AE
ClosedMainboardElectric Vehicles · Electric Two-Wheelers
Ather Energy Limited
ATHERENERG·₹304 – ₹321·Opens 2025-04-28
★★★☆☆3/5
🔗 Official WebsitePrice Band: ₹304 – ₹321
Issue Size: 2980.8
About the Company
What does this company do?
Ather Energy Limited is an Indian electric two-wheeler (E2W) manufacturer incorporated in 2013. The company designs, develops and manufactures premium electric scooters and the associated ecosystem including charging infrastructure (Ather Grid) and software. It operates a manufacturing facility in Hosur, Tamil Nadu and…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
2980.8
92867945
Fresh Issue
2626
81816199
Proceeds go to company
OFS
354.8
11051746
Proceeds to selling shareholders
Reservation Structure
Products & Brands
Key offerings and brand portfolio of the company.
Ather Electric Scooters: Premium electric scooters designed and manufactured in-house, featuring connected vehicle technology, in-house battery packs and motors, supported by Ather Grid fast-charging infrastructure.
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | H1 FY26 (9M FY25 - Dec 2024) | 9M FY24 (Dec 2023) | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue from Operations | 1578.9 | 1230.4 | 1753.8 | 1780.9 | 408.9 |
| Other Income | 38.5 | 23.3 | 35.3 | 20.9 | 4.9 |
| EBITDA | -3690 | -470.3 | -721.1 | -538.4 | -274.4 |
| EBITDA Margin | -233.7% | -38.2% | -41.1% | -30.2% | -67.1% |
| Depreciation & Amortisation | 125.8 | 109 | 146.7 | 112.8 | 48.4 |
| EBIT | -3815.8 | -579.3 | -867.8 | -651.2 | -322.8 |
| Finance Costs (Interest) | 82.1 | 69.9 | 89 | 65 | 40.7 |
| PBT (Profit Before Tax) | -577.9 | -776.4 | -1059.7 | -864.5 | -344.1 |
| Tax | 0 | 0 | 0 | 0 | 0 |
| PAT (Net Profit) | -577.9 | -776.4 | -1059.7 | -864.5 | -344.1 |
| PAT Margin | -36.6% | -63.1% | -60.4% | -48.5% | -84.2% |
| EPS — Basic (₹) | -23 | -36 | -47 | -48 | -27 |
| EPS — Diluted (₹) | -23 | -36 | -47 | -48 | -27 |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
-23
9M FY25 (Dec 2024)
EPS — Diluted (₹)
-23
9M FY25 (Dec 2024)
P/E Ratio
—
Not applicable — company is loss-making; EPS is negative
RoNW (%)
—
9M FY25 (Dec 2024)
NAV per Share (₹)
—
Pre-issue
Peer Comparison
Listed peers in the same industry — compare valuation and scale.
| Company | Exchange | Market Cap | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|---|---|
| Ola Electric Mobility Limited | NSE/BSE | — | — | — | — | — |
| Hero MotoCorp Limited | NSE/BSE | — | — | — | — | — |
* Peer data extracted from DRHP. All figures in ₹ Crores unless stated. P/E based on latest available earnings.
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
Capital expenditure for establishment of E2W factory in Maharashtra (Factory 3.0)
1
Repayment/pre-payment of certain borrowings
2
Investment in research and development
3
Expenditure towards marketing initiatives
4
General corporate purposes
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Pioneer and technology leader in premium electric scooter segment in India
Vertically integrated operations with in-house battery, motor and software development
Strong brand recall and loyal customer base
Hero MotoCorp as strategic investor and promoter providing manufacturing and distribution support
⚠️Weaknesses
Persistent and significant losses with no near-term path to profitability visible
Single manufacturing location creating operational concentration risk
High cash burn requiring continued external funding
Limited product portfolio focused only on premium E2W segment
🚀Opportunities
India's E2W market expected to grow rapidly with penetration rising to 35-40% by FY2031
Expanding into motorcycles and new geographies with Factory 3.0
Growing charging infrastructure network (Ather Grid) creating ecosystem lock-in
Government PLI and FAME schemes supporting EV adoption
🔥Threats
Intensifying competition from Ola Electric, TVS, Bajaj and other new entrants
Risk of reduction or withdrawal of government subsidies/incentives
Supply chain risks for battery cells and key components
Rapid technology change requiring continued heavy R&D investment
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Pioneer in the premium electric two-wheeler segment in India with a strong brand and early-mover advantage
✓
Vertically integrated business model covering hardware, software, and charging infrastructure (Ather Grid)
✓
Strong R&D capabilities with in-house development of battery, motor, and connected vehicle technology
✓
Backing of Hero MotoCorp Limited providing manufacturing expertise, distribution network and financial support
✓
Expanding EV market with E2W penetration expected to grow from 5.1% in FY2024 to 35-40% by FY2031
✓
Growing network of experience centres and Ather Grid fast-charging stations supporting ecosystem expansion
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
52.67%40.64%
47.33%59.36%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Company is currently loss-making with significant accumulated losses and negative cash flows from operations
⚠
Highly competitive and rapidly evolving E2W market with well-funded incumbents like Ola Electric and established ICE OEMs entering EV space
⚠
Single manufacturing facility in Hosur creates concentration risk; disruption could adversely affect operations
⚠
Dependence on government subsidies/incentives (FAME, PLI); any reduction could impact demand and margins
⚠
Challenges in setting up and operating new Factory 3.0 in Chhatrapati Sambhajinagar due to unfamiliar geography and nascent EV ecosystem
⚠
Foreign exchange fluctuation risk given import dependence for key components including battery cells
◆ Neutral
Should You Apply?
Ather Energy Limited is a pioneer in India's premium electric two-wheeler segment, co-founded in 2013 by IIT Madras alumni and backed by Hero MotoCorp. The company has demonstrated strong revenue growth but remains deeply loss-making with a PAT loss of ₹1,059.7 million in FY2024 and negative operating cash flows across all reported periods, with no near-term profitability visibility. At the upper price band of ₹321, the IPO is richly valued given the persistent losses, making traditional P/E-based valuation inapplicable; investors are essentially betting on the long-term EV transition story in India where E2W penetration is projected to reach 35-40% by FY2031. Given the loss-making nature, high competition from Ola Electric and others, and execution risks around the new Maharashtra factory, we assign a Neutral rating — long-term believers in the EV theme may consider subscribing with a 3-5 year horizon while near-term investors should exercise caution.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2025-04-28
🔒
IPO Closes
2025-04-30
🏛️
Listing
2025-05-06
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (4)
Axis Capital
HSBC
JM Financial
Nomura
Registrar to the Issue
📋
MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Ather Energy Limited
CIN
U40100KA2013PLC093769
Registered Office
3rd Floor, Tower D, IBC Knowledge Park, #4/1 Bannerghatta Main Road, Bangalore 560 029, Karnataka, India
Contact Person
Puja Aggarwal
Phone
+91 80 6646 5750
Email
cs@atherenergy.comWebsite
www.atherenergy.com