Ather Energy Limited — Investor Meet, 08-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Ather Energy's FY'26 was a breakthrough, with volumes up 66% and Q4 sales hitting 83,000 units. Market share jumped from 8% to 18.6%. Store count doubled to 700. Gross margins improved significantly by 500 basis points to 24% (with subsidy) due to 9% COGS reduction and 93% Pro-Pack attach rates. EBITDA losses narrowed sharply from 23% to -2%. Supply chain challenges are leading to short-term margin pressure, potentially triggering more price hikes. The new EL platform, targeting the large INR1-1.25 lakh segment, aims for better cost structures and margin expansion. Factory 3.0 will add 42,000 units/month capacity by end of the current fiscal year. Management sees strong EV market growth becoming mainstream.