There are no items in your cart
Add More
Add More
| Item Details | Price | ||
|---|---|---|---|
About the Company:
Ather Energy Limited, incorporated in 2013, is India's leading electric two-wheeler (E2W) company. The company sells electric scooters and offers a full product ecosystem, including software, charging infrastructure, and smart accessories — all conceptualized and designed in India.
Key Highlights:
● Manufacturing Facility: Hosur Factory, Tamil Nadu.
● Annual Installed Capacity: 420,000 electric vehicles and 379,800 battery packs.
● As of December 31, 2024:
○ 265 Experience Centres and 233 Service Centres across India
○ 5 Experience Centres and 4 Service Centres in Nepal
○ 10 Experience Centres and 1 Service Centre in Sri Lanka
Product Portfolio Overview: Performance and Convenience Models
Geography-Wise Sales Volumes
Ather Energy’s sales remain concentrated in the South, contributing 61% of total volumes for the nine months ended December 31, 2024. However, growth is visible in the North, East, and Central regions, along with a small but emerging presence in exports. Overall, the company is gradually diversifying its geographical footprint while maintaining a strong base in Southern India.
India’s E2W industry is set for exponential growth:
● Overall Two-Wheeler Industry: Expected to grow at ~7% CAGR and reach 29-30 million units by FY 2031.
● Electric Two-Wheeler (E2W) Segment: Projected to grow at ~41% CAGR.
● ICE Two-Wheeler Segment: Expected to grow at only ~2% CAGR.
● EV Penetration: Estimated to reach ~35% of overall 2W sales by FY 2031.
E2W Market Share of Key Players (2022–2024)
Ather Energy is the 3rd largest player in the E2W market.
Financial Highlights
Revenue 3-Year CAGR Growth: 107%
Key Risks
● Manufacturing: Only the battery pack is manufactured in-house; other components are outsourced, leading to potential delays.
● Profitability: The Company has consistently incurred losses and negative operating cash flows since its inception.
● Supply Chain Risks: Heavy dependence on imported lithium-ion batteries, mainly from China.
● Regulatory Risks: Changes in government policies could impact operations.
The company has several pending litigations that could potentially impact its operations.
Objects of the Issue
Peers Comparison
IPO Details
(Source: Ather Energy RHP)
