Ather turns EBITDA-positive in Q1 as scooter demand and pre-orders accelerate
Ather Energy reported Q1 FY27 revenue growth of 89% year on year to Rs 1,217 crore and EBITDA of Rs 9 crore, versus a Rs 106 crore loss a year earlier. Deliveries reached 83,173 scooters, while pre-orders rose 158%. The company targets AURIC plant production in Q3 and an EL-platform launch on August 29.
What happened
Ather Energy reported strong Q1 FY27 growth, turning EBITDA-positive as electric-scooter demand, enquiries and pre-orders outpaced production. The company plans
Key facts
- Shares rose nearly 18% to a record 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 valuation: Rs 57,349 crore, around $6 billion
Why this matters
Ather’s demand momentum and improving unit economics make it a more credible EV ecosystem partner, while its platform expansion could reshape supplier, charging and distribution alliance opportunities.
What to watch
- Q2 delivery growth and the share of pre-orders converting into paid deliveries.
- Whether EBITDA remains positive after launch, network-expansion and ramp-up costs.
- AURIC plant start-of-production timing, utilization rate and early defect or supply-chain issues.
- EL-platform pricing, booking volume, delivery timeline and cannibalization of current scooter models.
- Competitive pricing and new launches from Ola Electric, TVS, Bajaj and Hero MotoCorp.
- EV financing approval rates, interest costs, subsidy-policy changes and battery-material price movements.
- Prioritize AURIC commissioning, supplier qualification and production-quality milestones before the planned Q3 ramp.
- Use pre-order data to allocate inventory by city and dealer, limiting wait times without overstocking older models ahead of the EL launch.
- Position the August 29 EL-platform launch around total cost of ownership, charging access and financing rather than headline discounts.
- Expand retail and service capacity selectively in high-conversion markets to protect customer experience as deliveries rise.
- Preserve EBITDA gains by monitoring dealer incentives, battery input costs, warranty provisions and customer-acquisition spending.