Ather Energy
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
Ather Energy's recent operational advancements, including achieving its first positive quarterly EBITDA and a notable increase in market share to 16.8%, underscore its strategic pivot towards mass-market electric vehicles. Management's focus on scaling production through the commissioning of the AURIC manufacturing facility and the launch of the cost-efficient EL platform is expected to enhance revenue growth and improve margins. Despite facing commodity price inflation and execution risks, the company's robust demand and successful retail expansion position it favorably within the rapidly growing electric two-wheeler market. Vista's financial outlook anticipates accelerating revenue growth and improving margins, supported by Ather's strategic initiatives and the favorable industry environment. However, the company must navigate competitive pressures and potential volatility in raw material costs. Over the next 12-24 months, key opportunities include leveraging its vertically integrated ecosystem and expanding its distribution network, while watchpoints include execution challenges in scaling production and the impact of commodity prices on margins
Why We Like This Stock
- Achieved first positive quarterly EBITDA, indicating improved operational efficiency
- Market share increased to 16.8%, reflecting successful brand positioning and demand capture
- Upcoming AURIC facility and EL platform launch are expected to drive revenue growth and margin expansion
Things To Watch Out For
- Commodity price inflation poses a risk to margins despite recent price hikes
- Execution challenges in scaling production could hinder growth targets
- Intense competition from established OEMs may pressure market share gains
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 1,754 | 2,255 | 3,672 | 5,959 | 8,118 |
| Profit Before Tax (Cr.) | -886 | -812 | -512 | 827 | 300 |
| PBT Margin | -50.5% | -36.0% | -1394.3% | 13.9% | 3.7% |
| Net Profit (Cr.) | -886 | -812 | -512 | 621 | 225 |
| Earnings Per Share | -23.1 | -21.2 | -13.4 | 16.2 | 5.9 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| CLSA | ▲ Outperform | 1,600 | 04-Aug-2026 |
| Emkay Global | ▲ Buy | 1,600 | 04-Aug-2026 |
| HSBC | ▲ Outperform | 1,450 | 04-Aug-2026 |
| JPMorgan | ▲ Overweight | 1,570 | 31-Jul-2026 |
| Moneycontrol | ► Equalweight | nan | 04-Aug-2026 |
| Nomura | ▲ Buy | 1,714 | 04-Aug-2026 |
| Ventura | ▲ Buy | 1,289 | 18-Jun-2026 |
Company Overview
Show Company Profile
Ather Energy Limited, an electric vehicle company, engages in the design, development, and sale of electric two-wheelers, and associated product ecosystem. The company also offers vehicle architecture and chassis; battery packs and battery management system; vehicle control unit; touchscreen dashboard; motor controller; transmission; signal harness; and fast charging system. In addition, it provides charging infrastructure, software, accessories and insurance policies in the capacity of corporate agent. The company was incorporated in 2013 and is headquartered in Bengaluru, India.