Ather Energy (ATHERENERG) Q2 26/27 earnings summary

Executive summary

• Vehicles sold rose 42% YoY to 93k, registrations increased 60% to 92.6k, and production grew 45% to 98.4k units.

• Q2 FY27 revenue from operations reached ₹1,464.24 crore; consolidated net profit was ₹1.26 crore versus a ₹154.07 crore loss in Q2 FY26.

• EBITDA margin reached 4.9%, while adjusted gross margin faced commodity-cost pressure.

• Demand and the phased Konarc rollout are driving capacity expansion, with installed annual capacity targeted at 1.14 million units by Q2 FY28.

Financial highlights

• Revenue from operations was ₹1,464.24 crore, up 63% YoY; total income was ₹1,527 crore, up 62%.

• Q2 FY27 net profit was ₹1.26 crore versus a ₹154.07 crore loss in Q2 FY26; H1 FY27 revenue was ₹2,681.16 crore and net loss was ₹49.83 crore.

• EBITDA was ₹74.17 crore versus negative ₹90.76 crore in Q2 FY26; EBITDA margin improved to 4.9% from negative 9.6%.

• Adjusted gross margin was 24%, up 1.6 percentage points QoQ; the 9.4% commodity impact was partly offset by 5.3% structural gains and 2.7% SKU management.

• Weighted average ex-showroom price rose to ₹164,000 in Q2 FY27 from ₹150,000 in Q4 FY26, including AtherStack Pro Pack sales.

Outlook and guidance

• Installed annual capacity is targeted to rise from 9.2 lakh to 11.4 lakh units by Q2 FY28, with staged additions at Hosur and AURIC.

• Hosur expansion adds 6,000 units/month later in Q2 FY27; AURIC Phase I adds 42,000 units/month, with CapEx installation expected by Q4 FY27 and ramp-up over two quarters.

• Factory 3.0 in Chhatrapati Sambhajinagar is on track for Q3 FY27; its proposed 150,000-unit annual capacity addition is expected in Q2 FY28.

• Dealer-network expansion is set to restart from quarter-end, with additions expected in Q4; Konarc rollout will proceed by variant and geography.

• No further price hikes are planned in Q3; current prices are expected to hold for a while, while commodity costs remain volatile.