Ather Energy Investor Presentation: Key Takeaways

Guidance and delivery
Management target	Revenue FY28

Highlights
Revenue growth	Wholesale volume up 81% YoY; Retail registrations up 102% YoY.
Margins	First positive EBITDA (0.8%); 22.4% Adjusted Gross Margin despite commodity hits.
Order book	50,000 monthly preorders; dealer inventory down to 3 days.
Demand visibility	Strong; inquiries up 95%, preorders hit record 1.5 lakh in Q1.
Management confidence	Bullish on demand; war chest ready for fast-tracking AURIC Phase-2.

Growth

Wholesale volumes grew 81% to 83k units; retail registrations grew 102% to 90k units YoY. Middle India retail sales grew 141%.

Targeting 14.2 lakh annual capacity. EL platform launch this month; AURIC Phase-1 going live in Q3 FY27. ₹2,500 crore total fundraise.

Commodity cost escalation (index up 46% over 5 quarters) led to a 5.6% gross margin drop to 22.4% AGM.

Guided 35k/mo capacity utilization → delivered 90-95% (= BEAT)
Guided 1500-1600bps EBITDA improvement → delivered 2000bps Q4 improvement (= BEAT)
Guided 700 stores by March '26 → delivered 700 stores (= BEAT)

Guided EL launch by end of year → delivered unveiling Aug 29 / trials started (= PARTIAL)
Guided first positive EBITDA in coming years → delivered ₹9cr (0.8%) in Q1 FY27 (= BEAT)

Guided commodity costs to remain inflated → delivered 46% index spike hit Q1 margins (= MISS)

Source

Investor Presentation filed with BSE, NSE: ATHERENERG. Summary written with AI assistance from the document.

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.