After reporting a sharp improvement in its June-quarter performance, including a net loss narrowing to Rs 51 crore from Rs 178 crore and ebitda turning positive despite commodity headwinds, Ather Energy has won fresh support from foreign brokerages, with target prices going as high as Rs 1,714. Shares of the company surged as high as 18% to Rs 1,500 on the BSE earlier in the day.

Ather’s revenue from operations jumped 88.8% year on year to Rs 1,217 crore. Consolidated EBITDA turned positive at Rs 9 crore during the quarter, against an ebitda loss of Rs 106 crore a year earlier. Margins improved 319 basis points sequentially to -2.7% despite commodity headwinds.

Why are Nomura, CLSA, HSBC, and Emkay bullish?

Nomura maintained its Buy rating on Ather Energy and raised its target price to Rs 1,714 from Rs 1,273, implying a 34.6% upside. The brokerage retained Ather as its top pick in the electric two-wheeler segment, saying EV penetration in India has reached an inflection point, with demand continuing to outpace supply. It expects the upcoming EL platform to nearly double the company’s total addressable market while significantly lowering costs.

Also read: Ather Energy raises Rs 1,200 crore from India-Japan Fund, Hero Motocorp, founders, launches Rs 1,500-crore

The Japanese brokerage believes margin risks have largely eased, while improving scale and operating leverage should help Ather achieve EBITDA breakeven by FY28. The brokerage also sees the company’s potential entry into the motorcycle segment as a long-term growth opportunity. It added that policy measures such as ICE vehicle restrictions or additional EV incentives in more states, along with Ather’s inclusion in the PLI scheme, could provide further upside.

CLSA maintained its Outperform rating on Ather Energy with a target price of Rs 1,600 (26% upside). The brokerage said Ather’s volumes rose 81% year on year in the first quarter of FY27, outpacing the electric two-wheeler industry’s 68% growth. CLSA noted that bookings are running at around 50,000 units per month, well above the current production capacity of 35,000 units, indicating that the company is constrained by capacity rather than demand.
It expects the upcoming Factory 3.0, with an annual capacity of 5 lakh units, to remove this bottleneck from the third quarter of FY27. The brokerage added that recent price hikes and cost reduction measures should support margins, while the launch of the EL platform during the festive season is likely to sustain volume momentum.HSBC maintained its Buy rating on Ather Energy and raised its target price to Rs 1,450 (14% upside). The brokerage said the company’s margin performance was driven by a sharper-than-expected decline in other expenses. It noted that the management remains confident of strong volume growth and a recovery in market share once additional production capacity comes on stream. HSBC added that Ather’s strong brand in the electric vehicle segment and consistent execution justify a premium valuation.

Read more: Ather Energy shares zoom 18% after Q1 results. Why is it Nomura’s top 2-wheeler pick?

Emkay maintained its Buy rating on Ather Energy and raised its target price by 19% to Rs 1,600, implying a 25% upside. The brokerage said the first quarter points to a structural, multi-year demand upcycle, with the electric two-wheeler industry reaching an inflection point driven by strong tailwinds.

It cited transport electrification, supported by initiatives such as the PM E Drive Scheme and the Delhi EV Policy, along with a genuine shift in consumer preference towards electric vehicles amid concerns over fuel prices and availability.

Despite supply chain challenges, Emkay noted that Ather ramped up production to its full capacity of 35,000 units per month, operating at nearly 100% utilisation, while retail sales nearly doubled year on year. Dealer inventory also fell sharply to three days from 14 days at the end of the fourth quarter of FY26, reflecting robust demand.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.

This article was written by

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.

Operator

Good afternoon, and welcome to Ibotta’s Q2 2026 Earnings Conference Call. With us today are Bryan Leach, Founder and CEO; and Matt Puckett, CFO. Today’s press release and this call contain forward-looking statements. Forward-looking statements include statements about our future operating results, our guidance for Q3 2026, our ability to grow our revenue, our ability to grow supply and demand on our network, factors contributing to our potential revenue growth, our key initiatives, our partnerships and the capabilities of our offerings and technology, all of which are subject to inherent risks, uncertainties and changes. These statements reflect our current expectations and are based on the information currently available to us, and our actual results could differ materially.

For more information, please refer to the risk factors in our recent SEC filings. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to and not as a substitute for our GAAP results. Reconciliations to the most comparable GAAP measures are available in our earnings press release, our 10-Q to be filed this week and our Q2 2026 earnings presentation which are all available on our Investor Relations website at investors.ibotta.com. Unless otherwise noted, revenue and adjusted EBITDA comparisons to prior

A supply chain involves a small number of stages, from a product being made until it gets to the shops for people to buy.

If you take a loaf of bread as an example, first the grain is grown, harvested, milled and stored until it is ready to be taken to a factory.

Those ingredients are used to bake and package the bread, which is taken to warehouses before eventually ending up on supermarket shelves.

Each stage of that process will incur expenses such as transport and storage, and rising costs at any step could end up in the product you buy being more expensive.

Last week, farmers and flour producers said they were adapting to the challenges of dealing with the earliest harvest for 50 years.

And the National Farmers’ Union has warned there could be a shortage of certain food products if current drought conditions continue.

More from Cambridgeshire:

“One week of hot weather will not make a loaf of bread more expensive,” says Prof Manoj Dora, director of the Centre for Intelligent Supply Chains at Anglia Ruskin University, which has campuses in Cambridgeshire and Essex.

But he says prices could rise if supplies of crops run out, largely because of how it would affect the very beginning of the supply chain.

“We may see that meat, milk, eggs, and chicken will be impacted by [a lack of] animal feed,” he says.

“Across different food products, prices could surge if we do not manage these things immediately.”

Dora describes the UK’s supply chain as “resilient” so the effects of the heatwave may not be felt immediately.

“We need to start thinking of the long term by reconfiguring our supply chain in terms of locations and transportation, and by supporting the farmers,” he adds.

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.