ATHERENERG · Automobile and Auto Components
Ather Energy Ltd. reported revenue of ₹954 cr for October to December 2025, +50.2% on the year and +6.1% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹3,173 cr, +50.9% on the four before.
Operating profit (EBITDA) was −₹71.9 cr, a margin of −7.5%, +1,462 bps on the year and +720 bps on the quarter. It is the widest margin of the last 8 quarters (range −45.6% to −7.5%).
The net loss was ₹84.6 cr, with earnings per share of −₹2.22.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹30.4 cr, −30.4% on the year.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Other income carrying profit, Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹523 cr | ₹361 cr | ₹584 cr | ₹635 cr | ₹676 cr | ₹645 cr | ₹899 cr | ₹954 cr | ₹1,175 cr | ₹1,217 cr | ₹1,464 cr |
| YoY | — | — | — | — | +29% | +79% | +54% | +50% | +74% | +89% | +63% |
| EBITDA margin | −45.6% | −35.6% | −23.9% | −22.2% | −25.5% | −20.8% | −14.7% | −7.5% | −5.9% | −2.7% | 0.8% |
| Other income, % of PBT | — | — | — | — | — | — | — | — | — | — | 4,178% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | — | — | — | — | — | — | — | — | 0% |
| Net profit | −₹283 cr | −₹183 cr | −₹197 cr | −₹198 cr | −₹234 cr | −₹178 cr | −₹154 cr | −₹84.6 cr | −₹100 cr | −₹50.9 cr | ₹1.5 cr |
| YoY | — | — | — | — | — | — | — | — | — | — | — |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — |
| EPS | −₹94.75 | −₹61.17 | −₹64.01 | −₹64.21 | −₹8.06 | −₹4.79 | −₹4.05 | −₹2.22 | −₹2.62 | −₹1.33 | ₹0.04 |
| Flags | · | · | · | · | ✓ | ✓ | ✓ | 1 | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Ather Energy Ltd. reported revenue of ₹954 cr (+50.2% on the year) and net profit of −₹84.6 cr (— on the year) for October to December 2025.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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