ATHER ENERGY LIMITED

Designs, manufactures and sells electric two-wheelers in India under the Ather brand, reporting FY26 revenue of Rs 3,671.76 crore, up about 63% year-on-year, against a net loss of Rs 517.17 crore. The portfolio is split between the Rizta family scooter, which now accounts for roughly 75% of volumes, and the older 450 platform; the company is also preparing a third, lower-cost platform called EL targeting the Rs 1–1.25 lakh mass-market segment, scheduled to launch before the end of FY27. Vehicles are sold through a retail network that doubled from 351 to 700 stores in FY26, with 75% of new outlets opened through existing dealers. A subscription-style accessory and connectivity bundle called Pro-Pack is attached to 93% of Q4 FY26 unit sales, generating recurring revenue. The biggest cost line is materials at 76.5% of revenue (battery cells, motors, electronics), with employee cost at 13.1% and other operating expenses at 19.1%; depreciation adds another 4.7%. Current manufacturing capacity of 35,000 units a month is supply-constrained, and the AURIC Phase 1 facility is expected to add 42,000 units a month of incremental capacity by Q4 FY27. AR · MarketPing reader · 2026-08-03

Revenue streams, as the annual report describes them. Rizta electric scooter, 450 platform electric scooter, Pro-Pack and accessories, EL platform scooter (upcoming). Loss-making but scaling electric two-wheeler manufacturer with improving unit economics (Q4 FY26 EBITDA loss near -2%, narrowed ~2000 bps year-on-year).

Exhibit 1: Financial summary, – (all audited; no estimate years)