ATHERENERG / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Ather Energy · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ2-FY26 · 2025-11-15Back to quarter ↗

Questions audited

Answered directly

83%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Kapel Singh · Namura

direct

ASP and attach rates in new regions, store maturity timeline.

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.

Kapel Singh · Namura

direct

Dealer profitability and interest in new stores.

Very strong dealer pull... dealer profitability is at a good place now... new stores stabilize in three to four quarters.

Kapel Singh · Namura

partial

Cost reduction potential on existing platform.

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.

Cherak Jane · NK Global

direct

Festive season retail trends, inventory, and capacity constraints.

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.

Cherak Jane · NK Global

partial

Cost structure gap vs incumbent tubular OEM.

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.

Vipolar · HSBC

direct

Gross margin trajectory after subsidy removal in April.

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.

Vipolar · HSBC

direct

Share of BaaS and buyback options in sales.

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.

Amin Pirani · JP Morgan

direct

Industry growth outlook and market share sustainability.

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.

Amin Pirani · JP Morgan

partial

Update on government ABS mandate timeline.

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.

Gujan Pritani · Bank of America

direct

Key factors in buyer decision-making and market differences.

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.

Gujan Pritani · Bank of America

partial

Path to EBITDA positive in next 2-3 years.

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.

Kumar · UBS

direct

Industry growth multiplier for EV vs overall two-wheeler.

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.