Commodity inflation pressure
Rising aluminium and copper prices, along with potential battery chemistry cost increases, could impact margins in coming quarters.
ATHERENERG / Q3-FY26 / risks
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Ather Energy · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Subsidy and policy risks
Potential pullback of EV subsidies and expiry of FAME II subsidy (₹5,000) in March could dampen demand.
ABS mandate uncertainty
The government's ABS mandate timeline remains unclear; Ather's alternative EBS may not be accepted as a replacement, adding cost risk.
Cannibalization from E platform
The upcoming E platform may cannibalize sales of existing 450 and Rista models, though management views this positively due to better margins.