Ather Energy
Ather Energy
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
5- Stock is trading at 20.9 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
Ather Energy is a loss-making electric two-wheeler maker with a market capitalisation of about ₹57,112 Cr, a negative P/E of -115 and a P/B of 14.31. Revenue grew 67% on a TTM basis and at a 115% CAGR over 5 years. Return on equity has been deeply negative, averaging -84% over 3 years, but improved to -33% last year. The stock has returned 177% over the past year, and the valuation reflects expected growth more than current earnings.
- Revenue grew 67% on a TTM basis, showing strong demand momentum for its electric two-wheelers.
- 5-year compounded sales growth of 115% shows the company scaling quickly from a small base into a meaningful EV player.
- ROE improved to -33% last year from a 3-year average of -84% and a 5-year average of -102%, which suggests losses are shrinking relative to equity.
- The TTM compounded profit figure of 52% points to a better bottom line. For a loss-making company this most likely means losses narrowed rather than turned into profit.
- 3-year sales CAGR of 27% shows growth held up over several years rather than coming from a single spike.
- The stock returned 177% over one year, and its market cap of about ₹57,112 Cr reflects strong investor backing. That could help the company raise capital for expansion.
- The company is expected to report a good quarter. If that happens, it would reinforce the 67% TTM revenue growth trend.
- The company is still loss-making, with a P/E of -115. It has no earnings base to support a ₹57,112 Cr valuation.
- The stock trades at 14.31x book value, or 22.3x by another reported measure. Either figure is high for the automobile sector and prices in years of successful execution.
- ROE has been deeply negative, at -84% over 3 years and -102% over 5 years, so shareholder capital has historically been consumed rather than compounded.
- Working capital days rose from -43.8 to 60.1, a swing of about 104 days. This points to weaker cash conversion and higher funding needs.
- Interest coverage is low. Combined with a negative P/E of -115, operating earnings give little cushion to service debt.
- Promoter holding fell 1.18% last quarter, which some investors may read as a negative signal on insider commitment.
- 3-year sales CAGR of 27% is far below the 5-year CAGR of 115%. Growth is slowing as the base gets larger, in a competitive EV two-wheeler market.
- The dividend yield is 0%, and the 177% one-year rally raises expectations. A shortfall in results could lead to a sharp valuation reset.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock pulls back from highs Sep 23
A large-trade signal of about 4,72,623 shares (₹70.89 crore) printed at ₹1,500. That is roughly 9% below the Sep 10 intraday high of ₹1,648.60 and about 14% below the 52-week high of ₹1,744 set on Sep 1.
- Still loss-making, thin margins Sep 10
Ather still posted a net loss of ₹51.09 crore in Q1 FY27, and its EBITDA margin was only 1%. Nomura does not expect PAT breakeven until FY28F, so much of the valuation depends on future earnings.
- Rich valuation after huge rally Sep 10
The stock is up about 122% YTD and 202-206% over one year, and it is valued at 5.5x FY29F EV/sales with a market cap of about ₹64,768 crore. That leaves little room for errors in execution.
- Ola Electric expands dealer network Sep 10
Ola has opened its first dealer-led stores across 7 states and approved a fundraise of up to ₹1,500 crore. This could raise competition in the mass-market segment that Ather is entering with Konarc.
- Nomura raises target to ₹1,926 Sep 10
Nomura kept its Buy rating and raised the target from ₹1,714 to ₹1,926, about 22% above ₹1,580. It also raised FY28/FY29 volume estimates to 7.94 lakh and 10.16 lakh units, and its FY28 revenue growth forecast from 80% to 100%.
- Q1 FY27 turns EBITDA positive Sep 10
Revenue grew about 89% and EBITDA swung to ₹9.45 crore from a loss of ₹105.97 crore in Q1 FY26. Net loss narrowed to ₹51.09 crore from ₹178.23 crore.
- Konarc opens mass-market segment Sep 10
Konarc launched on Aug 29 at ₹99,999 and is built on the new EL platform with a 10-year/1,00,000 km battery warranty. Production is at Hosur, with deliveries starting in September 2026.
- EV 2W penetration beats expectations Sep 10
EV 2W penetration hit 10.7% in August 2026, up from 7.7% a year earlier. Nomura raised its FY30F penetration forecast to about 22% from 19.6%.
- AURIC capacity expansion on track Sep 10
Citi says the expansion is on schedule. The AURIC plant should ramp up from the Dec/Mar quarter and reach full scale of 42,000 units per month by 1H FY28.
- Unanimous analyst Buy, strong momentum Sep 10
All 14 analysts covering the stock rate it Buy, with a consensus target of ₹1,740.2. Shares rose 4% to ₹1,648.60 on ₹852.88 crore of traded value and are up over 413% since listing.
- Hong Kong procurement subsidiary set up Sep 21
Ather set up wholly owned Ather Energy Hong Kong Limited on Sep 21, 2026, to make its supply chain more resilient and handle critical APAC procurement.
- Investor meet on Sep 29 Sep 18
Ather will join Arihant Capital's Bharat Connect Conference virtually on Sep 29, 2026. It said discussions will be limited to publicly available information.
- ₹70.89 crore block-size trade flagged Sep 23
About 4.73 lakh shares traded at ₹1,500 on BSE. This is an unconfirmed real-time trade signal, and the parties are unknown.
TL;DR: Ather's fundamentals are improving fast: Q1 FY27 revenue grew about 89% and EBITDA turned positive at ₹9.45 crore, and Nomura raised its target to ₹1,926 on the back of the Konarc mass-market launch and faster EV adoption. The main risks are a valuation that already prices in strong growth after a 122% YTD rally, continued net losses, and more competition from Ola's dealer expansion. The ₹1,500 trade print on Sep 23 points to a pullback of about 14% from the ₹1,744 high, which looks like consolidation rather than a broken trend. Konarc delivery numbers and the AURIC ramp-up will decide whether the stock can regain its highs. Note: the Sep 10 article included old IPO details from May 2025, which were left out as not relevant.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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53 extracted metrics + investor summaries across FY20–FY27.
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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]
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