Ather turns EBITDA-positive for the first time as income jumps 87%
EBITDA-positive Ather points to operating leverage as volumes scale
Ather Energy reported its first-ever EBITDA-positive quarter in the three months to June, a slim INR 9 crore, as total income rose about 87% to INR 1,260 crore and demand for its electric scooters ran ahead of what it can build.
For a company that has burned cash since listing in 2025, crossing into positive operating earnings is a real marker on its path to profitability, and it came despite commodity inflation, which points to operating leverage as volumes scale. The caveat the company plays down: EBITDA-positive is not profitable. Ather still posted a net loss, though it narrowed sharply, to about INR 51 crore from roughly INR 178 crore a year earlier, a 71% reduction.
Revenue from operations rose 89% to INR 1,217 crore, and the EBITDA margin swung to 0.8%, an improvement of about 1,650 basis points year on year. Ather sold 88,655 scooters in the quarter, with retail registrations topping 90,000, meaning retail outpaced dispatches for a fourth straight quarter as dealers drew down stock; dealer inventory is now about three days, from 14. The company said pre-orders rose 158% and enquiries nearly doubled, with demand outstripping supply.
To add capacity, Ather said the first phase of its new Aurangabad plant, adding 5 lakh units a year, is on track to commission in the third quarter, and it will unveil the first production scooter on its new EL platform on 29 August. Adjusted gross margin slipped to 22.4% on higher input costs, a reminder that the margin recovery is not yet linear.
