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The brokerage said the launch of Ather's mass-market Konarc scooter, coupled with faster electric vehicle adoption, has strengthened the company's growth outlook. It raised its revenue growth estimates to 54% for FY27, 100% for FY28 and 31% for FY29.
The brokerage expects Ather Energy to sustain a premium valuation of 5-7 times enterprise value to sales (EV/sales), supported by the company's growth prospects.
Ather unveiled the Konarc at its annual Community Day on 29 August 2026. Priced from Rs 99,999, the electric scooter marks the company's entry into the mass-market segment as it seeks to expand beyond the premium end of India's electric two-wheeler market.
According to reports, production of the Konarc is expected to begin at Ather's Hosur facility, with deliveries scheduled to start in September 2026.
Investor interest in Ather has also been supported by Hero MotoCorp's increased exposure to the electric two-wheeler maker. Hero MotoCorp recently acquired 1.18 crore Ather Energy shares for Rs 1,758 crore from the Government of Singapore, taking its stake in Ather to around 32.8% from 29.88% earlier.
Ather Energy, founded in 2013, designs and manufactures electric scooters. Its portfolio includes the performance-focused Ather 450 series and the family-oriented Rizta. The company also operates the Ather Grid fast-charging network and has a strong focus on R&D and innovation. As of 30 June 2026, Ather held 323 registered trademarks, 270 registered designs and 52 registered patents globally.
On a consolidated basis, Ather's net loss narrowed to Rs 51.09 crore in Q1 FY27 from Rs 178.23 crore in Q1 FY26 and Rs 100.23 crore in Q4 FY26. Revenue from operations surged 88.8% YoY and 3.6% QoQ to Rs 1,216.92 crore in the quarter ended 30 June 2026.
Adjusted gross margin stood at Rs 282 crore, up 82.3% YoY, although the adjusted gross margin percentage moderated to 22% from 23% a year ago. The company reported positive EBITDA of Rs 9.45 crore in Q1 FY27 against an EBITDA loss of Rs 105.97 crore in Q1 FY26. EBITDA margin improved to 1% from a negative 16% last year.
Konarc will be offered across Ather's S and Z product lines, with six variants offering Indian Driving Cycle (IDC) ranges of up to 200 km. The S line will have four variants with ranges of 100 km, 125 km, 161 km and 200 km, while the Z line will offer 125 km and 161 km variants.
The Konarc S 100 km is priced at Rs 99,999, while the S 125 km and S 161 km variants are priced at Rs 1,21,999 and Rs 1,44,999, respectively. Prices are effective ex-showroom Bengaluru. The company said the S 125 km and S 161 km variants will be available initially, with bookings and deliveries beginning in mid-September in a phased manner across select states before a wider rollout.
The scooter is built on Ather's new EL platform and focuses on ride comfort, range, durability and ease of ownership. It features a 14-inch front alloy wheel, a 12-inch rear alloy wheel and a 1,352 mm wheelbase. Ather said the scooter also gets long-travel suspension and is its first scooter to feature metal panels on the rear side and a steel unibody chassis.
Konarc introduces Ather's Advanced Electronic Braking System (AeBS), which dynamically adjusts the distribution of braking force between the front and rear wheels based on road conditions. The system uses software and sensors along with the scooter's existing drive controller and motor.
The company has also introduced features including MagicKey, AutoPop and AirWalk. MagicKey enables keyless unlocking and automatic locking when the rider walks away, while AutoPop provides hands-free access to the under-seat storage. AirWalk uses motor assistance to make manually moving the scooter easier.
Ather has doubled the service interval for Konarc to 10,000 km, which the company said would translate to roughly once a year for most riders. The scooter also comes with an onboard charger, while an optional 450W offboard charger can be used with the built-in 450W charger to deliver 900W combined charging.
All Konarc variants will use Ather's fifth-generation Bedrock battery. The company has announced a 10-year or 1,00,000 km warranty, whichever is earlier, with a guaranteed minimum 70% state of health at the end of the warranty period.
Ather Energy currently sells the 450 series and Rizta family scooter range. The company said it had nine variants across the two product lines as of the announcement. It operates the Ather Grid fast-charging network and has a focus on in-house research and development.
Ather Energy, founded in 2013 by Tarun Mehta and Swapnil Jain, designs and manufactures electric scooters. Its portfolio includes the performance-focused Ather 450 series and the family-oriented Rizta. The company also operates the Ather Grid fast-charging network and has a strong focus on R&D and innovation. As of 30 June 2026, Ather held 323 registered trademarks, 270 registered designs and 52 registered patents globally.
Hero MotoCorp will acquire additional shares in Ather Energy for up to Rs 1,758 crore, raising its stake from 29.88% to around 32.8%. The transaction, approved on 27 August 2026, will be completed by 3 September 2026 and does not require government or regulatory approvals.
Shares of Ather Energy surged 8.09% to Rs 1,616.30 on Friday, 28 August 2026.
Hero MotoCorp currently holds 29.88% of Ather on a fully diluted basis. Following the purchase, its stake will increase to up to around 32.8%.
The transaction will be completed by 3 September 2026. Hero MotoCorp will pay cash consideration of up to Rs 1,758 crore for the additional shares.
The company said no government or regulatory approvals are required for the transaction. It also said the purchase does not fall under related party transactions.
Ather was incorporated in India on 21 October 2013. It is engaged in designing, manufacturing, selling and servicing electric two-wheelers. It also operates charging infrastructure and provides services related to storage, distribution and management of electric power, including battery energy. The company has a presence across the country.
Ather reported turnover of Rs 3,671.76 crore for FY26, up from Rs 2,255 crore in FY25 and Rs 1,753.8 crore in FY24.
Ather Energy Ltd, Vedant Fashions Ltd, Alivus Life Sciences Ltd and KEI Industries Ltd are among the other gainers in the BSE's 'A' group today, 04 August 2026.
Restaurant Brands Asia Ltd surged 18.51% to Rs 83.99 at 11:46 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 31.74 lakh shares were traded on the counter so far as against the average daily volumes of 1.24 lakh shares in the past one month.
Ather Energy Ltd spiked 14.53% to Rs 1458.2. The stock was the second biggest gainer in 'A' group. On the BSE, 18.27 lakh shares were traded on the counter so far as against the average daily volumes of 4.05 lakh shares in the past one month.
Vedant Fashions Ltd soared 9.50% to Rs 457. The stock was the third biggest gainer in 'A' group. On the BSE, 1.4 lakh shares were traded on the counter so far as against the average daily volumes of 50985 shares in the past one month.
Alivus Life Sciences Ltd advanced 7.69% to Rs 1305. The stock was the fourth biggest gainer in 'A' group. On the BSE, 18285 shares were traded on the counter so far as against the average daily volumes of 11386 shares in the past one month.
KEI Industries Ltd spurt 7.53% to Rs 5387.4. The stock was the fifth biggest gainer in 'A' group. On the BSE, 1.2 lakh shares were traded on the counter so far as against the average daily volumes of 36974 shares in the past one month.
Revenue from operations surged 88.8% YoY and 3.6% QoQ to Rs 1,216.92 crore in the quarter ended 30 June 2026.
Adjusted gross margin stood at Rs 282 crore, up 82.3% YoY, although the adjusted gross margin percentage moderated to 22% from 23% a year ago.
The company reported positive EBITDA of Rs 9.45 crore in Q1 FY27 against an EBITDA loss of Rs 105.97 crore in Q1 FY26. EBITDA margin improved to 1% from a negative 16% last year.
On the cost front, total expenditure increased 55.9% YoY but declined 0.5% QoQ to Rs 1,289.16 crore. Raw material consumption rose 90.4% YoY to Rs 957.32 crore, while employee expenses declined 0.4% YoY to Rs 118.17 crore. Interest costs fell 10.5% YoY to Rs 21.58 crore, while depreciation declined 19.1% YoY to Rs 38.96 crore.
Operationally, Ather delivered 83,173 electric two-wheelers during the quarter, up 80.5% YoY, while vehicle sales increased to 83,000 units from 46,000 units a year ago. Customer enquiries surged 95% YoY to 7.07 lakh and pre-orders jumped 158% YoY to 1.5 lakh, with demand continuing to outpace production. Revenue from software subscriptions, charging, accessories, spares and services increased to 14% of revenue from operations from 13% in Q1 FY26. Revenue per two-wheeler sold improved 3.4% YoY to Rs 1,25,891 from Rs 1,21,751 a year ago, while electric two-wheeler market share expanded to 16.8% from 14.2%.
Despite higher input costs for copper, aluminium, lithium and crude-linked materials, the company said calibrated price increases, improved product mix, value engineering and supplier negotiations helped sustain healthy margins.
To support future growth, Ather said its Factory 3.0 at AURIC in Chhatrapati Sambhaji Nagar remains on track, with Phase 1, having an annual production capacity of 5 lakh electric two-wheelers, expected to commence production in Q3 FY27. Upon completion of both phases, the company's total installed manufacturing capacity will increase to 14.2 lakh electric two-wheelers annually.
The company will unveil the first production scooter based on its all-new EL platform on 29 August 2026 at Ather Community Day. The next-generation platform is designed to improve scalability, manufacturing efficiency and support a broader product portfolio targeting a larger customer base.
Commenting on the outlook, co-founder and CEO Tarun Mehta said strong policy support and rising consumer adoption continue to drive demand for electric two-wheelers. He added that the upcoming EL platform launch and the commissioning of the new AURIC facility position Ather for its next phase of growth.
Ather Energy designs and manufactures premium electric two-wheelers, battery packs, charging infrastructure and software solutions. The company also operates Ather Grid, one of India's largest fast-charging networks for electric two-wheelers.