ATHERENERG
Ather Energy share price & financials
- Price
- ₹971.7
- Market cap
- ₹58.4k Cr
- Calls analysed
- 6
Ather Energy Limited Q1 FY27
What went well
- Wholesale volume grew 81% YoY from 46,000 units (Q1 FY26) to 83,000 units (Q1 FY27).
- Registrations grew 102% YoY from 44,900 units (Q1 FY26) to over 90,000 units (Q1 FY27).
- Achieved first-ever positive EBITDA of Rs. 9 crore, representing a 0.8% margin in Q1 FY27.
What to watch
- Commodity costs escalated, with the commodity index up 46% over 5 quarters, leading to a 5.6% drop in gross margins in Q1 FY27.
- Production constraints and supply challenges, including a labor crisis and West Asia war impact, affected April volumes (24,000 units).
What Ather Energy Limited does
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
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 5 delivered 0 missed 10 open- Cost Reduction delivered said Q4 FY25 Promised: 15%-20% cheaper compared to NMC globally... dependable number in the coming year Q1 FY27: No new information, promise remains achieved.
- Capacity Expansion delayed said Q4 FY26 Promised: full 42,000 should be operationalized before end of this FY [FY27] for sure. Q1 FY27: Management now states the full ramp-up 'Could spill over into the first few months of FY 2028', walking back the 'for sure' commitment for FY27.
- Capacity Expansion on track said Q4 FY25 Promised: starting to come on life sometime next year Q1 FY27: Go-live of AURIC will take our total capacity up... later this calendar year. Things are looking good for a go live in the coming few months.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 88.7%, net profit up 71.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 584 | 635 | 676 | 645 | 899 +54% | 954 +50% | 1,175 +74% | 1,217 +89% |
| EBITDA | -139 | -141 | -172 | -134 | -132 +5% | -72 +49% | -70 +59% | -33 +75% |
| Net profit | -197 | -198 | -234 | -178 | -154 +22% | -85 +57% | -100 +57% | -51 +71% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +205.8% 1Y
1Y: ₹541.55 on 10 Sept 2025 → ₹1,656. High ₹1,725.6 (1 Sept 2026), low ₹539.9 (26 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +1.0%
- 3 Aug
- Q4 FY26
- −0.1%
- 4 May
- Q3 FY26
- −3.1%
- 2 Feb
- Q2 FY26
- +5.4%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 62.9% a year over 1 year, FY25 to FY26. Operating margin widened to -11.1%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹2.3k Cr | ₹3.7k Cr |
| Operating profit | ₹-580 Cr | ₹-408 Cr |
| Operating margin | -25.7% | -11.1% |
| Interest | ₹112 Cr | ₹82 Cr |
| Depreciation | ₹172 Cr | ₹173 Cr |
| Net profit | ₹-812 Cr | ₹-517 Cr |
| Net margin | -36.0% | -14.1% |
| ROCE | -66.0% | -20.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹38 Cr | ₹38 Cr |
| Reserves | ₹376 Cr | ₹224 Cr | ₹614 Cr | ₹545 Cr | ₹2.7k Cr | ₹2.5k Cr |
| Borrowings | ₹219 Cr | ₹365 Cr | ₹485 Cr | ₹478 Cr | ₹430 Cr | ₹664 Cr |
| Other liabilities | ₹146 Cr | ₹229 Cr | ₹878 Cr | ₹890 Cr | ₹1.3k Cr | ₹1.5k Cr |
| Total liabilities | ₹741 Cr | ₹819 Cr | ₹2.0k Cr | ₹1.9k Cr | ₹4.4k Cr | ₹4.7k Cr |
| Fixed assets | ₹307 Cr | ₹335 Cr | ₹544 Cr | ₹459 Cr | ₹780 Cr | ₹627 Cr |
| Capital work in progress | ₹47 Cr | ₹93 Cr | ₹37 Cr | ₹71 Cr | ₹24 Cr | ₹340 Cr |
| Investments | ₹92 Cr | ₹37 Cr | ₹286 Cr | ₹292 Cr | ₹480 Cr | ₹552 Cr |
| Other assets | ₹295 Cr | ₹354 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹3.2k Cr | ₹3.2k Cr |
| Total assets | ₹741 Cr | ₹819 Cr | ₹2.0k Cr | ₹1.9k Cr | ₹4.4k Cr | ₹4.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, FIIs trimmed −7.30 pp while DIIs added +5.81 pp. The shareholder count grew 80% to 2,54,569.
- Promoters
- 39.6%
- FIIs
- 16.8%
- DIIs
- 29.8%
- Public
- 13.8%
Since Jun 2025
- FIIs −7.30 pp
- DIIs +5.81 pp
- Public +4.00 pp
How it drifted, 6 quarters
Over this window FIIs fell from 24.1% to 16.8% — −7.3 pp.
Ownership split by quarter, oldest first. Jun '25: Promoters 42.1%, FIIs 24.1%, DIIs 24.0%, Public 9.8%.Sep '25: Promoters 41.2%, FIIs 23.6%, DIIs 23.6%, Public 11.6%.Dec '25: Promoters 40.9%, FIIs 17.4%, DIIs 28.1%, Public 13.6%.Mar '26: Promoters 40.8%, FIIs 17.2%, DIIs 29.0%, Public 13.0%.Jun '26: Promoters 40.7%, FIIs 16.2%, DIIs 29.3%, Public 13.8%.Jul '26: Promoters 39.6%, FIIs 16.8%, DIIs 29.8%, Public 13.8%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund +0.24 pp 2.40% held
- Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund +0.19 pp 1.96% held
- Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Edelweiss Mid Cap Fund Mutual fund +0.17 pp 1.41% held
The same filing shows 9 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Ather Energy Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Hero Motocorp Limited | 29.20% | −0.84 pp |
| Caladium Investment Pte. Ltd. FPI fund | 6.87% | −0.69 pp |
| SBI Small Cap Fund Mutual fund | 5.71% | −0.49 pp |
| India Japan Fund VC / PE | 5.70% | −0.16 pp |
| Tarun Sanjay Mehta | 4.89% | −0.14 pp |
| Swapnil Babanlal Jain | 4.89% | −0.14 pp |
| Motilal Oswal Large And Midcap Fund Mutual fund | 3.27% | −0.10 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund | 2.40% | +0.24 pp |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund | 1.96% | +0.19 pp |
| HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund | 1.86% | unchanged |
| Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Edelweiss Mid Cap Fund Mutual fund | 1.41% | +0.17 pp |
| Kamath Associates | 1.22% | −0.10 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 Aug 2026
4 new, 4 added, 4 trimmed, 0 sold out — net −3.78 L shares (−2.2%).
- Held by funds
- ₹2.9k Cr
- 13 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹2.0k Cr · 4.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹2.0k Cr | −18.08 L | Apr '25 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹283 Cr | −3.50 L | May '25 |
| SBI Automotive Opportunities Fund SBI Mutual Fund | ₹220 Cr | held | May '25 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹194 Cr | new | Jul '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹53 Cr | +0.04 L | Sep '25 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹32 Cr | +0.03 L | Jun '26 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹28 Cr | new | Jul '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹27 Cr | +0.02 L | Oct '25 |
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 Aug 2026
4 added, 4 trimmed — net −3.78 L shares (−2.2%)
- Funds are sitting on
- +122%
- vs est. average cost
- Held by funds
- ₹2.9k Cr
- 13 schemes · ≈ 2.8% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹2.0k Cr · 4.7% of that fund
Shares held by these funds +99%
Apr '25 1.92 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Ather Energy Limited
Guides on how to read this kind of business and the numbers that matter.