For the quarter, Ather reported a net loss of ₹51 crore, compared with a loss of ₹178 crore a year earlier. Revenue from operations surged 89% year-on-year to ₹1,217 crore from ₹645 crore.
EBITDA loss narrowed to ₹33 crore from ₹134 crore, while adjusted gross margin rose 82.3% YoY to ₹282 crore. The company also turned adjusted EBITDA positive during the quarter.
How brokerages reacted to Ather Q1
Brokerage firm CLSA has maintained its ‘Outperform’ rating on the stock with a target price of ₹1,600. The brokerage said that Ather’s volumes grew 81% YoY in Q1FY27, outpacing the electric two-wheeler industry’s 68% growth. EBITDA margin improved 319 basis points sequentially to -2.7%.
According to CLSA, demand remains robust, with bookings running at nearly 50,000 units a month against current production capacity of around 35,000 units, indicating that Ather is capacity-constrained rather than demand-constrained.
The brokerage expects the commissioning of Factory 3.0, with an annual capacity of 5 lakh units from the third quarter of FY27, along with recent price hikes and cost-saving measures, to support margins. It also expects the launch of the EL platform during the festive season to sustain volume growth.
HSBC reiterated its ‘Buy’ rating and raised its target price to ₹1,450. The brokerage said the better-than-expected margin performance was driven by a sharp reduction in other expenses.
It expects strong volume growth and market share gains once new manufacturing capacity comes on stream, while citing Ather’s strong brand and execution capabilities as reasons for its premium valuation.
Nomura also maintained a ‘Buy’ rating with a target price of ₹1,714, calling Ather its preferred pick in the two-wheeler EV space. Nomura’s target is also the highest on the Street.
The brokerage highlighted the company’s Q1 EBITDA margin of -2.7%, significantly better than its estimate of -5.6%, and expects the upcoming EL platform launch and the new manufacturing facility to be the next key growth catalysts.
Management said demand for electric vehicles remains strong, supported by favourable government policies and attractive total cost of ownership for consumers. It added that Delhi’s proposed EV policy is likely to be implemented with minor changes, while other states are also becoming more supportive of EV adoption.
The company is currently receiving around 2.36 lakh enquiries and 50,000 bookings every month.
Separately, Ather has strengthened its balance sheet through multiple fundraising initiatives in recent months.
The company raised ₹1,300 crore through a qualified institutional placement, with shares allotted to mutual funds and the Abu Dhabi Investment Authority. It also raised another ₹1,200 crore through a combination of equity shares and convertible warrants.
Hero MotoCorp committed to invest ₹1,000 crore through the warrant issue, while the India-Japan Fund subscribed to equity shares at ₹1,230 apiece. As of June 2026, Hero MotoCorp held a 29.5% stake in Ather Energy.
All 13 analysts tracking Ather Energy have a ‘Buy’ recommendation on the stock. Ather Energy shares ended 1.56% higher on Monday at ₹1,280.
First Published: Aug 4, 2026 8:32 AM IST
