Slides
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Earnings Call Q2 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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Highest ever Industry registrations with broad based growth INDUSTRY REGISTRATIONS1 +82% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 3.1L 3.3L 6.0L Q2 27 +85%* Note: 1. Overall India; 2. Middle India comprises of Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Odisha, Dadra and Nagar Haveli and Daman and Diu; 3. South India comprises of Andhra Pradesh, Goa, Karnataka, Kerala, Tamil Nadu, Telangana, Andaman & Nicobar islands, Lakshadweep, Puducherry; 4. Rest of India is defined as all states and Union territories excluding South India and Middle India. * Q2 FY 27 vs Q2 FY 26 YoY Growth comparison; ** Q1 FY 27 vs Q1 FY 26 YoY Growth comparison Source: Industry - Vahan * +66%* * as on Q2 FY 27 as on Q1 FY 27 South India continues to grow despite being biggest and most penetrated E2W market in Q1 FY 27 Broad based growth in Q2 with converging growth rates MIDDLE INDIA2 SOUTH INDIA3 REST OF INDIA4 +82%* +82%** +79%* +54%* * 3
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E2W penetration at its highest ever, up sharply across the country PAN INDIA E2W PENETRATION1 11.2% 7.3% 7.8% MIDDLE INDIA2 SOUTH INDIA3 REST OF INDIA4 Q2 26 Q2 27 Q2 26 Q2 27 Q2 26 Q2 27 Note: 1. Overall India; 2. Middle India comprises of Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Odisha, Dadra and Nagar Haveli and Daman and Diu; 3. South India comprises of Andhra Pradesh, Goa, Karnataka, Kerala, Tamil Nadu, Telangana, Andaman & Nicobar islands, Lakshadweep, Puducherry; 4. Rest of India is defined as all states and Union territories excluding South India and Middle India. Source: Industry - Vahan 15.0% 9.9% 14.7% 10.8% 6.7% 4.7% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 11.2% 4
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Ather Community Day 2026
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Ather Community Day 2026
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What we announced Ather TrueHealth™ Ather TrueHealth™— A comprehensive health report of your scooter Overall health report Component health Estimated resale value
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Ather Node™— Enables scalable EV charging in apartments Automatic queuing Smart load management Power from common load Customised billing Cost effective What we announced
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Real-time BreachSense™ micro-leak detection 5x cell balancing vs previous generation 10 yrs/ 1L warranty, 70% SOH guarantee Ather Bedrock™— 5th generation batteries with enhanced safety and longer warranty What we announced
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Easy Serviceability AutoLockTM Metal Body AutoPop AirWalkTM MagicKey What we announced
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Meet
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Solving for fundamentals
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Comfort and convenience 14” Front Wheel Long Travel Suspension Padded Grab Handle Combined Charging Adjustable Backrest Centre Stand
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Longevity Service once a year Metal body BedrockTM Battery with 10 year warranty
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The Magic of Ather
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AirWalkTM Gentle motor assist when you push the scooter, so it feels light at walking pace. Squeeze into tight parking Nudge it into the last gap between two scooters. Turn around in narrow lanes Swing it round without heaving the full weight. Move it in and out of home Gates, ramps and driveways without the struggle. AirWalkTM for moving the scooter effortlessly Option 1
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Authenticator, works offline Jump charge the key MagicKey delivers an intuitive and seamless keyless experience Lost key detection SmartWakeTM
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AutoPop Opens the under-seat storage for you, so it’s easy to reach when your hands are full. Open it from a few metres away Tap the MagicKey and the seat is up before you arrive. Or press a button up close A button on the scooter does the same job. Seat stays fully upright It lifts to vertical and holds, so it won’t swing shut mid-reach. AutoPop for a hands-free access to the under-seat storage
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AeBSTM: New braking technology developed in-house Introducing AeBS Advanced Electronic Braking System Motor braking and brakes working as one. Built in India, for Indian roads. Shorter stopping Cuts braking distance, even on slippery roads. <10 ms Motor responds in under 10 ms, vs ~50 ms for an ABS pulse. Smart front–rear split Shifts braking force forward the harder you brake. Skid watch Spots a rear skid early and eases off. ™
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450 Rizta Konarc Comprehensive scooter portfolio
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Demand Surge
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1. Source: Google +AI Search Data; 2. Enquiries - Ather internal data; *Q2 FY 27 vs Q2 FY 26 YoY Growth comparison Ather searches surge as consumer interest in EVs rises EV SEARCHES1 +34%* ATHER SEARCHES1 +94%* Option 1 48.5L 167.8L 208.6L 278.6L 36.6L 94.1L Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 22
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Enquiries and pre-orders both more than double ATHER ENQUIRIES2 +109%* ATHER PRE-ORDERS2 +108%* 3.2L 4.8L 0.5L 0.9L Note: 1. Source: Industry - Vahan; 2. Enquiries & Pre Orders - Ather internal data; *Q2 FY 27 vs Q2 FY 26 YoY Growth comparison 10L 1.8L Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 23
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Strong YoY wholesale volume growth Q1 FY 26 Q2 FY 26 Q3 FY 26 Ramping Supply1 Units in 1,000s 83,173 46,078 65,595 67,851 83,418 Q1 Q2 Q3 Q4 +81% 42% YoY Growth FY 27FY 26 Units +42% 93,211 Q4 FY 26 Q1 FY 27 Q2 FY 27 Note: 1. Numbers for the quarter is the average monthly supply calculated as average of 3 months for that respective quarter 16k 22k 20k 29k 28k 33k 24
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Rest of India2 90% Even stronger growth in YoY Registrations at 60% Strong growth across Geographies Note: 1. Source: Vahan Portal + International dispatch data; 2. Rest of India is defined as all states and Union territories excluding South India and Middle India; 3. Middle India comprises of Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Odisha, Dadra and Nagar Haveli and Daman and Diu; 4. South India comprises of Andhra Pradesh, Goa, Karnataka, Kerala, Tamil Nadu, Telangana, Andaman & Nicobar islands, Lakshadweep, Puducherry. Middle India3 Q2’26 Q2’27 65% South India4 49% 91,635 44,900 57,745 70,734 82,526 +104% 60% YoY Growth1 Units +60% 92,589 FY 27FY 26 Q1 Q2 Q3 Q4 25
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Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM Monthly average Enquiries1 Monthly average Pre-Orders1 Monthly average Retails + International Sales 2 Monthly average Production 3 33k 20k +18-20k/month unrealized retail potential 33k Rising demand necessitates fresh capacity 334k 60k Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 33k 31k 26
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20k AURIC Phase 1 capacity gearing up to capture demand Monthly average Enquiries1 Monthly average Pre-Orders1 Monthly average Retails + International Sales 2 Monthly average Production 3 Q2 added, unrealised potential can be tweaked if needed 35k4 Hosur 42k4 Auric Phase 1 4.2L5 9.2L5 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM 4. Monthly Capacity; 5. Annual Capacity; 33k CURRENT Q4 FY 27Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 27
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Enhancement in Auric Phase 1* Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Monthly average Enquiries1 Monthly average Pre-Orders1 Monthly average Retails + International Sales 2 Monthly average Production 3 Q2 27 42k4 Auric Phase 1 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM 4. Monthly Capacity; 5. Annual Capacity; *Further investment of Rs 58 Crores in Hosur and Rs 64 Crores in Auric Phase 1 6k4 4.9L5 Enhancement in Hosur* 11.4L5 Q4 FY 27CURRENT Q3 FY 27 20k 33k 4.2L5 9.2L5 Q2 FY 28 Capacity enhancement at Hosur and AURIC Phase 1 to capture surge in demand 12k4 35k4 Hosur 28
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Enhancement in Auric Phase 1* Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Monthly average Enquiries1 Monthly average Pre-Orders1 Monthly average Retails + International Sales 2 Monthly average Production 3 Q2 27 42k4 Auric Phase 1 Capacity enhancement at Hosur and AURIC Phase 1 to capture surge in demand 6k4 4.9L5 Enhancement in Hosur* 12k4 11.4L5 CURRENT 20k 33k 4.2L5 9.2L5 42k4 Auric Phase2 16.4L5 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM 4. Monthly Capacity; 5. Annual Capacity; *Further investment of Rs 58 Crores in Hosur and Rs 64 Crores in Auric Phase 1 To FollowQ4 FY 27Q3 FY 27 Q2 FY 28 35k4 Hosur 29
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Unit economics
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Near term headwinds in commodities Source: HSBC Commodity Index Aluminium Copper AI data center growth Plastics West Asia conflict disruption Memory West Asia & China supply disruption AI pulling chip capacity • Rising demand from grid electrification and AI data centres • Smelting capacity limits and higher energy costs keep prices elevated • Deepening mine deficit; demand from AI data centres and the green energy transition • US tariff threats and resultant stock piling weigh on future prices • Memory makers prioritising high-margin AI memory (HBM) & shortages hitting non-AI memory and PCBs • Electronics input costs rising as pricing power shifts to suppliers • Conflict choked polyolefin supply as crude prices rose • War premium now unwinding; prices easing from the Q1'27 peak +35% Aluminium +58% Copper +25% Plastics 31
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Scooter & Atherstack Pro Our average Ex-Showroom Price across the country ASP1 AtherStack Pro price increase Vehicle price increase +2.2k +0.9k +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 Q2 27 94% Improved Skew 14k ASP Increase2 Atherstack Pro Attach Rate High range models show growth Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 +1.2k +1.0k +4.0k +1.6k 32
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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 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 82,038 94% Q4 26 Q1 27 89,214 94% 15% non-vehicle revenue Q2 27 94% 90,237 33
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Adjusted Gross Margin1 evolution in Q2 FY 27 Note: 1. 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; 34
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YoY EBITDA Margin1 growth AGM1 and EBITDA2 trajectory (36%) FY 24 (23%) FY 25 EBITDA Margin %1 (7%) FY 26 Note: 1. 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; 2. EBITDA margin % is calculated as Earnings before exceptional items and tax plus finance cost and depreciation and amortization expenses divided by total income*100; 9% 19% 24% Adjusted Gross Margin %2 H1 FY 27 23% 3% EBITDA shows sharp improvement despite commodity pressure Q2 FY 27Q2 FY 26 (-9.6.%) ~1,450 bps improvement YoY 0% 4.9% 35
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BATTERY LINE PAINT SHOP PHASE 2 VEHICLE LINE Factory 3.0 Chhatrapati Sambhaji Nagar
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Factory 3.0 on track for Q3 FY 27 Battery Assembly Line Paint Shop Vehicle Assembly Line
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57.7k Structural shift up in demand 67.7k 93k Units Sold +42% YoY 1,527 Cr Total Income +62% YoY 4.9% EBITDA % +1,450 bps YoY 24.0% Adjusted Gross Margin % +160 bps YoY Units in 1000s Registrations Production Demand2 Q2’26 Q2’27 86.7k 180.3k 60% 92.6k 98.4k 108% 45% Highest ever 11.6% E2W penetration* 1.14 Mn+ Capacity by Q2 FY 28 15% Non-Vehicle Revenue +270 bps YoY Key highlights1 1,57,089 Revenue from operations per unit +14.6% YoY Q2 FY 27 summary Note: 1. Key highlights on consolidated basis; 2. Demand is Pre Orders - Ather internal data, Source: Registrations - Vahan + International Dispatch data; Production - SIAM ; *For September 2026 38
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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 Q2 FY 27 Q2 FY 26 66 67% 898.88 54% 22% (90.76) (10%) 88% 12% 1,20,183 (154.07) (-16%) (50) 17.2% 93 42% 1,464.24 63% 24% 74.17 5% 85% 15% 1,33,507 1.26 0%^ (36) 15.1% ,Note : KPI on Consolidated basis; * Source: Vahan Portal, ^ represents less than 0.5% 39