ATHERENERG
Small CapAther Energy Limited
Auto
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 55/100Rev +74% YoY · margin expansion · +23% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,175 Cr | +73.8% | +23.2% |
| EBITDA | ₹-70 Cr | +59.3% | +2.8% |
| Operating margin | -6.0% | +1900 bps | +200 bps |
| PAT | ₹-100 Cr | NDF | NDF |
| PAT margin | -8.5% | +2611 bps | +40 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
Revenue Mix
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
Commodity Price Volatility
Global input cost volatility drove a sharp increase in battery pack costs towards the end of FY26, pressuring gross margins.
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.
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.
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).
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.
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.
Trend score and candlestick chart
57NeutralSMA20 +34.6% / mo · near 52W high
Technical chart
ATHERENERGweekly · 5Y+244.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 68.
- SMA20 rising (~25.7% over last month) — short-term momentum positive.
- RSI(14) at 68 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 3% off 52W high · 237% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Growth contributes 6/25 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 24th percentile of the scored universe and 14th percentile within Auto. Main check: cash conversion is weak at 43/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 1.3%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Auto: 14th pctile, median 71 · Small: 28th pctile, median 65
31 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 1.3%.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at -19.8%.
- ▸ROE is low at -33.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 14.91
- EV/EBITDA
- —
- Market Cap
- 38398.00Cr
Profitability
- ROE
- -33.40%
- ROCE
- -19.80%
- ROA
- -10.95%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 115.00%
- EPS 5Y
- -102.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- -4.98×
- Altman Z
- 7.44
- Book Value
- 67.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 32.00 Cr
- EPS TTM
- -13.51
Shareholding
- Promoter Hold
- 40.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.