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Indian electric two-wheeler maker known for its performance-oriented scooters and proprietary fast-charging network.
Indian electric two-wheeler maker known for its performance-oriented scooters and proprietary fast-charging network.
Sells electric scooters through its own and dealer showrooms, with software upgrades and accessories as add-ons, and its fast-charging network supports the brand. Hero MotoCorp, India's largest two-wheeler maker, is a major shareholder. A family scooter, the Rizta, launched in 2024 widened its buyers beyond performance riders, and it listed on the NSE in 2025.
In one line: India's Zero Motorcycles, or a two-wheeler-focused Rivian.
Moat: narrow (brand, IP / patents, installed base). An early-mover EV two-wheeler brand with proprietary charging infrastructure and in-house battery/motor technology.
Headquarters: Bengaluru, India · Founded: 2013 · Employees: 3,875
Size Ather Energy (ATHERENERG.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $7.57B, the 150th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,822 on 6 Nov 2026.
Performance Over six months the shares gained 100.8%, against -18.7% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 62.8% over the last twelve months (peer median +5.8%); the operating margin is -6.9% (peer median 3.8%).
Valuation It trades at 14.4× enterprise value to sales against a peer median of 0.7× (most expensive of 21).
Capital Return on invested capital runs 29.5 points below its cost of capital (18.3% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹48.1B | ₹36.7B | ₹22.6B | ₹17.5B | ₹17.8B |
| Revenue growth | — | +63% | +29% | -2% | — |
| Gross profit | ₹3.67B | ₹264M | -₹2.28B | -₹4.38B | -₹2.88B |
| EBITDA | -₹1.63B | -₹4.01B | -₹5.77B | -₹6.62B | -₹6.49B |
| Net income | -₹2.35B | -₹5.17B | -₹8.12B | -₹10.6B | -₹8.64B |
| Free cash flow | n/a | -₹4.39B | -₹11.2B | -₹4.34B | -₹10.4B |
| Capital expenditure | n/a | ₹5.06B | ₹3.39B | ₹1.16B | ₹1.32B |
| Total debt | ₹9.62B | ₹6.64B | ₹6.19B | ₹4.78B | ₹6.72B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ather Energy ATHERENERG.NS | $7.57B | +101% | +63% | -7% | 14.4× | n/a |
| Ola Electric Mobility OLAELEC.NS | $1.81B | -3% | -49% | -83% | 9.1× | n/a |
| TVS Motor TVSMOTOR.NS | $22.6B | +21% | +34% | 12% | 3.8× | n/a |
| Bajaj Auto BAJAJ-AUTO.NS | $31.7B | +3% | +48% | 19% | 3.9× | 27.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATHERENERG.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +25.2% | +1.3% | highest of 21 |
| 6-month return | +100.8% | -18.7% | highest of 21 |
| Distance from 52-week high | -1.0% | -35.9% | highest of 21 |
| Revenue growth (TTM) | +62.8% | +5.8% | 4th highest of 21 |
| Operating margin | -6.9% | 3.8% | 4th lowest of 21 |
| EV / Sales | 14.4× | 0.7× | most expensive of 21 |
| ROIC minus cost of capital | -29.5 pp | -2.9 pp | lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | 14.4× | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | 2.4× | n/a | n/a |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | 0.3× | n/a | n/a |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 1.0× | -7.8% | +8.9% |
| Zhejiang CFMoto Power 603129.SS | China | $7.23B | +16% | +40% | 11% | 1.7× | -3.9% | +34.5% |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 0.8× | 4.7% | +8.7% |
| Federal Signal FSS | United States | $6.92B | -4% | +24% | 17% | 2.9× | 11.8% | +14.0% |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 4.8× | 9.4% | +2.4% |
| Zhejiang Leapmotor Technology 9863.HK | Hong Kong | $6.34B | -25% | +71% | -1% | 0.5× | -14.5% | +150.7% |
| Guangzhou Automobile 2238.HK | Hong Kong | $6.28B | -27% | 0% | -17% | 0.3× | n/a | n/a |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 0.6× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 1.0× | 3.4% | +5.9% |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 0.5× | n/a | n/a |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | 0.9× | n/a | n/a |
| Nissan Motor 7201.T | Japan | $5.98B | -24% | -1% | 2% | 0.7× | n/a | n/a |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 0.8× | 4.2% | +11.5% |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 1.4× | -10.0% | +13.8% |
| Iveco IVG.MI | Italy | $5.55B | +3% | -5% | 3% | 0.7× | n/a | n/a |
| Seres 601127.SS | China | $11.0B | -51% | -6% | -4% | 0.4× | n/a | n/a |
| ARCHION 543A.T | Japan | $5.11B | -9% | +9% | 5% | 0.5× | 7.4% | +0.9% |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 0.3× | n/a | n/a |