Skip to main content
Swing Capital

Ather Energy Ltd

NSE: ATHERENERG BSE: 544397IT / Software

Incorporated in 2013, Ather Energy ltd is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems[1]

₹914
52W: ₹301 — ₹989
PE 0 · Book ₹67.2 · +1260% vs book
Market Cap₹34,987 Cr
Stock P/E—Price to Earnings
ROCE19.8%Return on Capital
ROE33.4%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is expected to give good quarter

Weaknesses

  • −Stock is trading at 13.6 times its book value
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of -84.0% over last 3 years.
  • −Working capital days have increased from -25.5 days to 115 days

Shareholding Pattern

Promoters40.76%
FIIs17.21%
DIIs28.97%
Public13.03%
CategoryJun 2025Sep 2025Dec 2025Mar 2026
Promoters42.09%41.22%▼0.940.86%▼0.440.76%▼0.1
FIIs24.07%23.61%▼0.517.45%▼6.217.21%▼0.2
DIIs24.01%23.6%▼0.428.1%▲4.528.97%▲0.9
Public9.82%11.58%▲1.813.58%▲2.013.03%▼0.6

Financial Statements

MetricMar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales5233605846356766458999541,175
Expenses7624897237768487791,0311,0261,244
Operating Profit-238-128-139-141-172-134-132-72-70
OPM %-46%-36%-24%-22%-25%-21%-15%-8%-6%
Net Profit-283-183-197-198-234-178-154-85-100
EPS ₹-24720.77-61.17-64.01-64.21-8.06-4.78-4.05-2.22-2.62

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,672Cr, up 62.8% YoY. OPM at -11%.

Debt Position

Borrowings at ₹664Cr. Debt-to-equity ratio: 0.26x. Healthy balance sheet.

Capex Cycle

CWIP at ₹103Cr (12% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 28.97% (+4.96pp change). FIIs: 17.21% (-6.86pp change). Promoters hold 40.76%.

Margin & Efficiency

ROCE declining from 0% (Mar 2020) to -20% (Mar 2026). Working capital days: 115.

Recent Announcements