Ather Energy Q2FY26 Concall Decoded – India’s EV poster boy hits top gear, but profits are still idling

1. Opening Hook

While most automakers were still debating the GST cut on petrol, Ather Energy decided to go full throttle — selling 66,000 scooters in Q2. CEO Tarun Mehta didn’t just announce growth; he practically flexed it. From a rare earth supply crunch to record revenue, this quarter had more drama than a Netflix automotive docuseries. The EV firm’s EBITDA finally entered single-digit loss territory — that’s like an EV running on 10% battery and still refusing to stop.

Grab your helmet and scroll on — the real juice comes when Tarun starts talking about “Middle India” domination, “software margins,” and their upcoming “EL” platform. Spoiler: it’s spicy.

2. At a Glance

• Revenue up 57% – CFO insists it wasn’t “Tesla math,” just old-school demand.
• Units sold: 66,000 – That’s 67% YoY growth; charging stations might faint.
• Adjusted Gross Margin: 22% – Up 300 bps; apparently, supply chain gods smiled.
• EBITDA: -10% – Losses finally entered the single-digit club — elite company!
• Market share: 17.4% – They’re eating competition for breakfast and a bit of lunch.
• Stores: 524 – Ather popping up faster than chai stalls in monsoon.

3. Management’s Key Commentary

“Total income at ₹940 crore, up 57% YoY – our highest ever.”
(Translation: Move aside, ICE engines; the EV nerds are rolling in numbers now.)

“We’re at 17.4% national market share.”
(Translation: Ola and TVS, start sweating.)

“EBITDA losses are now under 10% — the first time ever.”
(Translation: We’re almost profitable… if you squint hard enough.)

“Middle India is our focus — Gujarat, MP, Maharashtra, Odisha.”
(Translation: South India’s conquered; time to invade the heartland.) 😏

“Battery-as-a-Service lets us drop prices to ₹76,000.”
(Translation: Just don’t ask about long-term margins, okay?)

“We unveiled the EL platform — scalable, safer, cheaper.”
(Translation: Code for ‘We’ll finally print money someday.’)

“89% of customers use AtherStack — our software is the real fuel.”
(Translation: Move over, hardware — subscription margins are the new oil.) ⚡

“Despite GST cuts on petrol, demand held strong.”
(Translation: EV customers clearly didn’t get the memo about cheaper petrol.)

4. Numbers Decoded