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Ather Energy Ltd

ATHERENERG NSE

Key Fundamentals

MidcapBikesAutomobiles
Market Cap
₹57,418 Cr
Volatility
Moderate
P/E Ratio
-113.3
EBITDA
₹-257 Cr
Return on Equity
-20.1%
Debt to Equity
0.26
Book Value
₹100.29
52W High
₹1,580
52W Low
₹407.7

Insights

Beta

AI-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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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

5
  • Stock is trading at 22.1 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

Revenue Growth
65.85% ↗
Net Income Growth
-36.33% ↘
Cash Flow Change
104.42% ↗
ROE
-87.80% ↘
ROCE
-82.71% ↘
EBITDA Margin (Avg.)
-70.81% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Ather Energy Ltd is a pre-profit electric two-wheeler company with a market cap of ₹58,353 Cr trading at a P/B of 15.64x. Revenue has grown at a 5-year CAGR of 115% and TTM sales growth stands at 67%, but the company remains loss-making with a negative PE of -119.6 and 3-year average ROE of -84%.

Bull Case 7
  • 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 from a low base
  • Losses are narrowing — compounded profit growth of 52% TTM suggests improving unit economics
  • Last year ROE improved to -33% from 3-year average of -84%, showing a clear trajectory toward breakeven
  • Stock has delivered 281% returns over the past 1 year, reflecting strong market confidence in the EV transition thesis
  • Company is expected to deliver a good upcoming quarter based on operational trends
  • Market cap of ₹58,353 Cr positions Ather as a scaled pure-play EV two-wheeler platform with first-mover advantages in charging infrastructure
Bear Case 8
  • Stock trades at 23.3x book value, well above traditional auto sector valuations, leaving little margin of safety
  • 3-year average ROE of -84% and 5-year average ROE of -102% show the company has consistently destroyed equity capital
  • Negative PE of -119.6 confirms the company is not yet profitable, making valuation entirely dependent on future expectations
  • Working capital days have deteriorated sharply from -43.8 days to 60.1 days, indicating cash conversion cycle stress
  • Low interest coverage ratio signals that operating earnings may be insufficient to service debt obligations
  • Promoter holding declined by 1.18% in the last quarter, suggesting potential dilution or reduced insider conviction
  • Zero dividend yield with no near-term path to shareholder returns given ongoing losses
  • 3-year compounded sales CAGR of only 27% versus 5-year CAGR of 115% suggests growth deceleration in recent years

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Positives 2
  • Q1 loss narrows, revenue surges 89% Aug 4

    Consolidated net loss narrowed to ₹51.09 crore from ₹178.23 crore YoY while revenue jumped 88.8% to ₹1,216.92 crore in Q1FY26, signaling strong operational improvement.

  • ₹1,300 crore QIP at premium Jul 22

    Ather 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.

Neutral 4
  • Marketing spend raised to ₹275 crore Aug 7

    Ather revised proposed marketing expenditure from ₹125 crore to ₹275 crore in EGM corrigendum, with shareholder vote scheduled for August 14.

  • ₹48.68 crore block trade on NSE Jul 24

    Approximately 4,03,634 shares transacted at ₹1,206.10 per share in a single block deal worth ₹48.68 crore, indicating institutional-level activity.

  • AGM scheduled for August 19 Jul 22

    Ather Energy will hold its 13th AGM on August 19, 2026 via video conferencing covering FY26 results.

  • Q1 earnings call set for 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 executing well with revenue nearly doubling YoY and losses shrinking dramatically in Q1FY26. The ₹1,300 crore QIP strengthens its balance sheet for growth. The sharp increase in proposed marketing spend to ₹275 crore signals aggressive expansion plans but bears watching for its impact on near-term profitability. The trajectory is clearly improving with no material headwinds visible in recent news flow.

Quarterly Results

  Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jul 2026
Promoters 39.58%
DIIs 29.82%
FIIs 16.77%
Public 11.53%
Others 2.29%
Total 99.99%
  Sep 2024Mar 2025Apr 2025May 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
Promoters
83.20%
42.09%
54.61%
42.09%
42.09%
41.22%
40.86%
40.77%
40.72%
39.58%
FIIs
0.00%
7.00%
0.00%
0.00%
24.07%
23.60%
17.46%
17.22%
16.23%
16.77%
DIIs
0.00%
23.66%
0.00%
12.53%
24.01%
23.61%
28.10%
28.98%
29.29%
29.82%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
4.84%
0.00%
4.84%
7.46%
9.73%
11.28%
10.78%
11.49%
11.53%
Others
16.80%
22.41%
45.39%
40.53%
2.38%
1.84%
2.30%
2.26%
2.28%
2.29%
No. of Shareholders
32
2,17,766
32
2,17,766
1,41,409
1,41,467
1,73,478
1,69,887
2,29,896
2,54,569

Documents

Frequently Asked Questions about Ather Energy Ltd

What does Ather Energy Ltd do?
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]
Where is Ather Energy Ltd (ATHERENERG) listed?
Ather Energy Ltd is listed on the Indian stock exchanges. It is listed on NSE: ATHERENERG and BSE: 544397. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Ather Energy Ltd belong to?
Ather Energy Ltd operates in the Automobiles sector within the Bikes industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Ather Energy Ltd?
Ather Energy Ltd has a market capitalisation of approximately ₹57418.34 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Ather Energy Ltd?
The Price-to-Earnings (PE) ratio of Ather Energy Ltd is -113.30. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Ather Energy Ltd?
Over the past 52 weeks, Ather Energy Ltd has traded between a low of ₹407.7 and a high of ₹1,580. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Ather Energy Ltd?
Ather Energy Ltd has a Return on Equity (ROE) of -20.10%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Ather Energy Ltd on Tapetide?
On Tapetide, you can view Ather Energy Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website atherenergy.com
CEO Mr. Tarun Sanjay Mehta
Employees 1,617
Listed 2025-05-06
Face Value ₹ 1
Issued Size 38,18,41,151

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