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...
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
83%Questions answered0Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
ASP and attach rates in new regions, store maturity timeline.
Asked by Kapel Singh, Namura
Management provided detailed breakdown of ASP stability and store maturation phases.
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Question
how do you see the ASPs and the attach rates in the new regions that you're going to because that would be more in the interiors and also um you know a lot of stores probably closer to 160 uh stores you have added in the last 6 months. So how much time does it take to for the stores to mature?
Tarun (CEO)
ASP has been extremely steady... newer zones like Madhya Pradesh, Rajasthan, Gujarat, Uttar Pradesh are holding up the ASPs incredibly well... new stores will first grow their prop packs followed by base vehicle ASPs then finally accessories.
Answered
Medium priority
Dealer profitability and interest in new stores.
Asked by Kapel Singh, Namura
Management gave specific timeline and confirmed strong dealer interest.
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Question
how much time does it take for the stores to mature? What are your observations on the dealer profitability in these new stores? Are you finding interest from new dealers?
Tarun (CEO)
Very strong dealer pull... dealer profitability is at a good place now... new stores stabilize in three to four quarters.
Partial answer
High priority
Cost reduction potential on existing platform.
Asked by Kapel Singh, Namura
Management cited past improvement but did not quantify future potential.
no specific future cost reduction quantified
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Question
we have seen some drop this quarter on the cost per vehicle... what are the other areas where you're looking to reduce cost and how much is the potential over there?
Tarun (CEO)
cost did come down... overall underlying gross margins have improved by 150 bips this quarter... part of that has been increasing share of LFP batteries but also constant cost reduction by R&D teams.
Answered
High priority
Festive season retail trends, inventory, and capacity constraints.
Asked by Cherak Jane, NK Global
Management addressed festive demand, inventory, and plant delay with specifics.
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Question
how has been the festive season and probably in terms of retailates if you were to share some thoughts on inventory and particularly from the supply side standpoint... the new plant is coming a bit delayed by two three months. So how are we placed from a capacity standpoint?
Tarun (CEO)
festive first very strong... retail's been outstripping wholesale by a considerable margin... new plant delay of 2-3 months due to environment clearances but we have a plan of commencing E production out of Hosur itself.
Partial answer
Medium priority
Cost structure gap vs incumbent tubular OEM.
Asked by Cherak Jane, NK Global
Management highlighted their clean P&L but avoided direct comparison.
did not directly compare cost structure gaps
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Question
one of the incumbent tubular OEM did mention that they have reached a beta neutral in terms of the tool business. So where are the gaps between let's say an incumbent versus us in terms of cost structure?
Tarun (CEO)
our P&L is a completely clean P&L... what you are seeing is very strong gross margins that continue to compound... EITA came in at negative 10% and that was also the full quarter average.
Answered
High priority
Gross margin trajectory after subsidy removal in April.
Asked by Vipolar, HSBC
Management listed multiple specific margin drivers and gave a Q3 outlook.
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Question
on the gross margin trajectory like now the PME driver will go away in April and do few margins now look like looks like a more realistic margins. So what will be the gross margin triggers going forward?
Tarun (CEO)
we expect as stores stabilize for our ASPs to hold up well... accessory attach rates to continue improving... service revenues will continue compounding... LFP is a continuous trigger... even in Q3 you will see dividends out of it.
Answered
Medium priority
Share of BaaS and buyback options in sales.
Asked by Vipolar, HSBC
Management gave a specific range (low single digits) and explained purpose.
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Question
what was the share of that product in total sales so far and how many customers are opting for buyback option?
Tarun (CEO)
both BaaS and buyback is largely a top of the funnel activation... the attach rates are low. I would say they are like low single digits but that is not their primary agenda.
Answered
High priority
Industry growth outlook and market share sustainability.
Asked by Amin Pirani, JP Morgan
Management provided a detailed view on industry growth and market dynamics.
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Question
do you think that this is just a temporary phenomena because of rare earth and maybe other issues or how should we think about the overall industry growth?
Tarun (CEO)
despite a GST change, despite the rare earth crisis, the industry's delivered growth... the underlying demand is strong... strong growth will restart in these markets also.
Partial answer
Medium priority
Update on government ABS mandate timeline.
Asked by Amin Pirani, JP Morgan
Management gave opinion but no concrete update on the deadline.
no specific update on government timeline
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Question
any updates from the government side as to what are they thinking about the Jan 2026 deadline for ABS across all two wheelers?
Tarun (CEO)
Aether is supportive of a focus on safety... not a big fan of mandating things... if ABS is mandated we will obviously prepare for it... almost our entire portfolio has front disc brake.
Answered
Medium priority
Key factors in buyer decision-making and market differences.
Asked by Gujan Pritani, Bank of America
Management gave detailed insights on customer priorities and regional differences.
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Question
what are the top two or three things that customers come and ask on the showroom? And second is a little bit more color on how do you see a Karnataka which is a mature scooter market different from an MP?
Tarun (CEO)
electric has been first and foremost driven by the appeal and the better product experience... in markets like Karnataka and MP... pro pack attach rates are starting to look very similar... MP is predominantly Rista market.
Partial answer
High priority
Path to EBITDA positive in next 2-3 years.
Asked by Gujan Pritani, Bank of America
Management expressed confidence but avoided committing to a timeline.
no specific timeline or quantitative target given
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Question
how do you see the business getting to EBITDA positive zone in next 2-3 years? Is it going to be more on the cost platform when E platform comes?
Tarun (CEO)
the current portfolio should be strong enough to take us to a sustainable basis standalone... operating leverage should be strong enough over the coming few quarters to take us to a sustainable place.
Answered
High priority
Industry growth multiplier for EV vs overall two-wheeler.
Asked by Kumar, UBS
Management gave a clear multiplier estimate.
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Question
what should be the EV multiplier over the overall dual industry growth rate? Is it going to be one and a half 2x?
Tarun (CEO)
scooters grow at twice the pace of the total industry and within scooters I believe electric scooters will grow at two to two and a half times the growth of the overall scooter market. So that would be about four to five times faster than the overall two wheel industry.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margins improved by 150 bps this quarter | 150 bps | 1100 bps | Understated vs filing |
| EITDA came in at negative 10% | -10% | -10% | Matches filing |
| October registrations more than 30,000, 50% YoY growth | 50% | 57% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.