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Ather Energy (ATHERENERG) investor relations material
Ather Energy Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary10 Nov, 2025
Executive summary
Q2 FY26 saw record sales of 66,000 units, up 67% year-on-year, with a 17.4% pan-India market share and leadership in South India at 25%.
Distribution network expanded to 524 experience centers, more than doubling in one year, with a target of 700 by year-end.
New product launches included high-range variants for 450S and Rizta S, Battery as a Service (BaaS), and the unveiling of the EL Platform and AtherStack 7.0 software.
Unaudited financial results for Q2 and H1 FY26 were reviewed and approved by the Board on 10 November 2025.
The company completed its IPO in the previous quarter, listing on NSE and BSE on 6 May 2025.
Financial highlights
Total income for Q2 FY26 was INR 9,407 million, up 57% year-over-year and 40% quarter-on-quarter; adjusted gross margin at 22% (21% without incentives), up 300 bps YoY.
EBITDA margin improved by 1,100 bps YoY to less than -10% in Q2 FY26; H1 FY26 loss was INR 3,323 million with a margin of -21%.
Revenue from operations for Q2 FY26 was INR 8,989 million, up from INR 5,835 million in Q2 FY25.
Rare earth supply crunch led to a one-time INR 20-25 crore hit in Q2, impacting subsidies and revenue, but issue resolved by quarter-end.
Loss before tax for Q2 FY26 was INR 1,541 million, improving from INR 1,972 million in Q2 FY25.
Outlook and guidance
Confident about maintaining AGM expansion and volume growth as supply chain issues are resolved; no expected volume impact from new plant delay.
Planned further expansion of experience centers by end of FY26 and focus on scaling new product platforms and non-vehicle revenue streams.
Business well-positioned to absorb upcoming subsidy removal, with strong tailwinds from accessories, service revenues, and software attachment.
Deferred revenue recognition of INR 192 million due to supply chain disruptions from China's export ban on heavy rare earth magnets.
Industry expected to grow 4-5x faster than overall two-wheeler market, with electric scooters growing 2-2.5x faster than ICE scooters.
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Next Ather Energy earnings date
Q3 25/269 Feb, 2026
Next Ather Energy earnings date
Q3 25/269 Feb, 2026
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