Ather turns EBITDA-positive in Q1 as revenue rises 89% and bookings outpace supply
Ather Energy posted Q1 FY27 revenue of Rs 1,217 crore and a Rs 9 crore EBITDA profit, versus a Rs 106 crore loss a year earlier. With 1.5 lakh pre-orders and 83,173 scooters delivered, the company is preparing AURIC capacity additions and an EL-platform launch.
What happened
Ather Energy reported strong Q1 FY27 growth, positive EBITDA and narrowing losses as electric-scooter demand and bookings exceeded production. The company plans
Key facts
- Shares rose nearly 18% to an all-time high of Rs 1,500
- Previous close: Rs 1,272.7
- Q1 FY27 revenue from operations: Rs 1,217 crore, up 89% YoY
- Consolidated total income: Rs 1,260 crore, up 87.2% YoY
- Net loss narrowed to Rs 51 crore from Rs 178 crore
- Consolidated EBITDA: Rs 9 crore versus a Rs 106 crore loss
- EBITDA margin: 0.8%, up 1,650 basis points
- Electric scooters delivered: 83,173
- Customer enquiries: 7.07 lakh, up 95%
- Pre-orders: 1.5 lakh, up 158%
- CLSA target price: Rs 1,600
- HSBC target price: Rs 1,450
- Nomura target price: Rs 1,714
- Share price at 11:37 PM: Rs 1,463.9
- Market value: Rs 57,349 crore, around $6 billion
Why this matters
Ather’s move to EBITDA-positive operations, record share price and sizable order backlog enhance its strategic appeal as a potential partner for manufacturing, components, charging infrastructure and platform collaborations.
What to watch
- Monthly registrations and deliveries relative to the 83,173-quarterly-delivery run rate.
- Pre-order cancellation rates, average waiting periods and backlog conversion after AURIC capacity comes online.
- EBITDA margin and operating cash flow in the next two quarters, not just headline EBITDA profitability.
- Gross-margin movement after commodity costs, battery-cell pricing, incentives and competitive discounts.
- EL-platform launch timing, pricing, range specifications and initial booking mix.
- Competitor price cuts, new electric-scooter launches and financing offers from Ola, TVS, Bajaj and Hero MotoCorp.
- Inventory levels, dealer/service expansion costs and warranty claims during the production ramp.
- Accelerate AURIC capacity additions and supplier localization to reduce the delivery backlog without sacrificing quality.
- Prioritize high-margin variants, accessories, software features and financing/insurance attachment rates as volumes scale.
- Use the EL-platform launch to broaden price-point coverage while preserving brand premium versus mass-market competitors.
- Expand charging, service and retail capacity in cities where pre-orders and delivery waiting periods are highest.
- Communicate quarterly backlog conversion, gross-margin progression and cash-burn trends to validate that EBITDA profitability is repeatable.