Ather Energy is a leading innovator in the Indian electric two-wheeler (E2W) market, known for its pioneering approach to electric mobility. The company designs and develops E2Ws, battery packs, charging infrastructure, related software and accessories. It manufactures battery packs and assembles E2Ws in-house, ensuring complete control over quality and innovation. Founded in 2013 by Tarun Sanjay Mehta and Swapnil Baban all Jain, Ather Energy emphasizes on indigenous product and technology development to establish a strong E2W ecosystem. As a pure-play EV company, Ather designs all its products in India from the start, reflecting its commitment to local innovation and sustainability.
In FY24, Ather Energy sold 1,09,577 electric two-wheelers (E2W), making it the third-largest company in the Indian E2W market by sales volume. Ather Energy's electric two-wheelers (E2W) are complemented by a comprehensive product ecosystem that includes charging infrastructure, accessories, and Ather stack, its proprietary software that powers its products. The company was the first two-wheeler (2W) OEM to set up a fast-charging network in India, branded as Ather Grid. As of 31 July 2024, Ather stack had 64 unique features. Ather Energy assembles E2W and manufactures battery packs at its Hosur factory. As of March 31, 2024, the installed production capacity of this facility was 4,20,000 E2W and 3,79,800 battery packs per annum. The company is expanding its battery pack manufacturing capacity at the Hosur factory to produce 5,31,120 units per annum.
Promoters of Ather Energy – Tarun Sanjay Mehta, Swapnil Baban lal Jain, and Hero MotoCorp Limited
Ather Energy Financial Performance (2024)
| FY 2022 | FY 2023 | ||
| Revenue | 408.9 | 1,780.9 | 1,753.8 |
| Expenses | 757.9 | 2,666.3 | 2,674.2 |
| Net income | (344.1) | (864.5) | (1,059.7) |
| Margin (%) | (84.15) | (48.54) | (60.42 |
Ather Energy IPO Details
| Ather Energy IPO Dates | Coming soon |
| Ather Energy Issue Price | Coming soon |
| Fresh issue | INR 3,100 crore |
| Offer For Sale | 2,20,00,766 shares |
| Total IPO size | Coming soon |
| Minimum bid (lot size) | Coming soon |
| Face Value | INR 1 per share |
| Retail Allocation | 10% |
| Listing On | NSE, BS |
Ather Energy Valuations & Margins
| FY 2022 | FY 2023 | FY 2024 (Pre-Issue) | FY 2024 (Post-Issue) | |
| EPS | (27.0) | (27.0) | (47.0) | (47.0) |
| PE Ratio |
Ather Energy IPO Objectives
The Company proposes to use the net proceeds from the fresh issue to finance the following purposes:
General corporate purposes
Capital expenditure to be incurred by the company for the establishment of an E2W factory in Maharashtra – INR 927.2 crore
Repayment/ pre-payment, in full or part, of certain borrowings availed by the company – INR 378.2 crore
Investment in research and development – INR 750 crore
Expenditure towards marketing initiatives – INR 300 crore
Ather Energy – Comparison with Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Ather Energy | – | (47) | (194) | 24 | 1,753.8 |
| Hero MotoCorp | 30 | 187 | 21 | 884 | 37,788.6 |
| Bajaj Auto | 40 | 273 | 29 | 935 | 44,870.4 |
| Ola Electric | NA | (4) | (78) | 6 | 5,009.8 |
| TVS Motors | 78 | 36 | 26 | 143 | 39,144. |
Ather Energy IPO Dates & Listing Performance
| IPO Opening Date | Coming soon |
| IPO Closing Date | Coming soon |
| Finalization of Basis of Allotment | Coming soon |
| Initiation of refunds | Coming soon |
| Transfer of shares to demat accounts | Coming soon |
| Ather Energy IPO Listing Date | Coming soon |
| Opening Price on NSE | Coming soon |
| Closing Price on NSE | Coming soon |
With the rise in consumer preferences for EV, Ather has evolved itself as the fourth-largest EV player by capturing around 11.4% market share in India. Its key range of EV scooters include Ather 450, 450 Apex and Rista.
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