NSE: ATHERENERG · BSE: 544397
ATHER ENERGY LIMITED
Designs, manufactures and sells electric two-wheelers in India under the Ather brand, reporting FY26 revenue of Rs 3,671.76 crore, up about 63% year-on-year, against a net loss of Rs 517.17 crore. The portfolio is split between the Rizta family scooter, which now accounts for roughly 75% of volumes, and the older 450 platform; the company is also preparing a third, lower-cost platform called EL targeting the Rs 1–1.25 lakh mass-market segment, scheduled to launch before the end of FY27. Vehicles are sold through a retail network that doubled from 351 to 700 stores in FY26, with 75% of new outlets opened through existing dealers. A subscription-style accessory and connectivity bundle called Pro-Pack is attached to 93% of Q4 FY26 unit sales, generating recurring revenue. The biggest cost line is materials at 76.5% of revenue (battery cells, motors, electronics), with employee cost at 13.1% and other operating expenses at 19.1%; depreciation adds another 4.7%. Current manufacturing capacity of 35,000 units a month is supply-constrained, and the AURIC Phase 1 facility is expected to add 42,000 units a month of incremental capacity by Q4 FY27. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Rizta electric scooter, 450 platform electric scooter, Pro-Pack and accessories, EL platform scooter (upcoming). Loss-making but scaling electric two-wheeler manufacturer with improving unit economics (Q4 FY26 EBITDA loss near -2%, narrowed ~2000 bps year-on-year).
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 1,217 |
| Profit before tax | (51) |
| Net profit | (51) |
| EPS (₹) | (1.33) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED | 2,90,401 | 24.7 | 7.22 | 20.4 | 26.3 | 23.1 | 17.8 | 24.1 |
| EICHER MOTORS LTD | 1,96,679 | 34.0 | 7.84 | 27.3 | 22.0 | 23.2 | 21.8 | 31.0 |
| TVS MOTOR COMPANY LTD | 1,94,173 | 56.6 | 18.13 | 26.5 | 29.7 | 19.9 | 23.6 | 15.4 |
| HERO MOTOCORP LIMITED | 1,04,422 | 19.2 | 4.79 | 13.1 | 26.5 | 29.9 | 8.9 | 16.8 |
| ATHER ENERGY LIMITED ◆ | 64,131 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 16,560 | — | 4.94 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited | 2,157 | 67.8 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 99 | 46.9 | 0.66 | 9.0 | 1.3 | 1.8 | — | 6.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| EBITDA margin | 0.8 | 15.4 | 6 of 7 | 17% |
| Market cap | 64131 | 64131 | 5 of 9 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Ather Energy publishes September 2026 quarter results; revenue rises to Rs 836 crore | compliance | minimal | — | — |
| 26 Oct 2026 · No deviations in fund use; Factory 3.0 start shifts to December 2026 | compliance | minimal | — | — |
| 26 Oct 2026 · Ather Energy provides Q2 FY27 earnings call audio | investor communications | low | — | — |
| 26 Oct 2026 · Q2 FY27 sales up 42%, margins improve sharply | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 FY27 income rises 62% as Ather returns to quarterly profit | compliance | low | — | — |
| 26 Oct 2026 · Ather Energy approves INR 122 crore capacity expansion | capex operations | high | — | — |
| 26 Oct 2026 · September 2026 quarter revenue jumps 63% as Ather posts a small profit | results | high | — | — |
| 26 Oct 2026 · Ather Energy Q2 turns profitable as sales jump and factory expansion is approved | results | high | — | — |
| 23 Oct 2026 · Ather Energy allots 168,340 shares under ESOP 2025 Plan | capital market events | low | — | — |
| 16 Oct 2026 · Ather Energy Q2FY27 earnings call on October 26 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.