Ather posts positive quarterly Ebitda as India’s electric two-wheeler race shifts to profitability

Ather Energy reported Q1 FY27 Ebitda of ₹9 crore and a 0.8% margin, reversing a ₹106 crore operating loss a year earlier. Total income rose 87.2% to ₹1,260 crore as deliveries crossed 83,000 scooters, setting a profitability benchmark for pure-play EV peers.

— Source publishedWed, 5 Aug, 2026, 13:14 IST·First seen Wed, 5 Aug, 2026, 13:27 IST·Source Business Standard · Companies

What happened

Ather Energy became the first listed Indian pure-play electric two-wheeler maker to post positive quarterly EBITDA, aided by higher volumes, pricing and cost

Key facts

  • Ather Q1 FY27 EBITDA margin: 0.8%, versus -15.7% year-on-year
  • Ather Q1 FY27 total income: ₹1,260 crore, up 87.2% year-on-year
  • Ather Q1 FY27 net loss: ₹51 crore, versus ₹178 crore
  • Ather Q1 FY27 deliveries: more than 83,000 scooters, up over 80%
  • Ather Q1 FY27 EBITDA: ₹9 crore, versus operating loss of ₹106 crore
  • Ather FY26 revenue: ₹3,823 crore
  • Ather FY26 vehicle sales: nearly 263,000, up 69%
  • Ather FY26 EBITDA margin: -6.7%, versus -23% in FY25
  • India July 2026 EV registrations: 307,752, up 63.18% year-on-year
  • Electric two-wheelers' share of July EV registrations: 61.37%
  • Ola Electric Q4 FY26 revenue: ₹265 crore, down 57% year-on-year
  • Ola Electric Q4 FY26 net loss: ₹500 crore
  • Ola Electric Q1 FY27 order target: about 45,000 units
  • TVS Motor Q1 FY27 EBITDA: ₹1,779 crore, up 41% year-on-year
  • TVS Motor Q1 FY27 EBITDA margin: 12.8%
  • TVS Motor Q1 FY27 net profit: ₹1,174 crore, up 51%
  • TVS Motor Q1 FY27 electric two-wheeler sales: 130,000 units
  • Bajaj Auto Q1 FY27 revenue: ₹17,244 crore, up 37% year-on-year
  • Bajaj Auto Q1 FY27 EBITDA: ₹3,596 crore, up 45% year-on-year
  • Bajaj Auto Q1 FY27 EBITDA margin: 20.9%
  • Bajaj Auto Q1 FY27 net profit: ₹2,983 crore, up 42%
  • Bajaj EVs' share of domestic revenue: about 30%
  • Bajaj Chetak monthly production capacity: 60,000 units, up from 50,000
  • Hero VIDA FY26 retail sales: 152,000, nearly three times prior year
  • Hero VIDA June registrations: 21,812, up 185% year-on-year
  • Hero Q4 FY26 EV investment: about ₹220 crore
  • Hero core ICE Q4 FY26 EBITDA margin: 17%

Why this matters

Ather’s profitability milestone raises the strategic value of EV distribution, battery, supply-chain and charging partnerships as competitors seek faster routes to scale and margin improvement.

What to watch

  • Sequential Ebitda margin and gross-margin performance after incentives, warranty provisions and dealer support.
  • Monthly registrations, market-share gains and delivery conversion versus Ola Electric, TVS, Bajaj and Hero.
  • Average selling price, financing penetration, discounting and inventory days.
  • Battery-cell, motor-controller and electronics localization progress; commodity and import-cost exposure.
  • Service turnaround times, charging-network uptime and quality-related recalls or warranty claims.
  • Changes to Indian EV incentives, state registration policies, safety rules or battery standards.
  • Expand retail and service coverage in high-density tier-1 and tier-2 EV markets while prioritizing dealer productivity over store count.
  • Use positive Ebitda to strengthen supplier terms, localize higher-value components and raise manufacturing utilization.
  • Defend premium positioning with product refreshes, software features, charging reliability and financing rather than broad price cuts.
  • Pursue selective capacity investment and balance-sheet funding before competitors' pricing actions intensify.