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Ather Energy
SectorAutomobiles
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Ather Energy reaches a profitability inflection with rising sales and accessory uptake, though margin compression and market share dips require attention.
EBITDA margin improves from -16% in Q1 FY26 to 1% in Q1 FY27 over five quarters, marking a clear shift to profitability.
Adjusted gross margin drops from ₹1,548 in Q1 FY26 to ₹22 in Q1 FY27, signaling severe profit compression.
Attach rate climbs from 89% in Q2 FY26 to 94% in Q1 FY27, showing customers consistently buy more accessories.
Market share slips from 18.8% in Q3 FY26 to 16.8% in Q1 FY27, reflecting increased competition in the EV space.
COGS per unit falls from ₹112,440 in Q1 FY26 to ₹1,08,497 in Q4 FY26, reflecting better manufacturing efficiency.
Revenue per unit falls from ₹1,40,817 in Q4 FY26 to ₹1,25,891 in Q1 FY27, showing a shift toward lower pricing.
Charging stations grow from 238 in Q1 FY26 to 700 in Q4 FY26, expanding the support network for riders.
Total income contracts from ₹9,957 in Q3 FY26 to ₹1,216.92 in Q1 FY27, highlighting seasonal revenue pressure.
Registrations jump from 30.9 in Q3 FY26 to 90,808 in Q1 FY27, indicating a strong surge in customer demand.
Cumulative charging points fall from 5,241 in Q2 FY26 to 700 in Q4 FY26, indicating a strategic network consolidation.
Company insights, generated from the most recent coverage.
ASP climbed to ₹1.61 lakh in June 2026 and non-vehicle revenue is now 14% of operating revenue, both supporting margin mix as volumes scale.
Caladium already offloaded 12 million shares on Sep 1, cutting its stake from 6.29% to 3.24%, confirming pre-IPO holders are actively monetising before the November unlock.
Stock fell 2.66% to ₹1,502.70 on Sep 23, opening near the 1-month high of ₹1,545 and closing 13.84% below it — a distribution pattern into the November lock-in.