the entire existing fleet on the same day.^[2]
Ather Halo is the company's smart helmet, built to work with the Ather ecosystem, as of FY26.^[2]

Manufacturing capacity and operations

Ather runs two manufacturing plants in Hosur, Tamil Nadu, with annual capacity of 4.2 lakh units, as of FY26.^[2]
Factory 3.0 (AURIC) Phase 1 in Bidkin, Maharashtra will add 5 lakh units a year and is on track for commissioning in FY27; total capacity is to reach 14.2 lakh units.^[2]
AURIC Phase 2, an additional 5 lakh units a year, is under planning with no firm timeline.^[2]
Ather makes battery packs in-house from procured lithium-ion cells. Suppliers design and make the chargers and motors, and all other components are outsourced.^[2]
China's export ban on rare-earth magnets disrupted the global supply chain and affected Ather's operations to some extent in FY26.^[2]
Ather's R&D team had 856 engineers, 42% of on-roll employees, as of FY26.^[2]
As of March 31, 2026, Ather had filed 643 patents (283 in FY26) and held 52 registered patents, 271 registered designs and 326 registered trademarks.^[2]

Key operating numbers

Wholesale volumes were 83,173 units in Q1 FY27, up 81% YoY from 46,078 in Q1 FY26; retail registrations were 90,808 units, up 102% YoY.^[1]
E2W market share (Vahan) was 16.8% in Q1 FY27 vs 14.2% in Q1 FY26; the peak monthly share was 19.8% in October 2025.^[1]
FY26 volumes were 2,62,942 units (+69% YoY); FY25 volumes were 155,394 scooters, compared with 109,577 units in FY24.^[3][4]
The average ex-showroom price was ₹1.61 lakh in June 2026, up from ~₹1.5 lakh in Q4 FY26; revenue per vehicle was ₹1,46,312 in Q1 FY27 (+4.6% YoY).^[1]
Dealer channel inventory was 3 days in Q1 FY27, down from 14 days in Q4 FY26.^[1]
Cost of goods sold per unit fell from ₹1,48,918 in FY24 to ₹1,10,199 in FY26.^[2]
E-2W market share in Q4 FY26 was 17.3% in Middle India (vs 4.1% in Q1 FY25), 23.5% in South India and 12.1% in the Rest of India.^[3]

Distribution, charging and customers

Ather had 700 experience centres and 548 service centres by March 2026, up from 351 stores at the end of FY25.^[3]
Ather paused new store openings in Q1 FY27 and expects to resume around the Q3 FY27 festive season. It plans to extend its retail model across the rest of India in FY27.^[1][2]
Ather Grid has 6,000+ LECCS fast and neighbourhood chargers across India, Nepal and Sri Lanka, as of FY26.^[2]
20+ OEMs, CPOs and suppliers have adopted the LECCS standard through the LEAF consortium; 13% of charging sessions in Q4 FY26 came from non-Ather users.^[3]
No single customer made up more than 10% of revenue in FY26 or FY25.^[2]

Expansion and new products

The EL platform targets the ₹1-1.25 lakh segment, where Ather currently has no presence, and production is planned in FY27. At least two EL products are planned in FY27.^[2][3]
EL start of production began at Hosur in Q2 FY27. Planned combined Hosur and AURIC Phase 1 capacity for the EL is 60,000 units a month, and its consumer launch was set for August 29, 2026.^[1]
AURIC Phase 1 (42,000 units a month) targets trial production in Q3 FY27, with reliable daily output from January 2027.^[1]
The Zenith motorcycle platform covers the 125cc to 300cc segment and was more than two years from launch as of Q1 FY27.^[2][1]
Of the IPO proceeds, ₹927.20 Cr was set aside for the Maharashtra E2W factory, of which ₹139.63 Cr had been used as of FY26.^[2]

Recent developments

Ather listed on May 6, 2025 after a ₹29,808 million IPO that included a fresh issue of ₹26,260 million.^[4]
Ather closed a ₹1,300 Cr QIP around Q1 FY27. A further ₹1,200 Cr preference issue was awaiting shareholder approval, which would bring the total to ₹2,500 Cr.^[1]
The board approved two wholly owned subsidiaries: an insurance corporate agent and a procurement company in Hong Kong (FY26).^[2]
Risks the company names include rare-earth magnet supply, RAM costs and rising lithium-ion battery prices (FY26).^[2]

Market Cap

₹60,371 Cr

High / Low

₹1,742 / 582

Stock P/E

-135.5

Price / Book

20.6

EPS

₹-13.5

ROCE

-20.0%

ROE

-33.7%

OPM

-11.3%

Debt / Equity

0.20

Sales

₹3,672 Cr

Net Profit

₹-517 Cr

Promoter holding

42.3%

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