Ather Energy Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹65,974 Cr
- ROE
- -33.41%
- Price to sales
- 15.56
- Debt to equity
- 0.26
- 52W high / low
- ₹1,726 / ₹601
- Sales growth (5Y)
- 115.07%
- EBITDA margin
- -7.24%
- Net profit margin
- -13.95%
- Promoter holding
- 42.33%
- Sales (last year)
- ₹4,244 Cr
Incorporated in 2013, Ather Energy ltd is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems[1]
Guidance scorecard · Q2 FY27 call
What Ather Energy Ltd's management guided
and where it ranks in Automobiles
Automobiles
RevenueQ1 FY27 call
40%+- Strong demand growth with retail registrations up 102% YoY and wholesale volumes up 81% YoY in Q1 FY 2027.
- Preorders at record high of 1.5 lakh in Q1 FY 2027, with monthly inquiries exceeding 50,000 despite dealers limiting new preorders.
- Capacity expansion underway: current max facility capacity 35,000 units/month; new Aurangabad factory (AURIC Phase 1) to add 5 lakh units/year, doubling capacity to 9.2 lakh units/year (~77,000 units/month) later in the year.
- Potential further expansion via AURIC Phase 2, adding another 5 lakh units/year if demand continues to ramp.
- Introduction of EL scooter platform with projected capacity of 60,000 units/month between Aurangabad and Hosur, expected to boost volumes.
- Growth focused initially on middle and northern India markets, with expansion plans nationwide.
2 more points from Ather Energy Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Ather Energy Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Ather Energy is completing Phase One of the Aurangabad factory (AURIC), with production ramp-up expected by Q4 FY 2027, increasing total capacity from 4.2 lakh to 9.2 lakh units annually.
- Planning for AURIC Phase-2 is underway, which will add another 5 lakh units annual capacity, potentially fast-tracked depending on demand.
- The company recently closed a Rs. 1,300 crore QIP and is seeking shareholder approval for another Rs. 1,200 crore via preference shares, totaling Rs. 2,500 crore to fund capacity expansion and new product launches.
- The Hosur plant has fungible capacity being optimized between Rizta and EL platforms.
2 more points from Ather Energy Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Ather Energy Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Ather Energy is experiencing very strong demand with over 50,000 paid preorders on a monthly basis.
- Many dealers have stopped accepting new preorders due to waiting times hitting 2 months or more.
- Current monthly retail averages around 30,000 units, but there is an unrealized potential of an additional 13,000-15,000 units monthly due to supply constraints.
- Production capacity at Hosur maxes out at 35,000 units per month.
- The new Aurangabad factory (AURIC) phase one will add capacity to 9.2 lakh units annually (~77,000 monthly) later in the calendar year.
- Despite this increased capacity, current demand trajectories may still outpace supply.
2 more points from Ather Energy Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Automobiles
on management's own guidance
- Strong growth2
- 1
- M & MGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Automobiles companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Ather Energy LtdThis stock | 40%+ | Flat | ₹58,318 Cr | — |
| 2 | 40%+ | Flat | ₹2,339 Cr | 83.8 | |
| 3 | M & M | 20–40% | Flat | ₹3.63L Cr | 18.9 |
| 4 | 20–40% | Flat | ₹2.00L Cr | 34.4 | |
| 5 | 20–40% | Flat | ₹1.95L Cr | 56.2 | |
| 6 | 20–40% | Flat | ₹17,491 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Automobiles rankingAther Energy Ltd announcements
All announcements →- Capex / expansionMajor developmentAther Energy Limited announces Q2 and H1 FY2027 unaudited financial results and capacity expansion
- Capex / expansionMajor developmentAther Energy reports Q2 FY27 total income up 62% YoY, EBITDA margin at 4.9%
Financials of Ather Energy Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Ather Energy Ltd
Shareholding breakup across reporting periods.
| Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|
| Promoters + | 42.09% | 41.22% | 40.86% | 40.76% | 40.72% | 42.33% |
| FIIs + | 24.07% | 23.61% | 17.45% | 17.21% | 16.23% | 15.08% |
| DIIs + | 24.01% | 23.60% | 28.10% | 28.97% | 29.28% | 27.01% |
| Public + | 9.82% | 11.58% | 13.58% | 13.03% | 13.76% | 15.56% |
| No. of Shareholders | 1,41,409 | 1,41,467 | 1,73,478 | 1,69,887 | 2,29,896 | 3,47,160 |
Financials of Ather Energy Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 523.40 | 360.50 | 583.50 | 634.90 | 676.08 | 644.58 | 898.88 | 953.64 | 1,174.66 | 1,216.92 | 1,464.24 |
| Expenses + | 761.90 | 488.90 | 722.90 | 775.60 | 848.37 | 778.88 | 1,031.43 | 1,025.57 | 1,244.24 | 1,250.01 | 1,452.60 |
| Operating Profit | -238.50 | -128.40 | -139.40 | -140.70 | -172.29 | -134.30 | -132.55 | -71.93 | -69.58 | -33.09 | 11.64 |
| OPM % | -45.57% | -35.62% | -23.89% | -22.16% | -25.48% | -20.84% | -14.75% | -7.54% | -5.92% | -2.72% | 0.79% |
| Other Income + | 12.00 | 7.90 | 15.40 | 15.20 | 11.71 | 28.33 | 41.79 | 37.05 | 39.11 | 42.73 | 62.67 |
| Interest | 19.10 | 22.90 | 30.60 | 28.60 | 28.54 | 24.12 | 20.79 | 19.33 | 17.96 | 21.57 | 26.01 |
| Depreciation | 37.70 | 39.50 | 42.60 | 43.70 | 45.24 | 48.14 | 42.52 | 30.43 | 51.80 | 38.94 | 46.80 |
| Profit before tax | -283.30 | -182.90 | -197.20 | -197.80 | -234.36 | -178.23 | -154.07 | -84.64 | -100.23 | -50.87 | 1.50 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit + | -283.30 | -182.90 | -197.20 | -197.80 | -234.36 | -178.23 | -154.07 | -84.64 | -100.23 | -50.87 | 1.50 |
| EPS in Rs | -94.75 | -61.17 | -64.01 | -64.21 | -8.06 | -4.79 | -4.05 | -2.22 | -2.62 | -1.33 | 0.04 |
Financials of Ather Energy Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 35 | 80 | 408 | 1,781 | 1,754 | 2,255 | 3,672 | 4,809 |
| Expenses + | 220 | 257 | 668 | 2,488 | 2,438 | 2,836 | 4,080 | 4,972 |
| Operating Profit | -185 | -177 | -260 | -708 | -685 | -581 | -408 | -163 |
| OPM % | -523% | -222% | -64% | -40% | -39% | -26% | -11% | -3.4% |
| Other Income + | 14 | 7 | 4 | 21 | -139 | 50 | 146 | 182 |
| Interest | 24 | 28 | 40 | 65 | 89 | 111 | 82 | 85 |
| Depreciation | 25 | 35 | 48 | 113 | 147 | 171 | 173 | 168 |
| Profit before tax | -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -234 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| Net Profit + | -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -234 |
| EPS in Rs | -77.16 | -81.86 | -115.08 | -289.13 | -354.41 | -27.95 | -13.51 | -6.13 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Ather Energy Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.02 | 0.02 | 0.02 | 0.02 | 0.00 | 29 | 38 | 40 |
| Reserves | 250 | 376 | 224 | 614 | 545 | 464 | 2,534 | 4,247 |
| Borrowings + | 132 | 219 | 365 | 485 | 478 | 619 | 664 | 961 |
| Other Liabilities + | 137 | 146 | 229 | 878 | 890 | 988 | 1,485 | 1,704 |
| Total Liabilities | 518 | 741 | 819 | 1,977 | 1,914 | 2,101 | 4,722 | 6,952 |
| Fixed Assets + | 178 | 307 | 335 | 544 | 459 | 616 | 627 | 987 |
| CWIP | 104 | 47 | 93 | 37 | 71 | 122 | 340 | 472 |
| Investments | 39 | 92 | 37 | 286 | 292 | 41 | 552 | 1,133 |
| Other Assets + | 198 | 295 | 354 | 1,109 | 1,092 | 1,322 | 3,202 | 4,360 |
| Total Assets | 518 | 741 | 819 | 1,977 | 1,914 | 2,101 | 4,722 | 6,952 |
Financials of Ather Energy Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -182 | -140 | -226 | -871 | -268 | -721 | 32 |
| Cash from Investing Activity + | -123 | -172 | 51 | -135 | 58 | -378 | -2,527 |
| Cash from Financing Activity + | 313 | 296 | 228 | 1,317 | 633 | 703 | 2,497 |
| Net Cash Flow | 8 | -16 | 52 | 311 | 423 | -396 | 2 |
| Free Cash Flow | -298 | -227 | -297 | -1,001 | -383 | -1,060 | -474 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 98% | 79% | 87% | 123% | 39% | 124% | -8% |
Financials of Ather Energy Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 1 | 0 | 0 | 2 | 1 |
| Inventory Days | 79 | 226 | 57 | 59 | 26 | 48 | 35 |
| Days Payable | 47 | 269 | 113 | 88 | 90 | 109 | 105 |
| Cash Conversion Cycle | 32 | -43 | -56 | -29 | -64 | -60 | -68 |
| Working Capital Days | -225 | -425 | -203 | -36 | -122 | -69 | 60 |
| ROCE % | -42% | -51% | -95% | -75% | -66% | -20% |
Guidance history
How Ather Energy Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 40%+ | Down 0–2% | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
94 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +124.1% | 95% |
| Last 6 months | +75.8% | 94% |
| Last 3 months | +32.4% | 93% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ather Energy Ltd: 0.4 × 95 + 0.4 × 94 + 0.2 × 93 = 94.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ather Energy Ltd's management said in earlier quarters
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