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10 Yrs X-Ray 
Valuation 
Analyst Note 
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Financials 
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About
Ather Energy Ltd (ATHERENERG)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544397 NSE: ATHERENERG Automobile Two & Three Wheelers | Mid Cap | Ather Energy Share Price
₹1,610 60.00 (3.87%)
As on 18-Sep'26 16:59
Ather Energy Ltd (ATHERENERG)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544397 NSE: ATHERENERG Automobile Two & Three Wheelers | Mid Cap | Ather Energy Share Price
₹1,610 60.00 (3.87%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹63,853 Cr.
Current Price
₹1,610
52-Week Low / High
₹535 / 1,742
TTM EPS
-
TTM Sales
-
Book Value per Share
-
P/E Ratio
Industry PE
32.3
Price to Book (P/B)
Price to Sales (P/S)
EV/EBITDA
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
%
Return on Capital Employed (ROCE)
%
Return on Assets (ROA)
%
Operating Profit Margin
0%
Net Profit Margin
-%
Gross Profit Margin
0%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
62.83%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
40.72%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
-
Equity
₹39.7 Cr.
Face Value
₹1
All Time Low / High
₹287.30 / 1741.90
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Strong
Is Ather Energy Ltd a good quality company?
Ather Energy Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Ather Energy Ltd performance compare with that of its Peers?
Revenue growth of Ather Energy Ltd vs industry peers?
Ather Energy Ltd revenue CAGR is %, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Ather Energy Ltd?
Promoters hold 40.72% of the Ather Energy Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Ather Energy Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 175.5% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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 ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -10% | -14.9% | -35.6% | -52.3% | -42% | -56.7% | -98.6% | -99.1% | -77.8% | -21.6% | - |
| Value Creation Index ⓘ | -1.9 | -2.3 | -4.2 | -5.7 | -4.7 | -6.0 | -9.8 | -9.8 | -6.6 | -2.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 4.2 | 35.3 | 79.8 | 409 | 1,781 | 1,754 | 2,255 | 3,672 | 4,244 |
| Sales YoY Gr. | - | NA | NA | 732.6% | 126.1% | 412.4% | 335.5% | -1.5% | 28.6% | 62.8% | - |
| Adj EPS ⓘ | -176 | -394.3 | -1,173.1 | -2,407.6 | -2,527 | -3,737 | -9,421 | -10,205 | -27.9 | -13.3 | -9.8 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 2,663.6 | 2,495.4 | 2,740.4 | 2,709.5 | 3,929.5 | 0 | 180.1 | 0 | 10.5 | 64.1 | 98.4 |
| Adj Net Profit ⓘ | -16.2 | -36.2 | -108 | -221 | -232 | -343 | -864 | -936 | -810 | -508 | -390 |
| Cash Flow from Ops. ⓘ | -23.6 | 13.9 | -138 | -182 | -140 | -228 | -871 | -268 | -721 | 31.9 | - |
| Debt/CF from Ops. ⓘ | 0 | 0.8 | -0.5 | -1 | -1.2 | -1.3 | -0.6 | -1.2 | -0.6 | 16.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 115.1% | 27.3% | 62.8% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | -33.9% | -56.1% | -29.1% | 508.8% | ||||
| Share Price | - | - | - | 175.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -10 | -15.3 | -44.8 | -88 | -74 | -114.1 | -206.1 | -161.5 | -155.9 | -33.2 | -12.1 |
| Op. Profit Mgn % ⓘ | 0 | 0 | -2287.3 | -524.4 | -221.7 | -62.6 | -39 | -39.1 | -25.6 | -11 | -7.2 |
| Net Profit Mgn % ⓘ | 0 | 0 | -2539.4 | -625.7 | -290.5 | -83.8 | -48.5 | -53.4 | -35.9 | -13.8 | -9.2 |
| Debt to Equity ⓘ | 0 | 0.1 | 0.3 | 0.7 | 0.5 | 1.6 | 0.9 | 0.7 | 1.5 | 0.2 | - |
| Working Cap Days ⓘ | 0 | 0 | 6,576 | 1,289 | 890 | 215 | 122 | 152 | 111 | 147 | 149 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 482 | 133 | 113 | -6 | -6 | -25 | -36 | -39 | 90 |
Valuation of Ather Energy - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
No data found!
No data found!
No data found!
No data found!
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Ather Energy Ltd FAQs
The current trading price of Ather Energy on 18-Sep-2026 16:59 is ₹1,610.
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 17-Sep-2026 the market cap of Ather Energy stood at ₹63,853.2 Cr
The latest P/E ratio of Ather Energy as of 17-Sep-2026 is 0.00.
The latest P/B ratio of Ather Energy as of 17-Sep-2026 is 16.36.
The 52-week high of Ather Energy is ₹1,741.9 and the 52-week low is ₹535.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ather Energy is ₹4,244 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ather Energy Ltd is a below average quality company.
The key valuation ratios of Ather Energy Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
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
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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