Ather Energy has just released its quarterly results, and there is a massive improvement on all relevant parameters, as expected.
The Numbers
Ather reported quarterly revenues of INR 8989 million (USD 102 million), a 39.4% improvement on a year-on-year basis. This came on the back of retail sales of 52833 units, a 54.5% jump on sales of 34189 units for the same period in the previous year.
The company managed to improve Gross Margin to 22.1%, from 1% in the last year. However, last quarter, the gross margin was 28.2%. A likely reason is the rare earth supply crisis that Indian manufacturers faced in the last quarter, which also saw Ather importing complete motors, foregoing government subsidies of about INR 20 million.
For the quarter, Ather’s EBITDA losses were INR 907 million, an improvement from EBITDA losses of INR 1240 million for the same quarter last year.
As a result, EBITDA margins have improved to (9.6)%, from (20.7)% in Q2 FY 2025.
Sales and Market Share Growth
Ather’s sales numbers have been consistently increasing on the back of the expansion of its retail network. Between Jul-Sep 2024, Ather’s monthly market share had improved from 9.48% to 14.28%. The same, in the Jul-Sep 2025 quarter, has been at 15.86-17.46%.
Aurangabad Plant is Delayed
In a separate notification, Ather has informed that its upcoming Aurangabad Plant, dubbed Factory 3.0, is delayed by three months and would commence operations from October 2026, against the planned July 2026.
