Deepak Mangani

( 1. ) EVERYTHING U NEED TO KNOW ABOUT . [[ ATHER ENERGY ]] -Ather is a vertically integrated, product-and-software-led EV scooter platform. -Its core moat comes from design-led vertical integration — it designs ~80% of critical components (battery pack excluding cells,BMS,motor,controller, VCU, chassis etc ) and owns 100% of its AtherStack software in-house, while buying cells. -This engineering-first approach (not manufacturing-first) delivered repeated cost reductions: -31% BOM cut on 450X, 51% on motor controller, 7-10% on Rizta, 91 engineering changes in FY24 alone. ( 2. ) -Ather spent far less cash than Ola (~$240m vs $538m) yet built superior unit economics, durable brand, ~90% Pro Pack attach rate, -India’s largest E2W fast-charging network (Ather Grid on national LECCS standard), -47+313 patents, and survived ~77% subsidy collapse while improving gross margins (negative to +12% ex-subsidy). ( 3.) (Contrast with Ola) : - Ola scaled first with heavy capex and aggressive pricing → quality/service issues → share collapse from ~49% peak to ~5%. -Ather stayed disciplined on product/ecosystem/service → steadily gained share to ~18.8% (Mar 2026), now #3 behind TVS & Bajaj. -Premium positioning (ASP ~₹128k+) avoids price war. ( 4 ) >Financial trajectory & path to profitability: -Gross margin improved to ~21-23% (FY26), heading toward 30%+ via scale + engineering. -EBITDA breakeven targeted ~FY28 via operating leverage. >Five key levers: (1) scale absorbing fixed costs (Hosur at 98% utilization, new stores ramping), (2) EL platform (modular steel chassis, integrated electronics, first model FY27 festive — targets volume segment without diluting margins), (3) LFP battery shift (cheaper, already adding margin), (4) high-margin software/non-vehicle revenue (~13% of sales, 50%+ EBITDA margin), (5) new AURIC factory + localization. ( 5 ). >Q4 FY26 Performance (latest reported numbers): Revenue from operations reached ₹1,175 Cr in Q4 FY26, up 74% YoY from ₹676 Cr (Q4 FY25) and up ~23% QoQ from ₹954 Cr (Q3 FY26). Total income was ₹1,214 Cr, up 76.5% YoY and ~22% QoQ. Net loss narrowed sharply to ₹100 Cr, down 57% YoY from ₹234 Cr (though up ~18% QoQ from ₹85 Cr). Volumes hit a record 83,418 units in Q4 (+76% YoY). EBITDA margin improved dramatically to around -2.5% to -6% (gain of ~2,080 bps YoY). Gross margins also saw strong expansion. Full-year FY26 volumes reached ~263k units with total income ~₹3,823 Cr. (6). >Growth triggers: Strong industry tailwinds 1.(E2W scooters rising fast 2.scooterization trend), 3.EL doubling addressable scooter TAM, 4.Zenith motorcycle platform (longer-term), 5.North/West geographic expansion, 6.distribution scaling to 1,100+ stores, and software monetization. (7). -Ather is moving from product/ecosystem phase to high-growth + profitability phase. >Recent Tailwinds: -The early 2026 geopolitical tensions (US-Iran related conflict) caused a surge in global fuel prices, creating a clear tailwind for EV adoption in India. -Higher petrol/diesel costs led to increased consumer interest and shifting demand toward EVs as a cost-saving alternative. -Additionally, Delhi’s draft EV Policy 2.0 (2026–2030) is a major structural positive. -It proposes banning new petrol/diesel two-wheeler registrations from April 1, 2028 (and three-wheelers from 2027), with a strong push toward high EV penetration. -This reinforces EVs as the future and benefits premium 2W players like Ather through regulatory tailwinds. ( 8). >Management Commentary from Q4 FY26 Earnings Call (FY27 Outlook): -Management highlighted strong FY26 execution with robust volume growth, market share gains to 18.6%, and significant margin improvement via operating leverage and cost discipline. -For FY27, they see the EL platform as the primary growth driver, followed by continued (but more BAU-style) store expansion #NIFTY50

Overall good but , There is pressure on margins side Need management clarity on it

Great from sambhav steel and tubes ltd

Great no.s from Shadowfax Margins improved

What a fabulous result from Ather Energy despite capacity constraints Ather become EBITDA positive Great great set of no.s #ather #Q2Results #Q2FY27

Excellent consistent execution by SBFC FINANCE but market not rewarding it & I will hold it as long as execution is on to mark without aligning to stock price movement.

Margins guidance updated

Fabulous, only IT company i like

Great set of no.s from Sakar healthcare , Stell strips STL technologies See companies are posting good result but ,some great results are sold due to current short-short term trends of market So hold on ur stars and see the magic in Few months.

As long as fundamentals growth is intact We have to bear this day to day volatility No other option From last 2.5 years this is the only shit kept repeating , have to to bear

Delhi , at the time of sunset .

Good result from ETERNAL also , on a high base and margins also improved Quick commerce will be a very very big thing And they have revised there store opening count Vs guidance as per below source. Overall good #Eternal #Q2Results #Q2FY27

Great result even from PCJ in Q2 FY27 where there are less festivities Debt free Margins improved Operating leverage Good going Was tracking it from it's improvement phase #pcjeweller #Q2Results #Q2FY27

If u wanted to see only one thing in Delhi I would recommend-Sri Akshardham ,DELHI U will be mind blown It's such a divine place with intricate carvings , architectural marvel with divinity of Prabhu Sri Swami Narayan & then the exhibition shows of story,boatride,watershow.

I also like to see the rich heritage of temple or mandir we have The teachings ,peace ,purity we get from them is beyond words, I have visited Swaminarayan temple in Bhuj ,Gujarat also now -Sri Akhsarddham, Delhi Totally amazed !! Jai swaminarayan

Shri Swaminarayan Akshardham , DELHI I was totally amazed, Built without a single piece of steel,the intricate stone carvings,serene gardens, & the breathtaking water show are pure magic. An architectural masterpiece that leaves you speechless! Jai shri swaminarayan.🙏

Delhi Haat -INA

NOIDA

At NATIONAL RAIL MUESUEM ,DELHI