About the Company
Ather Energy Limited, founded in 2013, is a premium electric two-wheeler (E2W) company from India. It designs, manufactures, and assembles electric scooters, batteries, chargers, and smart software in-house. Their products include the Ather 450 range and the family-friendly Ather Rizta, powered by the Atherstack software with 64 connected features. Ather scooters serve both Indian cities and select international markets.
Business Highlights
- Sold over 100,000 electric scooters in FY24 and 9M FY25.
- 265 showrooms and 233 service centers in India, plus operations in Nepal and Sri Lanka.
- Manufacturing capacity of 2.66 lakh units annually from their Hosur plant.
- Holds over 500 intellectual property rights including trademarks, designs, and patents.
- Employs over 2,450 people.
Key Strengths
- Fully integrated operations from design to delivery.
- Strong tech-driven ecosystem with fast-charging Ather Grid.
- Positioned as a premium brand in the E2W market.
- Focus on cost-efficient, scalable operations.
Challenges
- Negative cash flows since inception.
- Heavy dependence on the Ather 450X model.
- High reliance on top leadership for strategic direction.
Use of IPO Proceeds
- Funding for new facilities and machinery.
- Repayment or prepayment of borrowings.
- Investment in R&D and marketing.
- General corporate purposes.
Summary of Financial Information:
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 2,172 | 1,913.5 | 1,976.8 | 818.6 |
| Revenue | 1,617.4 | 1,789.1 | 1,801.8 | 413.8 |
| Profit After Tax | -577.9 | -1,059.7 | -864.5 | -344.1 |
| Net Worth | 108 | 545.9 | 613.7 | 224.9 |
| Reserves and Surplus | 104.1 | 545.1 | 613.1 | 224.2 |
| Total Borrowing | 521.6 | 314.9 | 485.2 | 298.4 |
Comparison with Listed Peers:
| Company Name | P/E | P/B | RoE (%)* |
|---|---|---|---|
| Ather Energy Ltd | - | 90 | - |
| Hero MotoCorp Ltd | 19 | 4 | 22 |
| Bajaj Auto Ltd | 30 | 7 | 27 |
| Ola Electric Mobility Ltd | - | 4 | - |
| TVS Motor Company Ltd | 65 | 15 | 29 |
| Eicher Motors Ltd | 34 | 8 | 24 |
Key IPO Details:
- IPO Dates: 28 to 30 April, 2025
- Price Band: Rs. 304 to Rs. 321 per share
- Lot Size: 46 shares
- Issue Size: Rs. 2981.06 Crores (Fresh Issue: 2626.30 Cr.)
- Retail Quota: 10%
- Listing Date: 6th May, 2025
- GMP: Nil (for informational purposes only)
Note: For additional information & risk factors please refer to the Red Herring Prospectus
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Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.
