Please find enclosed herewith the transcripts of the Earnings call held on August 03, 2026.

August 07, 2026 To To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, 1st Floor, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Mumbai 400051 Dalal Street Mumbai – 400001 NSE Symbol: ATHERENERG Scrip Code: 544397 Dear Sir/ Madam, Sub: Transcript of earnings call pertaining to the unaudited standalone and consolidated financial results of the Company for the quarter ended June 30, 2026 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in furtherance to our earlier letter dated August 03, 2026 on the audio recording of earnings call of the Company pertaining to the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, please find enclosed herewith the transcript of the said earnings call held on August 03, 2026. The said transcript is also available on the website of the Company at: https://www.atherenergy.com/investor- relations/financials#earnings-call-transcript Kindly take the above information on record. Thank you For Ather Energy Limited Puja Aggarwal Company Secretary and Compliance Officer Membership No: A49310 “Ather Energy Limited Q1 FY’27 Results Conference Call” August 03, 2026 MANAGEMENT: MR. TARUN MEHTA – EXECUTIVE DIRECTOR & CHIEF EXECUTIVE OFFICER, ATHER ENERGY LIMITED MR. SOHIL PAREKH – CHIEF FINANCIAL OFFICER, ATHER ENERGY LIMITED MR. MURALI SASHIDHARAN – HEAD OF COMMUNICATIONS, ATHER ENERGY LIMITED Page 1 of 16 Ather Energy Limited August 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Ather Energy Limited Q1 FY 2027 results conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing “*” then “0” on your touch- tone phone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Murali Sashidharan – Head of Communications at Ather Energy. Thank you, and over to you, sir. Murali Sashidharan: Thank you. Good evening, everyone, and welcome to Ather Energy Limited Q1 FY 2027 earnings conference call. From the management team, we have with us today Mr. Tarun Mehta – Executive Director and Chief Executive Officer, and Mr. Sohil Parekh – Chief Financial Officer. Before we begin, let me draw your attention to the fact that today’s discussions may include certain forward-looking statements, which are predictions, projections, or other estimates about future events. These statements reflect management’s current expectations about future performance of the company and are subject to various risks and uncertainties that may cause actual results to differ materially. With that, I would like to request Mr. Tarun Mehta – Executive Director and CEO, Ather Energy, to share his opening remarks. Following his comments, we will open the forum for Q&A questions. Over to you, Tarun. Tarun Mehta: Hey, thanks, Murali. Welcome, everybody. Welcome to our First Earnings Call for FY 2027. We are doing this call in the midst of a pretty massive change and pretty massive transformation for the EV industry, which is reflective in the overall e-two-wheeler penetration. For a while, people were wondering if e-two-wheeler penetration had slowed down or if it was not growing fast enough. We have been guiding for the last few quarters that underlying demand is strong, and there is growth that we are seeing. In the last three to four months, given larger macro shifts, numbers have really changed. E-two-wheeler penetration is up by 44% at 11% in the two-wheeler industry, and electric penetration in the scooter industry is upwards of, I believe, 25% now. This is also reflective in how searches have gone up. If you look at an industry level, EV searches for electric vehicles are up almost 75%, and Ather brand searches are up almost 118%. What’s underpinning all of these are some macro shifts: ● First, transport electrification, as hailed by the Prime Minister himself, is now accelerating as a national agenda. We have got to electrify cooking and transport, and this is really making this mission mainstream today. Page 2 of 16 Ather Energy Limited August 03, 2026 ● Second, there is very clear and strong policy support. Obviously, PM E-DRIVE, that has always been around. But the recent announcements and the plans with the Delhi EV Policy, I think they are playing a pretty massive role in driving consumer confidence in electric vehicles up. We believe that if this policy plays out positively as it looks like now, this will have a pretty massive impact across multiple states. ● Third is, this is an interesting one. There are now availability concerns on petrol and diesel, and they are shifting consumer sentiment. There was a point, I remember, a few years ago, when somebody would, even a diehard EV family, would always say that, “ghar me ek petrol gaadi to honi padegi. We are now moving to a place, and this was a fun colloquial thing, a fun thing that I had heard, “ghar me ek electric gaadi to honi padegi”. Really capturing the sentiment in a beautiful manner. It is not petrol prices that have shifted demand up. People are moving towards electric because, for the first time probably ever, people genuinely fear how accessible and available fossil fuels would be. Electricity is seen generally as a more available commodity than petrol today, and this is why EV demand is now starting to surge. Finally, obviously, you cannot deny this. Rising petrol prices in India particularly are definitely improving the overall total cost of ownership for electric vehicles. So these are four macro shifts that are really driving structure… become.. really structural tailwinds for our industry today. Every demand proxy that you can think of is inflecting upwards. Industry registrations are up 68% in the last one year, hitting 525k in Q1 FY 2027. Inquiries for Ather that we are receiving on a daily basis, they are up 95% in the same time. In Q1 FY 2027, we received more than 7 lakh inquiries for our products. Ather preorders, these are paid preorders that are captured across the country, they were up 158%, hitting a first-ever seen 1.5 lakh preorders in Q1 FY 2027. Really capturing how massive the demand for our vehicles, for electric vehicles in general and Ather particularly, has been in recent times. This is reflecting in very strong financial results. For example, our wholesale volume grew 81%, from 46,000 units in Q1 FY 2026 to 83,000 units in Q1 FY 2027. This has happened despite production constraints and multiple supply challenges during Q1. We were navigating the labor crisis, the West Asia war-induced crisis at the start of the quarter, which is why April volumes were still soft. April production was still soft at 24,000 units. But we have month-on-month ramped up from 24,000 units in April to 28,000 units in May to 31,000 units in June. Our current facilities have a max production capacity of 35,000 units, and I am happy to announce that we are almost at 100% utilization as we speak now. The ramp-up took a couple of months, but we are now there. This surge is best captured when you see our year-on-year registration growth. Year-on-year wholesale growth was 81%, but year-on-year registration growth was even sharper at 102%. Registrations for Ather grew from 44,900 units in Q1 to more than 90,000 units in Q1 FY 2027. In fact, this is once again another quarter where retail has outpaced wholesale, driving the urgency and the need for us to ramp up both supply and capacity on a war footing. Page 3 of 16 Ather Energy Limited August 03, 2026 In sales, Middle India continues to be our growth driver, driving the highest growth among all zones for us. Middle India are the five zones of Gujarat, Maharashtra, MP, Chhattisgarh, and Odisha, w [Showing first 8,000 characters — download PDF for full document]