ATHERENERG

** 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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Adds details on quarterly sales, margins, shares in paragraphs 4-9

Feb 2 (Reuters) - Indian e-scooter manufacturer Ather Energy's ATHR.NS quarterly loss more than halved from a year earlier, helped by a jump in sales during the year-end festive period.

The Bengaluru-based company on Monday reported a loss of 846 million rupees ($9.2 million), compared to a loss of 1.98 billion rupees a year earlier.

Ather was an early entrant in India's electric two-wheeler market, with the launch of its 450 series of scooters in 2018, but has since lost ground to larger peers such as TVS Motor TVSM.NS and Bajaj Auto BAJA.NS, who have deeper pockets and wider distribution networks.

India's largest two-wheeler maker Hero MotoCorp HROM.NS has a 30.14% stake in Ather.

Unlike TVS, Bajaj and Ola Electric OLAE.NS, Ather only sells scooters priced at more than 100,000 rupees. This and cost controls have helped it narrow losses, the company said last year.

Ather has been expanding its presence in India's northern and central regions and seeks to raise its market share through its top-selling family scooter, Rizta. At the end of the December quarter, the company had 600 showrooms and plans to add another 100 by March end.

During the quarter, sales at Ather jumped 50% to a record 67,851 units, helping boost quarterly revenue by 50.2% to 9.54 billion rupees.

The revenue jump, combined with a 7% reduction in per-unit manufacturing cost, helped Ather's EBITDA margin improve to negative 3% from negative 19% a year before.

Ather's shares closed 3.1% lower on Monday, ahead of the results.

($1 = 91.5540 Indian rupees)

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

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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)

(([email protected]; Mobile: +91 9591011727;))

** 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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May 12 (Reuters) - Indian electric two-wheeler maker Ather Energy ATHR.NS reported a narrower fourth-quarter loss on Monday, helped by strong demand for its top-selling 'Rizta' family scooters.

The company, which made its stock market debut last week, reported loss of 2.34 billion Indian rupees (about $28 million), compared to a loss of 2.83 billion rupees a year before.

($1 = 84.8270 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)

(([email protected]; Mobile: +91 9591011727;))

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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