Ather Energy share price rises after first quarterly profit

What happened. On Monday, 26 October, Indian electric scooter maker Ather Energy (ticker ATHERENERG on the NSE) reported results for the second quarter of fiscal 2027, the three months to 30 September 2026. Consolidated net profit was 1.26 crore rupees (about 12.6 million rupees). A year earlier it lost 154 crore (about 1.54 billion rupees). 1 crore is 10 million.

The profit is tiny: under 0.1% of revenue (our own calculation from the company's figures). What matters is the turn: the company closed a quarter in the black for the first time. Revenue from operations rose 63% to 1,464.24 crore (about 14.64 billion rupees), from 898.88 crore a year earlier. Volumes rose 42% to 93,211 scooters.

Where the profit came from. EBITDA (earnings before interest, taxes, depreciation and amortisation) was 74.2 crore. The EBITDA margin was 4.9%, against minus 9.6% a year earlier. It is the second EBITDA-positive quarter in a row. Adjusted gross margin rose 160 basis points to 24%, even though aluminium, copper, lithium and crude-linked plastics stayed expensive. The company credits product mix and pricing decisions. Revenue that does not come from the scooters themselves (AtherStack Pro subscriptions, charging, accessories, spares, service) rose to 15% from 12%.

Demand is ahead of supply. Pre-orders more than doubled to 180,000, and customer enquiries rose 109% to about 1 million. The Hosur plant ran at 98% capacity utilisation during peak production in the quarter. According to Vahan data, electric two-wheeler registrations in India rose 82% to about 598,000, and their share of all registrations for the quarter was 11.2%. Reuters adds that high fuel prices and concerns over the rollout of E20 petrol (20% ethanol) have supported EV adoption.

What about capacity. Annual capacity at Hosur will rise by 75,000 units, from 420,000 to 495,000, by December 2026. The new AURIC plant (Chhatrapati Sambhajinagar) will start commercial production in phases from December 2026, with Phase 1 designed for 500,000 units a year. A further 150,000 units are due there by the second quarter of fiscal 2028. Together that is about 1.14 million units a year. The company will invest about 122 crore (about 1.22 billion rupees) across the two sites.

What about the shares. Reuters wrote that the stock rose 10% on results day. According to The Economic Times, it gained 13.7% during the session and closed at 1,574 rupees. For comparison, the shares listed on the NSE at 328 rupees in May 2025. The numbers differ because they were taken at different times of the day.

Keep in mind. This is not advice to buy or sell Ather Energy shares, and we do not know where the price will go. One quarter with a tiny profit is not yet a trend. Raw materials are expensive, and the new capacity has to start on time.

已确认的事实

• For the quarter ended 30 September 2026 (Q2 of fiscal 2027), Ather Energy's consolidated net profit was 1.26 crore rupees, against a loss of 154 crore a year earlier.^[1]
• Total income rose 62% and volumes rose 42% to 93,211 units.^[1]
• EBITDA was 74.2 crore, a margin of 4.9% against minus 9.6% a year earlier; it is the second EBITDA-positive quarter in a row.^[1]
• Revenue from operations rose 63% to 1,464.24 crore, from 898.88 crore a year earlier.^[3]
• Pre-orders more than doubled to 180,000; enquiries rose 109% to about 1 million; the Hosur plant ran at 98% capacity utilisation.^[1]
• Adjusted gross margin rose 160 basis points to 24%; non-vehicle revenue rose to 15% of revenue from 12%.^[1]
• Electric two-wheeler registrations in India rose 82% to about 598,000, a share of 11.2% (Vahan data).^[1]
• Hosur capacity will rise from 420,000 to 495,000 units a year by December 2026; the AURIC plant starts phased production from December 2026, Phase 1 at 500,000 units, with 150,000 more by Q2 of fiscal 2028; about 1.14 million units in total; investment about 122 crore.^[1]
• Reuters reported that the shares rose 10% on results day, 26 October.^[2]
• According to The Economic Times, the shares gained 13.7% during the session and closed at 1,574 rupees; the NSE listing in May 2025 was at 328 rupees.^[3]
• According to Reuters, Ather and other Indian automakers face high raw material costs from supply chain disruptions linked to the war in the Middle East.^[2]

影响

• 已确认Demand for Ather scooters is still higher than the company can build.
• 我们的解读The profit is so small that expensive raw materials or a delay at the new plants could erase it.
• 我们的解读If the new capacity starts on plan, sales volume could grow faster than it does now.

仍未知

• Whether the profit repeats next quarter.
• Whether the new capacity at Hosur and AURIC starts on time.
• How aluminium, copper, lithium and plastics prices move.
• Where the shares go in the coming weeks: we do not know.

影响到谁

India, Worldwide. Anyone who follows Ather Energy shares and the EV market, in any country

来源

1. Ather Energy (stock exchange filing, press release): Press release on the unaudited financial results for the quarter and half year ended September 30, 2026 2026年10月26日 · 官方
2. Reuters: Ather Energy posts first quarterly profit, shares rise 10% 2026年10月26日 · 媒体
3. The Economic Times: Ather Energy swings to first quarterly profit as revenue rises 63% 2026年10月26日 · 媒体