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Ather Energy Q2 FY27 Concall updates: Beyond the First Positive PAT ⚡ Ather’s bigger story is accelerating demand, improving product economics and capacity expansion—not just positive PAT. 1/ Demand is broadening • Registrations: 92,500 (+60% YoY) • Wholesale: 93,000 (+42%) • Pre-orders: ~1.8 lakh (+108%) • Inquiries: >10 lakh (+109%) • Production: ~33,000/month vs 28,000 last quarter Industry EV penetration hit 11.6%. Growth: South +82%, Middle India +85%, Rest of India +79%. 2/ Demand exceeds supply Mgmt estimates ~20,000 units/month of unrealised retail potential at existing stores—not confirmed orders. Converting this into deliveries is key. 3/ Profitability improves AGM: 24%, up 1.6 pp QoQ; H1 AGM: 23%. EBITDA margin improved from -9.6% in Q2 FY26 to +4.9% in Q2 FY27. Mgmt also indicated positive EBITDA excluding other income. 👉 But Ather is not out of the woods; sustainable volume growth and operating leverage matter more than one quarter’s PAT. 4/ Decode the margin bridge Vs Q4 FY26, mgmt cited: • +5.3 pp from pricing, value engineering and cost cuts • -9.4 pp from commodity inflation • +2.7 pp from SKU/mix and incentive levers 5/ Konark: Growth + margin potential Konark targets mainstream and petrol-scooter buyers. Early UP/Rajasthan feedback is positive, but it had fewer than 10,000 sales after just one month. Like-for-like manufacturing cost is already a few thousand rupees below Rizta. Mgmt estimates comparable variants could eventually deliver 6–7% better gross margins—a long-term estimate, not an achieved result. Key question: incremental demand versus Rizta cannibalisation. 6/ Pricing and unit economics Weighted-average ex-showroom price (incl. Pro Pack) rose from ~1.50 lakh in Q4 FY26 to 1.64 lakh in Q2 FY27, reflecting pricing, mix and incentives. No further price hikes are planned in Q3. Konark could lower customer ASPs without sacrificing absolute gross margins.💡 7/ Capacity: The execution test😀 • Hosur: 35,000 units/month; +6,000 planned later in Q3 FY27 • AURIC Phase 1: 42,000/month planned; trial production in Q3, installation completion by Q4 FY27 • Additional AURIC capacity: +12,000/month targeted by Q2 FY28 AURIC’s base capacity may take two quarters to ramp. Total annual installed capacity target rises from 9.2 lakh to 11.4 lakh by Q2 FY28. 8/ Distribution must catch up Experience-centre expansion slowed due to supply constraints. Additions should become more visible from Q4 FY27. Manufacturing and distribution must scale together. 9/ Software and ecosystem AtherStack Pro attach rate: 94%. Non-vehicle revenue: ~15% of total vs 11–12% last year. Mgmt estimates gross margins: Pro 80–90%, accessories 30–40%, spares 40–45%. Konark attach rates and product/geographic mix need monitoring. 10/ Product differentiation Bedrock Gen-5 batteries feature micro-leak detection, faster cell balancing and a 10-year/1-lakh-km warranty with 70% performance guarantee. Ather Node apartment charging and vehicle-health reporting are being developed; financial impact is unquantified. Electric motorcycles remain under development, with no launch timeline. 11/ What investors must track • Sustainable margins despite input-cost pressure • AURIC ramp-up and delivery growth • Konark’s incremental demand vs cannibalisation • Dealer expansion and Pro attach rates CRUX : Ather’s next phase depends on volume growth + better product economics + operating leverage. Demand and margins are encouraging; execution and sustainable profitability remain the real tests. No Recommendations. #ATHERENERG

GOT7’s JAY B will release his third single album “Chptr. 1” today, marking the first installment in a new single series. The album features two tracks: the title track “Honeydew” and the B-side “Sweetie.” Through this release, JAY B aims to express his affection for fans while showcasing his musical sensibilities.

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