Ather Energy posts maiden profit: consolidated PAT Rs1.26 Cr as EBITDA turns positive in Q2 FY27

Ather Energy posted its first-ever profitable quarter, with consolidated PAT of Rs1.26 Cr in Q2 FY27 (quarter ended Sep 30, 2026) against a loss of Rs51.09 Cr in Q1 FY27 and Rs154.07 Cr in Q2 FY26. Revenue from operations rose 20.3% QoQ and 62.9% YoY to Rs1,464.24 Cr, beating the Rs1,100-1,300 Cr pre-result Street range; PAT itself flipped from an expected loss of Rs75-110 Cr to a (small) profit, a clear beat on both lines. Standalone PAT was Rs1.50 Cr, Rs0.24 Cr ahead of consolidated, the gap coming from the two subsidiaries (Ather Insurance, Ather Energy Hong Kong) folded into the consolidated numbers for the first time this half. EBITDA (PBT adjusted for D&A, finance costs and other income) turned positive at Rs11.46 Cr, a 0.78% margin, up from -2.73% in Q1 FY27 and -14.74% a year ago -- the third straight quarter of expansion and the first EBITDA-positive print. This wasn't a gross-margin story: material-cost-based gross margin was ~20.8% of revenue, roughly in line with the ~22% adjusted gross margin Ather reported a year earlier per market data, well short of the 35-38% some pre-result estimates had pencilled in. The profit instead came from operating leverage -- employee and other expenses grew slower than revenue -- plus other income rising to Rs62.71 Cr from Rs42.73 Cr QoQ, which pushed PBT over the line. No exceptional items featured this quarter, so the profit is from core operations. Management's Q1 FY27 concall had set a cautious tone: no explicit revenue or margin targets, and 100-200 bps of further commodity headwinds flagged. The actual print outperforms that caution, with margins expanding rather than compressing. The Konarc 200km-range scooter launched Aug 29, 2026, in line with the "late August" guidance, and this is the first full quarter capturing its contribution; no management press release was available in the record to corroborate their own framing of the driver. The same board meeting approved capacity expansion: the Hosur factory adding 75,000 units/year (to 495,000, by December 2026, Rs58 Cr capex) and Factory 3.0 at Chhatrapati Sambhajinagar -- still under construction -- adding a further 150,000 units/year (to 650,000, by Q2 FY28, Rs64 Cr capex). This filing does not confirm whether Factory 3.0's base 500,000-unit capacity is on track for the "end of CY2026" go-live flagged last quarter; it discloses only the incremental addition beyond that base. The quarter also saw a ~Rs2,550 Cr capital raise (QIP plus warrants) completed through August funding this capex, and a Hong Kong WOS incorporated Sep 21 to de-risk procurement. With EBITDA now positive and Konarc ramping, the next checkpoint is whether the margin holds through Q3 FY27 as the commodity headwinds flagged last quarter flow through, and whether AURIC Factory 3.0 commissions on the timeline management originally cited.