Ather Energy Ltd
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]
- Market Cap ₹ 50,140 Cr.
- Current Price ₹ 1,273
- High / Low ₹ 1,345 / 349
- Stock P/E
- Book Value ₹ 67.2
- Dividend Yield 0.00 %
- ROCE -19.8 %
- ROE -33.4 %
- Face Value ₹ 1.00
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 18.9 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
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 35 | 80 | 408 | 1,781 | 1,754 | 2,255 | 3,672 | 4,244 | |
| 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% |
| 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 |
| Profit before tax | -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -390 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -390 | |
| EPS in Rs | -20,118.94 | -21,344.92 | -30,078.67 | -75,436.30 | -92,469.46 | -27.95 | -13.51 | -10.22 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 115% |
| 3 Years: | 27% |
| TTM: | 67% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 12% |
| TTM: | 52% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 266% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -102% |
| 3 Years: | -84% |
| Last Year: | -33% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.02 | 0.02 | 0.02 | 0.02 | 0.00 | 29 | 38 |
| Reserves | 250 | 376 | 224 | 614 | 545 | 464 | 2,534 |
| 132 | 219 | 365 | 485 | 478 | 619 | 664 | |
| 137 | 146 | 229 | 878 | 890 | 988 | 1,485 | |
| Total Liabilities | 518 | 741 | 819 | 1,977 | 1,914 | 2,101 | 4,722 |
| 178 | 307 | 335 | 544 | 459 | 616 | 627 | |
| CWIP | 104 | 47 | 93 | 37 | 71 | 122 | 340 |
| Investments | 39 | 92 | 37 | 286 | 292 | 41 | 552 |
| 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 Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -182 | -140 | -226 | -871 | -268 | -721 | 32 | |
| -123 | -172 | 51 | -135 | 58 | -100 | -2,486 | |
| 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
Standalone Figures in Rs. Crores / View Consolidated
| 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
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Patents Filed (Cumulative) patents |
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| Ather Grid Charging Points charging points |
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| E2W Market Share (Pan-India) % |
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| Experience Centers (Retail Stores) stores |
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| Service Centers centers |
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| Units Sold (Wholesale) units |
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| COGS per Unit INR |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
26m - Audio recording of Q1 FY2026-27 earnings call held August 3, 2026, is now available online.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
2h - CARE report for quarter ended June 30, 2026 shows no deviation; Factory 3.0 production shifts to October 2026.
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations')
2h - Physical letters dispatched for 13th AGM notice and FY 2025-26 annual report access.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
3h - Q1 FY27 income rose 87.2% to ₹1,260 crore; EBITDA turned positive, EL scooter launch on Aug 29.
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Announcement under Regulation 30 (LODR)-Investor Presentation
3h - We are enclosing herewith a copy of the Investor Presentation on the Company''s performance for the quarter ended June 30, 2026.
Concalls
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Aug 2026TranscriptPPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
Leading Electric Manufacturer[1]
Headquartered in Bangalore, Ather energy is a pioneer in the Indian Electric Two-Wheeler (E2W) market. It designs and develops E2Ws, battery packs, charging infrastructure, software, and accessories. Ather manufactures battery packs and assembles E2Ws in-house, and operates on a vertically integrated, software-defined business model. As of 9M FY25, Ather is the 4th largest E2W manufacturer in India by sales volume.