Ather Energy Ltd.First Positive EBITDA Amid Strong Growth

Ather Energy achieved a landmark first positive EBITDA of ₹9 crore (0.8% margin) in Q1 FY27, demonstrating operational discipline despite commodity headwinds.

Wholesale volumes surged 81% year-on-year to 83,000 units, while retail registrations outpaced at 102% growth to over 90,000 units, reflecting robust demand across geographies. The company showcased strong pricing power with average selling price increasing 7.3% to ₹1.61 lakh from ₹1.5 lakh last quarter, primarily through direct price hikes. Despite operating at full capacity utilization of 35,000 units monthly, management identified unrealized retail potential of 13,000-15,000 additional units per month due to supply constraints.

Adjusted gross margin contracted 300 basis points to 22.4% from commodity inflation impact of 560 basis points, though pricing actions should offset further pressures. The company raised ₹2,500 crore through QIP and preference shares to fund AURIC Phase-1 completion, which will add 5 lakh units capacity by Q3 FY27, doubling total capacity to 9.2 lakh units. The new EL platform launches August 29 with targeted capacity of 60,000 units monthly, aimed at Middle India and Rest of India markets.