1. Maharashtra state incentives - capital subsidy over seven years and 2.5% GST uptake over 15 years Pending - At the Q1 FY26 call, the CFO stated Maharashtra state incentives for the new plant: significant capital subsidy against total capex over a period of seven years, and a 2.5% GST uptake from the state share over 15 years, over and above standard SOPs. No specific incentive receipt disclosure as of 31 Aug 2026.
2. Rare earth magnet impact - restricted to Q2 FY26 Delivered - At the Q1 FY26 call, management expected the rare earth magnet supply impact to be restricted to Q2 FY26, with about a week-odd of potential business impact contained via channel inventory. The rare earth hit to EBITDA was \~₹20-25 crores in Q2 FY26 and the issue resolved during Q2; no material impact from Q3 onwards.
3. LFP battery packs - impact visible in Q2 and Q3 FY26 Delivered - At the Q1 FY26 call, management said LFP battery packs were already live, with impact expected to become visible in financials in Q2 and Q3 as contribution to sales increases. LFP became a reasonable part of product mix in Q2 FY26 and played a material role in improving unit economics over the last several quarters.
4. AtherStack 7.0 - going live over next few months Delivered - At the Q2 FY26 call, management said AtherStack 7.0 is "going live over the next few months". AtherStack 7 launched in FY26 with features like Infinite Cruise, Vernacular Dashboards and pothole detection, and 89% of customers opted for AtherStack Pro.
5. QIP - ₹1,300 crore closed Delivered - At the Q1 FY27 call, management noted a QIP of Rs. 1,300 crore closed a few weeks ago with strong participation from India and abroad, with a further Rs. 1,200 crore preference issue in the midst of shareholder approval, totaling Rs. 2,500 crores. The ₹1,300 crore QIP closed and the ₹1,200 crore preference issue was in progress.
6. Long-term cell supply arrangements - India-manufactured customised cells Pending - The FY25 annual report stated management seeks long-term supply arrangements with cell suppliers for stable, consistent cell supply on favourable terms, and to facilitate design/manufacture of lithium-ion cells customised for its E2Ws and manufactured in India. No specific arrangement or India-manufactured customised cell outcome disclosed as of 31 Aug 2026.
7. Backward integration at Factory 3.0 - transmission, electronics, painting Pending - The FY25 annual report stated management plans backward integration of certain processes - transmission assembly, electronics assembly, painting - at Factory 3.0 to de-risk supply chain and mitigate market fluctuations on operating costs. Factory 3.0 is not yet operational and no specific backward integration outcome is disclosed as of 31 Aug 2026.
8. FY27 ecosystem-led expansion across rest of India On track - The FY26 annual report stated that in FY27, Ather will extend its ecosystem-led expansion model across the rest of India, after the South and Middle India rollouts. Q1 FY27 Rest of India registrations grew 118% YoY to 14.4k units, with the EL rollout biased towards northern/rest-of-India markets in the early months.
9. Cost reduction - 10%-20% long-term industry cost structure potential On track - At the Q3 FY26 call, management saw 10%-20% long-term cost-reduction potential, easiest in mechanicals over "the next 4, 6 quarters", more visible at 40,000-50,000 units a month; by Q4 FY26 the largest COGS reduction by end of FY27 was expected to be EL-linked, backloaded over FY27. COGS per unit fell from ₹1,20,777 in FY25 to ₹1,10,199 in FY26, though Q1 FY27 commodity inflation took AGM to 22.4% from 25.4%.
10. Service/spares revenue - significant upside in next three-four years Pending - At the Q3 FY26 call, management saw significant upside in service/spares revenue, currently 2%-3% of revenue, "in the next three-four years". In Q1 FY27, service revenues were still \~2%-3% of revenues versus 10%-12% for established two-wheeler businesses.
11. Non-vehicle P&L visibility - disclosure in coming quarters Pending - At the Q4 FY26 call, management expected to bring visibility onto non-vehicle P&Ls - service, accessories, charging - in the coming few quarters; in Q1 FY27, accessory business color was promised publicly "in a few quarters". No non-vehicle P&L disclosure as of 31 Aug 2026.
12. Charging infrastructure - positive EBITDA as standalone business Pending - At the Q4 FY26 call, management expected charging infrastructure to have line of sight of positive EBITDA as a standalone business in the coming years. As of Q4 FY26 there were more than 6,000 fast charging points on LECCS standard with sessions compounding faster than charger count; no charging P&L disclosure in Q1 FY27.
13. Rest of India Pro-Pack attach rate - 90% over next couple of years On track - At the Q4 FY26 call, management expected Rest of India Pro-Pack attach rates could reach 90% over the next couple of years, softly framed as "I wouldn't be surprised". Rest of India attach was 81% in Q4 FY26, with Madhya Pradesh up from 40-50% to consistently 80-85%, and overall AtherStack Pro attach was 94% in Q1 FY27.
14. Store expansion - "a couple thousand stores in the next few years" Pending - At the Q3 FY26 call, management said "a couple thousand stores in the next few years is a pretty healthy ask and practically possible"; later it declined FY27-specific guidance, hoping the quarterly pace continues, and said a surge will resume once EL and AURIC go live "by festive". Store count was 700 as of March 2026, with Q1 FY27 openings deliberately slowed.
15. General corporate purposes - ₹498.80 crore allocation Partial - Announcement D19 stated general corporate purposes of Rs. 498.80 crore for FY26, revised up from Rs. 492.20 crore in February 2026, with Rs. 140.30 crore of deployment postponed to FY 2026-27 on positive working movement and optimized cash management. FY26 actual GCP was Rs. 358.50 crore, with Rs. 42.58 crore of proceeds used for raw materials and employee/operating expenses.
16. FY26 borrowing repayment - ₹40 crore Delivered - Announcement D19 stated repayment/pre-payment of certain borrowings of Rs. 40 crore in FY26 per the offer document. Repayment was completed as on September 30, 2025, with Rs. 40.00 crore of Rs. 40.00 crore fully utilised and nil unutilised.
17. FY26 marketing expenditure - ₹150 crore Partial - Announcement D19 stated a marketing expenditure plan of Rs. 150 crore for FY26 and Rs. 150 crore for FY27, with the balance \~15% of the FY26 amount expected in FY27 in addition. Marketing of Rs. 128.03 crore was incurred during FY26 - Rs. 90.44 crore paid, Rs. 37.59 crore payable - over 85% of the Rs. 150 crore outlined, with FY27 ongoing.
18. FY26 R&D investment - ₹270 crore Delivered - Announcement D19 stated an R&D investment plan of Rs. 270.00 crore for FY26, Rs. 265.00 crore for FY27 and Rs. 215.00 crore for FY28, within the ₹750.00 crore offer-document object. R&D spend was Rs. 272.42 crore cumulative as of the Q4 FY26 monitoring report, with ₹285.24 crore utilised of ₹750.00 crore by the Q1 FY27 report.
19. FY26 capex - Maharashtra factory ₹705.50 crore Missed - Announcement D19 stated a Maharashtra factory capex plan of Rs. 705.50 crore for FY26 and Rs. 221.70 crore for FY27 per the offer document; the plant was delayed two-three months on environment clearance and production commencement was revised from July 2026 to October 2026. FY26 actual capex for the factory was Rs. 139.63 crore, with construction beginning in September 2025; ₹292.36 crore of ₹927.20 crore was utilised by the Q1 FY27 report.
20. Insurance business entry - corporate agent subsidiary Delivered - At the Q3 FY26 call, management announced entry into auto insurance as a corporate agent, expected to be margin accretive; announcement D16 set a wholly-owned subsidiary acting as Corporate Agent with estimated initial investment of up to INR 8 Crores. Ather Insurance Limited was incorporated and incurred a ₹0.22 crore net loss during Q1 FY27.
21. Motorcycle launch - Zenith platform Pending - At the Q4 FY25 call, management said platform-level work on motorcycles had begun but "specific product guidance is still some time away"; at Q1 FY26 the announcement was "definitely not this year", and at Q1 FY27 a launch was "more than a year away for sure. Probably two years plus". No motorcycle launch or announcement as of 31 Aug 2026.
22. AURIC Phase 2 - additional 5 lakh annual capacity to 14.2 lakh total Pending - At the Q1 FY27 call, management said AURIC Phase-2 can incrementally add another 5 lakh annual capacity, taking total capacity to 14.2 lakh units "in the coming time", with no investments started yet and firmer timelines expected "in a quarter or two max"; it would not rule out a material fast-tracking, to be decided "in the coming couple of quarters". Phase 2 not started and no investments made yet.
23. AtherStack Pro attach rate with EL scooter - at least 75% Pending - At the Q1 FY27 call, management cautiously guided at least 75% AtherStack Pro attach rates with the EL scooter - "I would cautiously guide at least 75% attach rates with EL also, but I would hope for even higher". The EL scooter launch is scheduled for 29 August 2026; no post-launch attach rate data as of 31 Aug 2026.
24. FY26 EBITDA exit - better than negative 9% Delivered - At the Q3 FY26 call, management believed FY26 EBITDA would exit better than the YTD negative 9% - "by the exit of FY '26, we will be better than negative 9%" - despite commodity risks. Q4 FY26 EBITDA margin was (2.5%), improved \~2,080 bps YoY, and FY26 full-year EBITDA margin was (6.7%).
25. EL scooter manufacturing capacity - 60,000 units/month between Hosur and AURIC On track - At the Q1 FY27 call, management targeted scaling EL scooter manufacturing capacity to about 60,000 units per month between Aurangabad and Hosur together - 42,000 from AURIC Phase-1 plus 18,000 from Hosur. EL production has begun out of Hosur, to run there a few months before scaling from Aurangabad, with Hosur fungible between EL (up to 18,000/month) and Rizta/450 (35,000/month).
26. AURIC Phase 1 capacity ramp - 42,000 units/month by Q4 FY27 On track - At the Q4 FY26 call, management said AURIC Phase 1 should unlock 42,000 units a month incremental capacity, with trial productions before end of calendar 2026 and the full 42,000/month operationalized before end of FY27 "for sure"; at Q1 FY27 the zero-to-42,000 ramp was estimated at "somewhere in the vicinity of four to five months", possibly spilling into early FY28. As of Q1 FY27, the assembly line was set up with equipment installation ending in the next couple of months and trial productions from the festive period.
27. Factory 3.0 (AURIC, Chhatrapati Sambhajinagar) - Phase 1 production commencement On track - At the Q4 FY25 call, management said the greenfield plant would take one to two years with "sometime next year, you should see it starting to come on life"; after a two-three month environment-clearance delay, Phase 1 commencement was set for Q3 FY27, with production commencement revised from July 2026 to October 2026. As of Q1 FY27, the assembly line was set up, the paint shop under trial, and trial productions to start from the festive period.
28. 700 Experience Centres by end of FY26 Delivered - At the Q2 FY26 call, management reiterated its ambition of nearly 700 stores later in FY26, from 524 at Q2-end, and at Q3 FY26 guided 700 stores pan India by fiscal end from 600 at Q3 close; FY26 was guided as "a bigger year for us compared to FY25 for distribution". Store count reached 700 Experience Centres as of March 2026, doubling from 351 at end-FY25 with 349 stores added in FY26.