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Ather Energy Limited
(ATHERENERG)
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Rating:57Neutral
Price Target:
₹1,668.00
▲(1.95% Upside)
Action:Reiterated
Date:08/29/26
The score is primarily supported by strong technical uptrend signals and clear top-line acceleration with improving gross margin and better leverage. Offsetting these positives are sustained operating losses, materially negative free cash flow, and a negative P/E that reflects unresolved profitability and funding-risk concerns.
Positive Factors
Rapid Revenue Scaling
The sharp revenue increase indicates stronger product adoption and expanding commercial scale. Sustained volume growth can improve manufacturing absorption, purchasing efficiency, and distribution economics, helping Ather progress toward a more viable long-term operating model.
Negative Factors
Persistent Operating Losses
Revenue growth has not yet translated into a profitable operating model, showing that personnel, manufacturing, sales, service, and other overheads still exceed gross profit. Continued losses could delay self-funding and require additional capital before scale benefits are realized.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Scaling
The sharp revenue increase indicates stronger product adoption and expanding commercial scale. Sustained volume growth can improve manufacturing absorption, purchasing efficiency, and distribution economics, helping Ather progress toward a more viable long-term operating model.
Read all positive factors
Ather Energy Limited (ATHERENERG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹624.88B
Dividend YieldN/A
Average Volume (3M)431.81K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees1,617
SectorGeneral
Sector StrengthN/A
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-10.17
Shares Outstanding394,493,200
10 Day Avg. Volume575,187
30 Day Avg. Volume431,809
Financial Highlights & Ratios
PEG Ratio1.50
Price to Book (P/B)10.82
Price to Sales (P/S)7.58
P/FCF Ratio-63.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,850.00Price Target Upside13.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-9.59
Revenue Forecast (FY)₹59.43B
Ather Energy Limited Business Overview & Revenue Model
Company Description
Ather Energy Limited is an innovative electric vehicle manufacturer focused on the full lifecycle of electric two-wheelers, from conceptual design and engineering to market distribution, alongside an integrated product ecosystem. Its comprehensive...
How the Company Makes Money
Ather Energy primarily makes money by selling electric two-wheelers (electric scooters) to consumers through its sales and distribution channels; revenue is recognized from the vehicle sale and associated accessories or add-ons sold at purchase. I...
Ather Energy Limited Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Mar 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.44B | 36.72B | 22.55B | 17.51B | 17.80B | 4.08B |
| Gross Profit | 3.99B | 1.20B | -2.28B | 836.00M | 1.56B | 225.00M |
| EBITDA | -1.47B | -2.62B | -5.33B | -8.27B | -6.89B | -2.56B |
| Net Income | -3.90B | -5.17B | -8.12B | -10.60B | -8.64B | -3.44B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 47.22B | 21.01B | 19.14B | 19.77B | 8.19B |
| Cash, Cash Equivalents and Short-Term Investments | 24.89B | 13.75B | 4.11B | 6.54B | 3.69B | 947.00M |
| Total Debt | 0.00 | 6.64B | 7.62B | 4.78B | 6.72B | 3.65B |
| Total Liabilities | -25.73B | 21.49B | 16.04B | 13.68B | 13.63B | 5.94B |
| Stockholders Equity | 25.73B | 25.73B | 4.93B | 5.46B | 6.14B | 2.25B |
Cash Flow | ||||||
| Free Cash Flow | -1.41B | -4.39B | -11.18B | -4.34B | -10.03B | -3.36B |
| Operating Cash Flow | 770.00M | 671.70M | -7.79B | -3.18B | -8.71B | -2.64B |
| Investing Cash Flow | -17.10B | -26.47B | -4.18B | -2.54B | -1.35B | -96.00M |
| Financing Cash Flow | 23.12B | 25.81B | 8.00B | 7.10B | 13.17B | 2.69B |
Ather Energy Limited Technical Analysis
Positive
1636.10
Price Trends
674.20
Positive
667.17
Positive
Market Momentum
17.71
Negative
61.73
Neutral
65.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ATHERENERG, the sentiment is Positive. The current price of 1636.1 is above the 20-day moving average (MA) of 668.65, above the 50-day MA of 674.20, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 17.71 indicates Negative momentum. The RSI at 61.73 is Neutral, neither overbought nor oversold. The STOCH value of 65.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ATHERENERG.
Ather Energy Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ₹2.09T | 36.26 | ― | 1.07% | 28.07% | 19.24% | |
77 Outperform | ₹1.06T | 19.46 | ― | 3.49% | 25.64% | 8.11% | |
70 Outperform | ₹1.96T | 57.25 | ― | 0.29% | 30.24% | 43.76% | |
59 Neutral | ₹3.28T | 28.31 | ― | 1.27% | 36.91% | 54.76% | |
57 Neutral | ₹624.88B | -155.75 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | ₹176.94B | -9.41 | ― | ― | -49.16% | 27.66% |
* General Sector Average
IN:ATHERENERG
Ather Energy Limited
1,598.15
1,077.65
207.04%
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Ather Energy Limited Corporate Events
Ather Energy Grants 80,223 ESOPs Under 2025 Plan
Aug 3, 2026
Ather Energy Limited’s board has approved the grant of 80,223 employee stock options under its Ather Energy ESOP 2025 plan to eligible employees, with each option convertible into one equity share of face value INR 1 at an exercise price of ...
Ather Energy Issues New Shares Under ESOP, Expands Paid-Up Capital
Aug 3, 2026
Ather Energy Limited’s board has approved the allotment of 367,875 equity shares with a face value of INR 1 each to employees exercising options under the Ather Energy ESOP 2025 Plan. The newly issued shares will rank pari-passu with existin...
Ather Energy Grants New ESOPs to Strengthen Talent Alignment
Aug 2, 2026
Ather Energy Limited operates in India’s electric mobility sector, focusing on the design, manufacture, and sale of electric two-wheelers and related clean-transport technologies. The company targets urban and tech-savvy consumers seeking su...
Ather Energy Publishes AGM Notice and Annual Report for FY 2025-26
Jul 28, 2026
Ather Energy Limited has notified stock exchanges that it has dispatched the notice for its 13th Annual General Meeting along with the Annual Report for the financial year 2025-26. The company has also provided shareholders with details on e-votin...
Ather Energy Sets August 19 Virtual AGM, Publishes FY 2025-26 Report
Jul 27, 2026
Ather Energy Limited has scheduled its Thirteenth Annual General Meeting for August 19, 2026, to be conducted via video conferencing and other audio-visual means, reflecting the company’s continued use of digital channels for shareholder eng...
Ather Energy Files FY26 Audited Results With NSE and BSE
Jul 15, 2026
Ather Energy Limited has announced that its board approved the audited financial statements for the year ended March 31, 2026, at a meeting held on May 4, 2026, along with comparative figures for the previous financial year prepared under Indian a...
Ather Energy Grants Over 6.2 Lakh ESOPs Under 2025 Plan
Jun 23, 2026
Ather Energy Limited has granted 624,630 employee stock options under its Ather Energy ESOP 2025 plan, following approval by the Nomination and Remuneration Committee on June 23, 2026. The options, each convertible into one equity share with a fac...
Ather Energy Schedules Mumbai Investor and Analyst Meetings for Late June
Jun 21, 2026
Ather Energy Limited has announced that it will hold a series of one-on-one and group meetings with investors and analysts in Mumbai from June 24 to June 26, 2026, conducted in both physical and virtual formats. The company emphasized that discuss...
Ather Energy Expands Share Capital with ESOP Equity Allotment
May 30, 2026
Ather Energy Limited has allotted 138,434 equity shares with a face value of INR 1 each to eligible employees who exercised stock options under the Ather Energy ESOP 2025 Plan. The new shares will rank pari passu with existing equity, reflecting t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.