Ather Energy Ltd

🏭 Ather Energy: Factory 3.0 first phase production now expected Dec 2026; March 2027 completion intact

- Factory 3.0 first phase production now expected Dec 2026 (was Oct, earlier July)

- Factory 3.0 entire project completion remains March 2027

- Rs. 705.50 crore Factory 3.0 capex (FY26) delayed; EC approval in Sept 2025

- Factory 3.0: 47% project cost spent (incl land), 87% PO raised (Sept 30, 2026)

- Delay due to labor and fuel shortage from Middle-East crisis

- IPO objects include Rs. 927.20 crore for E2W factory capex in Maharashtra

- CARE Ratings: no deviation from IPO, QIP, Preferential Issue objects (NA)

- IPO total utilized Rs. 1364.25 crore; unutilized Rs. 1261.75 crore (Sept 30, 2026)

- QIP total utilized Rs. 67.25 crore; unutilized Rs. 1232.75 crore (Sept 30, 2026)

- Deferred Rs. 59.56 crore marketing + Rs. 140.30 crore GCP from FY25-26 to FY26-27