Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Ather Energy Ltd.
NSE: ATHERENERGConsumer CyclicalAuto Manufacturers
- Last close
- ₹1,380.00
- Day change
- −₹45.30 (−3.18%)vs
- Market cap
- ₹58,318 crIndian rupees
- Research updated
- 2 reports
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About Ather Energy
Ather Energy Limited is a pioneering Indian electric vehicle manufacturer specializing in electric two-wheelers. Founded in 2013 and headquartered in Bengaluru, the company designs, develops, and assembles electric scooters such as the Ather 450X, Ather 450S, Ather Rizta, and the Ather 450 Apex. Ather’s vehicles are recognized for their integration of smart technology, with connected features that enhance urban mobility experiences. The company has also established the Ather Grid, one of India’s fastest-growing electric vehicle charging networks, supporting its vision of a comprehensive ecosystem for clean and efficient personal transportation. In addition to hardware innovation, Ather Energy invests in in-house battery pack development and supporting software systems, underscoring its commitment to indigenous design and local manufacturing. Ather Energy plays a significant role in the transition toward electric mobility in India, impacting the automobile sector and accelerating adoption of sustainable transport solutions nationwide.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: ATHERENERG
- Next results
- Chief executive
- Mr. Tarun Sanjay Mehta
- Employees
- 1,617
- Headquarters
- Bengaluru, India
- ISIN
- INE0LEZ01016
- Website
- atherenergy.com
Public research · Report of
Business model & financial foundation
Ather Energy (NSE: ATHERENERG), Electric two-wheelers: revenue of ₹3,672 crore in FY26 (+62.8% on FY25), an EBITDA margin of -11.1%, net profit of ₹-517.2 crore and net cash of ₹1,918 crore.
- Revenue, FY26 (₹ crore)
- 3,672
- consolidated
- Revenue growth, FY26
- +62.8%
- on FY25
- EBITDA margin, FY26
- -11.1%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- -517.2
- to owners
- Return on equity, FY26
- -33.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,918
- Net debt including leases, gross treasury offset
- Market capitalisation (₹ crore)
- 59,305
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Ather Energy Limited |
| Exchange and ticker | NSE: ATHERENERG; BSE: 544397 |
| ISIN | INE0LEZ01016 |
| CIN | L40100KA2013PLC093769 |
| Sector | Consumer Cyclical |
| Industry | Electric two-wheelers |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells |
| Market capitalisation | ₹59,305 crore (15 Oct 2026) |
| Shares outstanding | 38.27 crore shares (FY26) |
| Price | ₹1,467 (close, 15 Oct 2026) |
| 52-week range | ₹582.0 - ₹1,744 (to 15 Oct 2026) |
| Website | https://www.atherenergy.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ather Insurance Limited | 100% | Insurance distribution; incorporated 27 May 2026 |
| Ather Energy Hong Kong Limited | 100% | Procurement and APAC support; incorporated 21 September 2026 |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 40.86% | 40.77% | 40.72% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 17.45% | 17.21% | 16.23% | |
| Domestic institutions | 28.10% | 28.97% | 29.28% | |
| of which mutual funds | 18.04% | 20.45% | 20.33% | |
| Retail | 13.58% | 13.03% | 13.76% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Ather designs, assembles and sells electric scooters (450 series, Rizta and, since 29 Aug 2026, lower-priced Konarc on the EL platform) through dealer-run experience centres; it also sells software, accessories, parts and services. Revenue from operations rose from INR1,753.8cr in FY24 to INR3,671.8cr in FY26. Wholesale units and realised revenue per unit determine revenue; battery/commodity costs, dealer network, capacity and fixed-cost absorption determine margins. Ather controls vehicle design, software and assembly, but not cells, magnets, the subsidy or dealer capital.
| Peer | Why the dossier compares them |
|---|---|
| Ola Electric Mobility (OLAELEC) | |
| TVS Motor Company (TVSMOTOR) | |
| Bajaj Auto (BAJAJ.AUTO) | Chetak electric scooter competitor; profitable diversified manufacturer. |
| Hero MotoCorp (HEROMOTOCO) | Vida competitor and significant Ather shareholder; mature ICE group. |
| Eicher Motors (EICHERMOT) | Premium two-wheeler franchise and capital efficiency reference, not direct electric scooter peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 408.5 | 1,780 | 1,754 | 2,255 | 3,672 |
| Cost of revenue (vendor classification) * | 386.0 | 1,623 | 1,668 | 2,924 | |
| Other operating costs (vendor classification) * | 157.9 | 499.7 | 380.4 | 634.6 | |
| EBITDA (vendor classification) * | -256.0 | -690.6 | -662.4 | -285.8 | |
| EBIT * | -304.2 | -801.5 | -973.7 | -446.7 | |
| Finance costs | 39.9 | 63.0 | 89.0 | 110.6 | 82.2 |
| Profit before tax | -344.1 | -864.5 | -1,060 | -812.3 | -517.2 |
| Tax expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit after tax | -344.1 | -864.5 | -1,060 | -812.3 | -517.2 |
| Diluted EPS, INR per share | -9.24 | -23.21 | -47.00 | -32.24 | -13.99 |
| Materials, traded purchases and inventory change | 1,632 | 1,877 | 2,898 | ||
| Employee benefits expenses | 369.2 | 412.4 | 481.6 | ||
| Other expenses | 437.5 | 546.7 | 700.9 | ||
| Operating EBITDA excluding other income | -684.7 | -580.9 | -408.4 | ||
| Other income | 35.3 | 50.2 | 151.3 | ||
| Depreciation and amortisation | 146.7 | 171.0 | 172.9 | ||
| Exceptional items, signed profit impact | -174.6 | 0.00 | -5.04 | ||
| PAT attributable to owners | -1,060 | -812.3 | -517.2 | ||
| Company EBITDA including other income | -649.4 | -530.6 | -257.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 224.9 | 613.7 | 545.9 | 493.0 | 2,573 |
| Total borrowings including lease liabilities | 364.9 | 671.6 | 477.7 | 619.2 | 664.2 |
| Cash and cash equivalents, balance-sheet line | 57.4 | 82.6 | 227.9 | 69.8 | 111.9 |
| Trade receivables, net | 1.00 | 1.20 | 1.60 | 11.8 | 8.30 |
| Inventories | 60.7 | 257.4 | 116.7 | 244.6 | 281.6 |
| Trade payables | 120.9 | 383.7 | 402.7 | 560.9 | 830.0 |
| Net property, plant and equipment | 5.40 | 13.9 | 187.1 | 267.4 | 307.3 |
| Capital work in progress, tangible | 12.4 | 4.90 | 0.00 | 5.67 | 102.6 |
| Total assets | 818.6 | 1,977 | 1,914 | 2,101 | 4,722 |
| Gross treasury investments and term deposits | 512.1 | 352.1 | 2,470 | ||
| Net debt including leases, gross treasury offset | -262.3 | 197.3 | -1,918 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | -368.0 | -1,358 | -267.6 | -720.7 | 31.9 |
| Cash purchases PPE, intangibles and development assets | 0.00 | 2.00 | -115.9 | -339.0 | -506.1 |
| Free cash flow (vendor definition) * | -300.6 | -1,003 | -383.5 | -474.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual equity shares at period end, crore | 37.25 | 37.25 | 0.01 | 29.06 | 38.27 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 583.5 | 634.9 | 676.1 | 644.6 | 898.9 | 953.6 | 1,175 | 1,217 |
| Cost of revenue (vendor classification) * | 484.7 | 531.0 | 518.1 | 730.1 | 744.4 | 905.1 | 977.4 | |
| Other operating costs (vendor classification) * | 128.3 | 137.9 | 142.2 | 187.3 | 158.8 | 212.6 | 154.6 | |
| EBITDA (vendor classification) * | -124.0 | -125.5 | -106.0 | -90.7 | -29.9 | -30.5 | 9.45 | |
| EBIT * | -166.6 | -169.2 | -154.1 | -133.3 | -65.3 | -82.3 | -29.5 | |
| Finance costs | 30.6 | 28.6 | 28.5 | 24.1 | 20.8 | 19.3 | 18.0 | 21.6 |
| Profit before tax | -197.2 | -197.8 | -234.4 | -178.2 | -154.1 | -84.6 | -100.2 | -51.1 |
| Tax expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit after tax | -197.2 | -197.8 | -234.4 | -178.2 | -154.1 | -84.6 | -100.2 | -51.1 |
| Diluted EPS, INR per share | -8.00 | -7.95 | -8.93 | -5.23 | -4.11 | -2.22 | -2.62 | -1.33 |
| Materials, traded purchases and inventory change | 484.7 | 531.0 | 563.8 | 518.1 | 730.1 | 744.4 | 905.1 | 977.4 |
| Employee benefits expenses | 109.9 | 106.7 | 109.1 | 118.6 | 114.0 | 122.4 | 126.6 | 118.2 |
| Other expenses | 128.3 | 137.9 | 175.5 | 142.2 | 187.4 | 158.8 | 212.6 | 154.6 |
| Operating EBITDA excluding other income | -139.4 | -140.7 | -172.3 | -134.3 | -132.6 | -71.9 | -69.6 | -33.3 |
| Other income | 15.4 | 15.2 | 11.7 | 28.3 | 41.8 | 42.1 | 39.1 | 42.7 |
| Depreciation and amortisation | 42.6 | 43.7 | 45.2 | 48.1 | 42.5 | 30.4 | 51.8 | 39.0 |
| Exceptional items, signed profit impact | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -5.04 | 0.00 | 0.00 |
| PAT attributable to owners | -197.2 | -197.8 | -234.4 | -178.2 | -154.1 | -84.6 | -100.2 | -51.1 |
| Company EBITDA including other income | -124.0 | -125.5 | -160.6 | -106.0 | -90.8 | -29.8 | -30.5 | 9.45 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 335.6% | -1.4% | 28.6% | 62.8% | |
| EBITDA margin | -39.0% | -25.8% | -11.1% | ||
| Net margin | -60.4% | -36.0% | -14.1% | ||
| Return on equity | -182.8% | -156.4% | -33.7% | ||
| Return on capital employed | -51.6% | -85.5% | -84.3% | -20.5% | |
| Return on assets | -54.5% | -40.5% | -15.2% | ||
| Net debt (₹ crore) | -262.3 | 197.3 | -1,918 | ||
| Net debt / EBITDA | 0.38x | -0.34x | 4.70x | ||
| Interest cover | -7.62x | -12.7x | -10.9x | -5.43x | |
| Asset turnover | 0.50x | 1.27x | 0.90x | 1.12x | 1.08x |
| Receivable days | 1 | 0 | 0 | 2 | 1 |
| Inventory days (on revenue) | 54 | 53 | 24 | 40 | 28 |
| Payable days (on revenue) | 108 | 79 | 84 | 91 | 83 |
| Cash conversion | 0.25x | 0.89x | -0.06x | ||
| Capex intensity | 0.0% | 0.1% | 6.6% | 15.0% | 13.8% |
| Free cash flow (₹ crore) | -368.0 | -1,360 | -383.5 | -1,060 | -474.2 |
| EPS, diluted (₹) | -9.24 | -23.21 | -47.00 | -32.24 | -13.99 |
| Book value per share (₹) | 6.04 | 16.48 | 47,652 | 16.96 | 67.23 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases, gross treasury offset; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS, INR per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Ather Energy includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Ather Energy
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