Slides
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Earnings CallQ1 FY27
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This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise. Forward Looking statement disclaimer 2
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Macro shift drives structural tailwinds 3 Policy, fuel economics and consumer sentiment are moving together for the first time in our industry’s history 11% Note: 1. In June ’26 compared to June ‘25; 2. Source: Google Keyword Planner; Period Q1 YoY Growth comparison E2W Penetration up 44%1 75% EV Searches up2 118% Ather Searches2 Rising petrol prices in India improve EV Total Cost of Ownership Availability concerns on fuel are shifting consumer sentiment - EV Demand surged even before the fuel price hikes Policy support continues to strengthen - Delhi EV Policy and PM E-Drive reinforce adoption 3 4 2 Transport electrification is accelerating as national agenda in the background of global fuel crisis1 →→→
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Every demand proxy is inflecting 4 INDUSTRY REGISTRATIONS1 525k +68%* ATHER ENQUIRIES2 707k +95%* ATHER PRE-ORDERS2 150k +158%* Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 234k 312k 344k 362k 47k 58k Note: 1. Source: Industry - Vahan; 2. Enquiries & Pre Orders - Ather internal data; * Period: Q1 FY 27; YoY Growth comparison 525k 707k 150k
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Strong YoY wholesale volume growth 24k 28k 31k Apr ‘26 May ‘26 Jun‘26 Ramping Supply Units in 1,000s ..despite labour and West Asia crisis at the start of the quarter 83,173 46,078 65,595 67,851 83,418 Q1 Q2 Q3 Q4 +81% 81% YoY Growth FY 27FY 26 Units 5
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Even stronger growth in YoY Registrations at 102% Strong growth across Geographies Note: 1. Source: Vahan Portal + International dispatch data; 2. Middle India comprises of Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Odisha, Dadra and Nagar Haveli and Daman and Diu; 3. Rest of India is defined as all states and Union territories excluding South India and Middle India; 4. South India comprises of Andhra Pradesh, Goa, Karnataka, Kerala, Tamil Nadu, Telangana, Andaman & Nicobar islands, Lakshadweep, Puducherry. Rest of India3 Middle India2 Q1’26 Q1’27 11.6k 27.8k 6.6k 14.4k 141% 118% South India4 76% 26.3k 46.2k 90,808 44,900 57,745 70,734 81,204 Q1 Q2 Q3 Q4 +102% 102% YoY Growth1 FY 27FY 26 Units in 1,000sUnits 6
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AURIC Phase 1 capacity gearing up to capture this demand 7 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM. All values are monthly averages Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 30k 13-15k Enquiries1 Pre-Orders1 Retails + International Sales 2 Production3 +13-15k/month unrealized retail potential Dealer stock 14 days 3 days Q4 FY 26 Q1 FY 27
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AURIC Phase 1 capacity gearing up to capture this demand 8 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM. All values are monthly averages 4. Monthly Capacity; 5. Annual Capacity; 42k4 35k4 Hosur Auric Phase 1 4.2L5 5L5 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 30k 13-15k 4.2L5 9.2L5 Q4 27 CURRENT Enquiries1 Pre-Orders1 Retails + International Sales 2 Production3
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AURIC Phase 2 scalable for fueling future growth 9 42k4 35k4 Hosur Auric Phase 1 4.2L5 5L5 42k4 Auric Phase 26 5L5 Q4 26Q3 26Q1 26 Q2 26 Q1 27 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM. All values are monthly averages 4. Monthly Capacity; 5. Annual Capacity; 6. Auric Phase 2 planned capacity Enquiries1 Pre-Orders1 Retails + International Sales 2 Production3 30k 13-15k 14.2L5 TO FOLLOW 9.2L5 Q4 27 4.2L5 CURRENT
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Near term headwinds in commodities Q1’26 Q2’26 Q3’26 2W commodity cost index1 100 107 114 Q4’26 HSBC commodity index Company estimates 133 Commodity Index Q1’27 146 Note: 1. Source: HSBC commodity index & company estimates What we guided in Q4 FY26 +60% +43% +25% +131% Aluminium Copper Plastics Lithium Hydroxide West Asia conflict disruption to crude oil supply, driving up plastics and polymers cost Anti involution campaigns in China and mining license cuts spiking lithium prices AI data center growth spikes demand for copper and aluminium 10
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Scooter & Atherstack Pro Our average Ex-Showroom Price across the country 11 ASP1 AtherStack Pro price increase Vehicle price increase +2.2k +1.2k +1k +4k +1.6k+0.85k +1.2k Note:1. ASP (Average Selling Price) calculated taking into account the Ex-Showroom price (net of subsidy) of all Ather models at a city level for each month / quarter; 2 Increase in ASP from Q4 26 to Jun’26 94% Improved Skew 11k ASP Increase2 Atherstack Pro Attach Rate High range models show growth
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Consistent focus on ecosystem: Expanding margins and deepening moats Note: 1. Attach Rate is the percentage of total users that opt for AtherStack Pro Source: Vahan Portal Attach rate1 consistent at 94% even with ~ 5x volume surge Q1’25 Q3’25 17,798 42,942 44,460 Q2’26 Attach Rate1 Q3’26 56,409 Q1’26 43,994 89% 36,967 70,126 91% 92% 91% 89% 90% 92% Q2’25 Q4’25 Total Registrations 80,716 94% Q4’26 Q1’27 88,387 94% 14% non-vehicle revenue 12
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Gross Margin evolution in Q1 FY27 13 Note : Adjusted Gross Margin % (AGM %) is calculated as adjusted gross margin (₹) divided by total income *100 where adjusted gross margin is calculated as total income reduced by cost of materials consumed, purchase of stock-in-trade and change in inventories of finished goods, stock-in-trade and work-in-progress;
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EBITDA shows sharp improvement despite commodity pressure YoY EBITDA Margin1 growth AGM2 and EBITDA1 trajectory (36%) FY 24 (23%) FY 25 EBITDA Margin %1 (7%) FY 26 Note: 1. EBITDA margin % is calculated as Earnings before exceptional items and tax plus finance cost and depreciation and amortization expenses divided by total income; 2. Adjusted Gross Margin % is calculated as adjusted gross margin (₹) divided by total income *100 where adjusted gross margin is calculated as total income reduced by cost of materials consumed, purchase of stock-in-trade and change in inventories of finished goods, stock-in-trade and work-in-progress; Q1 FY 27Q1 FY 26 (-15.7%) ~1,650 bps improvement YoY Q1 FY 27 0.8% 0.8%9% 19% 24% 22.4% Adjusted Gross Margin %2 14
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ELScooter Platform
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Powering the next phase of growth: EL scooter 16 High volume production trials underway Start of Production at Hosur in Q2, FY27 Homologation Completed in Q1 Launch in August, 2026 at Ather Community Day Manufacturing Capacity ramp up till 60K pm* vehicle * Hosur & Auric Phase 1
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17 Factory 3.0Chhatrapati Sambhaji Nagar
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Factory 3.0 on track for Q3 FY 27 18 ADMIN FACILITIES ASSEMBLY LINE WAREHOUSE PAINTSHOP UTILITY PHASE 2
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Ather Community Day 2026 Updates to COE
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03 GAMES, STUNTS AND A WHOLE LOT MORE! 02 DN EXPERIENCE OUR COOLEST TECH DEMOS HALO ATHER DEMO UNIT ACO RIZTAo ATHER 01 25 ACD WITNESS THE LAUNCH OF OUR NEW SCOOTER DATE 29 Aug, 2026 VENUE KTPO, Whitefield Bengaluru
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Structural shift up in demand 46.5k 83k Units Sold +80.5% YoY 1,260 Cr Total Income +87.2% YoY 0.8% EBITDA % +1,650 bps YoY 22.4% Adjusted Gross Margin % -60 bps YoY Units in 1000s Registrations Production Demand2 Q1’26 Q1’27 58.1k 150k 102% 44.9k 90.8k 83.2k 158% 79% EL Launch On 29th August ‘26 Factory 3.0 going live in Q3 FY 27 14% Non-Vehicle Revenue Key highlights1 1,46,312 Revenue from operations per unit +4.6% YoY Q1 FY 27 summary 21 Note: 1. Key highlights on consolidated basis; 2. Demand is Pre Orders - Ather internal data, Source: Registrations - Vahan + International Dispatch data; Production - SIAM
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Key Performance Indicators (KPI) Particulars Vehicles sold Period on Period growth of Vehicles sold Revenue from Operations Period on Period growth of Revenue from Operations Adjusted Gross Margin EBITDA EBITDA Margin Revenue Mix Sale of Vehicles Sale of Non-Vehicles Revenue per unit of 2W Vehicle Sold Profit / (Loss) for the period Profit / (Loss) for the period Margin Working capital days E2W market share* Numbers in thousands % INR Cr % % INR Cr % % % INR INR Cr % days % Units Q1 FY 27 Q1 FY 26 46 97% 644.58 79% 23% (105.97) (16%) 87% 13% 1,21,751 (178.23) (26%) (54) 14.2% 83 81% 1,216.92 89% 22% 9.45 1% 86% 14% 1,25,891 (51.09) (4%) (45) 16.8% Note : KPI on Consolidated basis; * Source: Vahan Portal 22
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ATHER