Ather Energy Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good sales growth of 115.1% CAGR over last 5 years
- Operating margins have improved to -9.9% from -38.3%
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -162.0% over last 3 years
- Company has a low return on capital employed of -66.2%
- Promoter holding has decreased over last 2 years: -41.2pp
- Interest coverage is weak at -5.3x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.40x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJ-AUTO | 11684.00 | 27.30 | 321080.80 | 1.28 | 3188.75 | 44.26 | 21688.83 | 71.50 | 28.68 | 20.88 |
| EICHERMOT | 7540.00 | 35.86 | 206989.37 | 1.09 | 1462.51 | 21.35 | 6632.42 | 34.11 | 30.54 | 26.51 |
| TVSMOTOR | 4127.50 | 57.21 | 196092.21 | 0.29 | 1057.61 | 64.52 | 16295.52 | 33.46 | 18.24 | 14.38 |
| HEROMOTOCO | 5225.00 | 19.19 | 104573.78 | 3.54 | 1417.93 | -91.69 | 13126.35 | 34.94 | 35.92 | 12.97 |
| ATHERENERG | 1655.50 | 0.00 | 65657.75 | 0.00 | -510.90 | — | 12169.20 | — | -21.59 | -2.73 |
| OLAELEC | 38.56 | 0.00 | 17847.14 | 0.00 | -336.00 | 21.50 | 455.00 | -45.05 | -20.87 | -36.26 |
| ATULAUTO | 447.05 | 26.26 | 1240.62 | 0.67 | 8.04 | 290.29 | 218.43 | 44.73 | 11.27 | 7.72 |
| URJA | 9.02 | 459.41 | 502.60 | 0.00 | 0.43 | -55.42 | 13.96 | -26.55 | 1.40 | 3.99 |
| WARDINMOBI | 5.74 | 183.30 | 172.67 | 0.00 | 0.17 | -84.77 | 61.64 | 91.02 | 12.48 | 6.17 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 523 | 360 | 584 | 635 | 676 | 645 | 899 | 954 | 1,175 | 1,217 | |
| 762 | 489 | 723 | 776 | 848 | 779 | 1,031 | 1,026 | 1,244 | 1,311 | |
| Operating Profit | -238 | -128 | -139 | -141 | -172 | -134 | -133 | -72 | -70 | -94 |
| OPM % | -45.57% | -35.62% | -23.89% | -22.16% | -25.48% | -20.83% | -14.74% | -7.55% | -5.92% | -7.69% |
| 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 |
| Profit before Tax | -283 | -183 | -197 | -198 | -234 | -178 | -154 | -85 | -100 | -51 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -283 | -183 | -197 | -198 | -234 | -178 | -154 | -85 | -100 | -51 |
| -11.00 | -7.00 | -8.00 | -7.95 | -8.93 | -5.00 | -4.00 | -2.22 | -2.62 | -1.33 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 4 | 35 | 80 | 409 | 1,781 | 1,754 | 2,255 | 3,672 | 4,244 | |
| 20 | 40 | 101 | 220 | 259 | 669 | 2,488 | 2,441 | 2,836 | 4,082 | 4,612 | |
| Operating Profit | -20 | -40 | -97 | -185 | -179 | -260 | -708 | -687 | -581 | -410 | -368 |
| OPM % | — | — | -2287.31% | -523.23% | -224.44% | -63.56% | -39.73% | -39.19% | -25.76% | -11.17% | -8.66% |
| 6 | 9 | 8 | 14 | 8 | 5 | 21 | -137 | 50 | 148 | 161 | |
| Interest | 0 | 1 | 8 | 24 | 28 | 41 | 65 | 89 | 111 | 82 | 80 |
| Depreciation | 2 | 5 | 10 | 25 | 35 | 48 | 113 | 147 | 171 | 173 | 164 |
| Profit before Tax | -16 | -37 | -107 | -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -390 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -16 | -37 | -107 | -220 | -233 | -344 | -864 | -1,060 | -812 | -517 | -390 |
| EPS | -45745.19 | -1576.00 | -4548.00 | -6167.00 | -5.59 | -27.00 | -48.00 | 0.00 | -27.95 | -13.51 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 115%
- 3 Years:
- 27%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 206%
RETURN ON EQUITY
- 10 Years:
- -109%
- 5 Years:
- -172%
- 3 Years:
- -162%
- Last Year:
- -37%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29 | 38 | |
| 244 | 229 | 251 | 247 | 359 | 188 | 515 | 423 | 277 | 2,415 | |
| 0 | 11 | 66 | 132 | 149 | 239 | 514 | 391 | 682 | 658 | |
| Trade Payables | 0 | 6 | 11 | 10 | 68 | 121 | 384 | 403 | 561 | 830 |
| 6 | 13 | 44 | 129 | 166 | 270 | 564 | 696 | 552 | 780 | |
| Total Liabilities | 251 | 259 | 373 | 518 | 741 | 819 | 1,977 | 1,914 | 2,101 | 4,722 |
| 11 | 33 | 156 | 178 | 307 | 335 | 544 | 459 | 616 | 627 | |
| Capital Work in Progress | 1 | 5 | 2 | 26 | 0 | 0 | 1 | 0 | 6 | 103 |
| 166 | 77 | 36 | 39 | 92 | 37 | 286 | 292 | 41 | 552 | |
| 0 | 0 | 12 | 18 | 57 | 61 | 257 | 117 | 245 | 282 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 12 | 8 | |
| Cash & Bank | 32 | 15 | 41 | 48 | 55 | 89 | 176 | 448 | 370 | 823 |
| 43 | 130 | 125 | 210 | 230 | 297 | 712 | 596 | 811 | 2,327 | |
| Total Assets | 251 | 259 | 373 | 518 | 741 | 819 | 1,977 | 1,914 | 2,101 | 4,722 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -24 | 14 | -138 | -182 | -140 | -228 | -870 | -268 | -721 | 32 | |
| Cash from Investing | -128 | -71 | -29 | -123 | -143 | -7 | -135 | -228 | -378 | -2,527 |
| Cash from Financing | 181 | 36 | 193 | 313 | 296 | 231 | 1,317 | 633 | 703 | 2,497 |
| 29 | -21 | 26 | 8 | 13 | -4 | 311 | 138 | -396 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Ather Energy Limited has informed the Exchange regarding allotment of 484551 equity shares pursuant to ESOP vide circular resolution passed on September 01, 2026
2026-08-31 - Ather Energy Limited has informed the Exchange about Schedule of meet
2026-08-29 - Ather Energy Limited has informed the Exchange regarding 'press release titled Ather Energy marks 4th Ather Community Day by launching Konarc and innovations across vehicle health, batteries and charging. '.
2026-08-29 - Ather Energy Limited has informed the Exchange regarding 'Press release titled Ather Energy introduces Konarc, its new electric scooter to make EVs mainstream. '.
2026-08-27 - Ather Energy Limited has informed the Exchange about Schedule of meet
2026-08-25 - Ather Energy Limited has informed the Exchange regarding allotment of 1626016 fully paid-up equity shares and 7936507 convertible warrants pursuant to Preferential Issue on August 25, 2026
2026-08-21 - Ather Energy Limited has informed the Exchange about Schedule of meet
2026-08-19 - Ather Energy Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 19, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-19 - Ather Energy Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026
News
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Ather Energy Ltd.
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