Key takeaway: In the earnings call for Q1 FY 2027, Ather Energy Limited reported significant growth in demand for electric two-wheelers, with e-two-wheeler penetration increasing by 44% to 11% in the overall two-wheeler market. Management highlighted a surge in inquiries and preorders, with paid preorders rising by 158% to 150,000 units. Despite production constraints, wholesale volumes grew by 81% year-on-year, reaching 83,000 units. The company faced challenges from rising commodity costs, which increased by 46% over five quarters, impacting gross margins. However, Ather achieved its first positive EBITDA quarter, with a margin of Rs. 9 crore. Management discussed plans for expanding production capacity through the new Aurangabad facility, aiming to increase annual capacity to 920,000 units. The upcoming launch of the EL scooter platform was also emphasized as a key growth driver. Overall, management expressed optimism about the strong demand and structural tailwinds supporting the electric vehicle market.

Key takeaway: In the earnings call for Q4 FY '26, Ather Energy Limited management highlighted a significant year marked by a 66% increase in overall volumes, with Q4 sales reaching 83,000 units, largely driven by the new product Rizta, which constituted three-quarters of sales. The company doubled its store count from 351 to 700 and improved its market share from 8% to 18.6%. Management reported a 5 percentage point improvement in adjusted gross margin, with EBITDA losses narrowing from 23% to about negative 2%. Despite challenges from rising commodity prices, management expressed confidence in long-term cost structure improvements through strategic sourcing and the upcoming EL platform. The company also noted a strong marketing push, resulting in increased brand awareness and preference. Management indicated that the EV market is becoming more mainstream, with growing demand across various regions.

Key takeaway: The investor presentation for Ather Energy Limited reported on the company's performance for the quarter and financial year ended March 31, 2026. Key highlights included a 76% year-over-year increase in units sold, reaching 83,000 in Q4 FY 26, and a total income of INR 1,214 crore, also up 76% year-over-year. The adjusted gross margin improved to 25%, reflecting a 700 basis points increase year-over-year. The EBITDA margin showed significant improvement, rising by 2,080 basis points to -2.5%. The company expanded its network, doubling the number of experience and service centers, and achieved a market share of 18.6% in Q4 FY 26. Ather also filed a record 283 patents during the fiscal year. The presentation emphasized the company's strategic initiatives in product development and market expansion, alongside challenges faced in the supply chain due to global commodity price fluctuations.

Key takeaway: In the earnings call for Q3 FY '26, Ather Energy Limited reported a strong performance with 68,000 units sold, marking a 50% year-on-year increase. Total income approached INR 1,000 crores, up 53% year-on-year, and adjusted gross margin improved by 111% year-on-year. EBITDA showed significant improvement, with a reduction in losses to negative 3%. Management highlighted the success of the Rizta model, which contributed to sales growth, and noted a market share of 18.8%. The company plans to expand its distribution network to 700 stores by fiscal year-end. Management acknowledged potential headwinds in the industry due to commodity price fluctuations and subsidy risks but expressed confidence in maintaining fixed costs. Non-vehicle revenue, primarily from software sales, reached 14% of total revenue, with high attach rates for the ProPack software. The company also discussed its entry into the auto insurance space and ongoing investments in charging infrastructure.