Ather Energy Ltd
Ather Energy Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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36 extracted metrics + investor summaries across FY20–FY26.
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Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
5- Stock is trading at 22.0 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.18%
- Company has a low return on equity of -84.0% over last 3 years.
- Working capital days have increased from -43.8 days to 60.1 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoAther Energy is a pre-profit electric two-wheeler company with a market cap of ₹54,541 Cr trading at a P/B of 14.47x. Revenue growth has been strong at 67% TTM and 115% CAGR over 5 years, but the company remains loss-making with a negative PE of -110.7x and 3-year average ROE of -84%.
- TTM revenue growth of 67% indicates strong top-line momentum in the electric two-wheeler segment
- 5-year compounded sales CAGR of 115% demonstrates sustained hypergrowth trajectory from a low base
- Losses are narrowing with compounded profit improvement of 52% TTM, suggesting path toward breakeven
- Last year ROE improved to -33% from a 3-year average of -84%, showing meaningful reduction in loss intensity
- Stock has delivered 275% return over 1 year reflecting market confidence in the EV two-wheeler opportunity
- Company is expected to deliver a good upcoming quarter based on operational indicators
- Zero debt-related dividend payout preserves capital for reinvestment in R&D and capacity expansion during growth phase
- Stock trades at 21.9x book value, significantly expensive for a company yet to turn profitable
- 3-year average ROE of -84% and 5-year average of -102% indicate sustained capital destruction
- Negative PE of -110.7x confirms the company is still generating net losses with no near-term profitability visibility
- Working capital days deteriorated sharply from -43.8 days to 60.1 days, indicating worsening cash conversion cycle
- Low interest coverage ratio suggests debt servicing capacity is under pressure relative to operating earnings
- Promoter holding decreased by 1.18% in the last quarter, signaling potential dilution or reduced promoter confidence
- Zero dividend yield with no prospect of near-term shareholder returns given ongoing losses
- 3-year compounded profit growth of only 12% despite 27% sales CAGR over same period indicates margin pressure and rising costs outpacing revenue gains
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15h ago- Q1FY26 loss narrows, revenue surges Aug 4
Net loss narrowed to ₹51.09 crore from ₹178.23 crore YoY while revenue jumped 89% to ₹1,216.92 crore in Q1FY26.
- ₹1,300 crore QIP completed Jul 22
Raised ₹1,300 crore via QIP allotting 1.08 crore shares at ₹1,202 per share with strong institutional participation from HDFC Trustee and Aditya Birla Sun Life MF.
- FY26 loss halved, revenue up 63% Jul 15
Full-year net loss improved to ₹517.17 crore from ₹812.28 crore while revenue surged 62.8% to ₹3,671.76 crore in FY26.
- New EL platform scooter launch Jul 14
Ather will unveil the first scooter from its new EL platform at Community Day on August 29, 2026 in Bengaluru.
- Marketing spend revised to ₹275 crore Aug 7
EGM corrigendum increased proposed marketing expenditure from ₹125 crore to ₹275 crore ahead of August 14 meeting, also clarifying Hero MotoCorp shareholding patterns.
- ₹48.68 crore block trade on NSE Jul 24
Approximately 4.04 lakh shares transacted at ₹1,206.10 per share in a single institutional-level block deal worth ₹48.68 crore.
- 13th AGM scheduled Aug 19 Jul 22
Annual General Meeting for FY26 set for August 19, 2026 via video conferencing.
- Preferential issue pricing fixed Jul 15
Equity shares priced at ₹1,230 and warrants at ₹1,260 for the preferential issue.
- Q1FY27 earnings call set Aug 3 Jul 27
Earnings conference call scheduled for August 3, 2026 at 4:00 PM IST with CEO Tarun Mehta and CFO Sohil Parekh.
TL;DR: Ather Energy is on a strong trajectory with losses narrowing sharply and revenue growing 63-89% across quarterly and annual results. The ₹1,300 crore QIP strengthens the balance sheet for expansion, and a new EL platform launch signals product pipeline depth. No material headwinds surfaced in this period, though the doubled marketing budget (₹275 crore) signals heavier spending ahead to sustain growth. The trend is clearly improving with path-to-profitability becoming more visible.
Quarterly Results
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 523 | 360 | 584 | 635 | 676 | 645 | 899 | 954 | 1,175 | 1,217 |
| Expenses | 762 | 489 | 723 | 776 | 848 | 779 | 1,031 | 1,026 | 1,244 | 1,250 |
| Operating Profit | -238 | -128 | -139 | -141 | -172 | -134 | -132 | -72 | -70 | -33 |
| OPM % | -46% | -36% | -24% | -22% | -25% | -21% | -15% | -8% | -6% | -2.7% |
| Other Income | 12 | 8 | 15 | 15 | 12 | 28 | 42 | 37 | 39 | 43 |
| Interest | 19 | 23 | 31 | 29 | 29 | 24 | 21 | 19 | 18 | 22 |
| Depreciation | 38 | 40 | 43 | 44 | 45 | 48 | 43 | 30 | 52 | 39 |
| PBT | -283 | -183 | -197 | -198 | -234 | -178 | -154 | -85 | -100 | -51 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -283 | -183 | -197 | -198 | -234 | -178 | -154 | -85 | -100 | -51 |
| EPS in Rs | -24,721 | -61.17 | -64.01 | -64.21 | -8.06 | -4.79 | -4.05 | -2.22 | -2.62 | -1.33 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 35 | 80 | 408 | 1,781 | 1,754 | 2,255 | 3,672 | 4,244 |
| Expenses | 220 | 257 | 668 | 2,488 | 2,438 | 2,836 | 4,080 | 4,551 |
| Operating Profit | -185 | -177 | -260 | -708 | -685 | -581 | -408 | -307 |
| OPM % | -523% | -222% | -64% | -40% | -39% | -26% | -11% | -7% |
| Other Income | 14 | 7 | 4 | 21 | -139 | 50 | 146 | 161 |
| Interest | 24 | 28 | 40 | 65 | 89 | 111 | 82 | 80 |
| Depreciation | 25 | 35 | 48 | 113 | 147 | 171 | 173 | 164 |
| PBT | -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -390 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -390 |
| EPS in Rs | -20,119 | -21,345 | -30,079 | -75,436 | -92,469 | -27.95 | -13.51 | -10.22 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.02 | 0.02 | 0.02 | 0.02 | 0 | 29 | 38 |
| Reserves | 250 | 376 | 224 | 614 | 545 | 464 | 2,534 |
| Borrowings | 132 | 219 | 365 | 485 | 478 | 619 | 664 |
| Other Liabilities | 137 | 146 | 229 | 878 | 890 | 988 | 1,485 |
| Total Liabilities | 518 | 741 | 819 | 1,977 | 1,914 | 2,101 | 4,722 |
| Fixed Assets | 178 | 307 | 335 | 544 | 459 | 616 | 627 |
| CWIP | 104 | 47 | 93 | 37 | 71 | 122 | 340 |
| Investments | 39 | 92 | 37 | 286 | 292 | 41 | 552 |
| Other Assets | 198 | 295 | 354 | 1,109 | 1,092 | 1,322 | 3,202 |
| Total Assets | 518 | 741 | 819 | 1,977 | 1,914 | 2,101 | 4,722 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | -182 | -140 | -226 | -871 | -268 | -721 | 32 |
| Investing | -123 | -172 | 51 | -135 | 58 | -100 | -2,486 |
| Financing | 313 | 296 | 228 | 1,317 | 633 | 703 | 2,497 |
| Net Cash Flow | 8 | -16 | 52 | 311 | 423 | -118 | 42 |
| Free Cash Flow | -298 | -227 | -297 | -1,001 | -383 | -1,060 | -474 |
| CFO/OP | 98 | 79 | 87 | 123 | 39 | 124 | -8 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 1 | 0 | 0 | 2 | 1 |
| Inventory Days | 79 | 226 | 57 | 59 | 26 | 48 | 35 |
| Days Payable | 47 | 269 | 113 | 88 | 90 | 109 | 105 |
| Cash Conversion Cycle | 32 | -43 | -56 | -29 | -64 | -60 | -68 |
| Working Capital Days | -225 | -425 | -203 | -36 | -122 | -69 | 60 |
| ROCE % | — | -42% | -51% | -95% | -75% | -66% | -20% |
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Company Information
Incorporated in 2013, Ather Energy ltd is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems[1]