Ather Energy LimitedQ2 FY27 Results & Financial Update
Ather Energy Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,464.24 Cr, PAT ₹1.26 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Ather Energy Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Ather Energy reported revenue from operations of INR 1,464.24 crore for the quarter ended September 30, 2026, marking a 20.32% expansion compared to INR 1,216.92 crore in the preceding quarter ended June 30, 2026.
Total income for Q2 FY27 reached INR 1,526.95 crore, up from INR 1,259.65 crore in Q1 FY27, supported by higher operating revenues and other income of INR 62.71 crore.
The company swung back to profitability at the bottom line, registering a profit after tax (PAT) of INR 1.26 crore for the quarter, compared to a net loss of INR 51.09 crore in the previous quarter.
Basic and diluted earnings per share (EPS) recovered to INR 0.03 for the quarter, compared to a negative EPS of INR 1.33 in Q1 FY27.
Cost of materials consumed rose to INR 1,176.57 crore from INR 957.32 crore in the previous quarter, aligning with higher manufacturing and sales volumes.
Employee benefit expenses stood at INR 120.69 crore, while finance costs and depreciation and amortisation expenses were recorded at INR 26.04 crore and INR 46.87 crore respectively.
During the quarter, the company raised significant growth capital, including INR 1,300 crore via a Qualified Institutions Placement (QIP) of equity shares and INR 200 crore through preferential issuance of equity shares.
01 · Business model
What does Ather Energy do?
Ather Energy Limited operates as an automotive company focusing on the design, manufacture, and sale of electric two-wheelers and related energy infrastructure in India. The company offers electric scooters alongside proprietary charging networks and digital vehicle software.
The primary revenue engine relies on vehicle sales from manufacturing facilities located in Hosur, Tamil Nadu, complemented by secondary revenue streams derived from spare parts, accessories, and emerging service lines.
The customer base comprises retail consumers across urban and semi-urban markets in India, distributed through a growing dealer and experience-centre network.
The operating model centers on scaling vertically integrated manufacturing capabilities, developing proprietary battery and powertrain technologies, and expanding production capacity to cater to rising adoption trends in electric mobility.
02 · Historical context
What shaped the business before this quarter
Previously known as Ather Energy Private Limited, the company transitioned its corporate structure and was converted into a public limited company, subsequently listing its shares on the National Stock Exchange (NSE) and BSE Limited.
Earlier, the company relied entirely on standalone operations, but beginning from the quarter ended June 30, 2026, it commenced preparing consolidated financial statements following the incorporation of subsidiaries including Ather Insurance Limited and Ather Energy Hong Kong Limited.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹1,464.24 Cr | ₹1,216.92 Cr |
| Total income | ₹1,526.95 Cr | ₹1,259.65 Cr |
| Profit before tax | ₹1.26 Cr | ₹-51.09 Cr |
| Profit after tax | ₹1.26 Cr | ₹-51.09 Cr |
| EPS | ₹0.03 | ₹-1.33 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations advanced to INR 1,464.24 crore in Q2 FY27, driven by higher execution and delivery volumes across domestic sales channels.
Other income contributed INR 62.71 crore during the quarter, increasing from INR 42.73 crore in Q1 FY27, bolstering total income to INR 1,526.95 crore.
What drove margins
Cost of material consumed formed the largest expense block at INR 1,176.57 crore, reflecting raw material inputs required for scaling vehicle production.
Finance costs stood at INR 26.04 crore, while depreciation and amortisation expenses amounted to INR 46.87 crore, reflecting ongoing capital investments in plant infrastructure.
05 · Demand, customers & order book
Where demand is coming from
The company established Ather Insurance Limited during the previous quarter to act as a corporate agent, aiming to streamline insurance offerings, enhance customer experience, and generate recurring revenue streams by leveraging its existing user base.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's business activity falls within a single operating segment, namely the automotive segment, in accordance with Ind AS 108 guidelines.
Geography and market mix
While manufacturing and primary sales remain anchored in India, the company incorporated Ather Energy Hong Kong Limited during the quarter to support critical procurement functions and enhance supply chain resilience within the APAC region.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The Hosur facility operates at 98% capacity utilization at peak production with an existing capacity of 420,000 units per annum, and a proposed capacity addition of 75,000 units per annum is expected to be completed by December 2026.
Factory 3.0 at Chhatrapati Sambhajinagar, Maharashtra, is currently under construction with a planned capacity of 500,000 units per annum and an additional 150,000 units proposed, targeting completion by Q2 FY28.
Projects, capex and execution
Capital expenditure plans include investing up to INR 58 crore (including tax) for the Hosur expansion and up to INR 64 crore for Factory 3.0, financed through a combination of debt and internal accruals. This includes an investment of INR 53 crore in a new battery line at Hosur to de-risk the supply chain, expected by Q3 FY28.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Ather Insurance Limited received an IRDAI certificate of registration on October 15, 2026, to operate as a corporate agent for insurance facilitation. Additionally, Ather Energy Hong Kong Limited was incorporated to streamline APAC procurement.
09 · Reported developments
What changed operationally
The company reported a positive PAT of INR 1.26 crore in Q2 FY27, reversing the net loss of INR 51.09 crore reported in Q1 FY27.
Successful fundraises through QIP, preferential shares, and warrants bolstered the company's financial liquidity and balance sheet equity.
10 · Pressure points & risks
What is not going smoothly
The company noted that due to awaited guidance and practical challenges regarding the Ministry of Environment, Forest and Climate Change (MoEFCC) Battery Waste Management Rules, it is currently unable to reliably estimate the range of possible financial outcomes and potential impacts.
11 · Items worth noticing
The line items that can distort a quick read
Provisions for the current quarter were recorded at INR 130.04 crore.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from financing activities reached INR 1,971.04 crore for the half year ended September 30, 2026, largely driven by equity capital raises, while investing cash outflows included term deposit placements and capital expenditures.
Capital allocation & funding
During Q2 FY27, the company raised INR 1,300 crore via QIP (10,815,307 shares at INR 1,202 each), INR 200 crore via preferential allotment (1,626,016 shares at INR 1,230 each), and issued 79,36,507 convertible warrants aggregating INR 1,000 crore, receiving a 25% subscription amount of INR 250 crore.
Non-current borrowings stood at INR 541.97 crore and current borrowings at INR 278.98 crore as of September 30, 2026.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Corporate Structure Update
The consolidated financial results include the accounts of the parent company along with newly formed subsidiaries Ather Insurance Limited and Ather Energy Hong Kong Limited.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 20.32% QoQ from INR 1,216.92 crore in Q1 FY27 to INR 1,464.24 crore in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Ather Energy do?
Ather Energy Limited operates as an automotive company focusing on the design, manufacture, and sale of electric two-wheelers and related energy infrastructure in India. The company offers electric scooters alongside proprietary charging networks and digital vehicle software.
What is the clearest takeaway from Q2 FY27?
Ather Energy reported revenue from operations of INR 1,464.24 crore for the quarter ended September 30, 2026, marking a 20.32% expansion compared to INR 1,216.92 crore in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Revenue from operations advanced to INR 1,464.24 crore in Q2 FY27, driven by higher execution and delivery volumes across domestic sales channels.
What mattered most for margins or profitability?
Cost of material consumed formed the largest expense block at INR 1,176.57 crore, reflecting raw material inputs required for scaling vehicle production.
What changed operationally beyond the headline numbers?
The Hosur facility operates at 98% capacity utilization at peak production with an existing capacity of 420,000 units per annum, and a proposed capacity addition of 75,000 units per annum is expected to be completed by December 2026.
What are the main pressure points disclosed for the quarter?
The company noted that due to awaited guidance and practical challenges regarding the Ministry of Environment, Forest and Climate Change (MoEFCC) Battery Waste Management Rules, it is currently unable to reliably estimate the range of possible financial outcomes and potential impacts.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Hosur Capacity Addition: Completion of the 75,000 units per annum capacity addition at the Hosur factory by December 2026.
- 02
Factory 3.0 Progress: Execution of construction milestones at Factory 3.0 in Chhatrapati Sambhajinagar ahead of its scheduled completion in Q2 FY28.
- 03
New Battery Line Execution: Commissioning of the new battery line at Hosur by Q3 FY28 to de-risk supply chains.
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