Ather Energy

BENGALURU, Aug 19 (Reuters) - Diary of India economic, corporate events on August 19

ECONOMIC, CORPORATE .BSE500 EVENTS

(Compiled by Bengaluru Newsroom)

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By Bharath Rajeswaran

Aug 13 (Reuters) - Global index provider MSCI said on Thursday it will add four Indian companies to its widely tracked Global Standard index and remove three as part of its August review, underscoring the continuing churn in India's representation within global passive portfolios.

The changes will be implemented after the close of trading on August 31, 2026, and take effect on September 1, MSCI said.

Laurus Labs LAUL.NS, an active pharmaceutical ingredients manufacturer; Lenskart LENS.NS, an omnichannel eyewear retailer; Adani Energy Solutions ADAI.NS, the Adani Group's power transmission and distribution arm, and Groww BILO.NS, a digital investment and broking platform, will enter the index.

They will replace tyre maker Balkrishna Industries BLKI.NS, credit-card issuer SBI Cards SBIC.NS, and building-materials company Astral ASTL.NS. Following the reshuffle, the number of Indian constituents in the key MSCI index will rise to 166 from 165.

India's weightage in the global standard index will also rise to 11.9% from 11.8%, according to Nuvama Alternative and Quantitative Research.

The inclusion is expected to trigger significant buying by exchange-traded funds and other passive investors that replicate MSCI benchmarks.

Nuvama Alternative and Quantitative Research estimates potential inflows of about $598 million for Laurus Labs, $352 million for Lenskart, $310 million for Adani Energy Solutions and $256 million for Groww.

Conversely, Balkrishna Industries, SBI Cards and Astral could see estimated passive outflows of $169 million, $143 million and $138 million, respectively.

The review also recalibrated weights among existing index members. Eternal ETEA.NS is projected to attract the largest incremental passive inflow, at around $674 million, following an increase in its weight. Adani Enterprises ADEL.NS and Adani Ports APSE.NS could receive about $202 million and $77 million, respectively.

Reliance Industries RELI.NS is estimated to face outflows of roughly $523 million, while Jio Financial Services JIOF.NS may see $61 million in outflows.

Separately, MSCI's Small Cap index review added companies including Amagi Media Labs AMAI.NS, Ather Energy ATHR.NS, Clean Max CLEM.NS, E2E Networks EENE.NS, Embassy Developments EMBS.NS, Patanjali Foods PAFO.NS, Rubicon Research RUBI.NS, Sedemac Mechatronics SEDE.NS, Sky Gold and Diamonds SKYG.NS, United Breweries UBBW.NS, Urban Company URBN.NS and WeWork India WEWO.NS, while removing 19 stocks.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

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** Shares of electric vehicle maker Ather Energy ATHR.NS up 14.05% to a record high of 1451.50 rupees

** Co posts Q1 loss of 508.7 million rupees ($5.34 million) vs loss of 1.78 billion rupees last year; revenue up about 90%

** Brokerage Emkay says Ather indicated 1-2% impact in Q2 from ongoing supply chain challenges vs 5-6% in Q1; price hikes, benefits from EL platform to offset impact

** Brokerage Ambit says commodity super-cycles to limit gross margin expansion in FY27 but tight cost control will aid margin recovery

** Emkay ups PT by 19% to Street-high of 1,600 rupees, Ambit raises PT to 1,398 rupees from 1,074 rupees

** Avg rating of 10 analysts is a "buy," median PT is up to 1,398 rupees from 1,077 rupees - data compiled by LSEG

** YTD, stock up 9.46%

($1 = 95.3300 Indian rupees)

(Reporting by Saikeerthi in Bengaluru)

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Aug 3 (Reuters) - Indian electric scooter maker Ather Energy ATHR.NS posted a narrower quarterly loss on Monday, as strong sales helped offset the impact of higher expenses.

It reported a net loss of 508.7 million rupees ($5.34 million) for the quarter ended June 30, compared with a loss of 1.78 billion rupees a year earlier.

($1 = 95.3375 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Rashmi Aich)

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Recasts story, adds CFO comments in paragraphs 5, 6 and 7

By Mridula Kumar

July 21 (Reuters) - Bajaj Auto BAJA.NS said on Tuesday it expects to launch electric motorcycles in fiscal 2028 and expand production of its Chetak EV scooter as it seeks to strengthen its position in India's competitive two-wheeler market.

The automaker said its electric vehicles, which include scooters and three-wheelers, contributed about 30% of its domestic revenue in the quarter.

The push comes as rivals, including two-wheeler legacy companies TVS Motor TVSM.NS, Hero MotoCorp HROM.NS and newer entrant Ather Energy ATHR.NS, step up competition in the country's fast-growing electric two-wheeler market.

The maker of Pulsar motorcycle also reported a 42.3% rise in first-quarter profit to 29.83 billion rupees ($299.62 million) on strong domestic and overseas demand, while revenue was up 36.3% to 164.62 billion rupees.

Demand in India's auto industry continued to improve after the September tax cut, even as automakers faced higher commodity, energy and freight costs due to disruptions caused by the U.S.-Iran conflict that began in February.

Bajaj Auto's CFO Dinesh Thapar said in a post-earnings call that demand for electric two-wheelers had outpaced supply during the quarter, spurring the company to expand capacity.

Thapar added the firm aims to increase production capacity for its Chetak electric scooter to 60,000 units per month from 50,000 units in the immediate term.

"We've had a situation in Chetak where demand has outpaced supply. And what we are essentially doing now is to try and augment supply in the next couple of months for Chetak as well," he said.

Exports remained a key driver for Bajaj Auto in the first quarter, with overseas volumes rising 52% to 636,005 units, helped by growth in Latin America and a rebound in Africa.

Domestic two-wheeler sales grew 11% in the quarter, compared with industry‑wide growth of 20.3%, according to data from industry body SIAM.

Bajaj's rival, TVS Motors, also reported a jump in quarterly profit on robust demand for higher-margin motorcycles.

($1 = 96.2225 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Nivedita Bhattacharjee, Janane Venkatraman and Vijay Kishore)

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Updates

** Shares of electric scooter maker Ather Energy ATHR.NS up as much as 9.7% to 1318.90 rupees, their highest since listing on May 6, 2025

** Stock last up 7.51% at 1291.70 rupees

** Rise comes after two-wheeler maker Hero MotoCorp HROM.NS on Tuesday approved an investment of up to 10 bln rupees ($104.1 mln) in Ather Energy

** On Wednesday, Ather said its board approved raising up to 12 billion rupees via preferential issue

** Co to also issue 7.9 million warrants at 1,260 rupees each to Hero MotoCorp, and promoters Tarun Mehta and Swapnil Jain

** YTD, ATHR up ~71.38%; shares have risen nearly four-fold since its IPO last year

($1 = 96.1000 Indian rupees)

(Reporting by Vijay Malkar and Surbhi Misra)

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July 14 (Reuters) - Indian two-wheeler maker Hero MotoCorp HROM.NS on Tuesday approved investment of up to 10 billion rupees ($103.95 million) in EV maker Ather Energy ATHR.NS.

($1 = 96.2000 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)

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Ather Energy's board on June 12 approved a fundraising of up to ₹2,500 crores to support its growth plans. The company will issue equity shares via a qualified institutions placement for up to ₹1,500 crores and raise an additional ₹1,000 crores through foreign currency convertible bonds, preferential allotment, or a rights issue. The proposals are subject to shareholder and regulatory approvals. The capital is expected to fund expansion of manufacturing capacity, research and development, and working capital requirements. This is the largest single fundraising approval since the company's listing, signalling an aggressive push to scale its electric scooter business.

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Adds details and background throughout

May 15 (Reuters) - India's Ola Electric OLAE.NS will invest $208.5 million in its core vehicle and cell units as the EV bike and scooter maker aims to step up cost cuts and localize manufacturing to achieve profitability amid rising competition.

The SoftBank-backed firm has been grappling with higher operating costs and is seeking to bring them down through automation, job cuts and increasing in-house production of EV cells. The firm also plans to launch a new cost-efficient line of EV two-wheeler models.

The investment is expected to be completed by May 14, 2027, Ola Electric said in a statement.

Last year, the company started manufacturing its own battery cells instead of importing them, a move that it previously said is key to achieving profitability.

In February, it projected lower operating costs by as much as 50% in the coming quarters, after posting a narrower third-quarter loss as it sets its sights on turning profitable. Ola is yet to report its March-quarter results.

Its EV unit posted a revenue of 47.17 billion rupees for the year ended March 31, 2026, while its cell unit posted a revenue of 730 million rupees.

The company, which once commanded half of India's e-scooter market, has lost ground to legacy players such as Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, which widened distribution and rolled out competing models, as well as to rival Ather Energy ATHR.NS.

($1 = 95.9387 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sonia Cheema)

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** Shares in Indian electric vehicle maker Ather Energy ATHR.NS rise 1.9% to 951.55 rupees

** Co posts narrower Q4 loss on Monday of 1 billion rupees ($10.52 million), down from a loss of 2.34 billion rupees last year.

** Q4 volumes rise 76% to 83,418 units, pushing revenue up 73.8% to 11.75 billion rupees.

** Brokerage Emkay Capital says it remains positive on the electric two-wheeler segment and sees Ather Energy as a good way to benefit from this trend

** Brokerage points to Ather's strong brand and products, healthy margins, and the potential to gain market share as its EL platform expands

** Retains "Buy" rating, with TP of 1,150 rupees

** YTD, stock up 23.8% vs a 7.7% fall in the Nifty 50 Index .NSEI

($1 = 95.0875 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)

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May 4 (Reuters) - Ather Energy Ltd ATHR.NS:

• Q4 LOSS 1 BILLION RUPEES

• Q4 REVENUE FROM OPERATIONS 11.75 BILLION RUPEES

Source text: [ID:]

Further company coverage: ATHR.NS

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** Shares of Ather Energy ATHR.NS surge 10.6% to 671 rupees

** Indian e-scooter maker's Q3 losses more than halved, led by 50% jump in sales, improved unit costs

** Nomura ("buy"), raises PT to 812 rupees, from 790 rupees earlier; says ATHR's potential medium-term growth "highest within our coverage universe"

** Adds, Q3 results showed ATHR's software add-on provides "significant competitive edge." driving both market share and margins

** As manufacturing scale improves, ATHR to post positive EBITDA of 1.1 billion rupees in FY28 - Nomura

** Emkay Global ("Add"), lifts PT to Street-high of 1,000 rupees from earlier 925 rupees

** Brokerage likes ATHR's prospects of increasing market share through launch of new products from low-cost EL platform this year

** Adds, superior cost structure likely to drive margin expansion, while also addressing commodity headwinds

** Analysts tracking ATHR rate it "strong buy" on average vs "hold" for Ola Electric OLAE.NS - data compiled by LSEG

** Stock has jumped 2x since listing in May 2025

(Reporting by Nandan Mandayam in Bengaluru)

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Feb 2 (Reuters) - Ather Energy CEO:

• OPERATING LEVERAGE PRIMARY DRIVER BEHIND NARROWING LOSSES

• SEE SOME HEADWINDS THIS YEAR ON COMMODITY COSTS, PULLBACK OF EV INCENTIVES

• EXPECT NEW AUTO INSURANCE DISTRIBUTION BUSINESS TO BE MARGIN ACCRETIVE

• LAUNCH OF 'EL' EV PLATFORM SCHEDULED FOR LATER THIS YEAR

• BELIEVE 'EL' LOW-COST EV PLATFORM WILL OPEN UP MORE MARKETS FOR US IN NORTH INDIA

• OPEN TO STARTING PRODUCTION OF MODELS BASED ON 'EL' PLATFORM FROM EXISTING HOSUR FACILITY

• NO MATERIAL IMPACT IN Q3 FROM CHINA'S EXPORT CURBS ON RARE EARTH MAGNETS

Further company coverage: ATHR.NS

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Adds details, background throughout

Jan 30 (Reuters) - India's Ola Electric OLAE.NS said on Friday it would lay off 5% of its workforce in a restructuring effort aimed at improving profitability through greater automation.

The company is "doubling down" on speed and discipline through increased automation across its front-end operations, it said in a statement, adding that it is building a "leaner organisation" positioned for long-term, profitable growth.

The layoffs translate to roughly 620 jobs, based on the company's headcount of 12,396 employees as of March 31, 2025, according to its annual report and Reuters calculations.

The SoftBank-backed company had slashed more than 1,000 jobs at its front-end operations in March last year, citing increased automation, which improved margins.

Ola Electric, once commanding half of India's e-scooter market, has lost ground to legacy players such as Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, which widened distribution and rolled out competing models, as well as to rival Ather Energy ATHR.NS.

After its stellar stock market debut in August 2024, the company was hit by a series of setbacks, from servicing delays to registration issues, knocking it down the pecking order of India's electric two-wheeler market.

While the company's shares doubled within weeks of its listing, rising customer complaints over service issues and stalling sales have since pushed its stock down by more than 57%.

MARCH TO PROFITABILITY

Sales for Ola Electric, which is yet to turn a profit, slumped 51% in 2025, government data showed, with registration issues impacting volumes early on in the year.

During its second-quarter earnings, Ola lowered full-year revenue target and maintained its margin forecast for the core automotive business as it shifts focus to profitability over volumes.

The Bengaluru-based firm expects fiscal 2026 revenue to be between 30 billion rupees and 32 billion rupees ($326.3 million-$348.1 million), compared with 42 billion–47 billion rupees forecast earlier. Its revenue was 46.65 billion rupees in fiscal 2025.

Ola is betting on in-house cell manufacturing to turn a profit, and recently announced that it would separately sell those cells to startups and businesses.

($1 = 91.9310 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Writing by Abinaya Vijayaraghavan; Editing by Janane Venkatraman and Shilpi Majumdar)

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** Shares of e-scooter maker Ather Energy ATHR.NS rise 7.7% this week, set for fifth straight weekly rise

** HDFC Securities reiterates "buy" and considers ATHR as top pick; sets PT at 748 rupees

** Says co's expansion from 351 to 700 stores by next year and plans to launch more affordable models from late FY27 will drive growth and profitability

**Notes benefits from operating leverage, move to lower cost rechargeable lithium-ion battery and EL platform with better monetization of its software and accessories to help towards positive EBITDA in FY28

** A more seamless transition to using the light rare earth magnets from heavy rare earth magnets, avoids any meaningful production impact, unlike competition - HDFC Securities

** Stock up ~93% since listing on May 6

(Reporting by Urvi Dugar)

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** Shares of TVS Motor TVSM.NS rise 1.35% to 3,299 rupees; set to snap three days of losses, if current trend holds

** The bike maker launches an eScooter, Orbiter, which is priced at 99,900 rupees

** UBS ("Buy", PT: 3,475 rupees) says Orbiter is well-positioned to compete with peers such as Ather's ATHR.NS Rizta and Bajaj's BAJA.NS Chetak, offering comparable specs at a more attractive price point

** Expects Orbiter to sell ~15,000 units every month post ramp-up, brokerage says, likely about ~5% share of co's 2025 April-July domestic 2-wheeler volumes

** Says may follow up with a delivery-focused electric two-wheeler at a more accessible price, and optimistic for the all-new Ntorq, possibly extending to 150cc

** Thirty-five analysts have "buy" rating on avg; median PT is 3,020 rupees - data compiled by LSEG

** Stock up ~37%, YTD

(Reporting by Urvi Dugar)

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Aug 8 (Reuters) - Ather Energy Ltd ATHR.NS:

• POPULAR VEHICLES AND SERVICES - UNIT KUTTUKARAN CARS RECEIVED TWO LETTERS OF INTENT FOR SETTING UP ATHER FACILITIES

• POPULAR VEHICLES AND SERVICES - TOTAL INVESTMENT FOR SETTING UP FACILITIES AROUND 12 MILLION RUPEES

Source text: ID:nnAZN4C5PP6

Further company coverage: ATHR.NS

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** Shares of Ather Energy ATHR.NS jump 11.1% to 386 rupees, set for record closing high

** E-scooter maker's Q1 loss narrows over the year earlier, helped by higher sales

** Hero MotoCorp-backed HROM.NS ATHR posts second consecutive quarter of narrowing losses

** Stock rose as much as 13.1% to record 392.9 rupees earlier in the session

** Over 4.6 mln shares traded, 5.5x the 30-day average volume

** Analysts tracking the stock rate it "strong buy" vs "hold" for larger rival Ola Electric OLAE.NS; median PT is 454.01 rupees - data compiled by LSEG

** ATHR up ~19% since listing on May 6, while OLAE down ~17% during the same period

(Reporting by Nandan Mandayam in Bengaluru)

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** HDFC Securities expects muted earnings for India's auto sector in Q1 FY26, citing weak demand, rising input costs, and regulatory headwinds

** Brokerage sees TVS TVSM.NS, Eicher EICH.NS, and Mahindra & Mahindra MAHM.NS outperforming on the back of strong product mix and execution, but warns that margins across the manufacturers will be hit

** Two-wheeler and commercial vehicle makers face added pressure from new OBD-2 norms and AC cabin mandates - HDFC Securities

** Auto ancillaries are exposed to global headwinds, with Balkrishna Industries BLKI.NS expected to be hurt by freight costs and Bhuj plant risks

** HDFC Securities highlights rare earth magnet shortage as a near-term risk to EV and ICE production, with India's reliance on China adding cost and quality concerns

** Adds Ather Energy ATHR.NS and Ashok Leyland ASOK.NS to top picks, prefers Bharat Forge BFRG.NS for defense exposure, and retains "buy" rating on Maruti MRTI, Hero MotoCorp HROM.NS, and Mahindra

(Reporting by Rudra Pratap Singh in Bengaluru)

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Adds more details on expansion from paragraph 2

June 18 (Reuters) - Indian e-scooter maker Ather Energy ATHR.NS said on Wednesday it plans to double its retail network to 700 centres across India by the end of fiscal 2026 as it looks to strengthen its reach in the northern parts of the country.

As of March 31, Ather had 351 centres in India, with almost half located in South India, where the company established its base when it was founded in 2013.

Ather will triple its store count in North India and expand in east and west markets by the end of current fiscal, it added.

Ather says that the expansion is driven by the success of its more family-oriented 'Rizta' scooter, which currently makes up nearly 60% of the company's total sales.

The company, which debuted on the stock market last month also said that it will expand its service centres along with the expansion of its retail network, without giving more details.

(Reporting by Meenakshi Maidas in Bengaluru)

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Adds details, background from paragraph 3 onward

May 20 (Reuters) - Schloss Bangalore, the owner of Leela luxury hotels, has slashed its IPO size by 30% to 35 billion rupees ($409 million), joining a growing list of companies that have trimmed their issues due to market uncertainty.

Brookfield-backed BAM.TO Schloss, which initially planned a 50 billion-rupee initial public offering, will run the issue from May 26-28, its updated prospectus showed on Tuesday. Large "anchor" investors will get to bid on May 23.

Several companies seeking to tap the Indian capital market this year have either delayed their IPOs or downsized their issues as the domestic market faced turbulence due to global trade worries and a domestic border conflict.

India's blue-chip Nifty 50 .NSEI has rebounded in recent weeks and is up 4% for the year, after the country held a ceasefire with Pakistan and as some trade tensions eased. The index is still 6% off record highs it hit last September.

Schloss did not specify in its prospectus why it had cut the IPO size.

The company's IPO is still India's second-largest public float so far in 2025, where proceeds are down about 5% from a year before, according to LSEG data from May 6.

Last month, Hero MotoCorp-backed e-scooter maker Ather Energy ATHR.NS slashed its valuation by 44%, with its existing investors offloading only half the number of shares they initially planned to sell.

Education loan provider Avanse Financial Services, contract drug maker Anthem Biosciences and South Korean conglomerate LG Electronics' 066570.KS India unit LGEL.NS have also put IPO plans on hold.

Schloss will sell fresh shares worth 25 billion rupees, down from an initially planned 30 billion rupees, while Brookfield plans to sell shares worth 10 billion rupees - half of its original plan.

The company, which runs 13 hotels, will use proceeds from the sale of new shares to repay its borrowings.

($1 = 85.5520 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)

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Rewrites paragraph 1, adds details from earnings call, presentation throughout

By Nandan Mandayam

May 12 (Reuters) - Indian e-scooter maker Ather Energy ATHR.NS, founded in 2013, reported a smaller full-year loss for the first time ever on Monday, as strong demand for its 'Rizta' scooter and lower unit costs boosted margins.

Ather started selling e-scooters in 2018, becoming a pioneer in the Indian market, but has since fallen behind Ola Electric OLAE.NS and legacy rivals, who are better funded and have a wider distribution network.

The company, which debuted on the stock market last week, has sought to close the gap with the launch of the more family-oriented 'Rizta' and by using its engineering heft to lower costs.

That helped its net loss narrow to 2.34 billion rupees (about $28 million) in the fourth quarter, from 2.83 billion rupees a year ago. Its full-year loss shrank to 8.12 billion rupees from 10.6 billion rupees.

"Our reduction of losses and improvement of margins have happened on the back of our focus on software and a strong R&D-led cost reduction," CEO Tarun Mehta said.

Mehta, who has referred to Ather's e-scooters as the "Apple of electric two-wheelers", said the company could achieve profitability "at a lower scale than some of our peers." He did not give details or a timeline.

Its closest rival, Ola Electric, is also posting losses, while legacy two-wheeler companies, including market leader and Ather's biggest shareholder Hero MotoCorp HROM.NS, do not give separate results for their electric vehicle sales.

Strong demand for the 'Rizta' helped Ather's fourth-quarter revenue increase 29%.

The company hopes the 'Rizta' and other launches will help it expand in north and west India, and is backing its R&D prowess to cut production costs.

This, said Mehta, has already helped Ather cut full-year unit costs by nearly 20%, leading to adjusted gross margin, including government subsidies, doubling to 19%.

Ather's earnings margin before interest, taxes, depreciation and amortisation (EBITDA) margin improved to negative 23% from about negative 36%.

($1 = 84.8270 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala, Varun H K and Savio D'Souza)

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May 7 (Reuters) - Ather Energy Ltd ATHR.NS:

• NIRANJAN KUMAR GUPTA RESIGNS AS NON-EXECUTIVE DIRECTOR OF ATHER ENERGY

Source text: ID:nBSE2zktt7

Further company coverage: ATHR.NS

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May 6 (Reuters) - India's Ather Energy rose 2% in pre-open market in its trading debut on Tuesday, as investors bet on the electric scooter maker's research and development capabilities.

The stock listed at 328 rupees on the National Stock Exchange of India, higher than its offer price of 321 rupees.

The company's initial public offering of $352 million - the third-largest in India this year - was hauled over the finish line by institutional investors such as Abu Dhabi Investment Authority and Temasek.

While some existing investors including GIC and Tiger Global sold shares in the IPO, Ather's largest shareholder, Hero MotoCorp HROM.NS, did not.

Ather, one of the first companies to sell e-scooters in India in 2018, had reduced its IPO size by roughly 15% and cut its targeted valuation by 44%.

The company, whose founder refers to their tech-loaded scooters as the "Apple of electric two-wheelers", is counting on newer models to turn profitable and close the gap with rivals Ola Electric OLAE.NS, TVS Motor TVSM.NS and Bajaj Auto BAJA.NS.

The Bengaluru-based company will use most of the IPO proceeds to build a third factory and for R&D.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)

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