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Ather Energy Ltd - Stock Valuation and Financial Performance

BSE: 544397 | NSE: ATHERENERG | Automobile Two & Three Wheelers | Mid Cap

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Ather Energy Share Price

 ₹341.45 -8.65 -2.47%
as on 18-Jul'25 16:59

Ather Energy Ltd - Stock Valuation and Financial Performance

BSE: 544397 | NSE: ATHERENERG | Automobile Two & Three Wheelers | Mid Cap

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Ather Energy Share Price

 ₹341.45 -8.65 -2.47%
as on 18-Jul'25 16:59

DeciZen - make an informed investing decision on Ather Energy

Overall Rating ⓘ
Bole Toh

1. Quality

Not Good
Check detailed 10 Yrs performace

2. Valuation ⓘ

Somewhat Undervalued
Check 10 Yrs Valuation charts

3. Price Trend

Strong
Check Price chart

Ather Energy stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (SA):
0.00
Market Cap:
12,717.6 Cr.
52-wk low:
287.3
52-wk high:
358.8

Is Ather Energy Ltd an attractive stock to invest in?

1. Is Ather Energy Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ather Energy Ltd is a below average quality company.

2. Is Ather Energy Ltd undervalued or overvalued?

The key valuation ratios of Ather Energy Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

3. Is Ather Energy Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Ather Energy Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Ather Energy:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ather Energy Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ-5.8%-10%-14.9%-35.6%-50.9%-41.1%-56.7%-98.6%-99.1%-
Value Creation
Index ⓘ		-1.4-1.7-2.1-3.6-4.8-4.1-5.2-8.3-8.3-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ0004.235.379.84091,7811,7542,255
Sales YoY Gr.-NANANA732.6%126.1%412.4%335.5%-1.5%-
Adj EPS ⓘ-48.8-176-405.2-1,187.7-2,407.6-2,554.5-3,737-9,421-10,294.3-21.8
YoY Gr.-NANANANANANANANA-
BVPS (₹) ⓘ842.12,663.62,495.42,740.42,709.53,929.50180.1148.193.2
Adj Net
Profit ⓘ		-4.5-16.2-37.2-109-221-234-343-864-944-812
Cash Flow from Ops. ⓘ-8.4-23.613.9-138-182-140-228-871-268-
Debt/CF from Ops. ⓘ000.8-0.5-1.1-1.2-1.3-0.6-1.2-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA233.7%180.1%-1.5%
Adj EPS ⓘNANANANA
BVPSⓘNA-44.2%-66.5%-17.8%
Share Price - - - -

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		-5.8-10-15.7-45.3-88-74.8-114.1-206.1-162.9-18.1
Op. Profit
Mgn % ⓘ		000-2287.3-524.4-222.1-62.6-39-38.9-34.3
Net Profit
Mgn % ⓘ		000-2571.1-625.7-293.7-83.8-48.5-53.9-36
Debt to
Equity ⓘ		000.10.30.80.51.60.90.70.2
Working Cap
Days ⓘ		0006,5761,289890225123164183
Cash Conv.
Cycle ⓘ		000482133110-4-6-2212

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 180.11%

Debt to equity has declined versus last 3 years average to 0.74

Sales growth is good in last 4 quarters at 14.59%

Return on Equity is Poor

Latest Financials - Ather Energy Ltd.

Standalone Consolidated
TTM EPS (₹) -21.8 -
TTM Sales (₹ Cr.) 2,255 -
BVPS (₹.) ⓘ 93.2 -
Reserves (₹ Cr.) ⓘ 3,436 -
P/BV ⓘ 3.66 -
PE ⓘ 0.00 -
From the Market
52 Week Low / High (₹) 287.30 / 358.80
All Time Low / High (₹) 287.30 / 358.80
Market Cap (₹ Cr.) 12,718
Equity (₹ Cr.) 37.3
Face Value (₹) 1
Industry PE ⓘ 30.9

Management X-Ray of Ather Energy:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Ather Energy

Event Update

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Analyst's Notes

No data found!

Key Ratios of Ather Energy

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales000435804091,7811,754
Operating Expenses ⓘ 620401012202596692,4892,439
Manufacturing Costs01139263869
Material Costs0003282923841,5951,632
Employee Cost 1916255166114335369
Other Costs ⓘ 510234178100165520369
Operating Profit ⓘ -6-20-40-97-185-179-260-708-685
Operating Profit Margin (%) ----2,287.3%-523.0%-224.0%-63.6%-39.7%-39.0%
Other Income ⓘ 269814952135
Interest ⓘ 00182428416589
Depreciation ⓘ 12510253548113147
Exceptional Items ⓘ 00000000-175
Profit Before Tax ⓘ -4-16-37-107-220-233-344-865-1,060
Tax ⓘ 000000000
Profit After Tax -4-16-37-107-220-233-344-865-1,060
PAT Margin (%) ----2,536.0%-622.0%-292.0%-84.2%-48.5%-60.4%
Adjusted EPS (₹)-48.8-176.0-399.0-1,171.5-2,408.2-2,555.00.0-302.0-370.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 77245229252248359189515424
Share Capital ⓘ 000000111
Reserves ⓘ 77244229251247359189515423
Minority Interest000000000
Debt001166132111177340134
Long Term Debt00116613211110912131
Short Term Debt00000069219104
Trade Payables106111168121384403
Others Liabilities ⓘ 161344129204331738952
Total Liabilities ⓘ 792512593735187418191,9771,914

Fixed Assets

Gross Block71340174211372439734788
Accumulated Depreciation137173366105190329
Net Fixed Assetsⓘ 61133156178307335545459
CWIP ⓘ 1130824010447933771
Investmentsⓘ 551667736399237286292
Inventories00012185761257117
Trade Receivables000000112
Cash Equivalents 3321541485589176448
Others Assetsⓘ 5145388132183204674526
Total Assets ⓘ 792512593735187418191,9771,914

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ -8-2414-138-182-140-228-871-268
PBT ⓘ -4-16-37-107-220-233-344-865-1,060
Adjustment ⓘ -1-16365092145370356
Changes in Working Capital ⓘ -3-644-66-121-29-376436
Tax Paid ⓘ 000000-1-10
Cash Flow From Investing Activity ⓘ -69-128-71-29-123-143-7-135-228
Capex -16-26-80-72-116-87-72-130-116
Net Investments -55-1088410-5963-24-139
Others ⓘ 2602-7331926
Cash Flow From Financing Activityⓘ 0181361933132972311,317633
Net Proceeds from Shares ⓘ 0181210220344000
Net Proceeds from Borrowing ⓘ 0000005937-55
Interest Paid ⓘ 000-8-20-28-39-60-77
Dividend Paid ⓘ 000000000
Others ⓘ 0015200113-202101,341765
Net Cash Flow ⓘ -7729-2126813-4311138

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)-5.79-10.04-15.49-44.75-88.17-76.97-125.74-245.73-225.9
ROCE (%)-5.78-10.03-14.88-35.62-50.93-41.14-56.65-98.56-99.07
Asset Turnover Ratio0000.010.080.130.521.270.9
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days000000100
Inventory Days0001,041154170523339
Payable Days0009648155905888

Ather Energy Ltd Stock News

Ather Energy Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Ather Energy on 18-Jul-2025 16:59 is ₹341.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-Jul-2025 16:59 the market cap of Ather Energy stood at ₹12,717.6.
The latest P/E ratio of Ather Energy as of 18-Jul-2025 16:59 is 0.00.
The latest P/B ratio of Ather Energy as of 18-Jul-2025 16:59 is 3.66.
The 52-week high of Ather Energy is ₹358.8 and the 52-week low is ₹287.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ather Energy is ₹2,255 ( Cr.) .

About Ather Energy Ltd

Ather Energy Limited was originally incorporated as ‘Ather Energy Private Limited’ as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated October 21, 2013 issued by the Registrar of Companies, Tamil Nadu, Chennai, Andaman and Nicobar Islands. Pursuant to a change in the registered office of the company, a certificate of registration dated May 31, 2016, was issued by the Registrar of Companies, Karnataka at Bangalore. Upon the conversion of the company into a public limited company, pursuant to a Board resolution dated June 18, 2024 and a shareholders’ resolution dated June 21, 2024, the name of the company was changed to ‘Ather Energy Limited’, and a fresh certificate of incorporation dated August 27, 2024 was issued by the Registrar of Companies, Central Processing Centre.

Ather Energy is a pioneer in the Indian electric two-wheeler (E2W) market. The company is a pure play EV company that sells E2Ws and the associated product ecosystem, comprised of its software, charging infrastructure and smart accessories, all of which are conceptualised and designed by it in India. Other than battery packs which are manufactured in-house and portable chargers and motors which are designed and manufactured by its suppliers, other key E2W components, such as motor controllers, transmissions, vehicle control units, dashboards, DC-DC converters, harnesses, and chassis are designed in-house and outsourced to suppliers for manufacturing. It developed all components of the Atherstack software that powers its products in-house. The company was founded by Tarun Sanjay Mehta and Swapnil Babanlal Jain in 2013, with a focus on product and technology development in India in order to build an E2W ecosystem. 

It builds products with a focus on quality and user experience. Its products are positioned at a premium price in their respective segments. It launched its first product, the Ather 450, in June 2018. With the Ather 450, it introduced connected features through a 3G SIM card, touchscreen dashboard, aluminium chassis and cloud integration for the first time in the E2W industry in India. It was also the first E2W to offer a top speed of 80 kmph, comparable to internal combustion engine (ICE) scooters and had the highest top speed among E2Ws in India in 2018. Its current E2W portfolio comprises two product lines - the Ather 450 line, which caters to customers seeking performance scooters, and the Ather Rizta line, which is targeted at customers seeking convenience scooters for their family.

The company’s E2Ws are complemented by its product ecosystem which comprises charging infrastructure, accessories and the Atherstack, its in-house developed software that powers its products. It was the first two-wheeler (2W) OEM to establish a 2W fast charging network, the Ather Grid, in India. The company’s software, the Atherstack, introduced industry-first connected features such as Over-The-Air (OTA) updates and ride statistics on the Ather app. It has a vertically integrated approach to the design of its products and key technologies. This integrated approach is applicable to both its hardware and software, and has enabled it to pioneer several EV technological advancements. Through this approach towards design, it seeks to establish new standards for performance, efficiency and user experience in the E2W market.

Business area of the company

The company is in the business of manufacturing and selling of electric scooters, selling of software enabled services, spares, accessories, merchandise, charger infrastructure & usage charges and related research & development.

Products of the company 

  • Ather 450
  • Ather Rizta

Awards, accreditations and recognition

  • 2016: Recognised as ‘Best on Campus’ at ET Startup Awards.
  • 2016: Recognised as ‘Most Promising Start-up Impacting Automotive’ at IoTNext 2016 Awards by India Electronics and Semiconductor Association.
  • 2018: The Ather 450 received the ‘Black Elephant’ award at the 2018 Kyoorius Design Awards. 
  • 2018: Ather space received the ‘Blue Elephant’ award for retail design at the 2018 Kyoorius Design Awards. 
  • 2018: The Ather 450 received the ‘Blue Elephant’ award for consumer product design at the 2018 Kyoorius Design Awards. 
  • 2018: The Ather 450 received the ‘Electric Powertrain of the Year - 2W’ award at the India Automotive Technology and Innovation Awards. 
  • 2018: The Ather 450 was recognised as ‘Scooter of the Year’ by the 3rd ASSOCHAM Auto Forum & Awards. 
  • 2018: The Ather 450 was recognised as ‘Two-Wheeler Design of the Year’ by the 3rd ASSOCHAM Auto Forum & Awards.
  • 2020: Received an award for ‘Excellent Contribution in the Field of Patents’ at the Fox Asia Health, Education & IPR (Conference & Awards) by Social Talks.
  • 2021: Received certificate of achievement of ‘Excellence in Culture Evolution’ from CHRO Vision and Innovation Summit & Awards 2021. 
  • 2021: Received the following awards from CarandBike: ‘Scooter of the Year’ for the Ather 450X; First runner-up of the ‘Two-Wheeler of the Year’ for the Ather 450X; ‘EV Two-Wheeler of the Year’ for the Ather 450X; and ‘Viewer’s Choice Award from Best Scooter’.
  • 2021: The Ather 450X was recognised as the ‘Best of 2021’ by autoX. 
  • 2021: The Ather 450X was recognised as the ‘Winner - Electric Two-Wheeler of the Year’ in the TopGear India Awards 2021. 
  • 2021: The Ather 450X received the ‘Best Indian EV Two-Wheeler of the Year’ from MotorOctane. 
  • 2021: The Ather 450X received the ‘Green Two-Wheeler of the Year’ from Autocar.
  • 2022: Received an award for ‘Two-Wheeler Manufacturer of the Year’ from CarandBike Ranked 2 in the automobile industry (mid-sized category) in the AmbitionBox Best Places to Work in India Awards 2022.
  • 2024: Certified as the most preferred workplace for 2023-2024 in manufacturing by Marksmen Daily. 
  • 2024: Received an award for ‘Electric two-wheeler of the year - Ather Rizta’ from Jagran Hi Tech. 
  • 2024: Received an award for Ather Rizta, ‘CII Design Excellence Award, 2024’ in mobility design. 
  • 2024: Received an award for Ather Halo Smart Helmet, ‘Blue Elephant Award’ for wearables in the product design category at the Kyoorius Design Awards, 2024. 
  • 2024: The Ather Rizta, and the Ather Apex received ‘Good Design Award, 2024’ in the transportation category by the Chicago Athenaeum: Museum of Architecture and Design and the European Centre of Architecture Art Design and Urban Studies. 
  • 2024: The Ather Halo - Smart Helmet won the Good Design Award, 2024 in the electronics category by the Chicago Athenaeum: Museum of Architecture and Design and the European Centre of Architecture Art Design and Urban Studies. 
  • 2024: Received an award for Ather Rizta and Ather Apex, ‘German Design Award for Excellent Product Design - Motorcycles, 2024’ by the German Design Council.
  • 2024: Received an award for Ather Halo - Smart Helmet, ‘German Design Award for Excellent Product Design, 2024’ by the German Design Council. 
  • 2024: Received an award for the Ather Rizta Scooter, ‘India’s Best Design Project, 2024’ by India’s Best Design Awards. 
  • 2024: The Ather Rizta User Interface won India’s Best Design Project, 2024 by India’s Best Design Awards. 
  • 2024: The Ather Halo Smart Helmet won India’s Best Design Project, 2024 by India’s Best Design Awards. 
  • 2024: The Ather Apex website won India’s Best Design Project, 2024 by India’s Best Design Awards. 
  • 2024: Received an award for ‘India’s Best Design Project, 2024’, for the Ather mobile application redesign by India’s Best Design Awards. 
  • 2024:  Received an award for ‘India’s Best In-house Design Studio, 2024’ by India’s Best Design Awards.
  • 2025: Received an award for ‘Electric two-wheeler of the year - Ather Rizta’ by Autocar Awards, 2025. 
  • 2025: Ather Rizta received an award for 2025 Scooter from Acko Drive Awards.

History and milestones

  • 2013: Founded by Tarun Sanjay Mehta and Swapnil Babanlal Jain. 
  • 2018: Launch of Ather 450 Launch of its first experience center and charging infrastructure. 
  • 2020: Launch of Ather 450X. 
  • 2021: Commenced operations at the first facility in Hosur factory. 
  • 2022: Commenced operations at the second facility in Hosur factory. 
  • 2023: Launch of Ather 450S. 
  • 2024: Launch of Ather 450 Apex and Rizta. 
  • 2024: Crossed cumulative sales of 341,113 E2Ws. 
  • 2024: Sub-lease of land for 95 years for setting up of Factory 3.0 in Chhatrapati Sambhajinagar, Maharashtra.

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