• EBITDA and profitability: Q1 EBITDA margin improved by 1,600 bps year-on-year to positive 1% (including other income), aided by price hikes, fixed-cost controls, and non-vehicle revenue rising to 14%. Management expects to reach recurring EBITDA profitability over the next three to four quarters.
• Capacity expansion: Monthly capacity will step up from 35,000 units to 77,000 units by Q4 as Phase 1 of the new Chhatrapati Sambhajinagar plant goes live around Diwali. The company holds additional land at the site to potentially add another 42,000 units per month in Phase 2 if demand requires.
• Capital raise: Ather is executing a ₹2,500 crore fundraise, comprising ₹1,300 crore already raised through a QIP and a pending ₹1,200 crore preferential issue. The preferential round includes ₹960 crore from Hero, ₹200 crore from India Japan Fund, and ₹40 crore from the co-founders.
• Retail distribution network: The company aims to double its footprint from 700 to 1,400–1,500 stores over the next two years under a 100% dealer-funded model that requires no company capex or opex. Store expansion is temporarily on hold until new plant capacity unlocks around the festive season.