Ather Energy
- P/E
- Not meaningful: loss-making over the last twelve months
Key Fundamentals
MidcapAutomobilesConsumer DiscretionaryPrice-based figures as of · EPS basis: Standalone · TTM
- ROCE
- −19.80%
- Debt to Equity
- 0.26
- EPS (TTM)
- −₹10.22
- Book Value
- ₹2.07
- Market Cap
- —
- P/E (TTM)
- Not meaningful: loss-making over the last twelve months
- P/B
- 888.89
- ROE
- −33.40%
- Dividend Yield
- 0.00%
- EBITDA
- −₹257 Cr
- 52W High
- ₹1,840.00
- 52W Low
- ₹582.05
- Day Range
- ₹1,760.20 – ₹1,840.00
- Volume
- 19,55,994
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 93/100
Category scores
- Quality
- 14
- Poor
- Returns, margins, earnings quality 22% weight
- Valuation
- 9
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 99
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 47
- Average
- Solvency, leverage, coverage 9% weight
- Momentum
- 99
- Strong
- Trend strength, vol-adjusted 12% weight
- Ownership
- 31
- Poor
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
2- Company is expected to give good quarter
- Promoter holding has increased by 1.61% over last quarter.
Weaknesses
4- Stock is trading at 21.9 times its book value
- Company has low interest coverage ratio.
- 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
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 4 | 2 | 13 |
| Oscillators | Bearish | 4 | 2 | 3 |
| Moving Averages | Strong Bullish | 0 | 0 | 10 |
Oscillators
Bearish
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 74.05
- Bearish
- MACD (12,26,9)
- 78.59
- Bullish
- SMA (50)
- 1,551.54
- Bullish
- SMA (200)
- 1,098.65
- Bullish
As of
Analyst Rating
13 of 13 analysts rate Buy, 0 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +114.96% |
|---|---|
| 3Y | +27.28% |
| 1Y | +62.84% |
| TTM | +67.13% |
Net profit
| 5Y | Loss widened by ₹284 Cr |
|---|---|
| 3Y | Loss narrowed by ₹347 Cr |
| 1Y | Loss narrowed by ₹295 Cr |
| TTM | Loss narrowed by ₹417 Cr |
Operating cash flow
| 5Y | Turned positive |
|---|---|
| 3Y | Turned positive |
| 1Y | Turned positive |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +210.14 pp |
|---|---|
| 3Y | +28.64 pp |
| 1Y | +14.65 pp |
| TTM | +15.84 pp |
Revenue by year
| Mar 2020 | ₹35.00 Cr |
|---|---|
| Mar 2021 | ₹80.00 Cr |
| Mar 2022 | ₹408 Cr |
| Mar 2023 | ₹1,781 Cr |
| Mar 2024 | ₹1,754 Cr |
| Mar 2025 | ₹2,255 Cr |
| Mar 2026 | ₹3,672 Cr |
Net profit by year
| Mar 2020 | −₹220 Cr |
|---|---|
| Mar 2021 | −₹233 Cr |
| Mar 2022 | −₹344 Cr |
| Mar 2023 | −₹864 Cr |
| Mar 2024 | −₹1,060 Cr |
| Mar 2025 | −₹812 Cr |
| Mar 2026 | −₹517 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Ather Energy Ltd trades at ₹1,840 per share as of 2026-11-04, commanding a market cap of ₹70,818 Cr. The company has delivered strong top-line momentum with TTM sales growth of 67% and a 5-year compounded sales CAGR of 115%, but remains loss-making with a TTM EPS of -₹10.22 and a 3-year average ROE of -84%. The stock has rallied 112% over the past year, rising from a 52-week low of ₹582.05 to its 52-week high of ₹1,840.
- TTM revenue growth stands at 67%, indicating rapid top-line expansion in the electric two-wheeler segment.
- Compounded sales CAGR over 5 years is 115%, reflecting sustained hypergrowth from a scaling EV business.
- TTM profit growth has turned sharply positive at 52%, showing meaningful improvement in the path toward narrowing losses.
- The stock has delivered a 1-year CAGR of 112%, surging from a 52-week low of ₹582.05 to ₹1,840, reflecting strong market confidence.
- Promoter holding has increased by 1.61% over the last quarter, signalling insider conviction in the company's trajectory.
- Debt-to-equity ratio is a modest 0.26 as of 2026-11-04, suggesting the balance sheet is not heavily leveraged despite the growth phase.
- The company is expected to deliver a good upcoming quarter, pointing to continued near-term operational momentum.
- 3-year compounded sales growth of 27% complements the longer-term 115% five-year CAGR, indicating the business continues to scale even on a larger revenue base.
- The stock trades at 21.9 times its book value, an extremely elevated price-to-book ratio that leaves little margin for execution missteps.
- Three-year average ROE is -84%, indicating the company has consistently destroyed shareholder equity over the medium term.
- ROCE stands at -13.08% as of 2026-11-04, meaning total capital employed is generating negative returns.
- TTM EPS is -₹10.22, confirming the company remains unprofitable on a trailing twelve-month basis.
- Working capital days have deteriorated sharply from -43.8 days to 60.1 days, indicating a significant cash conversion cycle worsening.
- Interest coverage ratio is low, raising concerns about the company's ability to service debt obligations from operating earnings.
- Dividend yield is 0%, offering no income cushion to investors while the company continues to burn cash.
- Last-year ROE of -33% shows that while losses are narrowing, the company is still far from generating positive returns on equity.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Ather Energy hit a milestone with its first-ever quarterly profit of ₹1.26 crore in Q2 FY27 on 63% revenue growth, but the profit is wafer-thin and propped up by ~₹63 crore in non-operating income. Demand is exceptional with enquiries and pre-orders more than doubling, yet the company is losing market share (15.1% from 17.2%) because Hosur is maxed out at 98% utilization. The ₹122 crore capacity expansion to ~11.4 lakh units by Q2 FY28 is the critical catalyst, but AURIC timelines have already slipped and commodity inflation remains volatile. The next two quarters will determine whether Ather can convert its demand advantage into sustainable operating profitability before competitors close the gap.
- Market share slipping despite demand Oct 26
E2W market share fell to 15.1% in Q2 FY27 from 17.2% a year earlier, as the industry grew faster than Ather could produce. About 18,000-20,000 units of monthly retail demand remains unrealized.
- Hosur plant maxed out Oct 26
Hosur facility hit 98% peak capacity utilization in Q2 FY27 with dealer inventory collapsed to just 3 days. Monthly demand runs at ~60,000 pre-orders against production of ~31,000 units.
- Commodity cost inflation pressure Oct 26
Aluminium rose 60%, copper 43%, lithium hydroxide 131% from Q4 FY25 to Q1 FY27. Adjusted gross margin fell 560 bps to 22.4% in Q1 before recovering to 24% in Q2, with management ruling out further price hikes in Q3.
- First-ever quarterly net profit Oct 26
Ather posted its first net profit of ₹1.26 crore in Q2 FY27 versus a ₹154 crore loss a year ago, with EBITDA turning positive at ₹11.3 crore versus a ₹133 crore EBITDA loss.
- Revenue surges 63% YoY Oct 26
Q2 FY27 revenue from operations jumped 62.8% to ₹1,464 crore from ₹899 crore, driven by 42% volume growth to 93,000 units and 14.6% higher revenue per unit at ₹1.57 lakh.
- Demand doubles, enquiries at 10 lakh Oct 26
Customer enquiries jumped 109% YoY to ~10 lakh and pre-orders more than doubled to 1.80 lakh in Q2 FY27, with brand searches up 94% YoY.
- AtherStack Pro 94% attach rate Oct 26
Non-vehicle revenue reached 15% of total revenue in Q2 FY27, up from 12% a year ago, with AtherStack Pro software subscription maintaining a 94% attach rate.
- Weighted avg price rises to ₹1.64L Oct 26
Weighted average ex-showroom price rose to ₹1.64 lakh in Q2 from ₹1.50 lakh in Q4 FY26, reflecting pricing actions management called 100% margin accretive.
- Dealer expansion deliberately moderated Oct 26
Ather has slowed dealer network expansion to avoid leaving dealers with unserviceable inventory, expecting to resume aggressive expansion from late Q3 or Q4 FY27 as AURIC capacity comes online.
Quarterly Results
₹ Cr| Particulars | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 523 | 360 | 584 | 635 | 676 | 645 | 899 | 954 | 1,175 | 1,217 | 1,464 |
| Expenses | 762 | 489 | 723 | 776 | 848 | 779 | 1,031 | 1,026 | 1,244 | 1,250 | 1,453 |
| Operating Profit | −238 | −128 | −139 | −141 | −172 | −134 | −132 | −72 | −70 | −33 | 12 |
| OPM % | −46% | −36% | −24% | −22% | −25% | −21% | −15% | −8% | −6% | −2.7% | 0.8% |
| Other Income | 12 | 8 | 15 | 15 | 12 | 28 | 42 | 37 | 39 | 43 | 63 |
| Interest | 19 | 23 | 31 | 29 | 29 | 24 | 21 | 19 | 18 | 22 | 26 |
| Depreciation | 38 | 40 | 43 | 44 | 45 | 48 | 43 | 30 | 52 | 39 | 47 |
| PBT | −283 | −183 | −197 | −198 | −234 | −178 | −154 | −85 | −100 | −51 | 2 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | −283 | −183 | −197 | −198 | −234 | −178 | −154 | −85 | −100 | −51 | 2 |
| EPS (₹) | −94.75 | −61.17 | −64.01 | −64.21 | −8.06 | −4.79 | −4.05 | −2.22 | −2.62 | −1.33 | — |
Sep 2026: from the results filed on 26 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| 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 (₹) | −77.16 | −81.86 | −115 | −289 | −354 | −27.95 | −13.51 | −10.22 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| 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
₹ Cr| 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 | −378 | −2,527 |
| Financing | 313 | 296 | 228 | 1,317 | 633 | 703 | 2,497 |
| Net Cash Flow | 8 | −16 | 52 | 311 | 423 | −396 | 2 |
| Free Cash Flow | −298 | −227 | −297 | −1,001 | −383 | −1,060 | −474 |
| CFO/EBITDA | 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
Log in to view Ather Energy insights
53 extracted metrics across FY20–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- Q1 FY26 concall · Aug 2025Transcript PPT Recording
- General announcements 26 Oct 2026
- General announcements 26 Oct 2026
Frequently Asked Questions about Ather Energy
What does Ather Energy Ltd do?
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What is the 52-week high and low of Ather Energy Ltd?
What is the Return on Equity (ROE) of Ather Energy Ltd?
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
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