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Rare earth supply chain disruption
View Risks →Ather Energy Limited — Q2 FY26
Ather Energy delivered a strong Q2 FY26 with total income of ₹940 crore (up 57% YoY) and EBITDA margin improving to -10% (up 1100 bps YoY), driven by record unit sales of 66,000 units (up 67% YoY) and market share expansion to 17.4%.
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Ather Energy delivered a strong Q2 FY26 with total income of ₹940 crore (up 57% YoY) and EBITDA margin improving to -10% (up 1100 bps YoY), driven by record unit sales of 66,000 units (up 67% YoY) and market share expansion to 17.4%. Growth was fueled by distribution-led expansion (78 new stores, total 524) and strong traction in middle India, where market share rose from 4% to 14.5% in a year. Adjusted gross margin reached 22% (up 300 bps YoY), despite a one-time subsidy filing issue. Management expressed confidence in sustaining margin improvement through cost engineering, LFP battery adoption, and software attach rates (89%). The upcoming E platform and new Aurangabad plant are expected to drive further cost reductions and volume growth. Key risks include potential ABS mandate costs and supply chain volatility from rare earth dependencies.
एथर एनर्जी ने दूसरी तिमाही में 940 करोड़ रुपये की कमाई की, जो पिछले साल से 57% ज्यादा है। कंपनी का घाटा कम हुआ है और EBITDA मार्जिन -10% रहा, जो पिछले साल से 11% सुधार है। इसकी वजह 66,000 यूनिट्स की रिकॉर्ड बिक्री (67% बढ़ोतरी) और बाजार हिस्सेदारी 17.4% होना है। कंपनी ने 78 नए स्टोर खोले और मध्य भारत में बाजार हिस्सेदारी 4% से बढ़ाकर 14.5% कर ली। एडजस्टेड ग्रॉस मार्जिन 22% रहा। कंपनी लागत घटाने, नई बैटरी और सॉफ्टवेयर से मुनाफा बढ़ाने की योजना बना रही है। आने वाले समय में नई फैक्ट्री और ई-प्लेटफॉर्म से और बढ़ोतरी होगी। जोखिमों में ABS मैंडेट की लागत और सप्लाई चेन की समस्या शामिल है।
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Read Transcript →Quarter Snapshot
Units Sold
66,000
+67% YoY
Record quarterly sales, driven by distribution expansion and strong demand across regions.
Market Share
17.4%
+? pp YoY
Significant gain from ~12% in Q2 FY25, led by middle India and rest of India expansion.
Store Count
524
+78 QoQ
Aggressive distribution expansion; on track for ~700 stores by end of FY26.
Pro Pack Attach Rate
89%
Stable
High software attach rate drives non-vehicle revenue (12% of total) and customer stickiness.
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Management reiterated ambition to reach nearly 700 experience centers by later this year, implying continued rapid expansion.
A rare earth supply crunch in Q2 caused a one-time subsidy filing issue, impacting revenue and margins.
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