Quick Details| Results date | October 26, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Previous quarter revenue | Rs. 1,216.92 Cr |
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| Previous quarter PAT | Rs. (51.09) Cr |
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| Previous quarter EBITDA margin | 1% (0.8% per management) |
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| Market cap | Rs. 56,796.14 Cr |
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| CMP | Rs. 1,431.65 |
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Ather Energy Ltd Q2 Results Date and Time
Per the board-meeting intimation filed on October 16, 2026, the Board will meet on October 26, 2026 to consider the Q2/H1 FY27 (September 30) results.
Key Things To Watch
Guidance scorecard: Tracking management's stated targets against their target periods:
- AURIC Phase 1 — trial production in the festive period, reliable daily output from January 1, 42,000 units/month within 4-5 months — Q2 call should confirm trial status
- Factory 3.0 Phase 1 — production start October 2026 (deferred from July 2026), go-live Q3 FY27, completion March 2027 — verify the October start happened
- Total capacity 9.2 lakh units/year by year-end FY27; 75,000 units by Q1 2028; AURIC Phase 2 firmer guidance "in a quarter or two" from August 2026
- Q2 FY27 — no material RM degradation; full-quarter benefit of the Rs. 1.61 lakh ASP; residual commodity hit of 100-200 bps
- EL platform — AtherStack Pro attach of at least 75% at launch; EL-linked COGS reduction visible in P&L by end FY27; 1-2 EL-platform product launches within the next year
PM E-DRIVE extension and subsidy math
- The e-2W subsidy window showed a terminal date of July 31, 2026 before the August 11 extension with Rs. 1,000 Cr additional allocation till March 2028 — watch whether the extension was backdated over the lapsed window
- An estimated 15-20% of Q1 vehicles were sold without subsidy; quantify any realization impact, including the flagged Rs. 5,000 hit on FAME expiry
EL platform (Konarc) launch execution
- Konarc, priced at Rs. 99,000, went on sale around end-August/September with only 217 units dispatched in the last few days of August — first full quarters fall in Q3
- Watch initial deliveries, Hosur ramp toward 60,000 vehicles/month for EL, geographic sequencing in northern and middle India, and the magnitude of EL ASP dilution against Rizta cannibalization
Margin bridge and commodity costs
- Whether AGM stabilizes near the 22.4% Q1 print or recovers on the full-quarter Rs. 1.61 lakh ASP benefit and ~Rs. 4,000 blended price hikes, against copper's record $14,635/t (Sep 8, 2026) and lithium's ~25% September plunge
- The EBITDA sign on the company's definition — a second positive quarter after Q1 FY27's Rs. 9.45 Cr — given management's "ups and downs" caution
Share vs supply and capacity utilization
- September registrations of ~30,565-30,857 units (+57.3% YoY, ~14.8% share, #3 rank) lagged the industry's +85-89% — watch whether this is framed as supply-constrained (Hosur at 100% utilization, stock-outs) or competitive loss
- Execution of the immediate 30k to 35k units/month step-up and any push of Hosur above 35,000/month
Frequently Asked Questions
Has Ather Energy guided a monthly volume run-rate for EBITDA break-even?
No. Management has explicitly declined to share this guidance, stating "we are not sharing guidance," making the EBITDA sign in each quarter's results the most direct profitability read.
How much of the commodity inflation has Ather Energy passed on to customers?
Management said only a small part of the inflation has been passed on so far, with the bulk to be absorbed by the company or the customer, and some burden-sharing attempted with suppliers. A residual headwind of 100-200 bps is expected, which management considers manageable via already-announced price hikes and EL cost-downs.
When will Ather Energy firm up the Factory 3.0 (AURIC) Phase 2 timeline?
On the Q1 FY27 call, management said firmer guidance would come "in a quarter or two" from August 2026, with fast-tracking under consideration supported by the Rs. 2,500 Cr raised. Phase 2 could lift total capacity from 9.2 lakh to 14.2 lakh units per year.
Is Ather Energy's revenue growing?
Revenue from operations rose 88.79% YoY to Rs. 1,216.92 Cr in Q1 FY27 from Rs. 644.58 Cr, on deliveries of 83,173 units (+80.5% YoY). Demand proxies point the same way, with pre-orders up 158% to 150k and enquiries up 95% to 707k.