Whalesbook
Ather Energy ne FY26 mein apna financial game strong dikhaya hai, bhai! Unki total income 66% jump kar ke ₹3,823 Crore tak pahunch gayi. Ye sab isliye hua kyunki unhone 69% zyada vehicles beche, matlab total 2,62,942 units FY26 mein. Fourth quarter toh aur bhi zabardast raha, income 76% badhi aur 83,418 units beche gaye.
Company ne apne unit economics bhi sudhare hain, jahan adjusted gross margin double se bhi zyada ho kar 24% ho gaya hai (FY25 mein yeh 19% tha). Isse EBITDA loss kam ho kar sirf ₹257 Crore raha (pehla ₹531 Crore tha) aur net loss bhi ₹517 Crore pe aa gaya (pehla ₹812 Crore tha). IPO ke baad company ka market cap ₹34,000–35,000 crore tak pahunch gaya hai, jo dikhata hai ki investors ko company pe bharosa hai, woh loss mein hone ke bawajood.
Ab competition ki baat karte hain. India mein EV two-wheeler market 6.5% tak pahunch gaya hai aur total sales 21.8% badhi hai. Ather ek major player hai, par TVS Motor 24.36% market share ke saath sabse aage chal raha hai, uske baad Bajaj Auto hai. Wahi doosri taraf, Ola Electric ki sales giri hai, aur Ather ko bhi badi takkar mil rahi hai. Ather ka market share Q4 FY26 mein 18.6% tha.
Sabse bada challenge hai profitability. Ather ke scooters ₹1.4 lakh se ₹1.6 lakh ke hain, jo Ola Electric jaise competitors se 25% zyada hai. FAME II subsidies kam hone ke baad ye premium price maintain karna aur mushkil ho raha hai. Total expenses bhi badhe hain aur company abhi bhi consistently loss mein hai. Negative cash flow aur debt ($100 million se upar) bhi concerns hain. Factory capacity 4,00,000 units se zyada hai, par use sirf 39% ho raha hai.
Ather ab apne naye EL scooter platform aur Factory 3.0 pe focus kar raha hai, jisme 1 million units ki capacity hogi. Unka plan hai ki domestic premium market mein aur strong ho sakein aur apni ecosystem revenue bhi badha sakein. Analysts expect karte hain ki EV trend badhega aur Ather ko iska fayda milega.