Is Ather Energy Ltd (ATHERENERG) 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 .

Is Ather Energy Ltd (ATHERENERG) 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 Undervalued zone .

What is Ather Energy Ltd (ATHERENERG) share price return in the past 10 years?

Data is not available for this company

Is Ather Energy Ltd (ATHERENERG) 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

What is the share price of Ather Energy Ltd (ATHERENERG)?

Company share prices are keep on changing according to the market conditions. The current trading price of Ather Energy Ltd (ATHERENERG) on 17-Apr-2026 16:59:59 at 16:59 is 850.65.

What is the P/E ratio of Ather Energy?

The latest standalone P/E ratio of Ather Energy as of 17-Apr-2026 is 0.00.

What is the P/B ratio of Ather Energy Ltd (ATHERENERG)?

The latest standalone P/B ratio of Ather Energy Ltd (ATHERENERG) as of 17-Apr-2026 is 12.35.

What is the 52-week high and low of Ather Energy Ltd (ATHERENERG)?

The 52-week high of Ather Energy Ltd (ATHERENERG) is Rs. 948.45 and the 52-week low is Rs. 287.30.

Ather Energy Ltd (ATHERENERG) Share Analysis – Cycle Position, Quality & Valuation Zone & DeciZen Rating

Name: Ather Energy Ltd (ATHERENERG)
Brand: Ather Energy

Key Metrics

Market Cap

₹32,552 Cr.

P/E Ratio

0.00

Price to Book (P/B)

12.35

Price to Sales (P/S)

10.26

EV/EBITDA

-82.69

Return on Capital Employed (ROCE)

-77.81%

Current Price

₹850.7

Return on Equity (ROE)

-222.73%

Return on Assets (ROA)

-40.47%

Operating Profit Margin

-25.6%

Net Profit Margin

-36.02%

Gross Profit Margin

-24.4%

Book Value per Share

₹68.9

Sales Growth (YoY)

28.58%

Sales Growth (3 Years)

76.68%

Operating Profit Growth (1 Year)

NA%

Operating Profit Growth (3 Years)

N/A%

Net Profit Growth (1 Year)

NA%

52-Week Low / High

₹287 / 948

Net Profit Growth (3 Years)

N/A%

Dividend Yield

0.00%

Promoter Holding

40.86%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Ather Energy Ltd?

Ather Energy Ltd revenue growth is 28.6% for FY-2025 , which is below its 5 year CAGR of 129.7% , indicating slower growth.

Q.1 Promoter shareholding and pledge status of Ather Energy Ltd?

Promoters hold 40.86% of the Ather Energy Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of Ather Energy Ltd vs industry peers?

Ather Energy Ltd revenue CAGR is 129.65% , compared to the industry median CAGR of 0.33% , indicating faster growth and gaining its market share.

Q.1 Which industry/sub-sector does Ather Energy Ltd belong to?

Ather Energy Ltd belongs to the Automobiles sector, operating specifically within the Automobile Two & Three Wheelers segment.

Q.1 Stock return of Ather Energy Ltd over the last decade?

Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

DeciZen - make an informed investing decision on Ather Energy

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation ⓘ

3. Price Trend

Ather Energy stock performance

Key Ratios

Is Ather Energy Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	-5.8%	-10%	-14.9%	-35.6%	-52.3%	-42%	-56.7%	-98.6%	-99.1%	-77.8%	-
Value Creation Index ⓘ	-1.5	-1.9	-2.3	-4.2	-5.7	-4.7	-6.0	-9.8	-9.8	-6.6	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	0	0	0	4.2	35.3	79.8	409	1,781	1,754	2,255	3,173
Sales YoY Gr.	-	NA	NA	NA	732.6%	126.1%	412.4%	335.5%	-1.5%	28.6%	-
Adj EPS ⓘ	-48.8	-176	-394.3	-1,173.1	-2,407.6	-2,527	-3,737	-9,421	-10,205	-27.9	-17
YoY Gr.	-	NA	NA	NA	NA	NA	NA	NA	NA	NA	-
BVPS (₹) ⓘ	842.1	2,663.6	2,495.4	2,740.4	2,709.5	3,929.5	0	180.1	0	10.5	68.9
Adj Net Profit ⓘ	-4.5	-16.2	-36.2	-108	-221	-232	-343	-864	-936	-810	-651
Cash Flow from Ops. ⓘ	-8.4	-23.6	13.9	-138	-182	-140	-228	-871	-268	-721	-
Debt/CF from Ops. ⓘ	0	0	0.8	-0.5	-1	-1.2	-1.3	-0.6	-1.2	-0.6	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	NA	129.7%	76.7%	28.6%
Adj EPS ⓘ	NA	NA	NA	NA
BVPSⓘ	-38.6%	-67.1%	NA	NA
Share Price	-	-	-	-

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	-5.8	-10	-15.3	-44.8	-88	-74	-114.1	-206.1	-161.5	-155.9	-42.9
Op. Profit Mgn % ⓘ	0	0	0	-2287.3	-524.4	-221.7	-62.6	-39	-39.1	-25.6	-16.1
Net Profit Mgn % ⓘ	0	0	0	-2539.4	-625.7	-290.5	-83.8	-48.5	-53.4	-35.9	-20.5
Debt to Equity ⓘ	0	0	0.1	0.3	0.7	0.5	1.6	0.9	0.7	1.5	-
Working Cap Days ⓘ	0	0	0	6,576	1,289	890	215	122	152	111	123
Cash Conv. Cycle ⓘ	0	0	0	482	133	113	-6	-6	-25	-37	52

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	-17	-
TTM Sales (₹ Cr.)	3,173	-
BVPS (₹) ⓘ	68.9	-
Reserves (₹ Cr.) ⓘ	2,599	-
P/BV ⓘ	12.35	-
PE ⓘ	0.00	-

From the Market
52 Week Low / High (₹)	287.30 / 948.45
All Time Low / High (₹)	287.30 / 948.45
Market Cap (₹ Cr.)	32,552
Equity (₹ Cr.)	38.3
Face Value (₹)	1
Industry PE ⓘ	33.5

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

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

Valuation of Ather Energy - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	0	0	0	4	35	80	409	1,781	1,754	2,255
Operating Expenses ⓘ +	6	20	40	101	220	259	669	2,489	2,441	2,836
Manufacturing Costs	0	1	1	3	9	10	7	43	51	45
Material Costs	0	0	0	32	82	92	384	1,595	1,632	1,877
Employee Cost	1	9	16	25	51	66	114	335	369	412
Other Costs ⓘ	5	10	23	41	78	91	164	516	389	502
Operating Profit ⓘ	-6	-20	-40	-97	-185	-179	-260	-708	-687	-581
Operating Profit Margin (%)	-	-	-	-2,287.3%	-523.0%	-224.0%	-63.6%	-39.7%	-39.2%	-25.8%
Other Income ⓘ +	2	6	9	8	14	9	5	21	38	50
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	-175	0
Interest ⓘ	0	0	1	8	24	28	41	65	89	111
Depreciation ⓘ	1	2	5	10	25	35	48	113	147	171
Profit Before Tax ⓘ	-4	-16	-37	-107	-220	-233	-344	-865	-1,060	-812
Tax ⓘ	0	0	0	0	0	0	0	0	0	0
Profit After Tax	-4	-16	-37	-107	-220	-233	-344	-865	-1,060	-812
PAT Margin (%)	-	-	-	-2,536.0%	-623.0%	-292.0%	-84.2%	-48.5%	-60.4%	-36.0%
Adjusted EPS (₹)	-48.8	-176.0	-399.0	-1,171.5	-2,408.2	-2,555.0	0.0	-302.0	0.0	-27.9
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	77	245	229	252	248	359	189	515	424	306
Share Capital ⓘ	0	0	0	0	0	0	1	1	1	29
Reserves ⓘ	77	244	229	251	247	359	189	515	423	277
Debt +	0	0	11	66	111	111	177	340	134	203
Long Term Debt	0	0	11	66	111	111	109	121	31	117
Short Term Debt	0	0	0	0	0	0	69	219	104	86
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	1	0	6	11	11	68	121	384	403	561
Others Liabilities ⓘ	1	6	13	44	149	204	331	738	952	1,031
Total Liabilities ⓘ	79	251	259	373	518	741	819	1,977	1,914	2,101
Fixed Assets
Net Fixed Assets ⓘ +	6	11	33	156	178	307	335	545	459	616
Gross Block	7	13	40	174	211	372	439	734	788	1,103
Accumulated Depreciation	1	3	7	17	33	66	105	190	329	487
CWIP ⓘ	11	30	82	40	104	47	93	37	71	122
Investments ⓘ	55	166	77	36	39	92	37	286	292	41
Inventories	0	0	0	12	18	57	61	257	117	245
Trade Receivables	0	0	0	0	0	0	1	1	2	12
Cash Equivalents	3	32	15	41	48	55	89	176	448	370
Others Assets ⓘ	5	14	53	88	132	183	204	674	526	695
Total Assets ⓘ	79	251	259	373	518	741	819	1,977	1,914	2,101

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	-8	-24	14	-138	-182	-140	-228	-871	-268	-721
PBT ⓘ	-4	-16	-37	-107	-220	-233	-344	-865	-1,060	-812
Adjustment ⓘ	-1	-1	6	36	50	92	145	370	356	385
Changes in Working Capital ⓘ	-3	-6	44	-66	-12	1	-29	-376	436	-291
Tax Paid ⓘ	0	0	0	0	0	0	-1	-1	-0	-2
Cash Flow From Investing Activity ⓘ +	-69	-128	-71	-29	-123	-143	-7	-135	-228	-378
Capex	-16	-26	-80	-72	-116	-87	-72	-130	-116	-339
Net Investments	-55	-108	8	41	0	-59	63	-24	-139	-79
Others ⓘ	2	6	0	2	-7	3	3	19	26	39
Cash Flow From Financing Activity ⓘ +	0	181	36	193	313	297	231	1,317	633	703
Net Proceeds from Shares ⓘ	0	181	21	0	220	344	0	0	901	87
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	59	37	-55	152
Interest Paid ⓘ	0	0	-0	-8	-20	-28	-39	-60	-77	-97
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0	0
Others ⓘ	0	0	15	200	113	-20	210	1,341	-136	562
Net Cash Flow ⓘ	-77	29	-21	26	8	13	-4	311	138	-396

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	-5.79	-10.04	-15.49	-44.75	-88.17	-76.97	-125.74	-245.84	-225.9	-222.73
ROCE (%)	-5.78	-10.03	-14.88	-35.62	-52.3	-41.99	-56.65	-98.57	-99.07	-77.81
Asset Turnover Ratio	0	0	0	0.01	0.08	0.13	0.55	1.28	0.97	1.31
PAT to CFO Conversion(x)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Working Capital Days
Receivable Days	0	0	0	0	0	0	1	0	0	1
Inventory Days	0	0	0	1,041	154	170	50	32	36	25
Payable Days	0	0	0	96	48	155	90	58	88	94

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Ather Energy Ltd FAQs

The current trading price of Ather Energy on 17-Apr-2026 16:59 is ₹850.6.

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 16-Apr-2026 the market cap of Ather Energy stood at ₹32,552.1 Cr

The latest P/E ratio of Ather Energy as of 16-Apr-2026 is 0.00.

The latest P/B ratio of Ather Energy as of 16-Apr-2026 is 12.35.

The 52-week high of Ather Energy is ₹948.5 and the 52-week low is ₹287.3.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ather Energy is ₹3,173 ( 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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Ather Energy Ltd (ATHERENERG) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Ather Energy Share Price