Illustration: NewsPlainly. Not a photograph of the event.
Why it matters
Ather's result shows whether a listed electric scooter maker can make money as electric two-wheelers reach about one in nine two-wheeler registrations, going by the Vahan figures Ather cited. The profit is thin and rests on other income, so the next quarters matter for shareholders. For buyers, the extra Hosur capacity due by December 2026 is aimed at a plant that ran at 98% at peak.
Ather Energy, the Bengaluru electric scooter maker, made a consolidated net profit of ₹1.26 crore in the July to September quarter, against a loss of ₹154.07 crore a year earlier. The Ather Energy Q2 results were filed with the stock exchanges on Monday, 26 October 2026, and its shares rose as much as 17.6% on the National Stock Exchange (NSE) the same afternoon, Business Standard reported.
The profit is small next to the money coming in. Revenue from operations was ₹1,464.24 crore, up about 63% from ₹898.88 crore a year ago. The board also cleared about ₹122 crore to raise production at its two factories.
What the Ather Energy Q2 results show
The figures below come from the unaudited results Ather filed with the exchanges, which its auditor, Deloitte Haskins & Sells, has reviewed. The quarter ended on 30 September 2026, the second quarter of the financial year 2026-27 (FY27), or Q2 FY27.
| ₹ crore | Jul to Sep 2025 | Apr to Jun 2026 | Jul to Sep 2026 |
|---|---|---|---|
| Revenue from operations | 898.88 | 1,216.92 | 1,464.24 |
| Other income | 41.79 | 42.73 | 62.71 |
| Total income | 940.67 | 1,259.65 | 1,526.95 |
| Profit or loss | (154.07) | (51.09) | 1.26 |
Revenue grew 20% over the previous quarter as well, by NewsPlainly’s calculation. Ather said in a press release that it sold 93,211 electric scooters in the quarter, 42% more than a year earlier, and that price increases and a change in product mix also helped. Earnings per share were 3 paise.
For the first half of the year, April to September, the company still shows a loss of ₹49.83 crore, because the April to June quarter was in the red.
Why two different profit margins are doing the rounds
Readers may see two very different figures for Ather’s operating profit. The company’s press release puts EBITDA (earnings before interest, tax, depreciation and amortisation) at ₹74.2 crore, a margin of 4.9%. Entrackr, a startup news site, reported EBITDA of ₹11.6 crore and a margin of 0.79%.
The filed statement explains the gap. Add the quarter’s profit (₹1.26 crore), finance costs (₹26.04 crore) and depreciation (₹46.87 crore) and you get ₹74.17 crore, the company’s figure. That total includes ₹62.71 crore of other income, which is money that does not come from selling scooters and services, such as returns on cash and investments. Take it out and EBITDA falls to about ₹11.46 crore, or under 1% of revenue from operations. Both numbers are arithmetic from the same statement; they simply treat other income differently.
The same point applies to the bottom line. Other income of ₹62.71 crore was about 50 times the ₹1.26 crore profit. Without it, and with everything else unchanged, the quarter would have shown a pre-tax loss of roughly ₹61 crore. The press release did not set out this split; it describes the result as a positive bottom line despite high commodity prices.
Ather also raised a lot of fresh money during the quarter. It took in ₹1,300 crore by selling shares to institutions at ₹1,202 each and ₹200 crore through a preferential issue at ₹1,230, the filing shows. It also issued warrants worth ₹1,000 crore at ₹1,260 each and has received a quarter of that, ₹250 crore, so far. The rest is due when the warrants are converted, within 18 months.
How the Ather share price reacted
The Ather share price touched an intraday high of ₹1,623 on the NSE, Business Standard reported, and was trading 12.5% higher at ₹1,554 at 3 pm. Entrackr put the price at ₹1,562 at the same hour, giving a market value of about ₹61,856 crore. The share’s 52-week high is ₹1,744, reached on 1 September 2026, and the stock was up 101% this financial year from ₹754 at the end of March, according to Business Standard.
Input costs remain a pressure point. Ather said aluminium, copper, lithium and crude-linked plastics stayed costly through the quarter; crude itself has been expensive, with the Indian crude basket above $120 a barrel in October. The company still reported a rise of 160 basis points (1.6 percentage points) in its adjusted gross margin, to 24%.
Ather’s new capacity at Hosur and Chhatrapati Sambhajinagar
Ather says demand for its electric scooters is running ahead of supply. Its Hosur plant in Tamil Nadu worked at 98% of capacity at peak production in the quarter, and pre-orders more than doubled to 1.80 lakh, according to the company. Citing Vahan, the government’s vehicle registration database, Ather said electric two-wheeler registrations across India reached about 5.98 lakh in the quarter, up 82%, and made up 11.2% of all two-wheelers registered.
| Plant | Capacity now | After expansion | Due by | Spend |
|---|---|---|---|---|
| Hosur, Tamil Nadu | 4.2 lakh a year | 4.95 lakh | December 2026 | up to ₹58 crore |
| Factory 3.0, Chhatrapati Sambhajinagar, Maharashtra | 5 lakh (under construction) | 6.5 lakh | July to September 2027 | up to ₹64 crore |
| Total | 9.2 lakh | 11.45 lakh | about ₹122 crore |
The Hosur spend includes ₹53 crore for a new battery line, due by October to December 2027. The new Maharashtra plant, in the Aurangabad Industrial City (AURIC) area, is to start commercial production in phases from December 2026. Ather plans to pay for the expansion with a mix of debt and its own funds.
To put the size in context: if Ather kept selling at the July to September pace of 93,211 scooters, that would come to about 3.73 lakh a year. The planned 11.45 lakh capacity is roughly three times that. This is NewsPlainly’s arithmetic to show scale, not a sales forecast.
What buyers and shareholders can watch next
For anyone planning to buy an Ather electric scooter, the main practical point is supply. Ather has tied the Hosur expansion to demand running ahead of production, and the extra 75,000 units a year there are due by December 2026. Its newest electric scooter, the Konarc, was launched on 29 August 2026 on a new platform, and the company now sells three product lines: the 450 series, Rizta and Konarc.
For shareholders, the next marker is the October to December quarter’s result, and how much of any profit then comes from other income. Co-founder and chief executive Tarun Mehta said in the release that the shift to electric two-wheelers is now “structural” and that demand has more than doubled from a year ago.
Frequently asked questions
Did Ather Energy make a profit in Q2 FY27?
Yes. Its consolidated net profit was ₹1.26 crore for July to September 2026, against a loss of ₹154.07 crore a year earlier and ₹51.09 crore in April to June 2026, its filing shows.
Why is Ather's EBITDA margin 4.9% in some reports and 0.8% in others?
The company's ₹74.2 crore EBITDA includes ₹62.71 crore of other income. Without it, EBITDA is about ₹11.5 crore, under 1% of revenue from operations, by NewsPlainly's arithmetic from the filing.
How much is Ather investing in new capacity?
About ₹122 crore: up to ₹58 crore at Hosur, including ₹53 crore for a battery line, and up to ₹64 crore at its new Chhatrapati Sambhajinagar plant.