Ather Energy share price & results

Ather Energy Limited· Automobile and Auto Components· Consumer Discretionary

Results to: Sept 2026
Latest analysed call: Q2 FY27
Ownership as of: Sept 2026

Bengaluru-based maker of Ather 450 & Rizta electric scooters, in-house charging network & software.

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Guidance Hit Rate

21 targets · 100% hit rate 7 achieved · 14 active →

Segment Shift

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Reverse DCF

Implied Growth Test priced-in growth in DCF tool →

Concall & Tone

Q2 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹1,859.8 +2.02% · +₹36.9

Last close 9 Nov 2026 · NSE · INR · Source: Inve

Performance +184.1% 1Y

1Y: ₹654.65 on 7 Nov 2025 → ₹1,859.8. High ₹1,859.8 (9 Nov 2026), low ₹601.35 (29 Jan 2026).

Previous close: ₹1,822.9
Market cap: ₹73.7k Cr
52-week range: ₹601.35 – ₹1,859.8
One year: +197.24%
Return on equity (FY ending Mar 2026): -19.91%

Reported

Key financial metrics & valuation ratios

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	1,464 ₹ crore	+62.9% YoY	Quarterly, as filed	Quarter to Sept 2026	Revenue from operations as filed.
Operating margin	0.8 %	+15.5 pts YoY	Operating profit / revenue	Quarter to Sept 2026	For the quarter; a change is in percentage points.
Net profit	1.5 ₹ crore	—	Quarterly, as filed	Quarter to Sept 2026	Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown.
Return on equity	Unavailable	—	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.
Free cash flow margin	Unavailable	—	Fiscal year	FY ending Mar 2026	Not in the analysed materials. No older figure is substituted.
Revenue growth (YoY)	Unavailable	—	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

7 of 7 judged targets kept · 14 open · verdicts reflect calls analysed to Q2 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Cost Reduction	15%-20% cheaper compared to NMC globally... dependable number in the coming year Call transcript, Q4 FY25 · 12 May 2025	Q4 FY25	Q2 FY27:No new specific LFP update; fifth-generation battery pack Ather Bedrock launched across 450, Rizta, and Konarc. Promise remains achieved. Call transcript, Q2 FY27 · 26 Oct 2026	Achieved
Capex Capacity Expansion	full 42,000 should be operationalized before end of this FY [FY27] for sure. Call transcript, Q4 FY26 · 4 May 2026	Q4 FY26	Q2 FY27:While capex and capacity installation for the 42,000 units/month Phase 1 base will finish by Q4 FY27, management stated that ramping up production will 'certainly take 2 quarters', pushing full operational ramp-up into FY28. Call transcript, Q2 FY27 · 26 Oct 2026	Delayed
Capex Capacity Expansion	starting to come on life sometime next year Call transcript, Q4 FY25 · 12 May 2025	Q4 FY25	Q2 FY27:Trial production is expected to start in the next few weeks, remaining on track for Q3 FY27, with capex and capacity installation finishing by Q4 FY27. Call transcript, Q2 FY27 · 26 Oct 2026	On Track

Source: Inve Guidance Tracker for Ather Energy Limited · to Q2 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

14 of Ather Energy Limited's 21 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 18 more targets are in the full ledger.

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Live Summary

ATHERENERG ₹1,859.8 +2.02%

Guidance Verdict (21 tracked) 7 kept · 14 open

AI Call Brief · Q2 FY27

Ather Energy Limited Q2 FY27

Overview

Symbol: NSE:ATHERENERG
Sector: Automobile and Auto Components
Industry: Consumer Discretionary
Exchange: NSE
Currency: INR

What Ather Energy Limited does

Based on the company's own presentations, annual report and earnings calls.

Ather Energy designs, manufactures and sells electric two-wheelers (E2Ws) under the Ather 450 (performance) and Ather Rizta (family/convenience) product lines, developing its own vehicle hardware, battery management, motor and vehicle software (AtherStack) in-house. It earns primarily from vehicle sales through owned and franchise Experience Centres, supplemented by non-vehicle revenue from AtherStack Pro software subscriptions, service, accessories, and its proprietary Ather Grid fast-charging network. The company also runs an in-house R&D organisation and operates its own manufacturing plants rather than outsourcing production.

Segments

Sale of vehicles
Sale of non-vehicles

Experience Centres (retail network): 700+ across India
Installed manufacturing capacity: Over 4.2 lakh (420,000) E2Ws/year across two factories in Hosur, Tamil Nadu
New manufacturing facility under construction: Factory 3.0 (AURIC) at Chhatrapati Sambhajinagar (Aurangabad), Maharashtra; Phase 1 planned capacity of 5 lakh units/year
Ather Grid fast-charging points: 5,000+ charging points (including Vida chargers)
Cumulative vehicles sold: 5,00,000+ Ather electric scooters sold to date
Cumulative patents filed: 643 patents filed to date

Founded 2013Headquarters Bengaluru, Karnataka, India Company website

How the price took the results

Moved an average of ±4.8% across the last 5 priced result releases

Close before → close after

Quarter	Release	Revenue (₹ Cr)	Net profit (₹ Cr)	Rev YoY	Before → After	Reaction
Q2 FY27	26 Oct 26	1,464	2	+62.9%	₹1,380 → ₹1,575	+14.1%
Q1 FY27	3 Aug 26	1,217	-51	+88.8%	₹1,260.3 → ₹1,272.7	+1.0%
Q4 FY26	4 May 26	1,175	-100	+73.7%	₹934.85 → ₹934	−0.1%
Q3 FY26	2 Feb 26	954	-85	+50.2%	₹626 → ₹606.55	−3.1%
Q2 FY26	11 Nov 25	899	-154	—	₹625.7 → ₹659.8	+5.4%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Guidance

What management said, and what became of it

7 of 7 judged targets kept · 14 open · verdicts reflect calls analysed to Q2 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Cost Reduction	15%-20% cheaper compared to NMC globally... dependable number in the coming year Call transcript, Q4 FY25 · 12 May 2025	Q4 FY25	Q2 FY27:No new specific LFP update; fifth-generation battery pack Ather Bedrock launched across 450, Rizta, and Konarc. Promise remains achieved. Call transcript, Q2 FY27 · 26 Oct 2026	Achieved
Capex Capacity Expansion	full 42,000 should be operationalized before end of this FY [FY27] for sure. Call transcript, Q4 FY26 · 4 May 2026	Q4 FY26	Q2 FY27:While capex and capacity installation for the 42,000 units/month Phase 1 base will finish by Q4 FY27, management stated that ramping up production will 'certainly take 2 quarters', pushing full operational ramp-up into FY28. Call transcript, Q2 FY27 · 26 Oct 2026	Delayed
Capex Capacity Expansion	starting to come on life sometime next year Call transcript, Q4 FY25 · 12 May 2025	Q4 FY25	Q2 FY27:Trial production is expected to start in the next few weeks, remaining on track for Q3 FY27, with capex and capacity installation finishing by Q4 FY27. Call transcript, Q2 FY27 · 26 Oct 2026	On Track

Source: Inve Guidance Tracker for Ather Energy Limited · to Q2 FY27

The full ledger

Open Ather Energy Limited’s full ledger

A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q2 FY27, 26 Oct 2026. 7 calls analysed.

Call summaries

Q2 FY27 — 26 Oct 2026

Ather Energy Limited Q2 FY27

Ather had a breakout Q2 FY27. Wholesale volume grew 42% to 93,000 units, registrations rose ~60%, and the company reached positive EBITDA (4.9%) and its first-ever positive PAT, helped by a ₹14,000 rise in average selling price and a 5.3% structural gross-margin gain. The industry grew 82% YoY and E2W penetration passed 10% for the first time, but Ather is supply-constrained, with an estimated 20,000 units/month of unmet demand. The Board approved more capacity at Hosur (+6,000/month) and AURIC Phase 1 (+12,000/month), taking installed capacity to 11.4 lakh units by Q2 FY28. Commodities remain

Read the full call

Q1 FY27 — 3 Aug 2026

Ather Energy Limited Q1 FY27

Ather Energy reported robust Q1 FY27 performance with wholesale volumes up 81% and registrations up 102%, driven by strong underlying demand and macro tailwinds for EVs. The company achieved its first-ever positive EBITDA of Rs. 9 crore despite significant commodity cost headwinds that compressed gross margins by 5.6%. To meet surging demand, Ather is accelerating capacity expansion with the new AURIC factory and has secured Rs. 2,500 crores in funding, while preparing for the launch of its new EL scooter platform.

Read the full call

Q4 FY26 — 4 May 2026

Ather Energy Q4 FY26

Ather Energy reported a breakthrough FY26, driven by a 66% increase in overall volumes and a significant market share gain to 18.6% in Q4, largely attributed to the new Rizta product. The company doubled its store count to 700 and achieved a 93% Pro-Pack attach rate in Q4. EBITDA losses dramatically improved to negative 2% in Q4 FY26, though management anticipates short-term margin pressure due to ongoing commodity inflation. The upcoming EL platform and Factory 3.0 are expected to drive future growth and cost efficiencies.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

News

Latest news

From the news desk, item by item, hours after each call.

Ather's operating profit turns positive on a margin lever tied to its scooter shortage 27 Oct 2026

Every analysed call

Ather Energy Limited earnings calls (ATHERENERG)

Fundamentals

Valuation, return & balance-sheet ratios

Current values with the period they cover; the trend reads across the 1 fiscal year held (Mar 2026 to Mar 2026).

Trailing twelve months
— TTM · period unavailable
Fiscal year
-13.29% FY ending Mar 2026

Mar 2026
-13.29%

How it is calculated. Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Trailing twelve months
— TTM · period unavailable
Fiscal year
-19.91% FY ending Mar 2026

Mar 2026
-19.91%

How it is calculated. Adjusted profit attributable to owners ÷ average owners’ equity.
Trailing twelve months
— TTM · period unavailable
Fiscal year
-10.84% FY ending Mar 2026

Mar 2026
-10.84%

How it is calculated. Total profit excluding exceptional items after tax ÷ average total assets.
Trailing twelve months
— TTM · period unavailable
Fiscal year
-11.11% FY ending Mar 2026

Mar 2026
-11.11%

How it is calculated. Operating profit ÷ revenue.
Trailing twelve months
— TTM · period unavailable
Fiscal year
-13.94% FY ending Mar 2026

Mar 2026
-13.94%

How it is calculated. Total profit excluding exceptional items after tax ÷ revenue.
Mar 2026
0.26×

How it is calculated. Borrowings ÷ owners’ equity.
Trailing twelve months
— TTM · period unavailable
Fiscal year
-5.24× FY ending Mar 2026

Mar 2026
-5.24×

How it is calculated. Adjusted EBIT ÷ interest expense.
Trailing twelve months
— TTM · period unavailable
Fiscal year
0.78× FY ending Mar 2026

Mar 2026
0.78×

How it is calculated. Revenue ÷ average total assets.
Mar 2026
₹-159.00 Cr

How it is calculated. Borrowings less cash equivalents.
Mar 2026
1.84×

How it is calculated. Average total assets ÷ closing owners’ equity.
Trailing twelve months
— TTM · period unavailable
Fiscal year
-0.58% FY ending Mar 2026

Mar 2026
—

How it is calculated. Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Mar 2026
1.00 days

How it is calculated. Reported receivable days from the annual accounts.
Mar 2026
35.00 days

How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Mar 2026
105.00 days

How it is calculated. Reported payable days, using material cost / cost of goods sold.
Mar 2026
-68.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2026
115.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Mar 2026
0.00%

How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2026
—

How it is calculated. Market capitalisation from the current stock record.

Mar 2026
-13.29%

Mar 2026
-19.91%

Mar 2026
-10.84%

Mar 2026
-11.11%

Mar 2026
-13.94%

Mar 2026
0.26×

Mar 2026
-5.24×

Mar 2026
0.78×

Mar 2026
₹-159.00 Cr

Mar 2026
1.84×

Mar 2026
—

Mar 2026
1.00 days

Mar 2026
35.00 days

Mar 2026
105.00 days

Mar 2026
-68.00 days

Mar 2026
115.00 days

Mar 2026
0.00%

Mar 2026
—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

Quarterly & annual financial statements

Net profit, year on year: +101% (quarter to sept 2026 against sept 2025).

Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026	Sept 2026
635	676	645	899	954	1,175	1,217	1,464
776	848	779	1,031	1,026	1,244	1,250	1,453
-141	-172	-134	-133	-72	-70	-33	12
−22.2%	−25.5%	−20.8%	−14.8%	−7.5%	−5.9%	−2.7%	0.8%
15	12	28	42	37	39	43	63
29	29	24	21	19	18	22	26
44	45	48	43	30	52	39	47
-198	-234	-178	-154	-85	-100	-51	2
0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
-198	-234	-178	-154	-85	-100	-51	2
-64.21	-8.06	-4.79	-4.05	-2.22	-2.62	-1.33	0.04

Source: Inve data · income statement, quarterly · to Sept 2026

Line item	Mar 2025	Mar 2026
	2,255	3,672
	2,836	4,080
	-581	-408
	50	146
	111	82
	171	173
	-812	-517
	-812	-517

Source: Inve data · income statement, annual · to Mar 2026

Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026	Sept 2026
0	0	29	38	38	40
614	545	464	2,683	2,534	4,247
485	478	619	430	664	961
878	890	988	1,292	1,485	1,704
1,977	1,914	2,101	4,443	4,722	6,952
544	459	616	780	627	987
37	71	122	24	340	472
286	292	41	480	552	1,133
1,109	1,092	1,322	3,159	3,202	4,360
1,977	1,914	2,101	4,443	4,722	6,952

Source: Inve data · balance sheet · to Sept 2026

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0	1	0	0	2	1
226	57	59	26	48	35
269	113	88	90	109	105
-43	-56	-29	-64	-60	-68
-425	-203	-36	-122	-69	60
−42.0%	−51.0%	−95.0%	−75.0%	−66.0%	−20.0%
0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Source: Inve data · annual ratios · to Mar 2026

Ownership

Who owns it — shareholding pattern

Promoters hold 42.33% as of Sept 2026; institutions cut 4.50 pts since Jul 2026.

Promoters +2.75 pts 42.33%
Foreign institutions −1.69 pts 15.08%
Domestic institutions −2.81 pts 27.01%
Public +1.74 pts 15.56%

3,47,160 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 7 filings held

Who was buying across the market this quarter

Who bought this quarter

since Jul 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

newly disclosed 4.86% held
newly disclosed 4.86% held
+2.81 pp 32.01% held
newly disclosed 2.11% held
VC / PE +0.37 pp 6.07% held
Mutual fund +0.27 pp 2.13% held
Mutual fund +0.14 pp 2.54% held

The same filing shows 6 holders trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Sep 2026 filing

Every holder of Ather Energy Limited above SEBI's 1% disclosure line, and what changed since Jul 2026.

Holder	Stake	Change
	32.01%	+2.81 pp
VC / PE	6.07%	+0.37 pp
	4.86%	newly disclosed
	4.86%	newly disclosed
Mutual fund	3.45%	−2.26 pp
FPI fund	3.23%	−3.64 pp
Mutual fund	2.54%	+0.14 pp
Mutual fund	2.24%	−1.03 pp
Mutual fund	2.13%	+0.27 pp
	2.11%	newly disclosed
Mutual fund	1.35%	−0.06 pp
	1.09%	−0.13 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ATHERENERG

Filings to Sep 2026

0 new, 4 added, 6 trimmed, 1 sold out — net −10.70 L shares (−6.2%).

Held by funds: ₹2.3k Cr; 13 schemes
Biggest holder: SBI Smallcap Fund; ₹1.4k Cr · 3.5% of that fund

Scheme	Holding	Last month	Held since
SBI Smallcap Fund SBI Mutual Fund	₹1.4k Cr	−15.72 L	Apr '25
HDFC Flexi Cap Fund HDFC Mutual Fund	₹273 Cr	+3.75 L	Jul '26
SBI Innovative Opportunities Fund SBI Mutual Fund	₹235 Cr	held	May '25
SBI Automotive Opportunities Fund SBI Mutual Fund	₹182 Cr	held	May '25
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund	₹42 Cr	−0.12 L	Sep '25
HDFC Manufacturing Fund HDFC Mutual Fund	₹32 Cr	held	Jul '26
HDFC Innovation Fund HDFC Mutual Fund	₹32 Cr	+1.10 L	Jul '26
Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund	₹27 Cr	+0.03 L	Jun '26

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Sep 2026

4 added, 6 trimmed — net −10.70 L shares (−6.2%)

Funds are sitting on: +282%; vs est. average cost
Held by funds: ₹2.3k Cr; 13 schemes · ≈ 4.1% of the company
Biggest holder: SBI Smallcap Fund; ₹1.4k Cr · 3.5% of that fund

Shares held by these funds +67%

Apr '25 1.61 cr shares Sep '26

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Quick Answers

Frequently asked questions on Ather Energy Limited

Compiled directly from ATHERENERG's filed financial statements, earnings call transcripts, and ownership disclosures.

How did Ather Energy Limited (ATHERENERG) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, Ather Energy Limited reported revenue of ₹1.5k Cr, net profit of ₹2 Cr, an operating margin of 0.8%. Diluted earnings per share stood at ₹0.04.

How is Ather Energy Limited (ATHERENERG) valued today, and what growth does the stock price imply?

Ather Energy Limited (ATHERENERG) trades at ₹1,859.8, with a market capitalization of ₹73.7k Cr.

Who owns Ather Energy Limited (ATHERENERG) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 42.3%, FIIs hold 15.1%, DIIs hold 27.0%, Public shareholders hold 15.6%.

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