No deviations in fund use; Factory 3.0 start shifts to December 2026

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ATHERENERG · price

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Price reactionminutes from the announcement price · days from the prior close

+6.4%Reaction day

₹1572.60

prior close

₹1607.00

announcement price

After-mkt

timing

Nifty Smallcap 250marketpendingvs market: pending

2/3 Wheelers peers, median of 7sector+2.0%+4.5% vs sector

On the reaction day the stock moved 4.5 pts more than its 2/3 Wheelers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+0.7

10m

+2.3

15m

+1.9

30m

+3.0

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+6.4pendingpending+2.0+4.5

Next day

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15d

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UpDownMarket · Nifty Smallcap 250Sector · 2/3 Wheelers peers, median of 7Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

CARE Ratings reported no deviation in use of Rs 5,126 crore raised through the IPO, institutional placement and preferential issue. At September 30, 2026, Rs 1,364.25 crore of IPO proceeds had been used and Rs 1,261.75 crore remained. Factory 3.0 production is now expected in December 2026 after approval, labour and fuel delays; Phase 1 completion by March 2027 remains on track with no expected cost overrun.

Likely market impact

Neutral on fund use, but delayed factory launch raises execution risk. The March 2027 target and no expected cost overrun limit the concern.