Ather Energy
Ather Energy
Automobiles F&OKey Fundamentals
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
5- Stock is trading at 24.6 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 2d agoAther Energy Ltd is a pre-profit electric two-wheeler company with a market cap of ₹63,560 Cr trading at a P/B of 15.82x. While TTM sales growth is strong at 67% and losses are narrowing (compounded profit improvement of 52% TTM), the company remains deeply unprofitable with a 3-year average ROE of -84% and negative EPS, placing it firmly in the high-risk, high-growth category.
- Strong TTM revenue growth of 67% indicates accelerating top-line momentum in the expanding Indian EV two-wheeler segment
- Compounded sales CAGR of 115% over 5 years demonstrates sustained long-term demand traction for Ather's product portfolio
- Losses are narrowing with compounded profit improving 52% TTM, suggesting the company is moving toward breakeven as scale builds
- Last year ROE improved to -33% from a 3-year average of -84%, reflecting a meaningful reduction in the pace of equity erosion
- Stock has delivered 206% returns over 1 year, reflecting strong market confidence in the EV growth narrative and Ather's positioning
- Company is expected to deliver a good upcoming quarter based on operational indicators, which could further improve the financial trajectory
- India's EV two-wheeler penetration remains in low single digits, providing a long structural growth runway for established players like Ather
- Stock trades at 24.7x book value, a steep premium for a company that has never reported a profit, leaving little margin of safety
- 3-year average ROE of -84% and 5-year average of -102% indicate persistent and deep destruction of shareholder equity
- Negative PE of -127.2x confirms the company remains loss-making with no clear timeline to profitability
- Working capital days have deteriorated sharply from -43.8 days to 60.1 days, signaling worsening cash conversion and potential liquidity pressure
- Low interest coverage ratio suggests the company's operating earnings are insufficient to comfortably service its debt obligations
- Promoter holding declined by 1.18% in the last quarter, which may signal reduced insider confidence or dilution at the promoter level
- Zero dividend yield with no near-term prospect of payouts, meaning returns depend entirely on capital appreciation from an already elevated valuation
- Intense competition from Ola Electric, TVS iQube, Bajaj Chetak, and others compresses pricing power and market share in a subsidy-sensitive segment
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Supply shortage for 3-4 quarters Aug 29
Monthly demand exceeds 50,000 units vs supply capacity of ~35,000. Even after Phase 1 of Aurangabad facility goes live by end-2026, demand expected to outstrip supply for possibly one year.
- Caladium dumps 12M shares Sep 01
Caladium Investment Pte Ltd sold 12,074,306 shares in open market on Aug 28, cutting stake from 6.29% to 3.24%.
- Potential Rizta cannibalization from Konarc Aug 29
CEO Tarun Mehta acknowledged some cannibalization expected between Konarc and Rizta, with Rizta accounting for 80% of July deliveries and now facing overlap in the mass-market segment.
- Konarc mass-market scooter launched Aug 29
Ather launched Konarc starting at ₹99,999 on Aug 29, targeting the 45-55% of e-scooter market in the ₹1-1.2 lakh segment where Ather had no product. Deliveries of 125 km and 161 km variants begin September 2026.
- ₹2,500 crore total fundraise approved Aug 14
Shareholders approved ₹1,200 crore preferential issue (97.72% votes in favor), combining with ₹1,300 crore QIP to raise ~₹2,500 crore. Hero MotoCorp investing ₹960 crore, India-Japan Fund ₹200 crore.
- Nomura raises target to ₹1,926 Sep 10
Nomura retained Buy rating, hiking target from ₹1,714 to ₹1,926 (22% upside). Revenue growth forecast raised to 54%/100%/31% for FY27/28/29, with PAT breakeven expected in FY28.
- EBITDA turns positive in Q1 FY27 Aug 31
Positive EBITDA of ₹9.45 crore in Q1 FY27 vs loss of ₹105.97 crore in Q1 FY26. Net loss narrowed to ₹51 crore from ₹178 crore, with revenue up 89% YoY to ₹1,217 crore.
- Stock up 122% YTD in 2026 Sep 10
Shares surged 4% to ₹1,648.60 on Sep 10 with all 14 covering analysts rating it Buy. Stock has rallied 413% since its May 2025 IPO listing, with market cap at ₹64,768 crore.
- AURIC plant adds massive capacity Aug 31
₹2,000 crore Chhatrapati Sambhajinagar plant to add 500,000 units annual capacity, with AURIC ramp-up starting Q3 FY27 and full scale by H1 FY28 at 42,000 units/month.
- EV 2W penetration accelerating Sep 10
Nomura notes EV two-wheeler penetration hit 10.7% in Aug 2026 vs 7.7% a year ago, raising FY30 penetration forecast to 22% from 19.6%. Emkay sees Ather market share expanding to 26% by FY28 from 17%.
- BlackRock acquires stake Aug 31
BlackRock Global Funds acquired less than 1% stake via open-market transactions, adding to institutional investor confidence alongside the oversubscribed QIP that attracted ₹10,000 crore in bids.
- Investor meets in Sep 2026 Aug 31
Ather Energy scheduled physical group meetings for investors and analysts in Bengaluru (Sep 7, 9) and previously announced events in Mumbai and Hong Kong for September 2026.
- ₹400-500 crore EL platform spend Aug 29
Ather invested ₹400-500 crore developing the EL platform and Konarc product, its largest product investment to date, with development starting conceptually in 2019 and taking roughly two years from 2024.
TL;DR: Ather Energy is executing strongly on multiple fronts: Q1 FY27 turned EBITDA positive with 89% revenue growth, the Konarc launch at ₹99,999 doubles its addressable market, and ₹2,500 crore in fresh capital funds capacity expansion. The key risk is a 3-4 quarter supply shortage where 50,000-unit monthly demand far exceeds 35,000-unit capacity, along with notable insider selling by Caladium. The trend is decisively improving with all 14 analysts rating Buy and accelerating EV penetration, though the stock's 122% YTD gain and 413% post-IPO rally leave limited room for execution missteps as AURIC ramp-up and Konarc deliveries become the next critical milestones.
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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