AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 21 Sep - Ather Energy incorporated wholly owned subsidiary Ather Energy Hong Kong Limited on September 21, 2026.
Source: Bse
Ather Energy Limited (ATHERENERG)
Small CapAuto stocks · Small cap · NSE
Ather Energy Limited is an Indian electric two-wheeler manufacturer. The company focuses on EV scooter production, supported by its proprietary charging infrastructure (Ather Grid) and a growing network of experience and service centers. It recently launched new models and is expanding manufacturing capacity.
Data qualityVerify one data layerQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result03 Aug, 08:43 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage7/14 · 50%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 -7.4% / mo · MACD +
Stock trend: 52
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ATHERENERGD candles · FIT view+65.2%Latest close ₹1459.00 on 2026-10-19
Bar
-0.7%
RSI
47
MACD hist
2.03
52W pos
75%
2026-10-19O ₹1470.00H ₹1501.00L ₹1455.30C ₹1459.00Vol 19.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ATHERENERGNifty AutoNifty 500
- ATHERENERG
- +12.5%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +18.1 pp
Chart stats
19 Oct 2026- From 52W high
- -16.3%
- 52W range position
- 75%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.57x
- Avg traded value
- ₹471 Cr
- 20D price channel
- ₹1,368.6 - ₹1,628.2
₹1,744
₹582.1 - ₹1,744
₹58.4
Latest completed session
20-session average
36.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED7
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,217 Cr | NDF | +3.6% |
| EBITDA | ₹-33 Cr | +75.4% | +52.9% |
| Operating margin | -2.7% | +1830 bps | +330 bps |
| PAT | ₹-51 Cr | NDF | NDF |
| PAT margin | -4.2% | +2341 bps | +432 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- —
- EV/EBITDA
- —
- Market Cap
- 58199.00Cr
Profitability
- ROE
- —
- ROCE
- —
- ROA
- —
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- -4.98×
- Altman Z
- 0.00
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- -13.51
Shareholding
- Promoter Hold
- 42.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,672
Net Profit
₹ CrLatest: -517
Return on Equity
%No data
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 47. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~8.0% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 16% off 52W high · 151% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
98
RS percentile
Stage 2 UptrendEstablished S2
1M return
-11.0%
3M return
+12.5%
6M return
+61.1%
1Y return
+98.1%
RS 1D
0
RS 20D
-1
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is 24.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +9.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 observed by
01 Jan 2026
S2 age
206 trading sessions
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 278.47+0.28%
RS vs Nifty 500278
Valuation & peers
U-Score 7 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 7 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth0/25
Quality0/20
Balance Sheet5/15
Cash Flow0/10
Piotroski
2/9 (+0)
Penalties
0
Raw sum
7
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
7/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 5/15 to the score.
- Valuation contributes 2/30 to the score.
- Growth contributes 0/25 to the score.
Main drags
- Altman Z is 0.0, in distress territory.
- Growth is weaker at 0/25; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
—
PB
—
EV/EBITDA
—
ROE
—
ROCE
—
FCF Yield
—
Debt/Equity
0.0
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
7
Previous: 7
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
7
7
7
7
7
7
7
7
7
7
7
7
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
7.4
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
OLAELEC
Small
Ola Electric Mobility Limited
Auto Components
match 173
10
—
-43.2%
—
OVERVALUED
TUNWAL
SME
Tunwal E-Motors Ltd.
Auto Components
match 152
52
12.4
10.7%
+48%
FAIR VALUE
ARE&M
Small
Amara Raja Energy & Mobility Limited
Auto Components
match 142
37
18.6
7.2%
-148%
WATCHLIST
EXIDEIND
Mid
Exide Industries Limited
Auto Components
match 136
29
33.9
6.0%
-308%
OVERVALUED
UNOMINDA
Large
UNO Minda Limited
Auto Components
match 134
47
52.8
19.3%
-35%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T22:53:18.146Z
Management commentary snapshot
Ather Energy reports strong Q4 FY26 and FY26 performance with significant volume growth, market share gains, and substantial EBITDA margin improvement, though still negative.
Ather demonstrates robust execution in volume growth and market penetration, doubling its experience centers and gaining significant market share. The substantial improvement in EBITDA margin, despite remaining negative, indicates progress towards profitability. However, the impact of commodity price inflation on future margins warrants close monitoring.
Current business mix
Revenue Mix
Latest issuer-disclosed distribution across 2 reported categories.
Sale of Vehicles87.0%
Sale of Non-Vehicles13.0%
Growth engines
Network Expansion
700 Experience Centres as on Mar’26, a 2x increase YoY (+349 additions). Network doubled in one year.
New Product Launches
High Range 450 & Rizta launched. Over 2.5 lakh Rizta units sold as on Mar’26 (within 21 months of launch).
EL-Scooter Platform
Designed to meet diverse needs, enabling growth in mass premium market, expanding TAM and margins.
Charging Infrastructure
6,000+ charging points as on Mar’26 (+1,143 added in FY26). Charging sessions grew 2.2x YoY.
Capacity and execution
Factory 3.0
Total capacity of 10 lakh units (5 lakh in Phase-I & 5 lakh in Phase-II). Phase-I commences in Q3 FY27.
Tailwinds
EV Industry Momentum
EV category searches surged 140% from Q1 to Q4 FY26. Strong industry volume growth of 35% in last 2 quarters.
Brand Health Improvement
YoY growth in Awareness +100%, Consideration +31%, Preference +50% in FY26. #1 searched EV brand in Q4 FY26.
Charging Standardization
Ather leads LEAF consortium, building one standard for all E2W charging, tackling network fragmentation.
Headwinds
Commodity Price Inflation
Near-term headwinds with +103% rise in precious metals price and +41% rise in aluminium & non-ferrous metals price from Q1 FY26 to Q4 FY26.
Risk radar
Commodity Price Volatility
Global input cost volatility drove a sharp increase in battery pack costs towards the end of FY26, pressuring gross margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth and overall financial improvement, especially for a rapidly expanding company. QoQ comparison is important to track sequential momentum in sales, market share, and margin trends, reflecting recent operational performance and market dynamics.
Sector KPIs management disclosed
Units Sold (Wholesale)
Q4 FY26: 83K units (+76% YoY | +23% QoQ). FY26: 263K units (+69% YoY).
Market Share
Q4 FY26: 18.6% (+1,100 bps vs Q1 FY25). FY26: 17.4%.
Revenue from Operations per Unit
Q4 FY26: INR 140,817. FY26: INR 121,386 (vs INR 128,295 in FY25).
Adjusted Gross Margin %
Q4 FY26: 25% (+700 bps YoY | +0 bps QoQ). FY26: 24% (+500 bps YoY).
Management forward view
Distribution & Market Presence
Management aims to deepen distribution and expand market presence across India, leveraging EC additions.
EL Platform Strategy
The EL platform is expected to expand the Total Addressable Market (TAM) and improve margins.
Manufacturing & Vertical Integration
Factory 3.0 in AURIC will boost EL scooter capacity and enable vertical integration for battery, scooter, transmission, painting, and electronics assembly.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | (2.5%) in Q4 FY26 | Continued improvement towards sustained profitability. |
| Market Share | 18.6% in Q4 FY26 | Sustained gains across all regions, particularly in Middle and Rest of India. |
| Factory 3.0 Phase-I Commencement | Targeted Q3 FY27 | Timely commissioning and efficient ramp-up of the 5 lakh unit capacity. |
| COGS per Unit | INR 108,497 in Q4 FY26 (-9% YoY) | Ability to maintain cost reduction trajectory despite commodity price headwinds. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 21st percentile within Auto. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
39 docs text-extracted · 10 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Auto: 21st pctile, median 74 · Small: 40th pctile, median 66
Evidence depth
Financial-only
39 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
82
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
80
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.5%.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸OPM spread across recent quarters is 22.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ather Energy Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Sep - The Board of Ather Energy Limited have vide circular resolution passed on September 01, 2026, alloted 4,84,551 ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform you that the Company will be participating in the investors …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform you that the Company will be participating in the investors …
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform you that the Company will be participating in the investors …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Copies of the newspaper advertisement relating to the Corrigendum to the Notice of Extraordinary General Meeting (EGM) of the Company published today, August ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform you that the Company will be participating in the investors …
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 4h - Copies of the newspaper advertisement published today, July 23, 2026 in Financial Express (English Newspaper) and Vishwavani (Kannada Newspaper) for the attention ....
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 2d - Copies of the newspaper advertisement published today i.e July 21, 2026 in Financial Express (English Newspaper) and Vishwavani (Kannada Newspaper), confirming ....
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Allotment 2d - Ather Energy allotted 1,08,15,307 shares via QIP at ₹1,202, raising about ₹1,300 crore on July 20, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.