India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Derivatives

<ul>
<li>Ather’s AtherStack Pro software package has achieved a 94% attach rate, meaning almost every customer buying an Ather scooter is also buying connected features.</li>
<li>Non-Vehicle revenue, including software, charging, accessories, spares, and services, contributed 14% of operating revenue in Q1 FY27, up from 13% YoY.</li>
<li>Ather’s early success suggests software monetisation can become an additional margin lever.</li>
</ul>


Ather’s AtherStack Pro software package has achieved a 94% attach rate, meaning almost every customer buying an Ather scooter is also buying connected features.
Non-Vehicle revenue, including software, charging, accessories, spares, and services, contributed 14% of operating revenue in Q1 FY27, up from 13% YoY.
Ather’s early success suggests software monetisation can become an additional margin lever.


How Ather Energy Is Building A Software-Led Margin Engine For Electric Two-Wheelers?

Equity Bottom-Up

<ul>
<li>Ather Energy, an Indian electric two-wheeler manufacturer, delivered its first positive EBITDA, 89% revenue growth and a 71% reduction in net loss despite severe commodity inflation and supply constraints.</li>
<li>Demand now exceeds production, with three-day dealer inventory, two-month waiting periods and 13,000-15,000 unrealised monthly sales, making the Auric ramp and EL launch critical for FY27 growth.</li>
<li>Ather’s pricing power, 94% software attach rate and INR 2,500 crore funding strengthen the outlook, but execution, Auric capacity ramp-up and commodity-cost control will determine sustainable profitability.</li>
</ul>


Ather Energy, an Indian electric two-wheeler manufacturer, delivered its first positive EBITDA, 89% revenue growth and a 71% reduction in net loss despite severe commodity inflation and supply constraints.
Demand now exceeds production, with three-day dealer inventory, two-month waiting periods and 13,000-15,000 unrealised monthly sales, making the Auric ramp and EL launch critical for FY27 growth.
Ather’s pricing power, 94% software attach rate and INR 2,500 crore funding strengthen the outlook, but execution, Auric capacity ramp-up and commodity-cost control will determine sustainable profitability.


Ather Energy: First Positive EBITDA Marks a Major Turning Point!

<ul>
<li>Ather Energy, an Indian electric-scooter manufacturer, will unveil its first EL-platform model on 29 August, entering the INR 1-1.25 lakh mass-market segment before end-2026 commercialisation.</li>
<li>Steel unibody, simpler transmission, 15% faster assembly and 10,000-km service intervals target affordability and ownership friction, expanding volumes with limited cannibalisation of Rizta and 450.</li>
<li>Ather’s product gap is narrowing, but Factory 3.0’s Q3 FY27 start, five-lakh capacity, launch-to-delivery timing, quality, distribution throughput and margin retention now determine EBITDA breakeven.</li>
</ul>


Ather Energy, an Indian electric-scooter manufacturer, will unveil its first EL-platform model on 29 August, entering the INR 1-1.25 lakh mass-market segment before end-2026 commercialisation.
Steel unibody, simpler transmission, 15% faster assembly and 10,000-km service intervals target affordability and ownership friction, expanding volumes with limited cannibalisation of Rizta and 450.
Ather’s product gap is narrowing, but Factory 3.0’s Q3 FY27 start, five-lakh capacity, launch-to-delivery timing, quality, distribution throughput and margin retention now determine EBITDA breakeven.


Ather Energy: EL Platform Opens the Next Phase of Mass-Market Growth

<ul>
<li>Ather Energy is reducing aluminium use in its scooters, replacing it with steel and iron in non-structural parts, targeting 10-15% cost savings under its new EL platform.</li>
<li>With aluminium prices rising ~14% in FY26 and limited pricing power, reducing bill-of-material costs becomes Ather’s key lever to protect and improve margins.</li>
<li>Ather’s material shift reflects a clear focus on cost efficiency and scale. If executed well, it can accelerate profitability and strengthen its position inV India’s competitive EV market.</li>
</ul>


Ather Energy is reducing aluminium use in its scooters, replacing it with steel and iron in non-structural parts, targeting 10-15% cost savings under its new EL platform.
With aluminium prices rising ~14% in FY26 and limited pricing power, reducing bill-of-material costs becomes Ather’s key lever to protect and improve margins.
Ather’s material shift reflects a clear focus on cost efficiency and scale. If executed well, it can accelerate profitability and strengthen its position inV India’s competitive EV market.


Ather Energy Cost Reset: Reducing Aluminium Dependency to Drive Profitability

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> is a leading vertically integrated EV manufacturer, rapidly capturing market share through distribution expansion and the success of its affordable Rizta scooter series.</li>
<li>Operational growth is driven by massive retail scaling, value engineering via the EL platform, and strategic penetration into high-potential markets like Middle India.</li>
<li>We project a 21% QoQ robust 71% YoY revenue growth in Q3FY26. Although it's crucial to know will the stock be able to maintain it's momentum at this premium valuation.
</li>
</ul>



Ather Energy (1207922D IN) is a leading vertically integrated EV manufacturer, rapidly capturing market share through distribution expansion and the success of its affordable Rizta scooter series.
Operational growth is driven by massive retail scaling, value engineering via the EL platform, and strategic penetration into high-potential markets like Middle India.
We project a 21% QoQ robust 71% YoY revenue growth in Q3FY26. Although it's crucial to know will the stock be able to maintain it's momentum at this premium valuation.



Ather Energy ~ Will The Company Be Able to Sustain 40% QoQ Growth In Q3?

India

Ather Energy Private Limited manufactures and sells electric scooters. The Company offers scooters and related accessories, and also manages two wheeler fast charging grid network. Ather Energy serves customers in India.

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Ather Energy (1207922D IN)

How Ather Energy Is Building A Software-Led Margin Engine For Electric Two-Wheelers?

The future EV business model could move from one-time scooter sales towards continuous monetisation through software, subscriptions, charging, and...

Sudarshan Bhandari

Ather Energy: First Positive EBITDA Marks a Major Turning Point!

Indian electric two-wheeler manufacturer Ather Energy sees positive EBITDA, revenue growth, and reduced net loss despite challenges, with high...

Sudarshan Bhandari

Ather Energy: EL Platform Opens the Next Phase of Mass-Market Growth

Ather Energy to unveil new electric scooter model in mass-market segment, focusing on affordability and ownership experience to drive volume...

Sudarshan Bhandari

Ather Energy Cost Reset: Reducing Aluminium Dependency to Drive Profitability

Ather Energy is cutting aluminium use in scooters, opting for steel/iron to save costs amid rising aluminium prices, aiming for profitability and...

Sudarshan Bhandari

Ather Energy ~ Will The Company Be Able to Sustain 40% QoQ Growth In Q3?

Ather Energy is a top EV manufacturer gaining market share with its affordable scooters, expecting strong revenue growth in Q3FY26. Will its stock...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Ather Energy Is Building A Software-Led Margin Engine For Electric Two-Wheelers?

The future EV business model could move from one-time scooter sales towards continuous monetisation through software, subscriptions, charging, and...

Sudarshan Bhandari

Ather Energy: First Positive EBITDA Marks a Major Turning Point!

​Indian electric two-wheeler manufacturer Ather Energy sees positive EBITDA, revenue growth, and reduced net loss despite challenges, with high...

Sudarshan Bhandari

Ather Energy: EL Platform Opens the Next Phase of Mass-Market Growth

​Ather Energy to unveil new electric scooter model in mass-market segment, focusing on affordability and ownership experience to drive volume...

Sudarshan Bhandari

Ather Energy Cost Reset: Reducing Aluminium Dependency to Drive Profitability

​Ather Energy is cutting aluminium use in scooters, opting for steel/iron to save costs amid rising aluminium prices, aiming for profitability and...

Sudarshan Bhandari

Ather Energy ~ Will The Company Be Able to Sustain 40% QoQ Growth In Q3?

​Ather Energy is a top EV manufacturer gaining market share with its affordable scooters, expecting strong revenue growth in Q3FY26. Will its stock...

Nimish Maheshwari

Indian electric two-wheeler manufacturer Ather Energy sees positive EBITDA, revenue growth, and reduced net loss despite challenges, with high...

Ather Energy to unveil new electric scooter model in mass-market segment, focusing on affordability and ownership experience to drive volume...

Ather Energy is cutting aluminium use in scooters, opting for steel/iron to save costs amid rising aluminium prices, aiming for profitability and...

Ather Energy is a top EV manufacturer gaining market share with its affordable scooters, expecting strong revenue growth in Q3FY26. Will its stock...